PAP: 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
- Cash -€42,687
down €42,687 (-51.3%), from €83,183 to €40,496
mainly Other debts (-€51,307) and Contributions, distributions and other (-€20,000)
- Receivables within one year -€11,601
down €11,601 (-28.5%), from €40,739 to €29,138
of which Other amounts receivable: -€8,366
- Tangible fixed assets -€5,574
down €5,574 (-4.7%), from €117,729 to €112,154
of which Land and buildings: -€8,784
- Other debts -€51,307
down €51,307 (-61.2%), from €83,777 to €32,470
- Trade debts -€10,501
down €10,501 (-69.1%), from €15,199 to €4,698
- Debts after one year -€8,494
down €8,494 (-33.3%), from €25,483 to €16,989
- Profit (loss) carried forward +€6,148
up €6,148 (+9.0%), from €68,058 to €74,206
- Accrued charges and deferred income +€3,386
up €3,386 (+288%), from €1,177 to €4,563
- Gross operating margin -€12,144
down €12,144 (-16.8%), from €72,303 to €60,160
- Other operating charges -€4,350
down €4,350 (-44.8%), from €9,707 to €5,357
- Taxes -€2,145
down €2,145 (-18.0%), from €11,908 to €9,763
- Depreciation +€1,185
up €1,185 (+6.9%), from €17,075 to €18,260
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,782 | €183,895 | -€61,887 | -25.2% |
| Fixed assets | 21/28 | €117,729 | €112,154 | -€5,574 | -4.7% |
| Tangible fixed assets | 22/27 | €117,729 | €112,154 | -€5,574 | -4.7% |
| Land and buildings | 22 | €79,759 | €70,975 | -€8,784 | -11.0% |
| Plant, machinery and equipment | 23 | €37,970 | €41,179 | +€3,210 | +8.5% |
| Current assets | 29/58 | €128,053 | €71,741 | -€56,313 | -44.0% |
| Amounts receivable within one year | 40/41 | €40,739 | €29,138 | -€11,601 | -28.5% |
| Trade receivables | 40 | €4,877 | €1,642 | -€3,235 | -66.3% |
| Other amounts receivable | 41 | €35,862 | €27,495 | -€8,366 | -23.3% |
| Cash at bank and in hand | 54/58 | €83,183 | €40,496 | -€42,687 | -51.3% |
| Deferred charges and accrued income | 490/1 | €4,132 | €2,107 | -€2,025 | -49.0% |
| Total equity and liabilities | 10/49 | €245,782 | €183,895 | -€61,887 | -25.2% |
| Equity | 10/15 | €93,816 | €99,964 | +€6,148 | +6.6% |
| Contributions | 10/11 | €23,416 | €23,416 | = | 0.0% |
| Reserves | 13 | €2,342 | €2,342 | = | 0.0% |
| Distributable reserves | 133 | €2,342 | €2,342 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,058 | €74,206 | +€6,148 | +9.0% |
| Amounts payable | 17/49 | €151,966 | €83,931 | -€68,035 | -44.8% |
| Amounts payable after more than one year | 17 | €25,483 | €16,989 | -€8,494 | -33.3% |
| Financial debts | 170/4 | €25,483 | €16,989 | -€8,494 | -33.3% |
| Amounts payable within one year | 42/48 | €125,306 | €62,379 | -€62,927 | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €8,494 | €8,494 | = | 0.0% |
| Trade debts | 44 | €15,199 | €4,698 | -€10,501 | -69.1% |
| Suppliers | 440/4 | €15,199 | €4,698 | -€10,501 | -69.1% |
| Taxes, remuneration and social security | 45 | €17,836 | €16,717 | -€1,119 | -6.3% |
| Taxes | 450/3 | €17,836 | €16,717 | -€1,119 | -6.3% |
| Other amounts payable | 47/48 | €83,777 | €32,470 | -€51,307 | -61.2% |
| Accrued charges and deferred income | 492/3 | €1,177 | €4,563 | +€3,386 | +288% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,075 | €18,260 | +€1,185 | +6.9% |
| Other operating charges | 640/8 | €9,707 | €5,357 | -€4,350 | -44.8% |
| Gross operating margin | 9900 | €72,303 | €60,160 | -€12,144 | -16.8% |
| Operating profit (loss) | 9901 | €45,521 | €36,542 | -€8,979 | -19.7% |
| Financial income | 75/76B | €242 | €386 | +€143 | +59.2% |
| Recurring financial income | 75 | €242 | €386 | +€143 | +59.2% |
| Financial charges | 65/66B | €1,051 | €1,016 | -€35 | -3.3% |
| Recurring financial charges | 65 | €1,051 | €1,016 | -€35 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €44,713 | €35,912 | -€8,801 | -19.7% |
| Income taxes | 67/77 | €11,908 | €9,763 | -€2,145 | -18.0% |
| Profit (loss) for the period | 9904 | €32,804 | €26,148 | -€6,656 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,804 | €26,148 | -€6,656 | -20.3% |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €149,766 · 50% capitalised earnings, 50% adjusted equity
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)
- €99,964
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €99,964
Capitalised earnings
- 2025
- €26,148
- 2024
- €32,804
- 2023
- €12,890
- 2022
- €6,609
- 2021
- €23,680
- Average result, excluding non-recurring income and charges
- €23,948
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €171,057 / €199,567 / €239,480
Your EBITDA multiple
- EBITDA 2025
- €54,802
- Net financial debt
- -€15,013
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
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 30 September 2024 and 30 September 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 10 November 2026 via checked.be.