SAPIS: 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 2023
not consecutiveLargest movements
- Deferred charges and accrued income +€29,771
new in 2023: €29,771
- Receivables within one year -€19,356
down €19,356 (-83.5%), from €23,184 to €3,828
of which Trade receivables: -€17,322
- Cash -€16,676
down €16,676 (-57.5%), from €29,023 to €12,347
- Tangible fixed assets -€2,351
down €2,351 (-27.5%), from €8,535 to €6,184
of which Plant, machinery and equipment: -€2,195
- Trade debts -€27,614
down €27,614 (-100%), from €27,614 to €0
- Profit (loss) carried forward +€18,738
up €18,738 (+50.6%), from -€37,064 to -€18,326
- Purchases and services +€12,886
up €12,886 (+10.3%), from €125,714 to €138,600
- Turnover +€8,887
up €8,887 (+6.1%), from €146,286 to €155,173
Change in the result, 2021 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
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 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,757 | €52,145 | -€8,612 | -14.2% |
| Fixed assets | 21/28 | €8,550 | €6,199 | -€2,351 | -27.5% |
| Tangible fixed assets | 22/27 | €8,535 | €6,184 | -€2,351 | -27.5% |
| Land and buildings | 22 | €3,781 | €4,405 | +€624 | +16.5% |
| Plant, machinery and equipment | 23 | €3,974 | €1,779 | -€2,195 | -55.2% |
| Furniture and vehicles | 24 | €780 | - | -€780 | |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €52,207 | €45,946 | -€6,261 | -12.0% |
| Amounts receivable within one year | 40/41 | €23,184 | €3,828 | -€19,356 | -83.5% |
| Trade receivables | 40 | €18,932 | €1,610 | -€17,322 | -91.5% |
| Other amounts receivable | 41 | €4,252 | €2,218 | -€2,034 | -47.8% |
| Cash at bank and in hand | 54/58 | €29,023 | €12,347 | -€16,676 | -57.5% |
| Deferred charges and accrued income | 490/1 | - | €29,771 | +€29,771 | |
| Total equity and liabilities | 10/49 | €60,757 | €52,145 | -€8,612 | -14.2% |
| Equity | 10/15 | €32,936 | €51,674 | +€18,738 | +56.9% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,064 | -€18,326 | +€18,738 | +50.6% |
| Amounts payable | 17/49 | €27,821 | €471 | -€27,350 | -98.3% |
| Amounts payable within one year | 42/48 | €27,821 | €471 | -€27,350 | -98.3% |
| Trade debts | 44 | €27,614 | €0 | -€27,614 | -100% |
| Suppliers | 440/4 | €27,614 | €0 | -€27,614 | -100% |
| Other amounts payable | 47/48 | €207 | €471 | +€264 | +128% |
| Turnover | 70 | €146,286 | €155,173 | +€8,887 | +6.1% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | €125,714 | €138,600 | +€12,886 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,474 | €3,161 | +€687 | +27.8% |
| Other operating charges | 640/8 | €2,143 | €2,341 | +€198 | +9.2% |
| Gross operating margin | 9900 | €20,572 | €21,073 | +€501 | +2.4% |
| Operating profit (loss) | 9901 | €15,955 | €15,571 | -€384 | -2.4% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €1,614 | €2,903 | +€1,289 | +79.9% |
| Recurring financial charges | 65 | €1,614 | €2,903 | +€1,289 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €14,347 | €12,668 | -€1,679 | -11.7% |
| Profit (loss) for the period | 9904 | €14,347 | €12,668 | -€1,679 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,347 | €12,668 | -€1,679 | -11.7% |
Value
latest balance sheet 31-12-2023 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €64,312 · 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)
- €51,674
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €51,674
Capitalised earnings
- 2023
- €12,668
- excluding non-recurring income and charges
- €8,168
- 2021
- €14,347
- 2020
- €5,187
- 2019
- -€19,203
- 2018
- €11,415
- Average result, excluding non-recurring income and charges
- €9,234
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €65,957 / €76,950 / €92,340
Your EBITDA multiple
- EBITDA 2023
- €18,732
- Net financial debt
- -€12,347
- 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 December 2021 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.