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Line	Code	2024	2025	Change	%
Total assets	20/58	€2,433,089	€1,937,966	-€495,123	-20.3%
Fixed assets	21/28	€841,362	€885,809	+€44,447	+5.3%
Intangible fixed assets	21	€152,527	€300,807	+€148,281	+97.2%
Tangible fixed assets	22/27	€686,055	€582,222	-€103,833	-15.1%
Land and buildings	22	€457,696	€408,674	-€49,022	-10.7%
Plant, machinery and equipment	23	-	€34,387	+€34,387
Furniture and vehicles	24	€70,420	€38,537	-€31,882	-45.3%
Leasing and similar rights	25	€157,940	€100,624	-€57,315	-36.3%
Financial fixed assets	28	€2,780	€2,780	=	0.0%
Current assets	29/58	€1,591,727	€1,052,156	-€539,571	-33.9%
Amounts receivable after more than one year	29	€242,709	€242,709	=	0.0%
Other amounts receivable	291	€242,709	€242,709	=	0.0%
Amounts receivable within one year	40/41	€746,289	€519,945	-€226,344	-30.3%
Trade receivables	40	€725,128	€426,692	-€298,436	-41.2%
Other amounts receivable	41	€21,161	€93,252	+€72,092	+341%
Cash at bank and in hand	54/58	€602,729	€284,058	-€318,670	-52.9%
Deferred charges and accrued income	490/1	-	€5,444	+€5,444
Total equity and liabilities	10/49	€2,433,089	€1,937,966	-€495,123	-20.3%
Equity	10/15	€1,124,071	€1,164,314	+€40,243	+3.6%
Contributions	10/11	€24,789	€24,789	=	0.0%
Contributions outside capital	11	€24,789	€24,789	=	0.0%
Other	1109/19	€24,789	€24,789	=	0.0%
Reserves	13	€1,098,869	€1,139,524	+€40,655	+3.7%
Tax-exempt reserves	132	€76,384	€70,844	-€5,540	-7.3%
Distributable reserves	133	€1,022,485	€1,068,680	+€46,195	+4.5%
Profit (loss) carried forward	14	€412	-	-€412
Provisions and deferred taxes	16	€36,027	€31,522	-€4,505	-12.5%
Deferred taxes	168	€36,027	€31,522	-€4,505	-12.5%
Amounts payable	17/49	€1,272,991	€742,130	-€530,861	-41.7%
Amounts payable after more than one year	17	€123,000	€51,625	-€71,374	-58.0%
Financial debts	170/4	€123,000	€51,625	-€71,374	-58.0%
Amounts payable within one year	42/48	€1,125,488	€666,001	-€459,487	-40.8%
Current portion of amounts payable after more than one year	42	€131,587	€188,232	+€56,646	+43.0%
Financial debts	43	€37,413	€57,346	+€19,932	+53.3%
Credit institutions	430/8	€37,413	€57,346	+€19,932	+53.3%
Trade debts	44	€752,080	€255,651	-€496,429	-66.0%
Suppliers	440/4	€752,080	€255,651	-€496,429	-66.0%
Taxes, remuneration and social security	45	€198,589	€164,772	-€33,817	-17.0%
Taxes	450/3	€80,146	€68,113	-€12,033	-15.0%
Remuneration and social security	454/9	€118,443	€96,659	-€21,784	-18.4%
Other amounts payable	47/48	€5,819	-	-€5,819
Accrued charges and deferred income	492/3	€24,503	€24,503	=	0.0%
Remuneration, social security and pensions	62	€773,369	€722,379	-€50,990	-6.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€155,314	€215,674	+€60,359	+38.9%
Other operating charges	640/8	€4,919	€4,201	-€718	-14.6%
Gross operating margin	9900	€1,214,742	€1,023,654	-€191,088	-15.7%
Operating profit (loss)	9901	€281,140	€81,401	-€199,739	-71.0%
Financial income	75/76B	€1,417	€1,336	-€81	-5.7%
Recurring financial income	75	€1,417	€1,336	-€81	-5.7%
Financial charges	65/66B	€20,995	€10,425	-€10,570	-50.3%
Recurring financial charges	65	€20,995	€10,425	-€10,570	-50.3%
Profit (loss) for the period before taxes	9903	€261,562	€72,312	-€189,249	-72.4%
Transfer from deferred taxes	780	€4,505	€4,505	=	0.0%
Income taxes	67/77	€96,543	€36,574	-€59,969	-62.1%
Profit (loss) for the period	9904	€169,524	€40,243	-€129,281	-76.3%
Transfer from tax-exempt reserves	789	€5,540	€5,540	=	0.0%
Profit (loss) for the period to be appropriated	9905	€175,064	€45,783	-€129,281	-73.8%

Licquid: value indication

Licquid: value indication

Position among the sector peers

What moved between 2024 and 2025

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Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

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Your EBITDA multiple

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