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Line	Code	2024	2025	Change	%
Total assets	20/58	€2,847,638	€2,559,610	-€288,028	-10.1%
Fixed assets	21/28	€2,404,242	€2,426,054	+€21,812	+0.9%
Intangible fixed assets	21	-	€43,831	+€43,831
Tangible fixed assets	22/27	€2,404,242	€2,382,222	-€22,019	-0.9%
Land and buildings	22	€2,396,693	€2,377,834	-€18,859	-0.8%
Plant, machinery and equipment	23	€1,861	€792	-€1,069	-57.4%
Furniture and vehicles	24	€5,688	€3,596	-€2,092	-36.8%
Current assets	29/58	€443,396	€133,557	-€309,840	-69.9%
Amounts receivable within one year	40/41	€434,180	€115,949	-€318,231	-73.3%
Trade receivables	40	€417,251	€108,289	-€308,962	-74.0%
Other amounts receivable	41	€16,928	€7,660	-€9,269	-54.8%
Cash at bank and in hand	54/58	€3,017	€12,537	+€9,520	+316%
Deferred charges and accrued income	490/1	€6,200	€5,071	-€1,129	-18.2%
Total equity and liabilities	10/49	€2,847,638	€2,559,610	-€288,028	-10.1%
Equity	10/15	€18,151	€20,238	+€2,087	+11.5%
Contributions	10/11	€25,000	€25,000	=	0.0%
Reserves	13	€38,261	€38,261	=	0.0%
Distributable reserves	133	€38,261	€38,261	=	0.0%
Profit (loss) carried forward	14	-€45,110	-€43,023	+€2,087	+4.6%
Amounts payable	17/49	€2,829,487	€2,539,372	-€290,115	-10.3%
Amounts payable after more than one year	17	€1,288,300	€2,352,476	+€1.1m	+82.6%
Financial debts	170/4	€1,288,300	€2,352,476	+€1.1m	+82.6%
Amounts payable within one year	42/48	€1,534,828	€162,220	-€1.4m	-89.4%
Current portion of amounts payable after more than one year	42	€124,485	€125,872	+€1,387	+1.1%
Trade debts	44	€342,911	€11,851	-€331,060	-96.5%
Suppliers	440/4	€342,911	€11,851	-€331,060	-96.5%
Advances received on contracts in progress	46	-	€400	+€400
Taxes, remuneration and social security	45	€424	€24,097	+€23,673	+5,587%
Taxes	450/3	€424	€19,197	+€18,773	+4,431%
Remuneration and social security	454/9	-	€4,900	+€4,900
Other amounts payable	47/48	€1,067,008	€0	-€1.1m	-100%
Accrued charges and deferred income	492/3	€6,359	€24,675	+€18,316	+288%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€57,851	€78,847	+€20,996	+36.3%
Other operating charges	640/8	€8,591	€2,388	-€6,203	-72.2%
Non-recurring operating charges	66A	€15,302	€12,646	-€2,657	-17.4%
Gross operating margin	9900	€80,106	€181,851	+€101,744	+127%
Operating profit (loss)	9901	-€1,638	€87,969	+€89,608
Financial income	75/76B	-	€0	+€0
Recurring financial income	75	-	€0	+€0
Financial charges	65/66B	€70,980	€85,612	+€14,631	+20.6%
Recurring financial charges	65	€70,980	€85,612	+€14,631	+20.6%
Profit (loss) for the period before taxes	9903	-€72,619	€2,358	+€74,976
Transfer from deferred taxes	780	€0	-	=
Income taxes	67/77	-€92	€270	+€363
Profit (loss) for the period	9904	-€72,526	€2,087	+€74,614
Transfer from tax-exempt reserves	789	€0	-	=
Profit (loss) for the period to be appropriated	9905	-€72,526	€2,087	+€74,614

LION: value indication

LION: 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

Capitalised earnings

Your EBITDA multiple

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