vh construct: 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
Largest movements
- Cash -€18,323
down €18,323 (-41.8%), from €43,802 to €25,479
mainly Net result for the year (-€16,742) and Stocks and contracts (-€13,592)
- Receivables within one year -€17,191
down €17,191 (-88.3%), from €19,458 to €2,267
of which Trade receivables: -€17,601
- Tangible fixed assets -€14,639
down €14,639 (-27.4%), from €53,415 to €38,776
of which Plant, machinery and equipment: -€10,723
- Stocks and contracts +€13,592
up €13,592 (+105%), from €12,960 to €26,551
- Deferred charges and accrued income -€1,907
down €1,907 (-18.6%), from €10,263 to €8,356
- Reserves -€16,742
down €16,742 (-41.9%), from €39,920 to €23,179
- Trade debts -€13,122
down €13,122 (-54.5%), from €24,088 to €10,965
- Debts after one year -€9,914
down €9,914 (-26.5%), from €37,372 to €27,458
- Other debts +€2,542
up €2,542 (+98.0%), from €2,594 to €5,136
- Tax, wage and social debts -€1,792
down €1,792 (-22.5%), from €7,970 to €6,178
of which Taxes: -€3,025
- Depreciation +€2,990
up €2,990 (+21.4%), from €13,997 to €16,987
- Staff costs -€2,554
down €2,554 (-2.0%), from €130,841 to €128,287
- Gross operating margin -€2,059
down €2,059 (-1.5%), from €133,947 to €131,888
- Financial income -€1,481
down €1,481 (-48.6%), from €3,048 to €1,568
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 | €139,899 | €101,430 | -€38,468 | -27.5% |
| Fixed assets | 21/28 | €53,415 | €38,776 | -€14,639 | -27.4% |
| Tangible fixed assets | 22/27 | €53,415 | €38,776 | -€14,639 | -27.4% |
| Plant, machinery and equipment | 23 | €46,411 | €35,688 | -€10,723 | -23.1% |
| Furniture and vehicles | 24 | €1,855 | €2,461 | +€606 | +32.6% |
| Other tangible fixed assets | 26 | €5,149 | €628 | -€4,522 | -87.8% |
| Current assets | 29/58 | €86,483 | €62,654 | -€23,829 | -27.6% |
| Stocks and contracts in progress | 3 | €12,960 | €26,551 | +€13,592 | +105% |
| Contracts in progress | 37 | €12,960 | €26,551 | +€13,592 | +105% |
| Amounts receivable within one year | 40/41 | €19,458 | €2,267 | -€17,191 | -88.3% |
| Trade receivables | 40 | €19,444 | €1,843 | -€17,601 | -90.5% |
| Other amounts receivable | 41 | €14 | €424 | +€410 | +2,983% |
| Cash at bank and in hand | 54/58 | €43,802 | €25,479 | -€18,323 | -41.8% |
| Deferred charges and accrued income | 490/1 | €10,263 | €8,356 | -€1,907 | -18.6% |
| Total equity and liabilities | 10/49 | €139,899 | €101,430 | -€38,468 | -27.5% |
| Equity | 10/15 | €58,520 | €41,779 | -€16,742 | -28.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,920 | €23,179 | -€16,742 | -41.9% |
| Distributable reserves | 133 | €39,920 | €23,179 | -€16,742 | -41.9% |
| Amounts payable | 17/49 | €81,378 | €59,652 | -€21,727 | -26.7% |
| Amounts payable after more than one year | 17 | €37,372 | €27,458 | -€9,914 | -26.5% |
| Financial debts | 170/4 | €37,372 | €27,458 | -€9,914 | -26.5% |
| Amounts payable within one year | 42/48 | €44,006 | €32,194 | -€11,812 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €9,355 | €9,914 | +€560 | +6.0% |
| Trade debts | 44 | €24,088 | €10,965 | -€13,122 | -54.5% |
| Suppliers | 440/4 | €24,088 | €10,965 | -€13,122 | -54.5% |
| Taxes, remuneration and social security | 45 | €7,970 | €6,178 | -€1,792 | -22.5% |
| Taxes | 450/3 | €4,275 | €1,250 | -€3,025 | -70.8% |
| Remuneration and social security | 454/9 | €3,695 | €4,928 | +€1,233 | +33.4% |
| Other amounts payable | 47/48 | €2,594 | €5,136 | +€2,542 | +98.0% |
| Non-recurring operating income | 76A | - | €6,077 | +€6,077 | |
| Remuneration, social security and pensions | 62 | €130,841 | €128,287 | -€2,554 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,997 | €16,987 | +€2,990 | +21.4% |
| Other operating charges | 640/8 | €1,363 | €1,110 | -€253 | -18.6% |
| Non-recurring operating charges | 66A | €3,511 | - | -€3,511 | |
| Gross operating margin | 9900 | €133,947 | €131,888 | -€2,059 | -1.5% |
| Operating profit (loss) | 9901 | -€15,765 | -€14,496 | +€1,269 | +8.1% |
| Financial income | 75/76B | €3,048 | €1,568 | -€1,481 | -48.6% |
| Recurring financial income | 75 | €3,048 | €1,568 | -€1,481 | -48.6% |
| Financial charges | 65/66B | €3,024 | €3,683 | +€660 | +21.8% |
| Recurring financial charges | 65 | €3,024 | €3,683 | +€660 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | -€15,740 | -€16,611 | -€871 | -5.5% |
| Income taxes | 67/77 | €144 | €130 | -€14 | -9.5% |
| Profit (loss) for the period | 9904 | -€15,884 | -€16,742 | -€858 | -5.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,884 | -€16,742 | -€858 | -5.4% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €41,779 · 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)
- €41,779
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €41,779
Capitalised earnings
- 2025
- -€16,742
- excluding non-recurring income and charges
- -€22,819
- 2024
- -€15,884
- excluding non-recurring income and charges
- -€12,373
- 2023
- -€399
- excluding non-recurring income and charges
- -€50,399
- 2022
- €6,963
- excluding non-recurring income and charges
- -€9,013
- 2021
- €25,534
- excluding non-recurring income and charges
- €25,666
- Average result, excluding non-recurring income and charges
- -€28,531
- 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
- €2,491
- Net financial debt
- €11,893
- 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 31 December 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 15 November 2026 via checked.be.