PLUS PAINT: 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 2021 and 2025
not consecutiveLargest movements
- Receivables within one year +€3.7m
up €3.7m (+200%), from €1.9m to €5.6m
of which Other amounts receivable: +€3.0m
- Cash +€177,798
up €177,798 (+240%), from €73,952 to €251,750
- Intangible fixed assets +€112,667
new in 2025: €112,667
- Trade debts +€2.8m
up €2.8m (+266%), from €1.1m to €3.9m
- Profit (loss) carried forward +€819,101
up €819,101 (+98.3%), from €833,474 to €1.7m
- Tax, wage and social debts +€251,537
up €251,537 (+397%), from €63,290 to €314,827
of which Taxes: +€267,668
- Other debts +€96,163
up €96,163 (+2,409%), from €3,992 to €100,155
- Purchases and services +€5.0m
up €5.0m (+200%), from €2.5m to €7.5m
- Turnover +€4.9m
up €4.9m (+165%), from €3.0m to €7.8m
- Staff costs -€208,880
no longer reported in 2025 (was €208,880)
- Gross operating margin -€137,945
down €137,945 (-30.5%), from €452,766 to €314,821
- Financial income +€90,803
up €90,803 (+509%), from €17,836 to €108,639
Change in the result, 2021 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
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 | 2021 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,986,231 | €5,985,962 | +€4.0m | +201% |
| Fixed assets | 21/28 | €1,664 | €112,667 | +€111,003 | +6,671% |
| Intangible fixed assets | 21 | - | €112,667 | +€112,667 | |
| Tangible fixed assets | 22/27 | €1,664 | - | -€1,664 | |
| Leasing and similar rights | 25 | €1,664 | - | -€1,664 | |
| Current assets | 29/58 | €1,984,567 | €5,873,295 | +€3.9m | +196% |
| Stocks and contracts in progress | 3 | €22,346 | €0 | -€22,346 | -100% |
| Stocks | 30/36 | €22,346 | €0 | -€22,346 | -100% |
| Amounts receivable within one year | 40/41 | €1,868,365 | €5,604,560 | +€3.7m | +200% |
| Trade receivables | 40 | €694,355 | €1,395,258 | +€700,903 | +101% |
| Other amounts receivable | 41 | €1,174,010 | €4,209,302 | +€3.0m | +259% |
| Cash at bank and in hand | 54/58 | €73,952 | €251,750 | +€177,798 | +240% |
| Deferred charges and accrued income | 490/1 | €19,904 | €16,985 | -€2,919 | -14.7% |
| Total equity and liabilities | 10/49 | €1,986,231 | €5,985,962 | +€4.0m | +201% |
| Equity | 10/15 | €855,474 | €1,674,575 | +€819,101 | +95.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €0 | -€2,000 | -100% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Distributable reserves | 133 | - | €2,000 | +€2,000 | |
| Profit (loss) carried forward | 14 | €833,474 | €1,652,575 | +€819,101 | +98.3% |
| Amounts payable | 17/49 | €1,130,757 | €4,311,387 | +€3.2m | +281% |
| Amounts payable within one year | 42/48 | €1,130,757 | €4,311,387 | +€3.2m | +281% |
| Trade debts | 44 | €1,063,475 | €3,896,405 | +€2.8m | +266% |
| Suppliers | 440/4 | €1,063,475 | €3,896,405 | +€2.8m | +266% |
| Taxes, remuneration and social security | 45 | €63,290 | €314,827 | +€251,537 | +397% |
| Taxes | 450/3 | €47,159 | €314,827 | +€267,668 | +568% |
| Remuneration and social security | 454/9 | €16,131 | - | -€16,131 | |
| Other amounts payable | 47/48 | €3,992 | €100,155 | +€96,163 | +2,409% |
| Turnover | 70 | €2,951,848 | €7,810,357 | +€4.9m | +165% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,502,111 | €7,495,537 | +€5.0m | +200% |
| Remuneration, social security and pensions | 62 | €208,880 | - | -€208,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,590 | €36,000 | +€31,410 | +684% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,500 | -€14,575 | +€9,925 | +40.5% |
| Other operating charges | 640/8 | €12,766 | €14,425 | +€1,659 | +13.0% |
| Gross operating margin | 9900 | €452,766 | €314,821 | -€137,945 | -30.5% |
| Operating profit (loss) | 9901 | €251,030 | €278,971 | +€27,941 | +11.1% |
| Financial income | 75/76B | €17,836 | €108,639 | +€90,803 | +509% |
| Recurring financial income | 75 | €17,836 | €108,639 | +€90,803 | +509% |
| Financial charges | 65/66B | €25,282 | €51,957 | +€26,675 | +106% |
| Recurring financial charges | 65 | €25,282 | €51,957 | +€26,675 | +106% |
| Profit (loss) for the period before taxes | 9903 | €243,584 | €335,652 | +€92,068 | +37.8% |
| Income taxes | 67/77 | €66,672 | €126,481 | +€59,809 | +89.7% |
| Profit (loss) for the period | 9904 | €176,912 | - | -€176,912 | |
| Profit (loss) for the period to be appropriated | 9905 | €176,912 | - | -€176,912 |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.2m · 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
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)
- €1,674,575
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€112,667
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €1.6m
Capitalised earnings
- 2025
- -
- 2021
- €176,912
- 2020
- €61,009
- 2019
- €66,195
- 2018
- -€24,063
- Average result, excluding non-recurring income and charges
- €101,372
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €724,086 / €844,767 / €1.0m
Your EBITDA multiple
- EBITDA 2025
- €314,971
- Net financial debt
- -€251,750
- 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 2021 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.