SAITTA: 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
- Stocks and contracts -€488,525
no longer reported in 2025 (was €488,525)
- Tangible fixed assets -€187,295
no longer reported in 2025 (was €187,295)
of which Land and buildings: -€135,013
- Intangible fixed assets -€78,000
no longer reported in 2025 (was €78,000)
- Receivables within one year -€22,645
down €22,645 (-81.0%), from €27,946 to €5,301
- Cash -€10,044
down €10,044 (-47.7%), from €21,051 to €11,007
mainly Other debts (-€470,240) and Net result for the year (-€373,097)
- Current portion of long-term debt +€541,337
up €541,337 (+880%), from €61,544 to €602,881
- Other debts -€470,240
no longer reported in 2025 (was €470,240)
- Profit (loss) carried forward -€373,097
down €373,097 (-109%), from -€342,477 to -€715,574
- Debts after one year -€247,929
down €247,929 (-66.7%), from €371,929 to €124,000
- Tax, wage and social debts -€158,762
no longer reported in 2025 (was €158,762)
of which Taxes: -€148,007
- Other operating charges +€162,698
up €162,698 (+10,150%), from €1,603 to €164,301
- Staff costs -€118,776
down €118,776 (-94.0%), from €126,335 to €7,558
- Gross operating margin -€114,992
down €114,992 (-234%), from -€49,157 to -€164,149
- Depreciation -€44,168
down €44,168 (-95.7%), from €46,168 to €2,000
- Financial charges +€28,152
up €28,152 (+418%), from €6,736 to €34,888
of which Non-recurring financial charges: +€29,638
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
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €802,816 | €16,308 | -€786,509 | -98.0% |
| Fixed assets | 21/28 | €265,295 | - | -€265,295 | |
| Intangible fixed assets | 21 | €78,000 | - | -€78,000 | |
| Tangible fixed assets | 22/27 | €187,295 | - | -€187,295 | |
| Land and buildings | 22 | €135,013 | - | -€135,013 | |
| Plant, machinery and equipment | 23 | €43,869 | - | -€43,869 | |
| Furniture and vehicles | 24 | €8,413 | - | -€8,413 | |
| Current assets | 29/58 | €537,522 | €16,308 | -€521,214 | -97.0% |
| Stocks and contracts in progress | 3 | €488,525 | - | -€488,525 | |
| Stocks | 30/36 | €488,525 | - | -€488,525 | |
| Amounts receivable within one year | 40/41 | €27,946 | €5,301 | -€22,645 | -81.0% |
| Trade receivables | 40 | €27,946 | €5,301 | -€22,645 | -81.0% |
| Cash at bank and in hand | 54/58 | €21,051 | €11,007 | -€10,044 | -47.7% |
| Total equity and liabilities | 10/49 | €802,816 | €16,308 | -€786,509 | -98.0% |
| Equity | 10/15 | -€337,477 | -€710,574 | -€373,097 | -111% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€342,477 | -€715,574 | -€373,097 | -109% |
| Amounts payable | 17/49 | €1,140,293 | €726,881 | -€413,412 | -36.3% |
| Amounts payable after more than one year | 17 | €371,929 | €124,000 | -€247,929 | -66.7% |
| Financial debts | 170/4 | €371,929 | €124,000 | -€247,929 | -66.7% |
| Amounts payable within one year | 42/48 | €768,364 | €602,881 | -€165,483 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €61,544 | €602,881 | +€541,337 | +880% |
| Trade debts | 44 | €72,318 | - | -€72,318 | |
| Suppliers | 440/4 | €72,318 | - | -€72,318 | |
| Advances received on contracts in progress | 46 | €5,500 | - | -€5,500 | |
| Taxes, remuneration and social security | 45 | €158,762 | - | -€158,762 | |
| Taxes | 450/3 | €148,007 | - | -€148,007 | |
| Remuneration and social security | 454/9 | €10,755 | - | -€10,755 | |
| Other amounts payable | 47/48 | €470,240 | - | -€470,240 | |
| Remuneration, social security and pensions | 62 | €126,335 | €7,558 | -€118,776 | -94.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,168 | €2,000 | -€44,168 | -95.7% |
| Other operating charges | 640/8 | €1,603 | €164,301 | +€162,698 | +10,150% |
| Gross operating margin | 9900 | -€49,157 | -€164,149 | -€114,992 | -234% |
| Operating profit (loss) | 9901 | -€223,262 | -€338,009 | -€114,747 | -51.4% |
| Financial charges | 65/66B | €6,736 | €34,888 | +€28,152 | +418% |
| Recurring financial charges | 65 | €6,736 | €5,250 | -€1,486 | -22.1% |
| Non-recurring financial charges | 66B | - | €29,638 | +€29,638 | |
| Profit (loss) for the period before taxes | 9903 | -€229,998 | -€372,897 | -€142,899 | -62.1% |
| Income taxes | 67/77 | €210 | €200 | -€10 | -4.8% |
| Profit (loss) for the period | 9904 | -€230,208 | -€373,097 | -€142,889 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€230,208 | -€373,097 | -€142,889 | -62.1% |
Value
latest balance sheet 31-12-2025 · 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)
- -€710,574
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€710,574
Capitalised earnings
- 2025
- -€373,097
- excluding non-recurring income and charges
- -€343,458
- 2024
- -€230,208
- 2023
- -€115,876
- 2022
- -€48,569
- 2021
- €52,176
- Average result, excluding non-recurring income and charges
- -€229,847
- 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
- -€336,009
- Net financial debt
- €715,874
- 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 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.