SPANDEX BENELUX: 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 2022
Largest movements
- Current assets +€768,654
up €768,654 (+25.6%), from €3.0m to €3.8m
of which Receivables within one year: +€1.1m
- Tangible fixed assets -€84,017
down €84,017 (-18.4%), from €457,722 to €373,704
- Intangible fixed assets -€51,568
down €51,568 (-96.9%), from €53,200 to €1,632
- Debts +€509,239
up €509,239 (+30.1%), from €1.7m to €2.2m
of which Debts within one year: +€403,865
- Profit (loss) carried forward +€123,890
up €123,890 (+7.0%), from €1.8m to €1.9m
- Turnover -€6.2m
no longer reported in 2022 (was €6.2m)
- Gross operating margin +€3.3m
new in 2022: €3.3m
- Staff costs +€2.8m
new in 2022: €2.8m
- Financial charges +€126,246
new in 2022: €126,246
Change in the result, 2021 to 2022
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
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,583,396 | €4,216,525 | +€633,129 | +17.7% |
| Fixed assets | 21/28 | €579,969 | €444,444 | -€135,525 | -23.4% |
| Intangible fixed assets | 21 | €53,200 | €1,632 | -€51,568 | -96.9% |
| Tangible fixed assets | 22/27 | €457,722 | €373,704 | -€84,017 | -18.4% |
| Land and buildings | 22 | - | €307,662 | +€307,662 | |
| Plant, machinery and equipment | 23 | - | €23,705 | +€23,705 | |
| Furniture and vehicles | 24 | - | €36,200 | +€36,200 | |
| Other tangible fixed assets | 26 | - | €6,137 | +€6,137 | |
| Financial fixed assets | 28 | €69,047 | €69,108 | +€61 | +0.1% |
| Current assets | 29/58 | €3,003,427 | €3,772,080 | +€768,654 | +25.6% |
| Stocks and contracts in progress | 3 | €305,853 | €96,927 | -€208,925 | -68.3% |
| Stocks | 30/36 | - | €96,927 | +€96,927 | |
| Amounts receivable within one year | 40/41 | €2,206,395 | €3,342,032 | +€1.1m | +51.5% |
| Trade receivables | 40 | - | €659,084 | +€659,084 | |
| Other amounts receivable | 41 | - | €2,682,949 | +€2.7m | |
| Cash at bank and in hand | 54/58 | €469,874 | €315,405 | -€154,470 | -32.9% |
| Deferred charges and accrued income | 490/1 | - | €17,716 | +€17,716 | |
| Total equity and liabilities | 10/49 | €3,583,396 | €4,216,525 | +€633,129 | +17.7% |
| Equity | 10/15 | €1,892,641 | €2,016,531 | +€123,890 | +6.5% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Capital | 10 | - | €111,552 | +€111,552 | |
| Issued capital | 100 | - | €111,552 | +€111,552 | |
| Reserves | 13 | €11,155 | €11,155 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €11,155 | +€11,155 | |
| Legal reserve | 130 | - | €11,155 | +€11,155 | |
| Profit (loss) carried forward | 14 | €1,769,934 | €1,893,823 | +€123,890 | +7.0% |
| Amounts payable | 17/49 | €1,690,755 | €2,199,994 | +€509,239 | +30.1% |
| Amounts payable within one year | 42/48 | €1,484,077 | €1,887,942 | +€403,865 | +27.2% |
| Trade debts | 44 | €1,051,327 | €1,079,064 | +€27,738 | +2.6% |
| Suppliers | 440/4 | - | €1,079,064 | +€1.1m | |
| Taxes, remuneration and social security | 45 | - | €808,877 | +€808,877 | |
| Taxes | 450/3 | - | €29,698 | +€29,698 | |
| Remuneration and social security | 454/9 | - | €779,179 | +€779,179 | |
| Accrued charges and deferred income | 492/3 | - | €312,052 | +€312,052 | |
| Turnover | 70 | €6,164,963 | - | -€6.2m | |
| Remuneration, social security and pensions | 62 | - | €2,788,102 | +€2.8m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,138 | €145,568 | -€34,569 | -19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,098 | +€13,098 | |
| Other operating charges | 640/8 | - | €8,752 | +€8,752 | |
| Gross operating margin | 9900 | - | €3,303,760 | +€3.3m | |
| Operating profit (loss) | 9901 | €307,375 | €348,239 | +€40,864 | +13.3% |
| Financial charges | 65/66B | - | €126,246 | +€126,246 | |
| Recurring financial charges | 65 | €36,178 | €126,246 | +€90,068 | +249% |
| Profit (loss) for the period before taxes | 9903 | €271,198 | €221,993 | -€49,204 | -18.1% |
| Income taxes | 67/77 | €93,747 | €98,104 | +€4,357 | +4.6% |
| Profit (loss) for the period | 9904 | €177,450 | €123,890 | -€53,561 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €177,450 | €123,890 | -€53,561 | -30.2% |
Value
latest balance sheet 30-04-2022 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.7m · 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)
- €2,016,531
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€1,632
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €2.0m
Capitalised earnings
- 2022
- €123,890
- 2021
- €177,450
- 2020
- €198,394
- 2019
- €212,806
- Average result, excluding non-recurring income and charges
- €166,578
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €1.2m / €1.4m / €1.7m
Your EBITDA multiple
- EBITDA 2022
- €493,808
- Net financial debt
- -€315,405
- 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 30 April 2021 and 30 April 2022. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 10 November 2026 via checked.be.