PFD IMMO: 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 2023 and 2025
not consecutiveLargest movements
- Tangible fixed assets -€45,128
no longer reported in 2025; in 2023 it stood at €45,128
- Receivables within one year +€27,737
first reported in 2025, at €27,737
- Cash +€2,038
up €2,038 (+174%), from €1,168 to €3,206
- Other debts -€61,540
down €61,540 (-100.0%), from €61,570 to €30
- Profit (loss) carried forward +€40,017
up €40,017, from -€16,474 to €23,543
- Tax, wage and social debts +€6,050
first reported in 2025, at €6,050
- Financial income +€54,872
first reported in 2025, at €54,872
of which Financial income: +€54,872
- Taxes +€23,339
first reported in 2025, at €23,339
- Gross operating margin -€2,559
down €2,559 (-54.8%), from -€4,672 to -€7,231
- Other operating charges -€349
down €349 (-37.0%), from €942 to €593
Change in the result, 2023 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
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €46,296 | €30,943 | -€15,353 | -33.2% |
| Fixed assets | 21/28 | €45,128 | - | -€45,128 | |
| Tangible fixed assets | 22/27 | €45,128 | - | -€45,128 | |
| Land and buildings | 22 | €45,128 | - | -€45,128 | |
| Current assets | 29/58 | €1,168 | €30,943 | +€29,775 | +2,549% |
| Amounts receivable within one year | 40/41 | - | €27,737 | +€27,737 | |
| Other amounts receivable | 41 | - | €27,737 | +€27,737 | |
| Cash at bank and in hand | 54/58 | €1,168 | €3,206 | +€2,038 | +174% |
| Total equity and liabilities | 10/49 | €46,296 | €30,943 | -€15,353 | -33.2% |
| Equity | 10/15 | -€15,274 | €24,863 | +€40,137 | |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | - | €120 | +€120 | |
| Non-distributable reserves | 130/1 | - | €120 | +€120 | |
| Reserves not available under the articles | 1311 | - | €120 | +€120 | |
| Profit (loss) carried forward | 14 | -€16,474 | €23,543 | +€40,017 | |
| Amounts payable | 17/49 | €61,570 | €6,080 | -€55,490 | -90.1% |
| Amounts payable within one year | 42/48 | €61,570 | €6,080 | -€55,490 | -90.1% |
| Taxes, remuneration and social security | 45 | - | €6,050 | +€6,050 | |
| Taxes | 450/3 | - | €6,050 | +€6,050 | |
| Other amounts payable | 47/48 | €61,570 | €30 | -€61,540 | -100.0% |
| Other operating charges | 640/8 | €942 | €593 | -€349 | -37.0% |
| Gross operating margin | 9900 | -€4,672 | -€7,231 | -€2,559 | -54.8% |
| Operating profit (loss) | 9901 | -€5,614 | -€7,824 | -€2,210 | -39.4% |
| Financial income | 75/76B | - | €54,872 | +€54,872 | |
| Recurring financial income | 75 | - | €54,872 | +€54,872 | |
| Non-recurring financial income | 76B | - | €54,872 | +€54,872 | |
| Financial charges | 65/66B | €86 | €46 | -€40 | -46.5% |
| Recurring financial charges | 65 | €86 | €46 | -€40 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,700 | €47,002 | +€52,702 | |
| Income taxes | 67/77 | - | €23,339 | +€23,339 | |
| Profit (loss) for the period | 9904 | -€5,700 | €23,663 | +€29,363 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,700 | €23,663 | +€29,363 |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €24,863 · 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
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €24,863
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €24,863
Capitalised earnings
- 2025
- €23,663
- excluding non-recurring income and charges
- -€31,209
- 2023
- -€5,700
- 2022
- -€2,866
- 2021
- -€586
- Average result, excluding non-recurring income and charges
- -€13,258
- 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
- -€3,206
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 2023 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 15 November 2026 via checked.be.