Véronique Cammaert: 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 2024
not consecutiveLargest movements
- Receivables within one year -€32,069
down €32,069 (-94.3%), from €34,015 to €1,946
- Deferred charges and accrued income +€20,065
up €20,065 (+591%), from €3,397 to €23,462
- Cash -€6,456
down €6,456 (-67.3%), from €9,599 to €3,143
- Tangible fixed assets -€3,736
down €3,736 (-100%), from €3,736 to €0
of which Furniture and vehicles: -€2,559
- Tax, wage and social debts -€16,096
no longer reported in 2024 (was €16,096)
of which Remuneration and social security: -€8,250
- Trade debts -€8,009
down €8,009 (-48.4%), from €16,561 to €8,552
- Other debts +€2,528
up €2,528 (+42.4%), from €5,969 to €8,497
- Accrued charges and deferred income -€2,230
no longer reported in 2024 (was €2,230)
- Profit (loss) carried forward +€1,183
up €1,183 (+46.8%), from €2,527 to €3,710
- Turnover +€307,500
new in 2024: €307,500
- Purchases and services +€296,270
new in 2024: €296,270
- Gross operating margin +€9,159
up €9,159 (+442%), from €2,070 to €11,230
Change in the result, 2022 to 2024
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 | 2022 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,743 | €30,119 | -€22,624 | -42.9% |
| Fixed assets | 21/28 | €3,841 | €105 | -€3,736 | -97.3% |
| Tangible fixed assets | 22/27 | €3,736 | €0 | -€3,736 | -100% |
| Plant, machinery and equipment | 23 | €1,177 | €0 | -€1,177 | -100% |
| Furniture and vehicles | 24 | €2,559 | €0 | -€2,559 | -100% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €48,902 | €30,014 | -€18,888 | -38.6% |
| Stocks and contracts in progress | 3 | €1,891 | €1,463 | -€428 | -22.6% |
| Stocks | 30/36 | €1,891 | €1,463 | -€428 | -22.6% |
| Amounts receivable within one year | 40/41 | €34,015 | €1,946 | -€32,069 | -94.3% |
| Trade receivables | 40 | €34,015 | €1,946 | -€32,069 | -94.3% |
| Cash at bank and in hand | 54/58 | €9,599 | €3,143 | -€6,456 | -67.3% |
| Deferred charges and accrued income | 490/1 | €3,397 | €23,462 | +€20,065 | +591% |
| Total equity and liabilities | 10/49 | €52,743 | €30,119 | -€22,624 | -42.9% |
| Equity | 10/15 | €11,887 | €13,070 | +€1,183 | +10.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Capital | 10 | - | €7,500 | +€7,500 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Uncalled capital | 101 | - | €11,100 | +€11,100 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,527 | €3,710 | +€1,183 | +46.8% |
| Amounts payable | 17/49 | €40,856 | €17,049 | -€23,807 | -58.3% |
| Amounts payable within one year | 42/48 | €38,626 | €17,049 | -€21,577 | -55.9% |
| Trade debts | 44 | €16,561 | €8,552 | -€8,009 | -48.4% |
| Suppliers | 440/4 | €16,561 | €8,552 | -€8,009 | -48.4% |
| Taxes, remuneration and social security | 45 | €16,096 | - | -€16,096 | |
| Taxes | 450/3 | €7,846 | - | -€7,846 | |
| Remuneration and social security | 454/9 | €8,250 | - | -€8,250 | |
| Other amounts payable | 47/48 | €5,969 | €8,497 | +€2,528 | +42.4% |
| Accrued charges and deferred income | 492/3 | €2,230 | - | -€2,230 | |
| Turnover | 70 | - | €307,500 | +€307,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €296,270 | +€296,270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,018 | €2,024 | +€6 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,657 | +€1,657 | |
| Other operating charges | 640/8 | €2,319 | - | -€2,319 | |
| Gross operating margin | 9900 | €2,070 | €11,230 | +€9,159 | +442% |
| Operating profit (loss) | 9901 | -€2,266 | €7,549 | +€9,815 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €525 | €650 | +€125 | +23.9% |
| Recurring financial charges | 65 | €525 | €650 | +€125 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,791 | €6,898 | +€9,690 | |
| Income taxes | 67/77 | €327 | €3,160 | +€2,833 | +866% |
| Profit (loss) for the period | 9904 | -€3,118 | €3,738 | +€6,857 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,118 | €3,738 | +€6,857 |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €6,556 · 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)
- €13,070
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €13,070
Capitalised earnings
- 2024
- €3,738
- 2022
- -€3,118
- 2021
- -€604
- 2020
- -€2,231
- 2019
- €6,527
- Average result, excluding non-recurring income and charges
- €5
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €36 / €42 / €50
Your EBITDA multiple
- EBITDA 2024
- €9,573
- Net financial debt
- -€3,143
- 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 2024. 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.