TRINITY PURCHASING: what changed
Position among the sector peers
Sector benchmark: create a free account or sign in to use this tool.
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
Largest movements
- Receivables within one year -€411,293
down €411,293 (-11.3%), from €3.7m to €3.2m
of which Other amounts receivable: -€257,041
- Cash +€99,279
up €99,279 (+17.4%), from €570,086 to €669,365
mainly Receivables within one year (+€411,293) and Provisions (+€140,511)
- Debts after one year -€301,335
down €301,335 (-18.6%), from €1.6m to €1.3m
- Profit (loss) carried forward -€213,850
down €213,850, from €202,780 to -€11,070
- Other debts -€192,378
down €192,378 (-10.4%), from €1.8m to €1.7m
- Provisions +€140,511
first reported in 2025, at €140,511
- Accrued charges and deferred income +€138,722
up €138,722 (+92.5%), from €149,932 to €288,654
- Services and other goods +€496,285
up €496,285 (+102%), from €488,386 to €984,671
- Turnover +€225,832
up €225,832 (+14.3%), from €1.6m to €1.8m
- Provisions +€140,511
first reported in 2025, at €140,511
- Staff costs +€111,321
up €111,321 (+15.2%), from €732,213 to €843,534
- Financial charges -€93,039
down €93,039 (-72.8%), from €127,876 to €34,837
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
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,134,410 | €4,842,127 | -€292,283 | -5.7% |
| Fixed assets | 21/28 | €902,509 | €908,352 | +€5,843 | +0.6% |
| Intangible fixed assets | 21 | €649 | €0 | -€649 | -100% |
| Tangible fixed assets | 22/27 | €1,760 | €8,252 | +€6,491 | +369% |
| Plant, machinery and equipment | 23 | €1,760 | €8,252 | +€6,491 | +369% |
| Financial fixed assets | 28 | €900,100 | €900,100 | = | 0.0% |
| Affiliated companies | 280/1 | €900,100 | €900,100 | = | 0.0% |
| Participating interests | 280 | €900,100 | €900,100 | = | 0.0% |
| Current assets | 29/58 | €4,231,901 | €3,933,775 | -€298,126 | -7.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,655,764 | €3,244,470 | -€411,293 | -11.3% |
| Trade receivables | 40 | €1,594,614 | €1,440,362 | -€154,252 | -9.7% |
| Other amounts receivable | 41 | €2,061,149 | €1,804,108 | -€257,041 | -12.5% |
| Cash at bank and in hand | 54/58 | €570,086 | €669,365 | +€99,279 | +17.4% |
| Deferred charges and accrued income | 490/1 | €6,052 | €19,940 | +€13,888 | +229% |
| Total equity and liabilities | 10/49 | €5,134,410 | €4,842,127 | -€292,283 | -5.7% |
| Equity | 10/15 | €1,260,430 | €1,046,580 | -€213,850 | -17.0% |
| Contributions | 10/11 | €961,500 | €961,500 | = | 0.0% |
| Capital | 10 | €961,500 | €961,500 | = | 0.0% |
| Issued capital | 100 | €961,500 | €961,500 | = | 0.0% |
| Reserves | 13 | €96,150 | €96,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €96,150 | €96,150 | = | 0.0% |
| Legal reserve | 130 | €96,150 | €96,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,780 | -€11,070 | -€213,850 | |
| Provisions and deferred taxes | 16 | - | €140,511 | +€140,511 | |
| Provisions for liabilities and charges | 160/5 | - | €140,511 | +€140,511 | |
| Other liabilities and charges | 164/5 | - | €140,511 | +€140,511 | |
| Amounts payable | 17/49 | €3,873,981 | €3,655,036 | -€218,944 | -5.7% |
| Amounts payable after more than one year | 17 | €1,621,618 | €1,320,283 | -€301,335 | -18.6% |
| Financial debts | 170/4 | €1,621,618 | €1,320,283 | -€301,335 | -18.6% |
| Other loans | 174 | €1,621,618 | €1,320,283 | -€301,335 | -18.6% |
| Amounts payable within one year | 42/48 | €2,102,430 | €2,046,099 | -€56,331 | -2.7% |
| Trade debts | 44 | €44,815 | €116,847 | +€72,032 | +161% |
| Suppliers | 440/4 | €44,815 | €116,847 | +€72,032 | +161% |
