UPGRADE ESTATE: 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 2025 and 2026
Net result for the year
€193,774
2025 · €9,165+€184,609
Equity
€7.0m
2025 · €6.8m+€193,774
Cash
€218,110
2025 · €336,914-€118,803
Balance sheet total
€27.6m
2025 · €25.0m+€2.6m
Largest movements
Assets
- Stocks and contracts +€5.4m
up €5.4m (+27.9%), from €19.4m to €24.8m
- Receivables within one year -€2.8m
down €2.8m (-84.1%), from €3.4m to €534,380
of which Trade receivables: -€2.8m
Equity and liabilities
- Other debts +€3.0m
up €3.0m (+38.2%), from €8.0m to €11.0m
- Provisions -€645,484
down €645,484 (-43.0%), from €1.5m to €856,423
Income statement
- Goods and materials +€7.1m
up €7.1m (+47.1%), from €15.1m to €22.3m
- Turnover +€566,777
up €566,777 (+2.2%), from €26.0m to €26.5m
- Staff costs +€497,531
up €497,531 (+16.8%), from €3.0m to €3.5m
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.
Result 2025
€9,165
Turnover
+€566,777
Other operating income
-€151,561
Goods and materials
-€7.1m
Services and other goods
-€228,999
Staff costs
-€497,531
Depreciation
-€106,211
Write-downs
+€10,804
Provisions
-€53,011
Other operating charges
-€106,105
Other operating items
+€8.0m
Financial income
+€30,082
Financial charges
-€120
Taxes
-€114,365
Result 2026
€193,774
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€310,014
Investment
-€428,817
Financing
€0
Cash 2025
€336,914
From operations (derived)
+€310,014
Net result for the year
+€193,774
Depreciation
+€278,779
Stocks and contracts
-€5.4m
Receivables within one year
+€2.8m
Deferred charges and accrued income
+€40,070
Provisions
-€645,484
Trade debts
-€95,553
Tax, wage and social debts
+€122,417
Advances received
+€0
Other debts
+€3.0m
Accrued charges and deferred income
-€45,474
Investment (derived)
-€428,817
Investment in fixed assets (net)
-€428,817
Cash 2026
€218,110
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,004,151 | €27,577,434 | +€2.6m | +10.3% |
| Fixed assets | 21/28 | €1,505,483 | €1,655,522 | +€150,038 | +10.0% |
| Intangible fixed assets | 21 | €196,277 | €154,242 | -€42,034 | -21.4% |
| Tangible fixed assets | 22/27 | €1,287,832 | €1,496,279 | +€208,448 | +16.2% |
| Land and buildings | 22 | €210,624 | €190,568 | -€20,056 | -9.5% |
| Plant, machinery and equipment | 23 | €115,515 | €105,470 | -€10,045 | -8.7% |
| Furniture and vehicles | 24 | €262,176 | €565,713 | +€303,537 | +116% |
| Other tangible fixed assets | 26 | €699,516 | €634,528 | -€64,988 | -9.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €21,375 | €5,000 | -€16,375 | -76.6% |
| Other financial fixed assets | 284/8 | €21,375 | €5,000 | -€16,375 | -76.6% |
| Shares | 284 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €16,375 | €0 | -€16,375 | -100% |
| Current assets | 29/58 | €23,498,668 | €25,921,913 | +€2.4m | +10.3% |
| Stocks and contracts in progress | 3 | €19,366,189 | €24,775,106 | +€5.4m | +27.9% |
| Contracts in progress | 37 | €19,366,189 | €24,775,106 | +€5.4m | +27.9% |
| Amounts receivable within one year | 40/41 | €3,361,179 | €534,380 | -€2.8m | -84.1% |
| Trade receivables | 40 | €3,070,858 | €290,443 | -€2.8m | -90.5% |
| Other amounts receivable | 41 | €290,320 | €243,936 | -€46,384 | -16.0% |
| Cash at bank and in hand | 54/58 | €336,914 | €218,110 | -€118,803 | -35.3% |
| Deferred charges and accrued income | 490/1 | €434,387 | €394,316 | -€40,070 | -9.2% |
| Total equity and liabilities | 10/49 | €25,004,151 | €27,577,434 | +€2.6m | +10.3% |
| Equity | 10/15 | €6,817,692 | €7,011,466 | +€193,774 | +2.8% |
| Contributions | 10/11 | €194,100 | €194,100 | = | 0.0% |
| Capital | 10 | €194,100 | €194,100 | = | 0.0% |
| Issued capital | 100 | €194,100 | €194,100 | = | 0.0% |
| Reserves | 13 | €6,623,592 | €6,817,366 | +€193,774 | +2.9% |
| Non-distributable reserves | 130/1 | €19,410 | €19,410 | = | 0.0% |
| Legal reserve | 130 | €19,410 | €19,410 | = | 0.0% |
| Distributable reserves | 133 | €6,604,182 | €6,797,956 | +€193,774 | +2.9% |
| Provisions and deferred taxes | 16 | €1,501,907 | €856,423 | -€645,484 | -43.0% |
| Provisions for liabilities and charges | 160/5 | €1,501,907 | €856,423 | -€645,484 | -43.0% |
