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Line	Code	2024	2025	Change	%
Total assets	20/58	€804,324	€785,530	-€18,794	-2.3%
Fixed assets	21/28	€779,691	€715,411	-€64,280	-8.2%
Tangible fixed assets	22/27	€476,837	€412,557	-€64,280	-13.5%
Land and buildings	22	€458,613	€401,367	-€57,246	-12.5%
Other tangible fixed assets	26	€18,225	€11,191	-€7,034	-38.6%
Financial fixed assets	28	€302,853	€302,853	=	0.0%
Current assets	29/58	€24,633	€70,119	+€45,486	+185%
Amounts receivable within one year	40/41	€21,296	€62,950	+€41,654	+196%
Trade receivables	40	€21,103	€32,379	+€11,276	+53.4%
Other amounts receivable	41	€193	€30,572	+€30,378	+15,726%
Cash at bank and in hand	54/58	€2,143	€3,214	+€1,071	+50.0%
Deferred charges and accrued income	490/1	€1,194	€3,955	+€2,761	+231%
Total equity and liabilities	10/49	€804,324	€785,530	-€18,794	-2.3%
Equity	10/15	€103,896	€225,177	+€121,281	+117%
Contributions	10/11	€62,000	€62,000	=	0.0%
Capital	10	€62,000	€62,000	=	0.0%
Issued capital	100	€62,000	€62,000	=	0.0%
Reserves	13	€52,147	€86,420	+€34,273	+65.7%
Non-distributable reserves	130/1	€6,200	€6,200	=	0.0%
Legal reserve	130	€6,200	€6,200	=	0.0%
Tax-exempt reserves	132	€45,947	€80,220	+€34,273	+74.6%
Profit (loss) carried forward	14	-€10,251	€76,757	+€87,008
Provisions and deferred taxes	16	€48,925	€59,860	+€10,934	+22.3%
Provisions for liabilities and charges	160/5	€25,266	€25,266	=	0.0%
Pensions and similar obligations	160	€25,266	€25,266	=	0.0%
Deferred taxes	168	€23,659	€34,594	+€10,934	+46.2%
Amounts payable	17/49	€651,503	€500,493	-€151,010	-23.2%
Amounts payable after more than one year	17	€158,687	€12,100	-€146,587	-92.4%
Financial debts	170/4	€146,587	-	-€146,587
Other amounts payable	178/9	€12,100	€12,100	=	0.0%
Amounts payable within one year	42/48	€491,625	€488,393	-€3,232	-0.7%
Current portion of amounts payable after more than one year	42	€45,371	-	-€45,371
Financial debts	43	€16,815	€3,301	-€13,514	-80.4%
Credit institutions	430/8	€16,815	€3,301	-€13,514	-80.4%
Trade debts	44	€6,773	€7,271	+€497	+7.3%
Suppliers	440/4	€6,773	€7,271	+€497	+7.3%
Other amounts payable	47/48	€422,667	€477,822	+€55,155	+13.0%
Accrued charges and deferred income	492/3	€1,191	-	-€1,191
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€36,238	€36,708	+€470	+1.3%
Other operating charges	640/8	€17,237	€9,263	-€7,974	-46.3%
Gross operating margin	9900	€39,172	€183,019	+€143,847	+367%
Operating profit (loss)	9901	-€14,303	€137,048	+€151,351
Financial income	75/76B	€4	€1	-€4	-83.1%
Recurring financial income	75	€4	€1	-€4	-83.1%
Financial charges	65/66B	€8,340	€4,834	-€3,506	-42.0%
Recurring financial charges	65	€8,340	€4,834	-€3,506	-42.0%
Profit (loss) for the period before taxes	9903	-€22,638	€132,215	+€154,853
Transfer from deferred taxes	780	€1,389	€1,389	=	0.0%
Transfer to deferred taxes	680	-	€12,324	+€12,324
Profit (loss) for the period	9904	-€21,249	€121,281	+€142,529
Transfer from tax-exempt reserves	789	€2,698	€2,698	=	0.0%
Transfer to tax-exempt reserves	689	-	€36,971	+€36,971
Profit (loss) for the period to be appropriated	9905	-€18,551	€87,008	+€105,558

K-2: value indication

K-2: 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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