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Line	Code	2024	2025	Change	%
Total assets	20/58	€297,935	€280,603	-€17,333	-5.8%
Fixed assets	21/28	€274,546	€253,949	-€20,597	-7.5%
Tangible fixed assets	22/27	€271,546	€250,949	-€20,597	-7.6%
Land and buildings	22	€239,261	€228,974	-€10,287	-4.3%
Plant, machinery and equipment	23	€17,184	€13,749	-€3,436	-20.0%
Furniture and vehicles	24	€15,101	€8,226	-€6,874	-45.5%
Financial fixed assets	28	€3,000	€3,000	=	0.0%
Current assets	29/58	€23,389	€26,653	+€3,265	+14.0%
Amounts receivable within one year	40/41	€20,846	€24,448	+€3,602	+17.3%
Trade receivables	40	€12,126	€16,200	+€4,073	+33.6%
Other amounts receivable	41	€8,720	€8,248	-€472	-5.4%
Current investments	50/53	€1,878	€1,878	=	0.0%
Cash at bank and in hand	54/58	€664	€327	-€337	-50.7%
Total equity and liabilities	10/49	€297,935	€280,603	-€17,333	-5.8%
Equity	10/15	-€291,210	-€339,647	-€48,436	-16.6%
Contributions	10/11	€146,257	€146,257	=	0.0%
Capital	10	€146,257	€146,257	=	0.0%
Issued capital	100	€146,257	€146,257	=	0.0%
Reserves	13	€1,121	€1,121	=	0.0%
Non-distributable reserves	130/1	€1,121	€1,121	=	0.0%
Legal reserve	130	€1,121	-	-€1,121
Reserves not available under the articles	1311	-	€1,121	+€1,121
Profit (loss) carried forward	14	-€438,588	-€487,024	-€48,436	-11.0%
Amounts payable	17/49	€589,145	€620,249	+€31,104	+5.3%
Amounts payable after more than one year	17	€120,000	€93,000	-€27,000	-22.5%
Financial debts	170/4	€120,000	€93,000	-€27,000	-22.5%
Amounts payable within one year	42/48	€469,145	€527,249	+€58,104	+12.4%
Current portion of amounts payable after more than one year	42	€1,049	€185	-€863	-82.3%
Financial debts	43	€457,433	€512,365	+€54,932	+12.0%
Credit institutions	430/8	€329,382	-	-€329,382
Other loans	439	€128,051	€512,365	+€384,314	+300%
Trade debts	44	€9,907	€14,699	+€4,792	+48.4%
Suppliers	440/4	€9,907	€14,699	+€4,792	+48.4%
Taxes, remuneration and social security	45	€757	-	-€757
Taxes	450/3	€757	-	-€757
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€22,790	€20,586	-€2,204	-9.7%
Other operating charges	640/8	€4,853	€3,842	-€1,011	-20.8%
Non-recurring operating charges	66A	€2,699	-	-€2,699
Gross operating margin	9900	-€3,513	€2,289	+€5,802
Operating profit (loss)	9901	-€33,855	-€22,139	+€11,716	+34.6%
Financial income	75/76B	-	€0	+€0
Recurring financial income	75	-	€0	+€0
Financial charges	65/66B	€164	€26,297	+€26,134	+15,956%
Recurring financial charges	65	€271	€26,297	+€26,026	+9,596%
Non-recurring financial charges	66B	-€107	-	+€107
Profit (loss) for the period before taxes	9903	-€34,019	-€48,436	-€14,417	-42.4%
Income taxes	67/77	€992	-	-€992
Profit (loss) for the period	9904	-€35,011	-€48,436	-€13,425	-38.3%
Profit (loss) for the period to be appropriated	9905	-€35,011	-€48,436	-€13,425	-38.3%

HORMA: value indication

HORMA: 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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