VORTEX 2020: 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 2020 and 2021
Largest movements
- Stocks and contracts +€76,611
up €76,611 (+52.9%), from €144,803 to €221,414
- Receivables within one year +€44,542
up €44,542 (+122%), from €36,460 to €81,002
of which Other amounts receivable: +€46,366
- Tangible fixed assets -€27,785
down €27,785 (-26.6%), from €104,445 to €76,660
- Cash +€5,081
up €5,081 (+502%), from €1,011 to €6,092
mainly Debts after one year (+€159,500) and Depreciation (+€39,579)
- Debts after one year +€159,500
new in 2021: €159,500
- Profit (loss) carried forward -€73,760
down €73,760 (-37.1%), from -€198,974 to -€272,733
- Debts within one year +€12,709
up €12,709 (+3.3%), from €385,693 to €398,402
of which Other debts: +€375,562
- Depreciation +€27,702
up €27,702 (+233%), from €11,877 to €39,579
- Financial charges +€13,146
new in 2021: €13,146
- Financial income +€9,125
new in 2021: €9,125
of which Non-recurring financial income: +€8,625
- Gross operating margin +€3,726
up €3,726 (+11.7%), from -€31,978 to -€28,251
- Taxes +€1,588
new in 2021: €1,588
Change in the result, 2020 to 2021
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 2020 and 2021 balance sheets and the 2021 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 | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,719 | €385,169 | +€98,450 | +34.3% |
| Fixed assets | 21/28 | €104,445 | €76,660 | -€27,785 | -26.6% |
| Tangible fixed assets | 22/27 | €104,445 | €76,660 | -€27,785 | -26.6% |
| Plant, machinery and equipment | 23 | - | €2,698 | +€2,698 | |
| Furniture and vehicles | 24 | - | €73,963 | +€73,963 | |
| Current assets | 29/58 | €182,274 | €308,508 | +€126,235 | +69.3% |
| Stocks and contracts in progress | 3 | €144,803 | €221,414 | +€76,611 | +52.9% |
| Stocks | 30/36 | - | €221,414 | +€221,414 | |
| Amounts receivable within one year | 40/41 | €36,460 | €81,002 | +€44,542 | +122% |
| Trade receivables | 40 | - | €34,636 | +€34,636 | |
| Other amounts receivable | 41 | - | €46,366 | +€46,366 | |
| Cash at bank and in hand | 54/58 | €1,011 | €6,092 | +€5,081 | +502% |
| Total equity and liabilities | 10/49 | €286,719 | €385,169 | +€98,450 | +34.3% |
| Equity | 10/15 | -€98,974 | -€172,733 | -€73,760 | -74.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | - | €100,000 | +€100,000 | |
| Issued capital | 100 | - | €100,000 | +€100,000 | |
| Profit (loss) carried forward | 14 | -€198,974 | -€272,733 | -€73,760 | -37.1% |
| Amounts payable | 17/49 | €385,693 | €557,902 | +€172,209 | +44.6% |
| Amounts payable after more than one year | 17 | - | €159,500 | +€159,500 | |
| Financial debts | 170/4 | - | €159,500 | +€159,500 | |
| Amounts payable within one year | 42/48 | €385,693 | €398,402 | +€12,709 | +3.3% |
| Trade debts | 44 | €26,396 | €21,055 | -€5,341 | -20.2% |
| Suppliers | 440/4 | - | €21,055 | +€21,055 | |
| Taxes, remuneration and social security | 45 | - | €1,785 | +€1,785 | |
| Taxes | 450/3 | - | €1,785 | +€1,785 | |
| Other amounts payable | 47/48 | - | €375,562 | +€375,562 | |
| Non-recurring operating income | 76A | - | €51,197 | +€51,197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,877 | €39,579 | +€27,702 | +233% |
| Other operating charges | 640/8 | - | €321 | +€321 | |
| Gross operating margin | 9900 | -€31,978 | -€28,251 | +€3,726 | +11.7% |
| Operating profit (loss) | 9901 | -€43,855 | -€68,150 | -€24,296 | -55.4% |
| Financial income | 75/76B | - | €9,125 | +€9,125 | |
| Recurring financial income | 75 | €6 | €500 | +€494 | +8,829% |
| Non-recurring financial income | 76B | - | €8,625 | +€8,625 | |
| Financial charges | 65/66B | - | €13,146 | +€13,146 | |
| Recurring financial charges | 65 | €134 | €13,146 | +€13,012 | +9,698% |
| Profit (loss) for the period before taxes | 9903 | -€43,983 | -€72,171 | -€28,188 | -64.1% |
| Income taxes | 67/77 | - | €1,588 | +€1,588 | |
| Profit (loss) for the period | 9904 | -€43,983 | -€73,760 | -€29,776 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,983 | -€73,760 | -€29,776 | -67.7% |
Value
latest balance sheet 31-12-2021 · 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)
- -€172,733
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- -€172,733
Capitalised earnings
- 2021
- -€73,760
- excluding non-recurring income and charges
- -€133,582
- 2020
- -€43,983
- 2019
- €72,973
- 2018
- -€13,681
- Average result, excluding non-recurring income and charges
- -€34,864
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- not meaningful, as the average result is zero or negative
Your EBITDA multiple
- EBITDA 2021
- -€28,572
- Net financial debt
- €153,408
- 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 2020 and 31 December 2021. 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.