| Other liabilities and charges | 164/5 | €1,501,907 | €856,423 | -€645,484 | -43.0% |
| Amounts payable | 17/49 | €16,684,552 | €19,709,546 | +€3.0m | +18.1% |
| Amounts payable within one year | 42/48 | €16,559,281 | €19,629,748 | +€3.1m | +18.5% |
| Trade debts | 44 | €8,190,574 | €8,095,021 | -€95,553 | -1.2% |
| Suppliers | 440/4 | €8,190,574 | €8,095,021 | -€95,553 | -1.2% |
| Advances received on contracts in progress | 46 | - | €0 | +€0 | |
| Taxes, remuneration and social security | 45 | €402,977 | €525,394 | +€122,417 | +30.4% |
| Taxes | 450/3 | €634 | €74,255 | +€73,621 | +11,621% |
| Remuneration and social security | 454/9 | €402,343 | €451,139 | +€48,796 | +12.1% |
| Other amounts payable | 47/48 | €7,965,730 | €11,009,333 | +€3.0m | +38.2% |
| Accrued charges and deferred income | 492/3 | €125,271 | €79,797 | -€45,474 | -36.3% |
| Operating income | 70/76A | €23,972,734 | €32,355,649 | +€8.4m | +35.0% |
| Turnover | 70 | €25,956,393 | €26,523,170 | +€566,777 | +2.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,661,540 | €5,408,917 | +€8.1m | |
| Own construction capitalised | 72 | €102,758 | €0 | -€102,758 | -100% |
| Other operating income | 74 | €575,123 | €423,562 | -€151,561 | -26.4% |
| Operating charges | 60/66A | €23,861,035 | €31,974,939 | +€8.1m | +34.0% |
| Goods for resale, raw materials and consumables | 60 | €15,137,556 | €22,273,477 | +€7.1m | +47.1% |
| Purchases | 600/8 | €15,137,556 | €22,273,477 | +€7.1m | +47.1% |
| Services and other goods | 61 | €6,251,190 | €6,480,189 | +€228,999 | +3.7% |
| Remuneration, social security and pensions | 62 | €2,968,405 | €3,465,936 | +€497,531 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,568 | €278,779 | +€106,211 | +61.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,742 | -€62 | -€10,804 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€698,495 | -€645,484 | +€53,011 | +7.6% |
| Other operating charges | 640/8 | €15,999 | €122,104 | +€106,105 | +663% |
| Non-recurring operating charges | 66A | €3,071 | €0 | -€3,071 | -100% |
| Operating profit (loss) | 9901 | €111,699 | €380,710 | +€269,012 | +241% |
| Financial income | 75/76B | €1,170 | €31,252 | +€30,082 | +2,572% |
| Recurring financial income | 75 | €1,170 | €31,252 | +€30,082 | +2,572% |
| Income from current assets | 751 | €351 | €717 | +€366 | +104% |
| Other financial income | 752/9 | €819 | €30,535 | +€29,716 | +3,629% |
| Financial charges | 65/66B | €12,967 | €13,087 | +€120 | +0.9% |
| Recurring financial charges | 65 | €12,967 | €13,087 | +€120 | +0.9% |
| Debt charges | 650 | €9,501 | €6,606 | -€2,895 | -30.5% |
| Other financial charges | 652/9 | €3,466 | €6,481 | +€3,015 | +87.0% |
| Profit (loss) for the period before taxes | 9903 | €99,901 | €398,875 | +€298,974 | +299% |
| Income taxes | 67/77 | €90,736 | €205,101 | +€114,365 | +126% |
| Taxes | 670/3 | €90,736 | €205,101 | +€114,365 | +126% |
| Profit (loss) for the period | 9904 | €9,165 | €193,774 | +€184,609 | +2,014% |
| Profit (loss) for the period to be appropriated | 9905 | €9,165 | €193,774 | +€184,609 | +2,014% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or advice€4.0m
to
€4.2m
Midpoint €4.1m · 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
€6.9m
Capitalised earnings
€1.2m to €1.6m
Your EBITDA multiple
-
Indication
€4.0m to €4.2m
Adjusted equity
- Equity (10/15)
- €7,011,466
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€154,242
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €6.9m
Capitalised earnings
- 2026
- €193,774
- 2025
- €9,165
- excluding non-recurring income and charges
- €12,236
- 2024
- €273,775
- excluding non-recurring income and charges
- €277,178
- 2023
- €493,915
- excluding non-recurring income and charges
- €487,415
- 2022
- €390,872
- excluding non-recurring income and charges
- €390,286
- Average result, excluding non-recurring income and charges
- €161,063
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €1.2m / €1.3m / €1.6m
Your EBITDA multiple
- EBITDA 2026
- €659,489
- Net financial debt
- -€218,110
- 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 March 2025 and 31 March 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 13 November 2026 via checked.be.