| Taxes, remuneration and social security | 45 | €208,742 | €272,758 | +€64,015 | +30.7% |
| Taxes | 450/3 | €21,138 | €30,978 | +€9,840 | +46.6% |
| Remuneration and social security | 454/9 | €187,604 | €241,779 | +€54,175 | +28.9% |
| Other amounts payable | 47/48 | €1,848,873 | €1,656,495 | -€192,378 | -10.4% |
| Accrued charges and deferred income | 492/3 | €149,932 | €288,654 | +€138,722 | +92.5% |
| Operating income | 70/76A | €1,582,252 | €1,813,197 | +€230,945 | +14.6% |
| Turnover | 70 | €1,581,943 | €1,807,775 | +€225,832 | +14.3% |
| Other operating income | 74 | €310 | €341 | +€31 | +10.0% |
| Non-recurring operating income | 76A | - | €5,082 | +€5,082 | |
| Operating charges | 60/66A | €1,246,717 | €2,002,218 | +€755,501 | +60.6% |
| Goods for resale, raw materials and consumables | 60 | €3,001 | €38,450 | +€35,449 | +1,181% |
| Purchases | 600/8 | €3,001 | €38,450 | +€35,449 | +1,181% |
| Services and other goods | 61 | €488,386 | €984,671 | +€496,285 | +102% |
| Remuneration, social security and pensions | 62 | €732,213 | €843,534 | +€111,321 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,679 | €4,260 | -€7,419 | -63.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,609 | -€10,657 | -€16,265 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €140,511 | +€140,511 | |
| Other operating charges | 640/8 | €5,830 | €1,449 | -€4,381 | -75.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €335,536 | -€189,021 | -€524,557 | |
| Financial income | 75/76B | €1,527 | €11,927 | +€10,400 | +681% |
| Recurring financial income | 75 | €1,527 | €11,927 | +€10,400 | +681% |
| Income from current assets | 751 | €1,527 | €1,556 | +€29 | +1.9% |
| Other financial income | 752/9 | - | €10,371 | +€10,371 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €127,876 | €34,837 | -€93,039 | -72.8% |
| Recurring financial charges | 65 | €127,876 | €34,837 | -€93,039 | -72.8% |
| Debt charges | 650 | €28,124 | €28,665 | +€541 | +1.9% |
| Other financial charges | 652/9 | €99,752 | €6,172 | -€93,580 | -93.8% |
| Profit (loss) for the period before taxes | 9903 | €209,187 | -€211,930 | -€421,117 | |
| Income taxes | 67/77 | €2,081 | €1,919 | -€162 | -7.8% |
| Taxes | 670/3 | €2,081 | €1,919 | -€162 | -7.8% |
| Profit (loss) for the period | 9904 | €207,106 | -€213,850 | -€420,955 | |
| Profit (loss) for the period to be appropriated | 9905 | €207,106 | -€213,850 | -€420,955 |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €1.0m · adjusted equity only
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
Worked out with Checked's starting values, not your estimate and not market data. Change the assumptions: the value follows.
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)
- €1,046,580
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €1.0m
Capitalised earnings
- 2025
- -€213,850
- excluding non-recurring income and charges
- -€218,932
- 2024
- €207,106
- 2023
- -€277,021
- excluding non-recurring income and charges
- -€282,737
- 2022
- -€347,171
- excluding non-recurring income and charges
- -€357,178
- 2020
- -€636,231
- Average result, excluding non-recurring income and charges
- -€98,188
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2025
- -€184,761
- Net financial debt
- €650,918
- 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 result is not corrected for the manager's pay. If the company pays less or more than a market salary, the capitalised earnings are too high or too low.
- 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 2024 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 15 November 2026 via checked.be.