Tr-Project: 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 2024 and 2025
not consecutiveLargest movements
- Receivables within one year +€10,160
new in 2025: €10,160
- Cash +€5,261
new in 2025: €5,261
- Deferred charges and accrued income +€171
new in 2025: €171
- Profit (loss) carried forward +€6,753
up €6,753 (+20.4%), from -€33,142 to -€26,389
- Trade debts +€3,552
new in 2025: €3,552
- Tax, wage and social debts +€3,103
new in 2025: €3,103
- Accrued charges and deferred income +€1,280
new in 2025: €1,280
- Other debts +€903
up €903 (+6.3%), from €14,242 to €15,145
- Gross operating margin +€9,950
up €9,950, from -€1,810 to €8,140
- Other operating charges +€559
new in 2025: €559
- Taxes +€322
new in 2025: €322
- Financial charges +€231
up €231 (+769%), from €30 to €261
Change in the result, 2024 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | - | €15,592 | +€15,592 | |
| Current assets | 29/58 | - | €15,592 | +€15,592 | |
| Amounts receivable within one year | 40/41 | - | €10,160 | +€10,160 | |
| Trade receivables | 40 | - | €10,160 | +€10,160 | |
| Cash at bank and in hand | 54/58 | - | €5,261 | +€5,261 | |
| Deferred charges and accrued income | 490/1 | - | €171 | +€171 | |
| Total equity and liabilities | 10/49 | €0 | €15,592 | +€15,592 | |
| Equity | 10/15 | -€14,242 | -€7,489 | +€6,753 | +47.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €300 | €300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,142 | -€26,389 | +€6,753 | +20.4% |
| Amounts payable | 17/49 | €14,242 | €23,080 | +€8,838 | +62.1% |
| Amounts payable within one year | 42/48 | €14,242 | €21,800 | +€7,558 | +53.1% |
| Trade debts | 44 | - | €3,552 | +€3,552 | |
| Suppliers | 440/4 | - | €3,552 | +€3,552 | |
| Taxes, remuneration and social security | 45 | - | €3,103 | +€3,103 | |
| Taxes | 450/3 | - | €3,103 | +€3,103 | |
| Other amounts payable | 47/48 | €14,242 | €15,145 | +€903 | +6.3% |
| Accrued charges and deferred income | 492/3 | - | €1,280 | +€1,280 | |
| Other operating charges | 640/8 | - | €559 | +€559 | |
| Non-recurring operating charges | 66A | - | €257 | +€257 | |
| Gross operating margin | 9900 | -€1,810 | €8,140 | +€9,950 | |
| Operating profit (loss) | 9901 | -€1,810 | €7,324 | +€9,135 | |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €30 | €261 | +€231 | +769% |
| Recurring financial charges | 65 | €30 | €261 | +€231 | +769% |
| Profit (loss) for the period before taxes | 9903 | -€1,840 | €7,075 | +€8,915 | |
| Income taxes | 67/77 | - | €322 | +€322 | |
| Profit (loss) for the period | 9904 | -€1,840 | €6,753 | +€8,593 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,840 | €6,753 | +€8,593 |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1,381 · 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)
- -€7,489
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€7,489
Capitalised earnings
- 2025
- €6,753
- excluding non-recurring income and charges
- €7,010
- 2024
- -€1,840
- 2023
- -€1,479
- 2022
- €685
- 2021
- €1,357
- Average result, excluding non-recurring income and charges
- €1,230
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €8,786 / €10,250 / €12,300
Your EBITDA multiple
- EBITDA 2025
- -
- Net financial debt
- -€5,261
- 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 June 2024 and 31 December 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 14 November 2026 via checked.be.