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Line	Code	2024	2025	Change	%
Total assets	20/58	€3,291,756	€2,546,913	-€744,843	-22.6%
Fixed assets	21/28	€2,565,079	€2,102,840	-€462,239	-18.0%
Tangible fixed assets	22/27	€662,960	€560,721	-€102,239	-15.4%
Land and buildings	22	€651,482	€551,085	-€100,397	-15.4%
Furniture and vehicles	24	€11,478	€9,636	-€1,842	-16.0%
Financial fixed assets	28	€1,902,119	€1,542,119	-€360,000	-18.9%
Current assets	29/58	€726,677	€444,073	-€282,604	-38.9%
Amounts receivable within one year	40/41	€377,539	€431,056	+€53,517	+14.2%
Other amounts receivable	41	€377,539	€431,056	+€53,517	+14.2%
Current investments	50/53	€329,211	€2,068	-€327,143	-99.4%
Cash at bank and in hand	54/58	€19,927	€10,949	-€8,978	-45.1%
Total equity and liabilities	10/49	€3,291,756	€2,546,913	-€744,843	-22.6%
Equity	10/15	€842,039	€147,373	-€694,666	-82.5%
Contributions	10/11	€773,500	€773,500	=	0.0%
Capital	10	€773,500	€773,500	=	0.0%
Issued capital	100	€773,500	€773,500	=	0.0%
Reserves	13	€991,787	€1,021,239	+€29,452	+3.0%
Non-distributable reserves	130/1	€248,400	€25,000	-€223,400	-89.9%
Legal reserve	130	€25,000	€25,000	=	0.0%
Own shares acquired	1312	€223,400	€0	-€223,400	-100%
Tax-exempt reserves	132	€177,167	€149,013	-€28,154	-15.9%
Distributable reserves	133	€566,220	€847,226	+€281,006	+49.6%
Profit (loss) carried forward	14	-€923,248	-€1,647,366	-€724,118	-78.4%
Provisions and deferred taxes	16	€185,337	€180,885	-€4,452	-2.4%
Provisions for liabilities and charges	160/5	-	€25,000	+€25,000
Major repairs and maintenance	162	-	€25,000	+€25,000
Deferred taxes	168	€185,337	€155,885	-€29,452	-15.9%
Amounts payable	17/49	€2,264,380	€2,218,655	-€45,725	-2.0%
Amounts payable after more than one year	17	€1,151,429	€1,067,615	-€83,814	-7.3%
Financial debts	170/4	€1,149,780	€1,065,616	-€84,164	-7.3%
Other amounts payable	178/9	€1,649	€1,999	+€350	+21.2%
Amounts payable within one year	42/48	€1,072,991	€1,108,715	+€35,724	+3.3%
Current portion of amounts payable after more than one year	42	€84,164	€84,164	=	0.0%
Trade debts	44	€6,182	€7,679	+€1,497	+24.2%
Suppliers	440/4	€6,182	€7,679	+€1,497	+24.2%
Taxes, remuneration and social security	45	€53,450	€18,139	-€35,311	-66.1%
Taxes	450/3	€53,450	€18,139	-€35,311	-66.1%
Other amounts payable	47/48	€929,195	€998,733	+€69,538	+7.5%
Accrued charges and deferred income	492/3	€39,960	€42,325	+€2,365	+5.9%
Turnover	70	€188,301	€191,273	+€2,972	+1.6%
Goods, raw materials, services and sundry goods	60/61	€56,141	€59,065	+€2,924	+5.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€103,179	€103,248	+€69	+0.1%
Provisions for liabilities and charges: additions (uses and reversals)	635/8	-	€25,000	+€25,000
Other operating charges	640/8	€23,043	€23,790	+€747	+3.2%
Gross operating margin	9900	€132,160	€132,208	+€48	0.0%
Operating profit (loss)	9901	€5,938	-€19,830	-€25,768
Financial income	75/76B	€7,040	€26,060	+€19,020	+270%
Recurring financial income	75	€7,040	€8,060	+€1,020	+14.5%
Non-recurring financial income	76B	-	€18,000	+€18,000
Financial charges	65/66B	€548,906	€730,348	+€181,442	+33.1%
Recurring financial charges	65	€88,675	€184,448	+€95,773	+108%
Non-recurring financial charges	66B	€460,231	€545,900	+€85,669	+18.6%
Profit (loss) for the period before taxes	9903	-€535,928	-€724,118	-€188,190	-35.1%
Transfer from deferred taxes	780	€29,452	€29,452	=	0.0%
Profit (loss) for the period	9904	-€506,476	-€694,666	-€188,190	-37.2%
Transfer from tax-exempt reserves	789	€28,154	€28,154	=	0.0%
Profit (loss) for the period to be appropriated	9905	-€478,322	-€666,512	-€188,190	-39.3%

INVES: value indication

INVES: 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

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