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Line	Code	2024	2025	Change	%
Total assets	20/58	€49,275,353	€57,538,125	+€8.3m	+16.8%
Fixed assets	21/28	€8,398,858	€15,835,166	+€7.4m	+88.5%
Intangible fixed assets	21	€528,012	€0	-€528,012	-100%
Tangible fixed assets	22/27	€229,390	€193,710	-€35,680	-15.6%
Land and buildings	22	€85,383	€62	-€85,321	-99.9%
Plant, machinery and equipment	23	€22,567	€18,697	-€3,870	-17.2%
Furniture and vehicles	24	€87,801	€174,952	+€87,151	+99.3%
Other tangible fixed assets	26	€0	€0	=
Assets under construction and advance payments	27	€33,639	€0	-€33,639	-100%
Financial fixed assets	28	€7,641,456	€15,641,456	+€8.0m	+105%
Affiliated companies	280/1	€7,632,756	€15,632,756	+€8.0m	+105%
Participating interests	280	€7,632,756	€15,632,756	+€8.0m	+105%
Other financial fixed assets	284/8	€8,700	€8,700	=	0.0%
Amounts receivable and cash guarantees	285/8	€8,700	€8,700	=	0.0%
Current assets	29/58	€40,876,495	€41,702,958	+€826,463	+2.0%
Stocks and contracts in progress	3	€21,481,246	€27,115,803	+€5.6m	+26.2%
Stocks	30/36	€21,481,246	€27,115,803	+€5.6m	+26.2%
Goods purchased for resale	34	€21,481,246	€27,115,803	+€5.6m	+26.2%
Amounts receivable within one year	40/41	€19,175,122	€14,297,336	-€4.9m	-25.4%
Trade receivables	40	€19,044,417	€14,074,212	-€5.0m	-26.1%
Other amounts receivable	41	€130,706	€223,124	+€92,418	+70.7%
Cash at bank and in hand	54/58	-	€266,153	+€266,153
Deferred charges and accrued income	490/1	€220,127	€23,666	-€196,461	-89.2%
Total equity and liabilities	10/49	€49,275,353	€57,538,125	+€8.3m	+16.8%
Equity	10/15	€34,550,886	€36,681,022	+€2.1m	+6.2%
Contributions	10/11	€21,635,499	€21,635,499	=	0.0%
Reserves	13	€12,915,387	€15,045,523	+€2.1m	+16.5%
Tax-exempt reserves	132	€1,487,081	€1,487,081	=	0.0%
Distributable reserves	133	€11,428,306	€13,558,442	+€2.1m	+18.6%
Provisions and deferred taxes	16	€510,000	€545,940	+€35,940	+7.0%
Provisions for liabilities and charges	160/5	€510,000	€545,940	+€35,940	+7.0%
Other liabilities and charges	164/5	€510,000	€545,940	+€35,940	+7.0%
Amounts payable	17/49	€14,214,467	€20,311,162	+€6.1m	+42.9%
Amounts payable within one year	42/48	€14,161,634	€20,195,829	+€6.0m	+42.6%
Financial debts	43	€2,413,138	€3,971,290	+€1.6m	+64.6%
Credit institutions	430/8	€0	-	=
Other loans	439	€2,413,138	€3,971,290	+€1.6m	+64.6%
Trade debts	44	€10,439,467	€14,882,135	+€4.4m	+42.6%
Suppliers	440/4	€10,439,467	€14,882,135	+€4.4m	+42.6%
Advances received on contracts in progress	46	€384,555	€55,111	-€329,445	-85.7%
Taxes, remuneration and social security	45	€924,474	€1,287,293	+€362,819	+39.2%
Taxes	450/3	€102,847	€770,483	+€667,635	+649%
Remuneration and social security	454/9	€821,626	€516,810	-€304,816	-37.1%
Accrued charges and deferred income	492/3	€52,833	€115,333	+€62,500	+118%
Operating income	70/76A	€119,673,988	€111,526,732	-€8.1m	-6.8%
Turnover	70	€118,896,260	€109,995,071	-€8.9m	-7.5%
Other operating income	74	€668,111	€567,372	-€100,738	-15.1%
Non-recurring operating income	76A	€109,618	€964,288	+€854,670	+780%
Operating charges	60/66A	€119,481,490	€108,667,908	-€10.8m	-9.1%
Goods for resale, raw materials and consumables	60	€108,031,241	€99,602,460	-€8.4m	-7.8%
Purchases	600/8	€103,383,978	€104,291,267	+€907,289	+0.9%
Change in stocks: decrease (increase)	609	€4,647,263	-€4,688,807	-€9.3m
Services and other goods	61	€7,068,571	€6,044,696	-€1.0m	-14.5%
Remuneration, social security and pensions	62	€3,661,192	€3,134,944	-€526,247	-14.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€594,850	€562,722	-€32,127	-5.4%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	-€462,443	-€886,520	-€424,077	-91.7%
Provisions for liabilities and charges: additions (uses and reversals)	635/8	€460,387	€35,940	-€424,447	-92.2%
Other operating charges	640/8	€119,357	€170,496	+€51,139	+42.8%
Non-recurring operating charges	66A	€8,337	€3,170	-€5,167	-62.0%
Operating profit (loss)	9901	€192,498	€2,858,823	+€2.7m	+1,385%
Financial income	75/76B	€283,031	€82,597	-€200,434	-70.8%
Recurring financial income	75	€283,031	€82,597	-€200,434	-70.8%
Income from current assets	751	€283,028	€64,388	-€218,641	-77.3%
Other financial income	752/9	€3	€18,209	+€18,207	+713,995%
Non-recurring financial income	76B	€0	-	=
Financial charges	65/66B	€558,015	€79,260	-€478,755	-85.8%
Recurring financial charges	65	€558,015	€79,260	-€478,755	-85.8%
Debt charges	650	€419,219	€46,179	-€373,040	-89.0%
Other financial charges	652/9	€138,796	€33,081	-€105,715	-76.2%
Profit (loss) for the period before taxes	9903	-€82,486	€2,862,160	+€2.9m
Income taxes	67/77	€153,708	€732,024	+€578,316	+376%
Taxes	670/3	€269,294	€824,443	+€555,148	+206%
Tax adjustments and reversals of tax provisions	77	€115,586	€92,418	-€23,168	-20.0%
Profit (loss) for the period	9904	-€236,194	€2,130,136	+€2.4m
Transfer to tax-exempt reserves	689	€631,500	-	-€631,500
Profit (loss) for the period to be appropriated	9905	-€867,694	€2,130,136	+€3.0m

COBELAL: value indication

COBELAL: value indication

Position among the sector peers

What moved between 2024 and 2025

Largest movements

Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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