Palmer: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Stocks and contracts -€254,378
down €254,378 (-54.1%), from €469,917 to €215,539
- Receivables within one year +€10,283
up €10,283 (+627%), from €1,641 to €11,923
of which Trade receivables: +€9,173
- Cash +€8,078
up €8,078 (+235%), from €3,436 to €11,514
- Deferred charges and accrued income -€7,174
down €7,174 (-57.2%), from €12,538 to €5,364
- Profit (loss) carried forward -€320,747
down €320,747 (-14.4%), from -€2.2m to -€2.5m
- Other debts +€66,401
up €66,401 (+3.1%), from €2.1m to €2.2m
- Trade debts +€17,314
up €17,314 (+245%), from €7,069 to €24,383
- Short-term financial debts -€6,295
down €6,295 (-26.1%), from €24,100 to €17,805
- Tax, wage and social debts -€5,706
down €5,706 (-52.0%), from €10,981 to €5,275
of which Taxes: -€3,145
No income-statement line moved by more than 1% of the activity.
Change in the result, 2024 to 2025
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €514,464 | €264,375 | -€250,089 | -48.6% |
| Fixed assets | 21/28 | €26,932 | €20,035 | -€6,897 | -25.6% |
| Tangible fixed assets | 22/27 | €24,538 | €19,441 | -€5,097 | -20.8% |
| Plant, machinery and equipment | 23 | €24,538 | €19,441 | -€5,097 | -20.8% |
| Financial fixed assets | 28 | €2,394 | €594 | -€1,800 | -75.2% |
| Current assets | 29/58 | €487,532 | €244,340 | -€243,192 | -49.9% |
| Stocks and contracts in progress | 3 | €469,917 | €215,539 | -€254,378 | -54.1% |
| Stocks | 30/36 | €469,917 | €215,539 | -€254,378 | -54.1% |
| Amounts receivable within one year | 40/41 | €1,641 | €11,923 | +€10,283 | +627% |
| Trade receivables | 40 | - | €9,173 | +€9,173 | |
| Other amounts receivable | 41 | €1,641 | €2,750 | +€1,110 | +67.6% |
| Cash at bank and in hand | 54/58 | €3,436 | €11,514 | +€8,078 | +235% |
| Deferred charges and accrued income | 490/1 | €12,538 | €5,364 | -€7,174 | -57.2% |
| Total equity and liabilities | 10/49 | €514,464 | €264,375 | -€250,089 | -48.6% |
| Equity | 10/15 | -€1,651,520 | -€1,972,267 | -€320,747 | -19.4% |
| Contributions | 10/11 | €570,155 | €570,155 | = | 0.0% |
| Capital | 10 | €570,155 | €570,155 | = | 0.0% |
| Issued capital | 100 | €570,155 | €570,155 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,224,774 | -€2,545,521 | -€320,747 | -14.4% |
| Amounts payable | 17/49 | €2,165,984 | €2,236,643 | +€70,658 | +3.3% |
| Amounts payable within one year | 42/48 | €2,165,984 | €2,236,643 | +€70,658 | +3.3% |
| Financial debts | 43 | €24,100 | €17,805 | -€6,295 | -26.1% |
| Credit institutions | 430/8 | €24,100 | €17,805 | -€6,295 | -26.1% |
| Trade debts | 44 | €7,069 | €24,383 | +€17,314 | +245% |
| Suppliers | 440/4 | €7,069 | €24,383 | +€17,314 | +245% |
| Advances received on contracts in progress | 46 | €1,056 | - | -€1,056 | |
| Taxes, remuneration and social security | 45 | €10,981 | €5,275 | -€5,706 | -52.0% |
| Taxes | 450/3 | €3,970 | €825 | -€3,145 | -79.2% |
| Remuneration and social security | 454/9 | €7,011 | €4,450 | -€2,562 | -36.5% |
| Other amounts payable | 47/48 | €2,122,778 | €2,189,179 | +€66,401 | +3.1% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- -€1,972,267
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€2.0m
Capitalised earnings
- 2025
- -
- 2024
- -
- 2023
- -€134,467
- 2022
- -€135,910
- excluding non-recurring income and charges
- -€136,402
- 2021
- -€148,285
- excluding non-recurring income and charges
- -€148,053
- Average result, excluding non-recurring income and charges
- -€139,641
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -
- Net financial debt
- €6,291
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 13 November 2026 via checked.be.