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Line	Code	2024	2025	Change	%
Total assets	20/58	€701,548	€966,364	+€264,817	+37.7%
Fixed assets	21/28	€233,564	€168,296	-€65,268	-27.9%
Tangible fixed assets	22/27	€233,564	€168,296	-€65,268	-27.9%
Land and buildings	22	€233,564	€168,296	-€65,268	-27.9%
Current assets	29/58	€467,984	€798,068	+€330,085	+70.5%
Amounts receivable within one year	40/41	€74,913	€13,273	-€61,640	-82.3%
Trade receivables	40	€818	€667	-€150	-18.4%
Other amounts receivable	41	€74,096	€12,606	-€61,490	-83.0%
Current investments	50/53	€371,500	€685,151	+€313,651	+84.4%
Cash at bank and in hand	54/58	€21,570	€99,644	+€78,074	+362%
Total equity and liabilities	10/49	€701,548	€966,364	+€264,817	+37.7%
Equity	10/15	€337,895	€607,401	+€269,506	+79.8%
Contributions	10/11	€243,803	€243,803	=	0.0%
Capital	10	€243,803	€243,803	=	0.0%
Issued capital	100	€243,803	€243,803	=	0.0%
Reserves	13	€161,864	€363,598	+€201,734	+125%
Non-distributable reserves	130/1	€7,019	€17,716	+€10,697	+152%
Legal reserve	130	€7,019	€17,716	+€10,697	+152%
Tax-exempt reserves	132	€134,230	€122,031	-€12,200	-9.1%
Distributable reserves	133	€20,615	€223,852	+€203,237	+986%
Profit (loss) carried forward	14	-€67,772	-	+€67,772
Provisions and deferred taxes	16	€44,743	€40,677	-€4,067	-9.1%
Deferred taxes	168	€44,743	€40,677	-€4,067	-9.1%
Amounts payable	17/49	€318,909	€318,286	-€623	-0.2%
Amounts payable after more than one year	17	€300,070	€300,070	=	0.0%
Trade debts	175	€70	€70	=	0.0%
Other amounts payable	178/9	€300,000	€300,000	=	0.0%
Amounts payable within one year	42/48	€18,789	€18,166	-€623	-3.3%
Financial debts	43	€16	€4	-€12	-77.1%
Credit institutions	430/8	€16	€4	-€12	-77.1%
Trade debts	44	€611	-	-€611
Suppliers	440/4	€611	-	-€611
Taxes, remuneration and social security	45	€5,563	€5,563	=	0.0%
Taxes	450/3	€5,563	€5,563	=	0.0%
Other amounts payable	47/48	€12,600	€12,600	=	0.0%
Accrued charges and deferred income	492/3	€50	€50	=	0.0%
Non-recurring operating income	76A	-	€378,752	+€378,752
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€23,749	€16,830	-€6,920	-29.1%
Other operating charges	640/8	€2,570	€2,676	+€106	+4.1%
Gross operating margin	9900	€21,041	€404,074	+€383,033	+1,820%
Operating profit (loss)	9901	-€5,278	€384,569	+€389,847
Financial income	75/76B	€10,566	€7,250	-€3,315	-31.4%
Recurring financial income	75	€10,566	€7,250	-€3,315	-31.4%
Financial charges	65/66B	€18,105	€19,456	+€1,351	+7.5%
Recurring financial charges	65	€18,105	€19,456	+€1,351	+7.5%
Profit (loss) for the period before taxes	9903	-€12,818	€372,363	+€385,180
Transfer from deferred taxes	780	€4,067	€4,067	=	0.0%
Income taxes	67/77	-	€106,923	+€106,923
Profit (loss) for the period	9904	-€8,751	€269,506	+€278,257
Transfer from tax-exempt reserves	789	€12,200	€12,200	=	0.0%
Profit (loss) for the period to be appropriated	9905	€3,448	€281,706	+€278,257	+8,069%

IMACA: value indication

IMACA: 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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