TEXATH: 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
Largest movements
- Tangible fixed assets -€46,128
down €46,128 (-17.0%), from €271,339 to €225,211
of which Plant, machinery and equipment: -€25,286
- Cash +€43,980
up €43,980 (+47.4%), from €92,839 to €136,819
mainly Net result for the year (+€88,588) and Other debts (+€63,014)
- Receivables within one year +€16,695
up €16,695 (+42.8%), from €39,026 to €55,721
of which Trade receivables: +€14,638
- Intangible fixed assets -€8,000
down €8,000 (-52.5%), from €15,251 to €7,251
- Deferred charges and accrued income -€7,910
down €7,910 (-63.4%), from €12,473 to €4,563
- Other debts +€63,014
up €63,014 (+253%), from €24,860 to €87,874
- Reserves +€50,384
up €50,384 (+866%), from €5,816 to €56,200
of which Distributable reserves: +€50,000
- Debts after one year -€49,646
down €49,646 (-30.7%), from €161,463 to €111,817
- Profit (loss) carried forward -€41,796
down €41,796 (-91.8%), from €45,509 to €3,713
- Accrued charges and deferred income -€13,895
down €13,895 (-89.1%), from €15,602 to €1,707
- Staff costs -€38,906
down €38,906 (-12.4%), from €314,880 to €275,974
- Gross operating margin +€31,655
up €31,655 (+7.9%), from €402,283 to €433,938
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
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €442,819 | €439,850 | -€2,969 | -0.7% |
| Formation expenses | 20 | €469 | €173 | -€296 | -63.2% |
| Fixed assets | 21/28 | €286,590 | €233,962 | -€52,627 | -18.4% |
| Intangible fixed assets | 21 | €15,251 | €7,251 | -€8,000 | -52.5% |
| Tangible fixed assets | 22/27 | €271,339 | €225,211 | -€46,128 | -17.0% |
| Plant, machinery and equipment | 23 | €213,740 | €188,454 | -€25,286 | -11.8% |
| Furniture and vehicles | 24 | €43,403 | €28,405 | -€14,998 | -34.6% |
| Leasing and similar rights | 25 | €14,196 | €8,352 | -€5,844 | -41.2% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €155,760 | €205,715 | +€49,955 | +32.1% |
| Stocks and contracts in progress | 3 | €11,422 | €8,612 | -€2,810 | -24.6% |
| Stocks | 30/36 | €11,422 | €8,612 | -€2,810 | -24.6% |
| Amounts receivable within one year | 40/41 | €39,026 | €55,721 | +€16,695 | +42.8% |
| Trade receivables | 40 | €5,145 | €19,783 | +€14,638 | +285% |
| Other amounts receivable | 41 | €33,881 | €35,938 | +€2,057 | +6.1% |
| Cash at bank and in hand | 54/58 | €92,839 | €136,819 | +€43,980 | +47.4% |
| Deferred charges and accrued income | 490/1 | €12,473 | €4,563 | -€7,910 | -63.4% |
| Total equity and liabilities | 10/49 | €442,819 | €439,850 | -€2,969 | -0.7% |
| Equity | 10/15 | €113,325 | €121,913 | +€8,588 | +7.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,816 | €56,200 | +€50,384 | +866% |
| Non-distributable reserves | 130/1 | €5,816 | €6,200 | +€384 | +6.6% |
| Legal reserve | 130 | €5,816 | €6,200 | +€384 | +6.6% |
| Distributable reserves | 133 | - | €50,000 | +€50,000 | |
| Profit (loss) carried forward | 14 | €45,509 | €3,713 | -€41,796 | -91.8% |
| Amounts payable | 17/49 | €329,494 | €317,938 | -€11,556 | -3.5% |
| Amounts payable after more than one year | 17 | €161,463 | €111,817 | -€49,646 | -30.7% |
| Financial debts | 170/4 | €161,463 | €111,817 | -€49,646 | -30.7% |
| Amounts payable within one year | 42/48 | €152,429 | €204,413 | +€51,985 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €53,217 | €49,646 | -€3,571 | -6.7% |
| Trade debts | 44 | €42,515 | €29,895 | -€12,620 | -29.7% |
| Suppliers | 440/4 | €42,515 | €29,895 | -€12,620 | -29.7% |
| Advances received on contracts in progress | 46 | - | €9,095 | +€9,095 | |
| Taxes, remuneration and social security | 45 | €31,837 | €27,904 | -€3,934 | -12.4% |
| Taxes | 450/3 | €4,067 | €6,924 | +€2,856 | +70.2% |
| Remuneration and social security | 454/9 | €27,770 | €20,980 | -€6,790 | -24.5% |
| Other amounts payable | 47/48 | €24,860 | €87,874 | +€63,014 | +253% |
| Accrued charges and deferred income | 492/3 | €15,602 | €1,707 | -€13,895 | -89.1% |
| Remuneration, social security and pensions | 62 | €314,880 | €275,974 | -€38,906 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,780 | €59,309 | +€2,529 | +4.5% |
| Other operating charges | 640/8 | €1,941 | €1,224 | -€717 | -36.9% |
| Gross operating margin | 9900 | €402,283 | €433,938 | +€31,655 | +7.9% |
| Operating profit (loss) | 9901 | €28,682 | €97,431 | +€68,749 | +240% |
| Financial income | 75/76B | €171 | €54 | -€117 | -68.2% |
| Recurring financial income | 75 | €171 | €54 | -€117 | -68.2% |
| Financial charges | 65/66B | €6,407 | €5,897 | -€509 | -7.9% |
| Recurring financial charges | 65 | €6,407 | €5,897 | -€509 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €22,447 | €91,588 | +€69,141 | +308% |
| Income taxes | 67/77 | €762 | €3,000 | +€2,238 | +294% |
| Profit (loss) for the period | 9904 | €21,684 | €88,588 | +€66,904 | +309% |
| Profit (loss) for the period to be appropriated | 9905 | €21,684 | €88,588 | +€66,904 | +309% |
Value
latest balance sheet 31-01-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €272,686 · 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)
- €121,913
- Formation expenses (20)
- -€173
- Intangible fixed assets (21)
- -€7,251
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €114,489
Capitalised earnings
- 2026
- €88,588
- 2025
- €21,684
- 2024
- €44,845
- 2023
- €49,796
- Average result, excluding non-recurring income and charges
- €51,706
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €369,329 / €430,883 / €517,060
Your EBITDA multiple
- EBITDA 2026
- €156,740
- Net financial debt
- €24,643
- 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 31 January 2025 and 31 January 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 10 November 2026 via checked.be.