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Line	Code	2024	2025	Change	%
Total assets	20/58	€54,519	€57,760	+€3,241	+5.9%
Fixed assets	21/28	€9,905	€9,286	-€619	-6.2%
Tangible fixed assets	22/27	€1,805	€1,186	-€619	-34.3%
Plant, machinery and equipment	23	€1,805	€1,186	-€619	-34.3%
Financial fixed assets	28	€8,100	€8,100	=	0.0%
Current assets	29/58	€44,614	€48,474	+€3,860	+8.7%
Amounts receivable within one year	40/41	€37,415	€45,914	+€8,499	+22.7%
Trade receivables	40	€394	€589	+€195	+49.4%
Other amounts receivable	41	€37,021	€45,325	+€8,304	+22.4%
Cash at bank and in hand	54/58	€2,386	-	-€2,386
Deferred charges and accrued income	490/1	€4,812	€2,560	-€2,252	-46.8%
Total equity and liabilities	10/49	€54,519	€57,760	+€3,241	+5.9%
Equity	10/15	-€23,053	€44,067	+€67,119
Contributions	10/11	€906,995	€955,495	+€48,500	+5.3%
Capital	10	€759,241	€807,741	+€48,500	+6.4%
Issued capital	100	€759,241	€807,741	+€48,500	+6.4%
Contributions outside capital	11	€147,754	€147,754	=	0.0%
Share premium	1100/10	€147,754	€147,754	=	0.0%
Reserves	13	€32,972	€32,972	=	0.0%
Non-distributable reserves	130/1	€1,800	€1,800	=	0.0%
Legal reserve	130	€1,800	€1,800	=	0.0%
Distributable reserves	133	€31,172	€31,172	=	0.0%
Profit (loss) carried forward	14	-€963,020	-€944,400	+€18,619	+1.9%
Provisions and deferred taxes	16	€54,982	-	-€54,982
Provisions for liabilities and charges	160/5	€54,982	-	-€54,982
Other liabilities and charges	164/5	€54,982	-	-€54,982
Amounts payable	17/49	€22,590	€13,694	-€8,896	-39.4%
Amounts payable within one year	42/48	€22,590	€13,694	-€8,896	-39.4%
Trade debts	44	€21,754	€5,423	-€16,332	-75.1%
Suppliers	440/4	€21,754	€5,423	-€16,332	-75.1%
Taxes, remuneration and social security	45	€835	-	-€835
Taxes	450/3	€149	-	-€149
Remuneration and social security	454/9	€686	-	-€686
Other amounts payable	47/48	-	€8,271	+€8,271
Non-recurring operating income	76A	€54,571	€45,325	-€9,247	-16.9%
Remuneration, social security and pensions	62	€29,000	€290	-€28,710	-99.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€6,573	€619	-€5,955	-90.6%
Provisions for liabilities and charges: additions (uses and reversals)	635/8	€54,982	-€54,982	-€109,964
Other operating charges	640/8	€61,464	€26,091	-€35,372	-57.5%
Non-recurring operating charges	66A	€40,293	-	-€40,293
Gross operating margin	9900	€15,270	-€7,204	-€22,474
Operating profit (loss)	9901	-€177,043	€20,778	+€197,821
Financial income	75/76B	€5,789	€123	-€5,666	-97.9%
Recurring financial income	75	€5,789	€123	-€5,666	-97.9%
Financial charges	65/66B	€10,591	€2,282	-€8,309	-78.5%
Recurring financial charges	65	€10,591	€2,282	-€8,309	-78.5%
Profit (loss) for the period before taxes	9903	-€181,844	€18,619	+€200,463
Profit (loss) for the period	9904	-€181,844	€18,619	+€200,463
Profit (loss) for the period to be appropriated	9905	-€181,844	€18,619	+€200,463

Gerardo: value indication

Gerardo: 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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