VANDERSTEENE PATRICK: 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 2025
not consecutiveLargest movements
- Cash +€250,033
up €250,033 (+48,176%), from €519 to €250,552
- Receivables within one year +€163,257
up €163,257 (+163%), from €99,896 to €263,153
of which Other amounts receivable: +€138,905
- Tangible fixed assets -€72,856
no longer reported in 2025 (was €72,856)
- Reserves +€614,000
up €614,000 (+60.7%), from €1.0m to €1.6m
of which Tax-exempt reserves: +€614,000
- Short-term financial debts -€368,970
no longer reported in 2025 (was €368,970)
of which Credit institutions: -€350,000
- Provisions +€273,754
new in 2025: €273,754
of which Deferred taxes: +€263,144
- Profit (loss) carried forward -€138,209
down €138,209 (-9.5%), from -€1.5m to -€1.6m
- Advances received -€41,348
no longer reported in 2025 (was €41,348)
- Other operating charges -€147,174
down €147,174 (-99.3%), from €148,179 to €1,005
- Financial charges +€104,163
up €104,163 (+378%), from €27,542 to €131,705
- Gross operating margin -€22,548
down €22,548, from €17,047 to -€5,501
- Write-downs +€11,025
new in 2025: €11,025
- Depreciation +€2,462
new in 2025: €2,462
Change in the result, 2023 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
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 | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,271 | €514,404 | +€341,133 | +197% |
| Fixed assets | 21/28 | €72,856 | - | -€72,856 | |
| Tangible fixed assets | 22/27 | €72,856 | - | -€72,856 | |
| Land and buildings | 22 | €72,856 | - | -€72,856 | |
| Current assets | 29/58 | €100,415 | €514,404 | +€413,989 | +412% |
| Amounts receivable within one year | 40/41 | €99,896 | €263,153 | +€163,257 | +163% |
| Trade receivables | 40 | €963 | €25,315 | +€24,352 | +2,529% |
| Other amounts receivable | 41 | €98,933 | €237,838 | +€138,905 | +140% |
| Cash at bank and in hand | 54/58 | €519 | €250,552 | +€250,033 | +48,176% |
| Deferred charges and accrued income | 490/1 | - | €699 | +€699 | |
| Total equity and liabilities | 10/49 | €173,271 | €514,404 | +€341,133 | +197% |
| Equity | 10/15 | -€416,982 | €58,809 | +€475,791 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | - | €25,000 | +€25,000 | |
| Issued capital | 100 | - | €25,000 | +€25,000 | |
| Reserves | 13 | €1,012,000 | €1,626,000 | +€614,000 | +60.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | - | €2,500 | +€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Tax-exempt reserves | 132 | €51,500 | €665,500 | +€614,000 | +1,192% |
| Distributable reserves | 133 | €958,000 | €958,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,453,982 | -€1,592,191 | -€138,209 | -9.5% |
| Provisions and deferred taxes | 16 | - | €273,754 | +€273,754 | |
| Provisions for liabilities and charges | 160/5 | - | €10,610 | +€10,610 | |
| Other liabilities and charges | 164/5 | - | €10,610 | +€10,610 | |
| Deferred taxes | 168 | - | €263,144 | +€263,144 | |
| Amounts payable | 17/49 | €590,253 | €181,841 | -€408,412 | -69.2% |
| Amounts payable within one year | 42/48 | €590,253 | €181,841 | -€408,412 | -69.2% |
| Financial debts | 43 | €368,970 | - | -€368,970 | |
| Credit institutions | 430/8 | €350,000 | - | -€350,000 | |
| Other loans | 439 | €18,970 | - | -€18,970 | |
| Trade debts | 44 | - | €12,401 | +€12,401 | |
| Suppliers | 440/4 | - | €12,401 | +€12,401 | |
| Advances received on contracts in progress | 46 | €41,348 | - | -€41,348 | |
| Taxes, remuneration and social security | 45 | €163,423 | €161,069 | -€2,354 | -1.4% |
| Taxes | 450/3 | €154,323 | €161,069 | +€6,746 | +4.4% |
| Remuneration and social security | 454/9 | €9,100 | - | -€9,100 | |
| Other amounts payable | 47/48 | €16,512 | €8,371 | -€8,141 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,462 | +€2,462 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,025 | +€11,025 | |
| Other operating charges | 640/8 | €148,179 | €1,005 | -€147,174 | -99.3% |
| Non-recurring operating charges | 66A | €1,265 | - | -€1,265 | |
| Gross operating margin | 9900 | €17,047 | -€5,501 | -€22,548 | |
| Operating profit (loss) | 9901 | -€132,397 | -€19,993 | +€112,404 | +84.9% |
| Financial income | 75/76B | - | €1,512 | +€1,512 | |
| Recurring financial income | 75 | - | €1,512 | +€1,512 | |
| Financial charges | 65/66B | €27,542 | €131,705 | +€104,163 | +378% |
| Recurring financial charges | 65 | €27,542 | €131,705 | +€104,163 | +378% |
| Profit (loss) for the period before taxes | 9903 | -€159,939 | -€150,186 | +€9,753 | +6.1% |
| Profit (loss) for the period | 9904 | -€159,939 | -€150,186 | +€9,753 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€159,939 | -€150,186 | +€9,753 | +6.1% |
Value
latest balance sheet 31-12-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €58,809 · 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)
- €58,809
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €58,809
Capitalised earnings
- 2025
- -€150,186
- 2023
- -€159,939
- excluding non-recurring income and charges
- -€158,674
- 2022
- -€27,126
- 2021
- €41,000
- 2020
- -€3,198
- Average result, excluding non-recurring income and charges
- -€111,995
- 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
- -€17,531
- Net financial debt
- -€250,552
- 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 2023 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 8 November 2026 via checked.be.