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Line	Code	2025	2026	Change	%
Total assets	20/58	€17,251,680	€17,059,015	-€192,665	-1.1%
Formation expenses	20	€1,545	€832	-€713	-46.2%
Fixed assets	21/28	€15,941,165	€16,964,358	+€1.0m	+6.4%
Intangible fixed assets	21	€745,107	€559,845	-€185,262	-24.9%
Tangible fixed assets	22/27	€9,393	€1,092,347	+€1.1m	+11,530%
Land and buildings	22	-	€955,222	+€955,222
Furniture and vehicles	24	€9,393	€137,124	+€127,732	+1,360%
Financial fixed assets	28	€15,186,666	€15,312,166	+€125,500	+0.8%
Affiliated companies	280/1	€15,186,666	€15,311,666	+€125,000	+0.8%
Participating interests	280	€15,186,666	€15,311,666	+€125,000	+0.8%
Other financial fixed assets	284/8	-	€500	+€500
Amounts receivable and cash guarantees	285/8	-	€500	+€500
Current assets	29/58	€1,308,970	€93,826	-€1.2m	-92.8%
Stocks and contracts in progress	3	€0	€0	=
Amounts receivable within one year	40/41	€1,249,004	€28,356	-€1.2m	-97.7%
Trade receivables	40	€18,150	€28,356	+€10,206	+56.2%
Other amounts receivable	41	€1,230,854	€0	-€1.2m	-100%
Cash at bank and in hand	54/58	€59,966	€65,470	+€5,504	+9.2%
Total equity and liabilities	10/49	€17,251,680	€17,059,015	-€192,665	-1.1%
Equity	10/15	€6,327,983	€5,894,971	-€433,012	-6.8%
Contributions	10/11	€5,231,600	€5,231,600	=	0.0%
Profit (loss) carried forward	14	€1,096,383	€663,371	-€433,012	-39.5%
Amounts payable	17/49	€10,923,697	€11,164,044	+€240,347	+2.2%
Amounts payable after more than one year	17	€9,625,000	€9,302,872	-€322,127	-3.3%
Financial debts	170/4	€9,250,000	€8,927,872	-€322,127	-3.5%
Credit institutions	173	€4,000,000	€3,677,872	-€322,127	-8.1%
Other loans	174	€5,250,000	€5,250,000	=	0.0%
Other amounts payable	178/9	€375,000	€375,000	=	0.0%
Amounts payable within one year	42/48	€1,298,649	€1,861,172	+€562,523	+43.3%
Current portion of amounts payable after more than one year	42	€1,000,000	€1,101,093	+€101,093	+10.1%
Trade debts	44	€0	€1,579	+€1,579
Suppliers	440/4	€0	€1,579	+€1,579
Taxes, remuneration and social security	45	€7,972	€14,103	+€6,131	+76.9%
Taxes	450/3	€7,972	€14,103	+€6,131	+76.9%
Other amounts payable	47/48	€290,677	€744,397	+€453,719	+156%
Accrued charges and deferred income	492/3	€48	€0	-€48	-100%
Operating income	70/76A	€180,000	€240,600	+€60,600	+33.7%
Turnover	70	€180,000	€235,500	+€55,500	+30.8%
Other operating income	74	-	€5,100	+€5,100
Operating charges	60/66A	€349,813	€511,708	+€161,894	+46.3%
Services and other goods	61	€167,781	€250,033	+€82,251	+49.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€181,914	€259,623	+€77,708	+42.7%
Other operating charges	640/8	€118	€2,052	+€1,934	+1,639%
Operating profit (loss)	9901	-€169,813	-€271,108	-€101,294	-59.7%
Financial income	75/76B	€33,482	€6,733	-€26,749	-79.9%
Recurring financial income	75	€33,482	€6,733	-€26,749	-79.9%
Income from financial fixed assets	750	€0	-	=
Income from current assets	751	€33,482	€6,733	-€26,749	-79.9%
Financial charges	65/66B	€184,477	€167,937	-€16,540	-9.0%
Recurring financial charges	65	€184,477	€167,937	-€16,540	-9.0%
Debt charges	650	€183,180	€167,373	-€15,807	-8.6%
Other financial charges	652/9	€1,297	€564	-€733	-56.5%
Profit (loss) for the period before taxes	9903	-€320,809	-€432,312	-€111,503	-34.8%
Income taxes	67/77	-	€700	+€700
Taxes	670/3	-	€700	+€700
Profit (loss) for the period	9904	-€320,809	-€433,012	-€112,203	-35.0%
Profit (loss) for the period to be appropriated	9905	-€320,809	-€433,012	-€112,203	-35.0%

LESFER: value indication

LESFER: value indication

Position among the sector peers

What moved between 2025 and 2026

Largest movements

Change in the result, 2025 to 2026

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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