SD & C: 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 2025
not consecutiveLargest movements
- Cash +€84,367
up €84,367 (+683%), from €12,351 to €96,718
- Receivables within one year -€56,706
down €56,706 (-51.6%), from €109,994 to €53,288
of which Trade receivables: -€69,363
- Tangible fixed assets +€11,957
up €11,957 (+125%), from €9,551 to €21,508
- Deferred charges and accrued income +€5,930
up €5,930 (+359%), from €1,652 to €7,582
- Reserves +€69,564
up €69,564 (+94.9%), from €73,323 to €142,887
- Trade debts -€30,606
down €30,606 (-99.8%), from €30,668 to €62
- Tax, wage and social debts +€8,935
up €8,935 (+53.1%), from €16,831 to €25,766
- Other debts -€2,347
down €2,347 (-36.0%), from €6,527 to €4,180
- Gross operating margin +€8,241
up €8,241 (+49.9%), from €16,528 to €24,769
- Taxes +€3,515
up €3,515 (+74.2%), from €4,736 to €8,251
- Other operating charges -€1,975
down €1,975 (-62.1%), from €3,180 to €1,206
- Depreciation +€993
up €993 (+21.9%), from €4,526 to €5,520
- Financial income +€256
up €256 (+29.5%), from €866 to €1,122
Change in the result, 2022 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
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 | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,549 | €179,096 | +€45,547 | +34.1% |
| Fixed assets | 21/28 | €9,551 | €21,508 | +€11,957 | +125% |
| Tangible fixed assets | 22/27 | €9,551 | €21,508 | +€11,957 | +125% |
| Furniture and vehicles | 24 | €9,551 | €21,508 | +€11,957 | +125% |
| Current assets | 29/58 | €123,998 | €157,588 | +€33,590 | +27.1% |
| Amounts receivable within one year | 40/41 | €109,994 | €53,288 | -€56,706 | -51.6% |
| Trade receivables | 40 | €91,445 | €22,082 | -€69,363 | -75.9% |
| Other amounts receivable | 41 | €18,549 | €31,206 | +€12,657 | +68.2% |
| Cash at bank and in hand | 54/58 | €12,351 | €96,718 | +€84,367 | +683% |
| Deferred charges and accrued income | 490/1 | €1,652 | €7,582 | +€5,930 | +359% |
| Total equity and liabilities | 10/49 | €133,549 | €179,096 | +€45,547 | +34.1% |
| Equity | 10/15 | €79,523 | €149,087 | +€69,564 | +87.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €73,323 | €142,887 | +€69,564 | +94.9% |
| Distributable reserves | 133 | €73,323 | €142,887 | +€69,564 | +94.9% |
| Amounts payable | 17/49 | €54,026 | €30,009 | -€24,017 | -44.5% |
| Amounts payable within one year | 42/48 | €54,026 | €30,009 | -€24,017 | -44.5% |
| Trade debts | 44 | €30,668 | €62 | -€30,606 | -99.8% |
| Suppliers | 440/4 | €30,668 | €62 | -€30,606 | -99.8% |
| Taxes, remuneration and social security | 45 | €16,831 | €25,766 | +€8,935 | +53.1% |
| Taxes | 450/3 | €16,831 | €25,766 | +€8,935 | +53.1% |
| Other amounts payable | 47/48 | €6,527 | €4,180 | -€2,347 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,526 | €5,520 | +€993 | +21.9% |
| Other operating charges | 640/8 | €3,180 | €1,206 | -€1,975 | -62.1% |
| Gross operating margin | 9900 | €16,528 | €24,769 | +€8,241 | +49.9% |
| Operating profit (loss) | 9901 | €8,822 | €18,044 | +€9,222 | +105% |
| Financial income | 75/76B | €866 | €1,122 | +€256 | +29.5% |
| Recurring financial income | 75 | €866 | €1,122 | +€256 | +29.5% |
| Financial charges | 65/66B | €574 | €456 | -€118 | -20.5% |
| Recurring financial charges | 65 | €574 | €456 | -€118 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €9,114 | €18,710 | +€9,595 | +105% |
| Income taxes | 67/77 | €4,736 | €8,251 | +€3,515 | +74.2% |
| Profit (loss) for the period | 9904 | €4,378 | €10,459 | +€6,081 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €4,378 | €10,459 | +€6,081 | +139% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €101,914 · 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)
- €149,087
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €149,087
Capitalised earnings
- 2025
- €10,459
- 2022
- €4,378
- 2021
- €4,870
- 2020
- €21,336
- 2019
- €22,429
- Average result, excluding non-recurring income and charges
- €6,569
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €46,921 / €54,742 / €65,690
Your EBITDA multiple
- EBITDA 2025
- €23,563
- Net financial debt
- -€96,718
- 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 2022 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.