SWEET LOGISTICS: 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
not consecutiveLargest movements
- Current investments +€300,000
up €300,000 (+14.7%), from €2.0m to €2.3m
- Receivables within one year +€65,231
up €65,231 (+28.8%), from €226,325 to €291,556
of which Trade receivables: +€65,612
- Tangible fixed assets -€34,542
down €34,542 (-18.9%), from €182,414 to €147,871
of which Furniture and vehicles: -€37,202
- Other debts +€336,851
up €336,851 (+16.4%), from €2.1m to €2.4m
- Turnover -€3.5m
down €3.5m (-76.4%), from €4.6m to €1.1m
- Staff costs -€608,249
down €608,249 (-60.2%), from €1.0m to €401,799
- Taxes -€553,533
down €553,533 (-83.6%), from €662,412 to €108,879
of which Taxes: -€555,290
- Services and other goods -€534,068
down €534,068 (-70.2%), from €761,273 to €227,205
- Depreciation -€74,405
down €74,405 (-66.7%), from €111,607 to €37,202
Change in the result, 2025 to 2026
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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,612,816 | €2,939,425 | +€326,609 | +12.5% |
| Fixed assets | 21/28 | €182,979 | €148,436 | -€34,542 | -18.9% |
| Tangible fixed assets | 22/27 | €182,414 | €147,871 | -€34,542 | -18.9% |
| Furniture and vehicles | 24 | €182,414 | €145,212 | -€37,202 | -20.4% |
| Assets under construction and advance payments | 27 | - | €2,660 | +€2,660 | |
| Financial fixed assets | 28 | €565 | €565 | = | 0.0% |
| Other financial fixed assets | 284/8 | €565 | €565 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €565 | €565 | = | 0.0% |
| Current assets | 29/58 | €2,429,837 | €2,790,989 | +€361,152 | +14.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €226,325 | €291,556 | +€65,231 | +28.8% |
| Trade receivables | 40 | €225,944 | €291,556 | +€65,612 | +29.0% |
| Other amounts receivable | 41 | €381 | €0 | -€381 | -100% |
| Current investments | 50/53 | €2,040,000 | €2,340,000 | +€300,000 | +14.7% |
| Other investments | 51/53 | €2,040,000 | €2,340,000 | +€300,000 | +14.7% |
| Cash at bank and in hand | 54/58 | €130,001 | €144,791 | +€14,791 | +11.4% |
| Deferred charges and accrued income | 490/1 | €33,511 | €14,641 | -€18,870 | -56.3% |
| Total equity and liabilities | 10/49 | €2,612,816 | €2,939,425 | +€326,609 | +12.5% |
| Equity | 10/15 | €257,889 | €255,458 | -€2,431 | -0.9% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €192,253 | €192,253 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €185,953 | €185,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,636 | €205 | -€2,431 | -92.2% |
| Provisions and deferred taxes | 16 | €55,449 | €55,449 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €55,449 | €55,449 | = | 0.0% |
| Pensions and similar obligations | 160 | €55,449 | €55,449 | = | 0.0% |
| Amounts payable | 17/49 | €2,299,477 | €2,628,518 | +€329,041 | +14.3% |
| Amounts payable within one year | 42/48 | €2,278,677 | €2,598,659 | +€319,982 | +14.0% |
| Trade debts | 44 | €57,648 | €46,072 | -€11,576 | -20.1% |
| Suppliers | 440/4 | €57,648 | €46,072 | -€11,576 | -20.1% |
| Taxes, remuneration and social security | 45 | €166,647 | €161,355 | -€5,292 | -3.2% |
| Taxes | 450/3 | €61,497 | €54,182 | -€7,314 | -11.9% |
| Remuneration and social security | 454/9 | €105,151 | €107,173 | +€2,022 | +1.9% |
| Other amounts payable | 47/48 | €2,054,382 | €2,391,232 | +€336,851 | +16.4% |
| Accrued charges and deferred income | 492/3 | €20,801 | €29,860 | +€9,059 | +43.6% |
| Operating income | 70/76A | €4,659,988 | €1,106,290 | -€3.6m | -76.3% |
| Turnover | 70 | €4,624,929 | €1,093,154 | -€3.5m | -76.4% |
| Other operating income | 74 | €35,059 | €13,135 | -€21,924 | -62.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €1,980,605 | €677,938 | -€1.3m | -65.8% |
| Services and other goods | 61 | €761,273 | €227,205 | -€534,068 | -70.2% |
| Remuneration, social security and pensions | 62 | €1,010,048 | €401,799 | -€608,249 | -60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,607 | €37,202 | -€74,405 | -66.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €55,449 | €0 | -€55,449 | -100% |
| Other operating charges | 640/8 | €42,228 | €11,732 | -€30,496 | -72.2% |
| Operating profit (loss) | 9901 | €2,679,384 | €428,352 | -€2.3m | -84.0% |
| Financial income | 75/76B | €38,302 | €15,195 | -€23,107 | -60.3% |
| Recurring financial income | 75 | €38,302 | €15,195 | -€23,107 | -60.3% |
| Income from current assets | 751 | €37,230 | €14,596 | -€22,633 | -60.8% |
| Other financial income | 752/9 | €1,073 | €599 | -€474 | -44.2% |
| Financial charges | 65/66B | €362 | €249 | -€113 | -31.2% |
| Recurring financial charges | 65 | €362 | €249 | -€113 | -31.2% |
| Other financial charges | 652/9 | €362 | €249 | -€113 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €2,717,324 | €443,298 | -€2.3m | -83.7% |
| Income taxes | 67/77 | €662,412 | €108,879 | -€553,533 | -83.6% |
| Taxes | 670/3 | €664,169 | €108,879 | -€555,290 | -83.6% |
| Tax adjustments and reversals of tax provisions | 77 | €1,757 | €0 | -€1,757 | -100% |
| Profit (loss) for the period | 9904 | €2,054,912 | €334,419 | -€1.7m | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,054,912 | €334,419 | -€1.7m | -83.7% |
Value
latest balance sheet 30-04-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €6.4m · 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)
- €255,458
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €255,458
Capitalised earnings
- 2026
- €334,419
- 2025
- €2,054,912
- 2024
- €2,155,645
- excluding non-recurring income and charges
- €2,118,659
- 2023
- €1,904,877
- excluding non-recurring income and charges
- €1,891,877
- 2022
- €1,637,452
- excluding non-recurring income and charges
- €1,619,452
- Average result, excluding non-recurring income and charges
- €1,502,663
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €10.7m / €12.5m / €15.0m
Your EBITDA multiple
- EBITDA 2026
- €465,554
- Net financial debt
- -€2,484,791
- 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 2025 and 30 April 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 13 November 2026 via checked.be.