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Line	Code	2024	2025	Change	%
Total assets	20/58	€5,126,907	€5,499,653	+€372,746	+7.3%
Fixed assets	21/28	€1,576,795	€4,281,927	+€2.7m	+172%
Tangible fixed assets	22/27	€1,565,455	€4,281,927	+€2.7m	+174%
Land and buildings	22	€1,272,504	€4,133,060	+€2.9m	+225%
Plant, machinery and equipment	23	€6,789	-	-€6,789
Furniture and vehicles	24	€286,162	€148,867	-€137,295	-48.0%
Financial fixed assets	28	€11,341	-	-€11,341
Other financial fixed assets	284/8	€11,341	-	-€11,341
Amounts receivable and cash guarantees	285/8	€11,341	-	-€11,341
Current assets	29/58	€3,550,112	€1,217,726	-€2.3m	-65.7%
Amounts receivable within one year	40/41	€963,299	€644,560	-€318,740	-33.1%
Trade receivables	40	€740,990	€556,123	-€184,868	-24.9%
Other amounts receivable	41	€222,309	€88,437	-€133,872	-60.2%
Current investments	50/53	€226,425	€226,425	=	0.0%
Other investments	51/53	€226,425	€226,425	=	0.0%
Cash at bank and in hand	54/58	€2,147,304	€311,125	-€1.8m	-85.5%
Deferred charges and accrued income	490/1	€213,084	€35,617	-€177,467	-83.3%
Total equity and liabilities	10/49	€5,126,907	€5,499,653	+€372,746	+7.3%
Equity	10/15	€4,122,024	€4,155,136	+€33,112	+0.8%
Contributions	10/11	€30,000	€30,000	=	0.0%
Reserves	13	€4,092,024	€4,125,136	+€33,112	+0.8%
Non-distributable reserves	130/1	€3,000	-	-€3,000
Reserves not available under the articles	1311	€3,000	-	-€3,000
Tax-exempt reserves	132	€161,935	€159,512	-€2,424	-1.5%
Distributable reserves	133	€3,927,088	€3,965,624	+€38,536	+1.0%
Provisions and deferred taxes	16	€808	-	-€808
Deferred taxes	168	€808	-	-€808
Amounts payable	17/49	€1,004,076	€1,344,517	+€340,442	+33.9%
Amounts payable within one year	42/48	€1,004,076	€1,344,517	+€340,442	+33.9%
Trade debts	44	€176,867	€90,764	-€86,103	-48.7%
Suppliers	440/4	€176,867	€90,764	-€86,103	-48.7%
Taxes, remuneration and social security	45	€60,441	€56,109	-€4,332	-7.2%
Taxes	450/3	€60,419	€56,109	-€4,310	-7.1%
Remuneration and social security	454/9	€22	-	-€22
Other amounts payable	47/48	€766,768	€1,197,644	+€430,876	+56.2%
Operating income	70/76A	€2,566,624	€1,984,359	-€582,265	-22.7%
Turnover	70	€2,302,430	€1,656,110	-€646,320	-28.1%
Other operating income	74	€73,581	€92,635	+€19,054	+25.9%
Non-recurring operating income	76A	€190,613	€235,614	+€45,000	+23.6%
Operating charges	60/66A	€2,194,983	€1,885,428	-€309,555	-14.1%
Goods for resale, raw materials and consumables	60	€9,376	€9,623	+€248	+2.6%
Purchases	600/8	€9,376	€9,623	+€248	+2.6%
Services and other goods	61	€1,784,120	€1,554,776	-€229,344	-12.9%
Remuneration, social security and pensions	62	€606	-	-€606
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€285,811	€245,366	-€40,445	-14.2%
Other operating charges	640/8	€115,069	€75,663	-€39,406	-34.2%
Operating profit (loss)	9901	€371,641	€98,931	-€272,710	-73.4%
Financial income	75/76B	€40,659	€4,781	-€35,879	-88.2%
Recurring financial income	75	€40,659	€4,781	-€35,879	-88.2%
Income from current assets	751	€40,659	€4,781	-€35,879	-88.2%
Financial charges	65/66B	€59,595	€54,879	-€4,716	-7.9%
Recurring financial charges	65	€59,595	€54,879	-€4,716	-7.9%
Debt charges	650	€58,455	€54,041	-€4,414	-7.6%
Other financial charges	652/9	€1,140	€838	-€302	-26.5%
Profit (loss) for the period before taxes	9903	€352,706	€48,833	-€303,873	-86.2%
Transfer from deferred taxes	780	€2,200	€808	-€1,392	-63.3%
Income taxes	67/77	€103,667	€16,528	-€87,138	-84.1%
Taxes	670/3	€103,667	€16,528	-€87,138	-84.1%
Profit (loss) for the period	9904	€251,239	€33,112	-€218,127	-86.8%
Transfer from tax-exempt reserves	789	€6,600	€2,424	-€4,176	-63.3%
Profit (loss) for the period to be appropriated	9905	€257,839	€35,536	-€222,303	-86.2%

LAVAERT: value indication

LAVAERT: 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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