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Line	Code	2024	2025	Change	%
Total assets	20/58	€9,827,405	€9,215,475	-€611,930	-6.2%
Fixed assets	21/28	€391,631	€358,897	-€32,735	-8.4%
Tangible fixed assets	22/27	€377,630	€344,896	-€32,735	-8.7%
Land and buildings	22	€332,875	€315,246	-€17,629	-5.3%
Furniture and vehicles	24	€44,755	€29,649	-€15,106	-33.8%
Financial fixed assets	28	€14,001	€14,001	=	0.0%
Current assets	29/58	€9,435,773	€8,856,578	-€579,195	-6.1%
Amounts receivable after more than one year	29	€6,089,659	€5,535,618	-€554,042	-9.1%
Other amounts receivable	291	€6,089,659	€5,535,618	-€554,042	-9.1%
Amounts receivable within one year	40/41	€3,286,258	€2,982,313	-€303,945	-9.2%
Trade receivables	40	€94,679	€136,018	+€41,340	+43.7%
Other amounts receivable	41	€3,191,580	€2,846,295	-€345,285	-10.8%
Current investments	50/53	-	€200,000	+€200,000
Cash at bank and in hand	54/58	€21,674	€35,379	+€13,706	+63.2%
Deferred charges and accrued income	490/1	€38,182	€103,268	+€65,085	+170%
Total equity and liabilities	10/49	€9,827,405	€9,215,475	-€611,930	-6.2%
Equity	10/15	€8,953,229	€8,889,670	-€63,559	-0.7%
Contributions	10/11	€3,521,700	€3,521,700	=	0.0%
Reserves	13	€5,431,529	€5,367,970	-€63,559	-1.2%
Tax-exempt reserves	132	€517,810	€7,814	-€509,996	-98.5%
Distributable reserves	133	€4,913,719	€5,360,156	+€446,438	+9.1%
Amounts payable	17/49	€874,176	€325,805	-€548,371	-62.7%
Amounts payable after more than one year	17	€52,543	€39,192	-€13,351	-25.4%
Financial debts	170/4	€49,343	€35,992	-€13,351	-27.1%
Other amounts payable	178/9	€3,200	€3,200	=	0.0%
Amounts payable within one year	42/48	€820,238	€286,613	-€533,625	-65.1%
Current portion of amounts payable after more than one year	42	€17,775	€50,341	+€32,566	+183%
Trade debts	44	€8,074	€30,142	+€22,067	+273%
Suppliers	440/4	€8,074	€30,142	+€22,067	+273%
Taxes, remuneration and social security	45	€43,297	€55,039	+€11,742	+27.1%
Taxes	450/3	€43,297	€55,039	+€11,742	+27.1%
Other amounts payable	47/48	€751,091	€151,091	-€600,000	-79.9%
Accrued charges and deferred income	492/3	€1,396	-	-€1,396
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€32,735	€32,735	=	0.0%
Other operating charges	640/8	€1,488	€515	-€973	-65.4%
Non-recurring operating charges	66A	€58	€124	+€66	+114%
Gross operating margin	9900	€231,732	€195,054	-€36,679	-15.8%
Operating profit (loss)	9901	€197,452	€161,680	-€35,772	-18.1%
Financial income	75/76B	€4,311	€91,858	+€87,547	+2,031%
Recurring financial income	75	€4,311	€91,858	+€87,547	+2,031%
Financial charges	65/66B	€7,227	€272,197	+€264,970	+3,667%
Recurring financial charges	65	€6,744	€263,726	+€256,982	+3,811%
Non-recurring financial charges	66B	€483	€8,471	+€7,988	+1,655%
Profit (loss) for the period before taxes	9903	€194,536	-€18,658	-€213,195
Income taxes	67/77	€47,141	€44,900	-€2,241	-4.8%
Profit (loss) for the period	9904	€147,396	-€63,559	-€210,954
Transfer from tax-exempt reserves	789	-	€509,996	+€509,996
Transfer to tax-exempt reserves	689	€71,000	-	-€71,000
Profit (loss) for the period to be appropriated	9905	€76,396	€446,438	+€370,042	+484%

COMSTER: value indication

COMSTER: value indication

Position among the sector peers

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Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

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Your EBITDA multiple

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