VKM INSURANCE: 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 2023 and 2024
Largest movements
- Receivables within one year -€4,062
down €4,062 (-14.4%), from €28,293 to €24,231
of which Trade receivables: -€14,684
- Cash +€1,708
up €1,708 (+15,515%), from €11 to €1,719
mainly Net result for the year (+€12,085) and Receivables within one year (+€4,062)
- Tangible fixed assets -€997
down €997 (-49.8%), from €2,001 to €1,004
- Trade debts -€16,048
down €16,048 (-77.2%), from €20,779 to €4,731
- Profit (loss) carried forward +€12,085
up €12,085 (+49.4%), from -€24,443 to -€12,358
- Debts after one year -€4,699
down €4,699 (-79.9%), from €5,883 to €1,184
- Tax, wage and social debts +€3,492
up €3,492 (+107%), from €3,249 to €6,741
- Other debts +€1,859
up €1,859 (+22.1%), from €8,402 to €10,261
- Gross operating margin +€8,146
up €8,146 (+71.6%), from €11,375 to €19,521
- Depreciation -€7,804
down €7,804 (-78.1%), from €9,997 to €2,193
- Taxes +€1,361
up €1,361 (+51.9%), from €2,624 to €3,984
- Financial income +€503
up €503 (+126%), from €401 to €904
- Other operating charges +€271
up €271 (+24.6%), from €1,099 to €1,370
Change in the result, 2023 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
The bridge is derived from the 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,305 | €27,053 | -€3,253 | -10.7% |
| Fixed assets | 21/28 | €2,001 | €1,004 | -€997 | -49.8% |
| Tangible fixed assets | 22/27 | €2,001 | €1,004 | -€997 | -49.8% |
| Furniture and vehicles | 24 | €2,001 | €1,004 | -€997 | -49.8% |
| Current assets | 29/58 | €28,304 | €26,048 | -€2,256 | -8.0% |
| Amounts receivable within one year | 40/41 | €28,293 | €24,231 | -€4,062 | -14.4% |
| Trade receivables | 40 | €14,684 | €0 | -€14,684 | -100% |
| Other amounts receivable | 41 | €13,610 | €24,231 | +€10,622 | +78.0% |
| Cash at bank and in hand | 54/58 | €11 | €1,719 | +€1,708 | +15,515% |
| Deferred charges and accrued income | 490/1 | - | €98 | +€98 | |
| Total equity and liabilities | 10/49 | €30,305 | €27,053 | -€3,253 | -10.7% |
| Equity | 10/15 | -€12,649 | -€564 | +€12,085 | +95.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €5,594 | €5,594 | = | 0.0% |
| Non-distributable reserves | 130/1 | €462 | €462 | = | 0.0% |
| Reserves not available under the articles | 1311 | €462 | €462 | = | 0.0% |
| Distributable reserves | 133 | €5,132 | €5,132 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,443 | -€12,358 | +€12,085 | +49.4% |
| Amounts payable | 17/49 | €42,954 | €27,616 | -€15,338 | -35.7% |
| Amounts payable after more than one year | 17 | €5,883 | €1,184 | -€4,699 | -79.9% |
| Financial debts | 170/4 | €5,883 | €1,184 | -€4,699 | -79.9% |
| Amounts payable within one year | 42/48 | €37,072 | €26,433 | -€10,639 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €4,642 | €4,699 | +€57 | +1.2% |
| Trade debts | 44 | €20,779 | €4,731 | -€16,048 | -77.2% |
| Suppliers | 440/4 | €20,779 | €4,731 | -€16,048 | -77.2% |
| Taxes, remuneration and social security | 45 | €3,249 | €6,741 | +€3,492 | +107% |
| Taxes | 450/3 | €3,249 | €6,741 | +€3,492 | +107% |
| Other amounts payable | 47/48 | €8,402 | €10,261 | +€1,859 | +22.1% |
| Non-recurring operating income | 76A | - | €18,661 | +€18,661 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,997 | €2,193 | -€7,804 | -78.1% |
| Other operating charges | 640/8 | €1,099 | €1,370 | +€271 | +24.6% |
| Gross operating margin | 9900 | €11,375 | €19,521 | +€8,146 | +71.6% |
| Operating profit (loss) | 9901 | €279 | €15,958 | +€15,679 | +5,619% |
| Financial income | 75/76B | €401 | €904 | +€503 | +126% |
| Recurring financial income | 75 | €401 | €904 | +€503 | +126% |
| Financial charges | 65/66B | €676 | €792 | +€116 | +17.2% |
| Recurring financial charges | 65 | €676 | €792 | +€116 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €4 | €16,070 | +€16,066 | +394,732% |
| Income taxes | 67/77 | €2,624 | €3,984 | +€1,361 | +51.9% |
| Profit (loss) for the period | 9904 | -€2,620 | €12,085 | +€14,705 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,620 | €12,085 | +€14,705 |
Value
latest balance sheet 31-12-2024 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €0 · 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
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)
- -€564
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€564
Capitalised earnings
- 2024
- €12,085
- excluding non-recurring income and charges
- -€6,576
- 2023
- -€2,620
- 2022
- -€9,120
- 2021
- -€7,242
- 2020
- -€5,462
- Average result, excluding non-recurring income and charges
- -€6,105
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2024
- €18,151
- Net financial debt
- €4,163
- 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 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 2023 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 14 November 2026 via checked.be.