PIPING & CONSTRUCTIONS: 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
- Tangible fixed assets -€10,883
down €10,883 (-15.9%), from €68,284 to €57,401
of which Plant, machinery and equipment: -€11,501
- Receivables within one year -€9,972
down €9,972 (-33.2%), from €30,075 to €20,103
of which Other amounts receivable: -€7,245
- Deferred charges and accrued income +€1,864
up €1,864 (+62.5%), from €2,984 to €4,848
- Current portion of long-term debt -€15,657
down €15,657 (-98.1%), from €15,955 to €298
- Short-term financial debts -€10,012
down €10,012 (-95.3%), from €10,500 to €488
- Profit (loss) carried forward +€6,711
up €6,711 (+90.4%), from -€7,427 to -€716
- Trade debts -€3,172
down €3,172 (-77.8%), from €4,076 to €904
- Tax, wage and social debts +€2,521
up €2,521 (+202%), from €1,249 to €3,770
of which Taxes: +€2,121
- Gross operating margin +€10,267
up €10,267 (+93.2%), from €11,013 to €21,280
- Depreciation -€4,297
down €4,297 (-26.6%), from €16,163 to €11,866
- Financial charges +€752
up €752 (+58.9%), from €1,278 to €2,030
- Other operating charges -€528
down €528 (-40.2%), from €1,313 to €785
- Taxes +€235
up €235 (+67.4%), from €349 to €584
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
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 | €154,930 | €134,574 | -€20,356 | -13.1% |
| Fixed assets | 21/28 | €68,699 | €57,816 | -€10,883 | -15.8% |
| Tangible fixed assets | 22/27 | €68,284 | €57,401 | -€10,883 | -15.9% |
| Plant, machinery and equipment | 23 | €68,195 | €56,694 | -€11,501 | -16.9% |
| Furniture and vehicles | 24 | €89 | €706 | +€617 | +695% |
| Financial fixed assets | 28 | €415 | €415 | = | 0.0% |
| Current assets | 29/58 | €86,231 | €76,759 | -€9,472 | -11.0% |
| Amounts receivable after more than one year | 29 | €53,172 | €51,808 | -€1,364 | -2.6% |
| Other amounts receivable | 291 | €53,172 | €51,808 | -€1,364 | -2.6% |
| Amounts receivable within one year | 40/41 | €30,075 | €20,103 | -€9,972 | -33.2% |
| Trade receivables | 40 | €21,264 | €18,537 | -€2,727 | -12.8% |
| Other amounts receivable | 41 | €8,811 | €1,566 | -€7,245 | -82.2% |
| Deferred charges and accrued income | 490/1 | €2,984 | €4,848 | +€1,864 | +62.5% |
| Total equity and liabilities | 10/49 | €154,930 | €134,574 | -€20,356 | -13.1% |
| Equity | 10/15 | €122,402 | €129,114 | +€6,711 | +5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €117,429 | €117,429 | = | 0.0% |
| Distributable reserves | 133 | €117,429 | €117,429 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,427 | -€716 | +€6,711 | +90.4% |
| Amounts payable | 17/49 | €32,528 | €5,460 | -€27,067 | -83.2% |
| Amounts payable after more than one year | 17 | €298 | - | -€298 | |
| Financial debts | 170/4 | €298 | - | -€298 | |
| Amounts payable within one year | 42/48 | €31,780 | €5,460 | -€26,320 | -82.8% |
| Current portion of amounts payable after more than one year | 42 | €15,955 | €298 | -€15,657 | -98.1% |
| Financial debts | 43 | €10,500 | €488 | -€10,012 | -95.3% |
| Credit institutions | 430/8 | €10,500 | €488 | -€10,012 | -95.3% |
| Trade debts | 44 | €4,076 | €904 | -€3,172 | -77.8% |
| Suppliers | 440/4 | €4,076 | €904 | -€3,172 | -77.8% |
| Taxes, remuneration and social security | 45 | €1,249 | €3,770 | +€2,521 | +202% |
| Taxes | 450/3 | €349 | €2,470 | +€2,121 | +608% |
| Remuneration and social security | 454/9 | €900 | €1,300 | +€400 | +44.4% |
| Accrued charges and deferred income | 492/3 | €449 | - | -€449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,163 | €11,866 | -€4,297 | -26.6% |
| Other operating charges | 640/8 | €1,313 | €785 | -€528 | -40.2% |
| Gross operating margin | 9900 | €11,013 | €21,280 | +€10,267 | +93.2% |
| Operating profit (loss) | 9901 | -€6,464 | €8,629 | +€15,093 | |
| Financial income | 75/76B | €664 | €697 | +€33 | +5.0% |
| Recurring financial income | 75 | €664 | €697 | +€33 | +5.0% |
| Financial charges | 65/66B | €1,278 | €2,030 | +€752 | +58.9% |
| Recurring financial charges | 65 | €1,278 | €2,030 | +€752 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,078 | €7,295 | +€14,374 | |
| Income taxes | 67/77 | €349 | €584 | +€235 | +67.4% |
| Profit (loss) for the period | 9904 | -€7,427 | €6,711 | +€14,139 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,427 | €6,711 | +€14,139 |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €99,073 · 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)
- €129,114
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €129,114
Capitalised earnings
- 2025
- €6,711
- 2024
- -€7,427
- 2023
- €25,568
- 2022
- €1,283
- excluding non-recurring income and charges
- €19,598
- 2021
- €7,652
- Average result, excluding non-recurring income and charges
- €8,284
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €59,171 / €69,033 / €82,840
Your EBITDA multiple
- EBITDA 2025
- €20,495
- Net financial debt
- €786
- 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 11 November 2026 via checked.be.