RF CONSTRUCT: 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
- Tangible fixed assets -€11,385
down €11,385 (-21.9%), from €51,940 to €40,555
- Cash +€3,184
up €3,184 (+46.7%), from €6,819 to €10,003
mainly Net result for the year (+€21,226) and Depreciation (+€13,485)
- Profit (loss) carried forward +€21,226
up €21,226 (+60.3%), from €35,207 to €56,433
- Provisions -€10,000
down €10,000 (-20.0%), from €50,000 to €40,000
- Accrued charges and deferred income -€10,000
no longer reported in 2023 (was €10,000)
- Debts after one year -€9,430
down €9,430 (-25.3%), from €37,244 to €27,814
- Trade debts -€8,983
down €8,983 (-99.3%), from €9,045 to €62
- Turnover -€52,219
down €52,219 (-18.9%), from €275,980 to €223,761
- Purchases and services -€37,546
down €37,546 (-17.3%), from €217,091 to €179,545
- Provisions -€32,196
down €32,196, from €22,196 to -€10,000
- Gross operating margin -€10,530
down €10,530 (-17.9%), from €58,889 to €48,359
- Staff costs +€9,880
new in 2023: €9,880
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 | €158,758 | €150,060 | -€8,698 | -5.5% |
| Fixed assets | 21/28 | €51,940 | €40,555 | -€11,385 | -21.9% |
| Tangible fixed assets | 22/27 | €51,940 | €40,555 | -€11,385 | -21.9% |
| Furniture and vehicles | 24 | €51,940 | €40,555 | -€11,385 | -21.9% |
| Current assets | 29/58 | €106,818 | €109,505 | +€2,687 | +2.5% |
| Amounts receivable within one year | 40/41 | €99,998 | €99,502 | -€496 | -0.5% |
| Trade receivables | 40 | €33,289 | €20,812 | -€12,477 | -37.5% |
| Other amounts receivable | 41 | €66,710 | €78,690 | +€11,980 | +18.0% |
| Cash at bank and in hand | 54/58 | €6,819 | €10,003 | +€3,184 | +46.7% |
| Total equity and liabilities | 10/49 | €158,758 | €150,060 | -€8,698 | -5.5% |
| Equity | 10/15 | €37,207 | €58,433 | +€21,226 | +57.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | - | -€2,000 | |
| Issued capital | 100 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €35,207 | €56,433 | +€21,226 | +60.3% |
| Provisions and deferred taxes | 16 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Other liabilities and charges | 164/5 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Amounts payable | 17/49 | €71,550 | €51,627 | -€19,924 | -27.8% |
| Amounts payable after more than one year | 17 | €37,244 | €27,814 | -€9,430 | -25.3% |
| Financial debts | 170/4 | €37,244 | €27,814 | -€9,430 | -25.3% |
| Amounts payable within one year | 42/48 | €24,307 | €23,813 | -€494 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €9,159 | €9,430 | +€271 | +3.0% |
| Trade debts | 44 | €9,045 | €62 | -€8,983 | -99.3% |
| Suppliers | 440/4 | €9,045 | €62 | -€8,983 | -99.3% |
| Taxes, remuneration and social security | 45 | €6,103 | €14,322 | +€8,218 | +135% |
| Taxes | 450/3 | €6,103 | €14,322 | +€8,218 | +135% |
| Accrued charges and deferred income | 492/3 | €10,000 | - | -€10,000 | |
| Turnover | 70 | €275,980 | €223,761 | -€52,219 | -18.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €217,091 | €179,545 | -€37,546 | -17.3% |
| Remuneration, social security and pensions | 62 | - | €9,880 | +€9,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,711 | €13,485 | +€3,775 | +38.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €22,196 | -€10,000 | -€32,196 | |
| Other operating charges | 640/8 | €1,419 | €3,018 | +€1,599 | +113% |
| Non-recurring operating charges | 66A | €3,460 | - | -€3,460 | |
| Gross operating margin | 9900 | €58,889 | €48,359 | -€10,530 | -17.9% |
| Operating profit (loss) | 9901 | €22,104 | €31,975 | +€9,872 | +44.7% |
| Financial charges | 65/66B | €1,713 | €2,531 | +€818 | +47.8% |
| Recurring financial charges | 65 | €1,713 | €2,531 | +€818 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €20,391 | €29,444 | +€9,053 | +44.4% |
| Income taxes | 67/77 | €6,103 | €8,218 | +€2,115 | +34.7% |
| Profit (loss) for the period | 9904 | €14,287 | €21,226 | +€6,938 | +48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,287 | €21,226 | +€6,938 | +48.6% |
Value
latest balance sheet 31-12-2023 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €112,400 · 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)
- €58,433
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €58,433
Capitalised earnings
- 2023
- €21,226
- 2022
- €14,287
- excluding non-recurring income and charges
- €17,748
- 2021
- €20,920
- Average result, excluding non-recurring income and charges
- €19,964
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €142,600 / €166,367 / €199,640
Your EBITDA multiple
- EBITDA 2023
- €45,461
- Net financial debt
- €27,241
- 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 9 November 2026 via checked.be.