SEART 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 2024 and 2025
Largest movements
- Tangible fixed assets +€39,100
up €39,100 (+156%), from €25,133 to €64,233
of which Furniture and vehicles: +€48,476
- Cash -€13,293
down €13,293 (-22.6%), from €58,727 to €45,434
mainly Investment in fixed assets (net) (-€54,211) and Trade debts (-€39,218)
- Receivables within one year +€11,946
up €11,946 (+22.7%), from €52,615 to €64,561
of which Trade receivables: +€14,294
- Debts after one year +€49,170
new in 2025: €49,170
- Trade debts -€39,218
down €39,218 (-35.1%), from €111,805 to €72,586
of which Suppliers: -€27,297
- Other debts +€34,495
up €34,495 (+4,320%), from €798 to €35,294
- Tax, wage and social debts -€8,026
down €8,026 (-95.6%), from €8,393 to €367
of which Remuneration and social security: -€4,500
- Turnover -€211,015
down €211,015 (-46.2%), from €456,438 to €245,424
- Purchases and services -€194,702
down €194,702 (-46.1%), from €422,324 to €227,622
- Gross operating margin -€16,313
down €16,313 (-47.8%), from €34,115 to €17,802
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 | €136,476 | €174,229 | +€37,753 | +27.7% |
| Fixed assets | 21/28 | €25,133 | €64,233 | +€39,100 | +156% |
| Tangible fixed assets | 22/27 | €25,133 | €64,233 | +€39,100 | +156% |
| Plant, machinery and equipment | 23 | €14,030 | €4,654 | -€9,376 | -66.8% |
| Furniture and vehicles | 24 | €11,103 | €59,579 | +€48,476 | +437% |
| Current assets | 29/58 | €111,342 | €109,995 | -€1,347 | -1.2% |
| Amounts receivable within one year | 40/41 | €52,615 | €64,561 | +€11,946 | +22.7% |
| Trade receivables | 40 | €39,027 | €53,321 | +€14,294 | +36.6% |
| Other amounts receivable | 41 | €13,588 | €11,240 | -€2,347 | -17.3% |
| Cash at bank and in hand | 54/58 | €58,727 | €45,434 | -€13,293 | -22.6% |
| Total equity and liabilities | 10/49 | €136,476 | €174,229 | +€37,753 | +27.7% |
| Equity | 10/15 | €15,480 | €16,811 | +€1,332 | +8.6% |
| Profit (loss) carried forward | 14 | €15,480 | €16,811 | +€1,332 | +8.6% |
| Amounts payable | 17/49 | €120,996 | €157,417 | +€36,421 | +30.1% |
| Amounts payable after more than one year | 17 | - | €49,170 | +€49,170 | |
| Financial debts | 170/4 | - | €49,170 | +€49,170 | |
| Amounts payable within one year | 42/48 | €120,996 | €108,247 | -€12,749 | -10.5% |
| Trade debts | 44 | €111,805 | €72,586 | -€39,218 | -35.1% |
| Suppliers | 440/4 | €73,867 | €46,570 | -€27,297 | -37.0% |
| Bills of exchange payable | 441 | €37,938 | €26,016 | -€11,921 | -31.4% |
| Taxes, remuneration and social security | 45 | €8,393 | €367 | -€8,026 | -95.6% |
| Taxes | 450/3 | €3,893 | €367 | -€3,526 | -90.6% |
| Remuneration and social security | 454/9 | €4,500 | - | -€4,500 | |
| Other amounts payable | 47/48 | €798 | €35,294 | +€34,495 | +4,320% |
| Turnover | 70 | €456,438 | €245,424 | -€211,015 | -46.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €422,324 | €227,622 | -€194,702 | -46.1% |
| Remuneration, social security and pensions | 62 | €155 | €162 | +€7 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,261 | €15,111 | +€851 | +6.0% |
| Other operating charges | 640/8 | €240 | €283 | +€43 | +17.9% |
| Gross operating margin | 9900 | €34,115 | €17,802 | -€16,313 | -47.8% |
| Operating profit (loss) | 9901 | €19,459 | €2,245 | -€17,213 | -88.5% |
| Financial charges | 65/66B | €86 | €547 | +€460 | +534% |
| Recurring financial charges | 65 | €86 | €547 | +€460 | +534% |
| Profit (loss) for the period before taxes | 9903 | €19,372 | €1,698 | -€17,674 | -91.2% |
| Income taxes | 67/77 | €3,893 | €367 | -€3,526 | -90.6% |
| Profit (loss) for the period | 9904 | €15,480 | €1,332 | -€14,148 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,480 | €1,332 | -€14,148 | -91.4% |
Value
latest balance sheet 30-11-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €43,431 · 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)
- €16,811
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €16,811
Capitalised earnings
- 2025
- €1,332
- 2024
- €15,480
- Average result, excluding non-recurring income and charges
- €8,406
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €60,043 / €70,050 / €84,060
Your EBITDA multiple
- EBITDA 2025
- €17,356
- Net financial debt
- €3,736
- 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 30 November 2024 and 30 November 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 13 November 2026 via checked.be.