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Line	Code	2024	2025	Change	%
Total assets	20/58	€263,807	€265,203	+€1,396	+0.5%
Fixed assets	21/28	€128,401	€99,909	-€28,492	-22.2%
Tangible fixed assets	22/27	€128,401	€99,909	-€28,492	-22.2%
Plant, machinery and equipment	23	€2,382	€1,878	-€503	-21.1%
Furniture and vehicles	24	€89,981	€67,804	-€22,178	-24.6%
Other tangible fixed assets	26	€36,038	€30,227	-€5,811	-16.1%
Current assets	29/58	€135,406	€165,293	+€29,888	+22.1%
Amounts receivable within one year	40/41	€122,775	€154,903	+€32,128	+26.2%
Trade receivables	40	€88,287	€113,725	+€25,438	+28.8%
Other amounts receivable	41	€34,488	€41,178	+€6,690	+19.4%
Cash at bank and in hand	54/58	€7,393	€4,860	-€2,534	-34.3%
Deferred charges and accrued income	490/1	€5,237	€5,531	+€294	+5.6%
Total equity and liabilities	10/49	€263,807	€265,203	+€1,396	+0.5%
Equity	10/15	€119,713	€133,124	+€13,412	+11.2%
Contributions	10/11	€18,600	€18,600	=	0.0%
Reserves	13	€101,113	€114,524	+€13,412	+13.3%
Tax-exempt reserves	132	€6,333	€6,333	=	0.0%
Distributable reserves	133	€94,779	€108,191	+€13,412	+14.2%
Profit (loss) carried forward	14	€0	-	=
Amounts payable	17/49	€144,094	€132,079	-€12,015	-8.3%
Amounts payable after more than one year	17	€38,624	€25,690	-€12,933	-33.5%
Financial debts	170/4	€38,624	€25,690	-€12,933	-33.5%
Amounts payable within one year	42/48	€105,470	€106,388	+€918	+0.9%
Current portion of amounts payable after more than one year	42	€19,922	€12,933	-€6,988	-35.1%
Trade debts	44	€41,732	€43,515	+€1,783	+4.3%
Suppliers	440/4	€41,732	€43,515	+€1,783	+4.3%
Advances received on contracts in progress	46	€0	-	=
Taxes, remuneration and social security	45	€43,817	€49,940	+€6,123	+14.0%
Taxes	450/3	€37,369	€36,103	-€1,266	-3.4%
Remuneration and social security	454/9	€6,448	€13,837	+€7,389	+115%
Non-recurring operating income	76A	€2,298	€0	-€2,298	-100%
Remuneration, social security and pensions	62	€77,353	€87,236	+€9,883	+12.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€30,978	€31,470	+€492	+1.6%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	€745	€0	-€745	-100%
Other operating charges	640/8	€3,448	€999	-€2,449	-71.0%
Non-recurring operating charges	66A	€811	€0	-€811	-100%
Gross operating margin	9900	€147,224	€141,912	-€5,313	-3.6%
Operating profit (loss)	9901	€33,890	€22,207	-€11,683	-34.5%
Financial income	75/76B	€1,294	€2	-€1,292	-99.8%
Recurring financial income	75	€1,294	€2	-€1,292	-99.8%
Financial charges	65/66B	€3,485	€2,661	-€824	-23.7%
Recurring financial charges	65	€3,485	€2,661	-€824	-23.7%
Profit (loss) for the period before taxes	9903	€31,698	€19,548	-€12,151	-38.3%
Income taxes	67/77	€9,547	€6,136	-€3,411	-35.7%
Profit (loss) for the period	9904	€22,152	€13,412	-€8,740	-39.5%
Profit (loss) for the period to be appropriated	9905	€22,152	€13,412	-€8,740	-39.5%

GAZEUSE: value indication

GAZEUSE: 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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