TOEAREG: 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 2023
Largest movements
- Cash +€90,292
up €90,292 (+61.7%), from €146,247 to €236,539
mainly Net result for the year (+€74,740) and Tax, wage and social debts (+€27,593)
- Stocks and contracts +€22,119
new in 2023: €22,119
- Receivables within one year -€20,130
down €20,130 (-97.6%), from €20,621 to €492
of which Other amounts receivable: -€19,395
- Intangible fixed assets -€5,000
down €5,000 (-19.1%), from €26,247 to €21,247
- Tangible fixed assets +€4,497
up €4,497 (+12.0%), from €37,361 to €41,858
of which Plant, machinery and equipment: +€11,722
- Reserves +€76,041
up €76,041 (+112%), from €68,097 to €144,138
- Tax, wage and social debts +€27,593
up €27,593 (+98.1%), from €28,132 to €55,725
of which Taxes: +€18,958
- Other debts -€22,432
down €22,432 (-30.4%), from €73,834 to €51,403
- Trade debts +€11,618
up €11,618 (+107%), from €10,836 to €22,454
- Gross operating margin +€53,927
up €53,927 (+27.1%), from €198,674 to €252,601
- Taxes +€17,740
up €17,740 (+145%), from €12,207 to €29,947
- Staff costs -€12,210
down €12,210 (-8.6%), from €141,439 to €129,229
- Depreciation +€4,744
up €4,744 (+38.7%), from €12,249 to €16,993
Change in the result, 2022 to 2023
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 2022 and 2023 balance sheets and the 2023 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 | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €232,201 | €323,720 | +€91,519 | +39.4% |
| Fixed assets | 21/28 | €63,607 | €63,104 | -€503 | -0.8% |
| Intangible fixed assets | 21 | €26,247 | €21,247 | -€5,000 | -19.1% |
| Tangible fixed assets | 22/27 | €37,361 | €41,858 | +€4,497 | +12.0% |
| Land and buildings | 22 | €22,222 | €16,822 | -€5,400 | -24.3% |
| Plant, machinery and equipment | 23 | €12,840 | €24,562 | +€11,722 | +91.3% |
| Furniture and vehicles | 24 | €2,126 | €473 | -€1,654 | -77.8% |
| Leasing and similar rights | 25 | €172 | - | -€172 | |
| Current assets | 29/58 | €168,593 | €260,616 | +€92,022 | +54.6% |
| Stocks and contracts in progress | 3 | - | €22,119 | +€22,119 | |
| Stocks | 30/36 | - | €22,119 | +€22,119 | |
| Amounts receivable within one year | 40/41 | €20,621 | €492 | -€20,130 | -97.6% |
| Trade receivables | 40 | €735 | - | -€735 | |
| Other amounts receivable | 41 | €19,886 | €492 | -€19,395 | -97.5% |
| Cash at bank and in hand | 54/58 | €146,247 | €236,539 | +€90,292 | +61.7% |
| Deferred charges and accrued income | 490/1 | €1,725 | €1,465 | -€260 | -15.1% |
| Total equity and liabilities | 10/49 | €232,201 | €323,720 | +€91,519 | +39.4% |
| Equity | 10/15 | €119,398 | €194,138 | +€74,740 | +62.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €68,097 | €144,138 | +€76,041 | +112% |
| Distributable reserves | 133 | €68,097 | €144,138 | +€76,041 | +112% |
| Profit (loss) carried forward | 14 | €1,301 | - | -€1,301 | |
| Amounts payable | 17/49 | €112,802 | €129,582 | +€16,780 | +14.9% |
| Amounts payable within one year | 42/48 | €112,802 | €129,582 | +€16,780 | +14.9% |
| Trade debts | 44 | €10,836 | €22,454 | +€11,618 | +107% |
| Suppliers | 440/4 | €10,836 | €22,454 | +€11,618 | +107% |
| Taxes, remuneration and social security | 45 | €28,132 | €55,725 | +€27,593 | +98.1% |
| Taxes | 450/3 | €22,999 | €41,957 | +€18,958 | +82.4% |
| Remuneration and social security | 454/9 | €5,134 | €13,768 | +€8,635 | +168% |
| Other amounts payable | 47/48 | €73,834 | €51,403 | -€22,432 | -30.4% |
| Remuneration, social security and pensions | 62 | €141,439 | €129,229 | -€12,210 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,249 | €16,993 | +€4,744 | +38.7% |
| Other operating charges | 640/8 | €1,047 | €1,693 | +€646 | +61.8% |
| Gross operating margin | 9900 | €198,674 | €252,601 | +€53,927 | +27.1% |
| Operating profit (loss) | 9901 | €43,940 | €104,687 | +€60,747 | +138% |
| Profit (loss) for the period before taxes | 9903 | €43,940 | €104,687 | +€60,747 | +138% |
| Income taxes | 67/77 | €12,207 | €29,947 | +€17,740 | +145% |
| Profit (loss) for the period | 9904 | €31,733 | €74,740 | +€43,006 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €31,733 | €74,740 | +€43,006 | +136% |
Value
latest balance sheet 31-12-2023 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €324,817 · 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)
- €194,138
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€21,247
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €172,891
Capitalised earnings
- 2023
- €74,740
- 2022
- €31,733
- 2021
- €65,155
- 2020
- €34,612
- 2019
- -€48,356
- Average result, excluding non-recurring income and charges
- €57,209
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €408,636 / €476,742 / €572,090
Your EBITDA multiple
- EBITDA 2023
- €121,680
- Net financial debt
- -€236,539
- 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 2022 and 31 December 2023. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 11 November 2026 via checked.be.