Samhati: 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 2025 and 2026
Largest movements
- Receivables within one year +€34.4m
up €34.4m (+1,820,677%), from €1,890 to €34.4m
of which Trade receivables: +€33.4m
- Trade debts +€14.9m
up €14.9m (+1,256,198%), from €1,184 to €14.9m
- Advances received +€12.2m
new in 2026: €12.2m
- Profit (loss) carried forward +€2.5m
new in 2026: €2.5m
- Tax, wage and social debts +€1.3m
new in 2026: €1.3m
of which Remuneration and social security: +€1.3m
- Short-term financial debts +€1.1m
new in 2026: €1.1m
- Gross operating margin +€8.5m
up €8.5m, from -€1,303 to €8.5m
- Staff costs +€3.6m
new in 2026: €3.6m
- Taxes +€1.2m
new in 2026: €1.2m
- Financial charges +€101,673
up €101,673 (+28,125%), from €362 to €102,034
Change in the result, 2025 to 2026
The net result is not in both sets of accounts. Without it the difference cannot be explained line by line.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,684 | €34,414,867 | +€34.4m | +54,803% |
| Current assets | 29/58 | €62,684 | €34,414,867 | +€34.4m | +54,803% |
| Amounts receivable within one year | 40/41 | €1,890 | €34,414,867 | +€34.4m | +1,820,677% |
| Trade receivables | 40 | €1,890 | €33,415,999 | +€33.4m | +1,767,830% |
| Other amounts receivable | 41 | - | €998,869 | +€998,869 | |
| Cash at bank and in hand | 54/58 | €60,793 | - | -€60,793 | |
| Total equity and liabilities | 10/49 | €62,684 | €34,414,867 | +€34.4m | +54,803% |
| Equity | 10/15 | €61,500 | €4,647,030 | +€4.6m | +7,456% |
| Contributions | 10/11 | €61,500 | €1,050,185 | +€988,685 | +1,608% |
| Capital | 10 | €61,500 | €1,050,185 | +€988,685 | +1,608% |
| Issued capital | 100 | €61,500 | €1,050,185 | +€988,685 | +1,608% |
| Reserves | 13 | - | €1,105,018 | +€1.1m | |
| Non-distributable reserves | 130/1 | - | €105,019 | +€105,019 | |
| Legal reserve | 130 | - | €105,019 | +€105,019 | |
| Tax-exempt reserves | 132 | - | €1,000,000 | +€1,000,000 | |
| Profit (loss) carried forward | 14 | - | €2,491,827 | +€2.5m | |
| Amounts payable | 17/49 | €1,184 | €29,767,837 | +€29.8m | +2,514,946% |
| Amounts payable within one year | 42/48 | €1,184 | €29,766,755 | +€29.8m | +2,514,855% |
| Financial debts | 43 | - | €1,116,323 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,116,323 | +€1.1m | |
| Trade debts | 44 | €1,184 | €14,869,418 | +€14.9m | +1,256,198% |
| Suppliers | 440/4 | €1,184 | €14,869,418 | +€14.9m | +1,256,198% |
| Advances received on contracts in progress | 46 | - | €12,221,279 | +€12.2m | |
| Taxes, remuneration and social security | 45 | - | €1,325,783 | +€1.3m | |
| Taxes | 450/3 | - | €69,210 | +€69,210 | |
| Remuneration and social security | 454/9 | - | €1,256,573 | +€1.3m | |
| Other amounts payable | 47/48 | - | €233,952 | +€233,952 | |
| Accrued charges and deferred income | 492/3 | - | €1,082 | +€1,082 | |
| Remuneration, social security and pensions | 62 | - | €3,611,218 | +€3.6m | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,050 | +€1,050 | |
| Other operating charges | 640/8 | - | €200 | +€200 | |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | -€1,303 | €8,450,463 | +€8.5m | |
| Operating profit (loss) | 9901 | -€1,303 | €4,837,984 | +€4.8m | |
| Financial income | 75/76B | €1,664 | €81,481 | +€79,817 | +4,796% |
| Recurring financial income | 75 | €1,664 | €81,481 | +€79,817 | +4,796% |
| Financial charges | 65/66B | €362 | €102,034 | +€101,673 | +28,125% |
| Recurring financial charges | 65 | €362 | €102,034 | +€101,673 | +28,125% |
| Profit (loss) for the period before taxes | 9903 | - | €4,817,430 | +€4.8m | |
| Income taxes | 67/77 | - | €1,220,585 | +€1.2m | |
| Profit (loss) for the period | 9904 | - | €3,596,845 | +€3.6m | |
| Transfer to tax-exempt reserves | 689 | - | €1,000,000 | +€1,000,000 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €2,596,845 | +€2.6m |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €17.3m · 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)
- €4,647,030
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €4.6m
Capitalised earnings
- 2026
- €3,596,845
- excluding non-recurring income and charges
- €3,596,857
- 2025
- -
- 2024
- -
- 2023
- -
- 2022
- -
- Average result, excluding non-recurring income and charges
- €3,596,857
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €25.7m / €30.0m / €36.0m
Your EBITDA multiple
- EBITDA 2026
- -
- Net financial debt
- €1,116,323
- 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 March 2025 and 31 March 2026. 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.