T.K.: 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
- Receivables within one year +€111,249
up €111,249 (+22.1%), from €503,247 to €614,496
of which Trade receivables: +€155,589
- Tangible fixed assets +€58,739
up €58,739 (+56.4%), from €104,158 to €162,897
of which Plant, machinery and equipment: +€29,866
- Cash +€48,360
up €48,360 (+65.6%), from €73,733 to €122,093
- Provisions +€118,634
up €118,634 (+367%), from €32,344 to €150,978
- Reserves +€95,312
up €95,312 (+110%), from €86,895 to €182,207
of which Distributable reserves: +€95,312
- Debts after one year -€39,804
down €39,804 (-41.0%), from €97,085 to €57,281
- Advances received -€32,644
down €32,644 (-14.3%), from €227,644 to €195,000
- Trade debts +€28,142
up €28,142 (+1,177%), from €2,390 to €30,532
- Staff costs +€74,965
new in 2025: €74,965
- Other operating charges -€73,655
down €73,655 (-85.6%), from €86,051 to €12,396
- Depreciation +€18,431
up €18,431 (+82.8%), from €22,250 to €40,681
- Gross operating margin +€16,295
up €16,295 (+8.0%), from €204,159 to €220,454
- Provisions +€14,104
up €14,104 (+43.6%), from €32,344 to €46,448
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 | €681,189 | €899,537 | +€218,348 | +32.1% |
| Fixed assets | 21/28 | €104,209 | €162,948 | +€58,739 | +56.4% |
| Tangible fixed assets | 22/27 | €104,158 | €162,897 | +€58,739 | +56.4% |
| Plant, machinery and equipment | 23 | €15,053 | €44,919 | +€29,866 | +198% |
| Furniture and vehicles | 24 | €89,105 | €117,978 | +€28,873 | +32.4% |
| Financial fixed assets | 28 | €51 | €51 | = | 0.0% |
| Current assets | 29/58 | €576,980 | €736,589 | +€159,609 | +27.7% |
| Amounts receivable within one year | 40/41 | €503,247 | €614,496 | +€111,249 | +22.1% |
| Trade receivables | 40 | €458,907 | €614,496 | +€155,589 | +33.9% |
| Other amounts receivable | 41 | €44,340 | - | -€44,340 | |
| Cash at bank and in hand | 54/58 | €73,733 | €122,093 | +€48,360 | +65.6% |
| Total equity and liabilities | 10/49 | €681,189 | €899,537 | +€218,348 | +32.1% |
| Equity | 10/15 | €132,395 | €227,707 | +€95,312 | +72.0% |
| Contributions | 10/11 | €45,500 | €45,500 | = | 0.0% |
| Capital | 10 | €45,500 | €45,500 | = | 0.0% |
| Issued capital | 100 | €45,500 | €45,500 | = | 0.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €86,895 | €182,207 | +€95,312 | +110% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Legal reserve | 130 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €86,845 | €182,157 | +€95,312 | +110% |
| Provisions and deferred taxes | 16 | €32,344 | €150,978 | +€118,634 | +367% |
| Provisions for liabilities and charges | 160/5 | €32,344 | €150,978 | +€118,634 | +367% |
| Other liabilities and charges | 164/5 | €32,344 | €150,978 | +€118,634 | +367% |
| Amounts payable | 17/49 | €516,450 | €520,852 | +€4,402 | +0.9% |
| Amounts payable after more than one year | 17 | €97,085 | €57,281 | -€39,804 | -41.0% |
| Financial debts | 170/4 | €97,085 | €57,281 | -€39,804 | -41.0% |
| Amounts payable within one year | 42/48 | €291,961 | €330,908 | +€38,947 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €11,127 | €24,884 | +€13,757 | +124% |
| Trade debts | 44 | €2,390 | €30,532 | +€28,142 | +1,177% |
| Suppliers | 440/4 | €2,390 | €30,532 | +€28,142 | +1,177% |
| Advances received on contracts in progress | 46 | €227,644 | €195,000 | -€32,644 | -14.3% |
| Taxes, remuneration and social security | 45 | €14,245 | €32,653 | +€18,408 | +129% |
| Taxes | 450/3 | €14,245 | €21,202 | +€6,957 | +48.8% |
| Remuneration and social security | 454/9 | - | €11,451 | +€11,451 | |
| Other amounts payable | 47/48 | €36,555 | €47,839 | +€11,284 | +30.9% |
| Accrued charges and deferred income | 492/3 | €127,404 | €132,663 | +€5,259 | +4.1% |
| Remuneration, social security and pensions | 62 | - | €74,965 | +€74,965 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,250 | €40,681 | +€18,431 | +82.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,222 | - | -€6,222 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €32,344 | €46,448 | +€14,104 | +43.6% |
| Other operating charges | 640/8 | €86,051 | €12,396 | -€73,655 | -85.6% |
| Gross operating margin | 9900 | €204,159 | €220,454 | +€16,295 | +8.0% |
| Operating profit (loss) | 9901 | €57,292 | €45,964 | -€11,328 | -19.8% |
| Financial income | 75/76B | - | €2,700 | +€2,700 | |
| Recurring financial income | 75 | - | €2,700 | +€2,700 | |
| Financial charges | 65/66B | €2,043 | €3,713 | +€1,670 | +81.7% |
| Recurring financial charges | 65 | €2,043 | €3,713 | +€1,670 | +81.7% |
| Profit (loss) for the period before taxes | 9903 | €55,249 | €44,951 | -€10,298 | -18.6% |
| Income taxes | 67/77 | €14,246 | €13,271 | -€975 | -6.8% |
| Profit (loss) for the period | 9904 | €41,003 | €31,680 | -€9,323 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,003 | €31,680 | -€9,323 | -22.7% |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €265,278 · 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)
- €227,707
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €227,707
Capitalised earnings
- 2025
- €31,680
- 2022
- €41,003
- Average result, excluding non-recurring income and charges
- €36,342
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €259,586 / €302,850 / €363,420
Your EBITDA multiple
- EBITDA 2025
- €86,645
- Net financial debt
- -€39,928
- 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 September 2022 and 30 September 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 10 November 2026 via checked.be.