POLY-CREATION: 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 2022 and 2023
Largest movements
- Cash +€44,746
up €44,746 (+1,808%), from €2,475 to €47,221
mainly Trade debts (+€55,780) and Short-term financial debts (+€50,789)
- Receivables within one year -€43,336
down €43,336 (-47.7%), from €90,864 to €47,528
of which Trade receivables: -€63,864
- Stocks and contracts +€24,095
up €24,095 (+39.2%), from €61,450 to €85,545
- Tangible fixed assets -€23,191
down €23,191 (-8.9%), from €260,887 to €237,696
of which Leasing and similar rights: -€25,786
- Trade debts +€55,780
up €55,780 (+106%), from €52,581 to €108,361
- Debts after one year -€51,058
down €51,058 (-21.3%), from €239,539 to €188,481
of which Financial debts: -€38,558
- Short-term financial debts +€50,789
up €50,789 (+81.8%), from €62,124 to €112,913
- Profit (loss) carried forward -€29,424
down €29,424 (-71.1%), from -€41,377 to -€70,801
- Tax, wage and social debts -€22,998
down €22,998 (-45.0%), from €51,160 to €28,162
of which Taxes: -€26,748
- Gross operating margin +€43,184
up €43,184 (+33.5%), from €128,801 to €171,985
- Staff costs +€31,545
up €31,545 (+29.1%), from €108,519 to €140,064
- Depreciation +€9,581
up €9,581 (+36.8%), from €26,068 to €35,649
- Financial charges +€4,225
up €4,225 (+32.5%), from €13,010 to €17,235
- Other operating charges +€2,095
up €2,095 (+33.9%), from €6,171 to €8,265
Change in the result, 2022 to 2023
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 2022 and 2023 balance sheets and the 2023 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 | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €421,016 | €426,176 | +€5,160 | +1.2% |
| Fixed assets | 21/28 | €260,887 | €237,696 | -€23,191 | -8.9% |
| Tangible fixed assets | 22/27 | €260,887 | €237,696 | -€23,191 | -8.9% |
| Plant, machinery and equipment | 23 | €24,526 | €30,670 | +€6,144 | +25.1% |
| Furniture and vehicles | 24 | €1,680 | €446 | -€1,235 | -73.5% |
| Leasing and similar rights | 25 | €217,605 | €191,820 | -€25,786 | -11.8% |
| Other tangible fixed assets | 26 | €17,075 | €14,760 | -€2,315 | -13.6% |
| Current assets | 29/58 | €160,129 | €188,481 | +€28,351 | +17.7% |
| Stocks and contracts in progress | 3 | €61,450 | €85,545 | +€24,095 | +39.2% |
| Stocks | 30/36 | €61,450 | €85,545 | +€24,095 | +39.2% |
| Amounts receivable within one year | 40/41 | €90,864 | €47,528 | -€43,336 | -47.7% |
| Trade receivables | 40 | €86,210 | €22,346 | -€63,864 | -74.1% |
| Other amounts receivable | 41 | €4,655 | €25,183 | +€20,528 | +441% |
| Cash at bank and in hand | 54/58 | €2,475 | €47,221 | +€44,746 | +1,808% |
| Deferred charges and accrued income | 490/1 | €5,340 | €8,186 | +€2,846 | +53.3% |
| Total equity and liabilities | 10/49 | €421,016 | €426,176 | +€5,160 | +1.2% |
| Equity | 10/15 | -€22,777 | -€52,201 | -€29,424 | -129% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,377 | -€70,801 | -€29,424 | -71.1% |
| Amounts payable | 17/49 | €443,793 | €478,377 | +€34,584 | +7.8% |
| Amounts payable after more than one year | 17 | €239,539 | €188,481 | -€51,058 | -21.3% |
| Financial debts | 170/4 | €189,539 | €150,981 | -€38,558 | -20.3% |
| Other amounts payable | 178/9 | €50,000 | €37,500 | -€12,500 | -25.0% |
| Amounts payable within one year | 42/48 | €204,254 | €289,896 | +€85,642 | +41.9% |
| Current portion of amounts payable after more than one year | 42 | €36,813 | €38,558 | +€1,745 | +4.7% |
| Financial debts | 43 | €62,124 | €112,913 | +€50,789 | +81.8% |
| Credit institutions | 430/8 | €62,124 | €112,913 | +€50,789 | +81.8% |
| Trade debts | 44 | €52,581 | €108,361 | +€55,780 | +106% |
| Suppliers | 440/4 | €52,581 | €108,361 | +€55,780 | +106% |
| Taxes, remuneration and social security | 45 | €51,160 | €28,162 | -€22,998 | -45.0% |
| Taxes | 450/3 | €28,975 | €2,228 | -€26,748 | -92.3% |
| Remuneration and social security | 454/9 | €22,184 | €25,934 | +€3,750 | +16.9% |
| Other amounts payable | 47/48 | €1,576 | €1,902 | +€325 | +20.6% |
| Remuneration, social security and pensions | 62 | €108,519 | €140,064 | +€31,545 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,068 | €35,649 | +€9,581 | +36.8% |
| Other operating charges | 640/8 | €6,171 | €8,265 | +€2,095 | +33.9% |
| Gross operating margin | 9900 | €128,801 | €171,985 | +€43,184 | +33.5% |
| Operating profit (loss) | 9901 | -€11,958 | -€11,994 | -€36 | -0.3% |
| Financial charges | 65/66B | €13,010 | €17,235 | +€4,225 | +32.5% |
| Recurring financial charges | 65 | €13,010 | €17,235 | +€4,225 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,968 | -€29,228 | -€4,261 | -17.1% |
| Income taxes | 67/77 | €158 | €196 | +€38 | +23.8% |
| Profit (loss) for the period | 9904 | -€25,126 | -€29,424 | -€4,298 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,126 | -€29,424 | -€4,298 | -17.1% |
Value
latest balance sheet 31-12-2023 · 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)
- -€52,201
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€52,201
Capitalised earnings
- 2023
- -€29,424
- 2022
- -€25,126
- 2021
- €26,409
- 2020
- -€18,907
- 2019
- -€6,986
- Average result, excluding non-recurring income and charges
- -€9,380
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2023
- €23,656
- Net financial debt
- €255,231
- 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 31 December 2022 and 31 December 2023. 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.