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Line	Code	2024	2025	Change	%
Total assets	20/58	€2,463,589	€2,247,487	-€216,103	-8.8%
Fixed assets	21/28	€1,731,434	€1,625,538	-€105,896	-6.1%
Tangible fixed assets	22/27	€1,731,416	€1,625,520	-€105,896	-6.1%
Land and buildings	22	€1,602,632	€1,532,379	-€70,254	-4.4%
Furniture and vehicles	24	€2,182	€1,026	-€1,156	-53.0%
Leasing and similar rights	25	€126,601	€92,115	-€34,486	-27.2%
Financial fixed assets	28	€19	€19	=	0.0%
Current assets	29/58	€732,155	€621,948	-€110,207	-15.1%
Amounts receivable after more than one year	29	€481,404	€365,136	-€116,268	-24.2%
Other amounts receivable	291	€481,404	€365,136	-€116,268	-24.2%
Amounts receivable within one year	40/41	€29,572	€57,256	+€27,684	+93.6%
Trade receivables	40	€29,572	€0	-€29,572	-100%
Other amounts receivable	41	-	€57,256	+€57,256
Current investments	50/53	€164,660	€136,327	-€28,333	-17.2%
Cash at bank and in hand	54/58	€52,620	€59,615	+€6,995	+13.3%
Deferred charges and accrued income	490/1	€3,899	€3,614	-€285	-7.3%
Total equity and liabilities	10/49	€2,463,589	€2,247,487	-€216,103	-8.8%
Equity	10/15	€1,281,515	€1,055,925	-€225,590	-17.6%
Contributions	10/11	€6,200	€6,200	=	0.0%
Reserves	13	€1,146,320	€920,730	-€225,590	-19.7%
Non-distributable reserves	130/1	€1,860	€1,860	=	0.0%
Reserves not available under the articles	1311	€1,860	€1,860	=	0.0%
Tax-exempt reserves	132	€3,479	€3,479	=	0.0%
Distributable reserves	133	€1,140,981	€915,391	-€225,590	-19.8%
Profit (loss) carried forward	14	€128,995	€128,995	=	0.0%
Amounts payable	17/49	€1,182,074	€1,191,561	+€9,487	+0.8%
Amounts payable after more than one year	17	€679,723	€508,336	-€171,387	-25.2%
Financial debts	170/4	€663,437	€493,575	-€169,862	-25.6%
Other amounts payable	178/9	€16,286	€14,761	-€1,525	-9.4%
Amounts payable within one year	42/48	€502,352	€674,796	+€172,444	+34.3%
Current portion of amounts payable after more than one year	42	€428,391	€494,851	+€66,460	+15.5%
Financial debts	43	€24,517	€34,863	+€10,345	+42.2%
Credit institutions	430/8	€24,517	€34,863	+€10,345	+42.2%
Trade debts	44	€6,777	€24,969	+€18,192	+268%
Suppliers	440/4	€6,777	€24,969	+€18,192	+268%
Advances received on contracts in progress	46	€21	-	-€21
Taxes, remuneration and social security	45	€16,470	€14,761	-€1,709	-10.4%
Taxes	450/3	€16,087	€14,761	-€1,326	-8.2%
Remuneration and social security	454/9	€383	€0	-€383	-100%
Other amounts payable	47/48	€26,175	€105,352	+€79,177	+302%
Accrued charges and deferred income	492/3	-	€8,429	+€8,429
Non-recurring operating income	76A	€2,000	€0	-€2,000	-100%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€103,689	€105,896	+€2,207	+2.1%
Other operating charges	640/8	€9,180	€5,423	-€3,758	-40.9%
Non-recurring operating charges	66A	€613	€0	-€613	-100%
Gross operating margin	9900	€269,187	€249,999	-€19,188	-7.1%
Operating profit (loss)	9901	€155,705	€138,680	-€17,024	-10.9%
Financial income	75/76B	€141,780	€16,731	-€125,049	-88.2%
Recurring financial income	75	€22,155	€16,731	-€5,424	-24.5%
Non-recurring financial income	76B	€119,625	€0	-€119,625	-100%
Financial charges	65/66B	€31,993	€94,045	+€62,052	+194%
Recurring financial charges	65	€31,993	€94,045	+€62,052	+194%
Profit (loss) for the period before taxes	9903	€265,492	€61,366	-€204,125	-76.9%
Income taxes	67/77	€61,753	€26,951	-€34,801	-56.4%
Profit (loss) for the period	9904	€203,739	€34,415	-€169,324	-83.1%
Profit (loss) for the period to be appropriated	9905	€203,739	€34,415	-€169,324	-83.1%

BLUE: value indication

BLUE: value indication

Position among the sector peers

What moved between 2024 and 2025

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Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

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