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MASTERVIEW: value indication

Line	Code	2025	2026	Change	%
Total assets	20/58	€1,825,192	€1,679,411	-€145,781	-8.0%
Fixed assets	21/28	€1,228,968	€1,207,065	-€21,903	-1.8%
Tangible fixed assets	22/27	€1,228,968	€1,207,065	-€21,903	-1.8%
Land and buildings	22	€1,225,430	€1,203,527	-€21,903	-1.8%
Furniture and vehicles	24	€3,538	€3,538	=	0.0%
Current assets	29/58	€596,224	€472,346	-€123,878	-20.8%
Amounts receivable after more than one year	29	-	€200,000	+€200,000
Other amounts receivable	291	-	€200,000	+€200,000
Amounts receivable within one year	40/41	€52,305	€83,721	+€31,417	+60.1%
Trade receivables	40	€49,562	€42,721	-€6,841	-13.8%
Other amounts receivable	41	€2,742	€41,000	+€38,258	+1,395%
Current investments	50/53	€530,892	€175,568	-€355,324	-66.9%
Cash at bank and in hand	54/58	€5,596	€10,442	+€4,845	+86.6%
Deferred charges and accrued income	490/1	€7,431	€2,615	-€4,816	-64.8%
Total equity and liabilities	10/49	€1,825,192	€1,679,411	-€145,781	-8.0%
Equity	10/15	-€1,301,656	-€1,416,584	-€114,927	-8.8%
Contributions	10/11	€12,400	€12,400	=	0.0%
Contributions outside capital	11	€12,400	€12,400	=	0.0%
Other	1109/19	€12,400	€12,400	=	0.0%
Reserves	13	€1,860	€1,860	=	0.0%
Non-distributable reserves	130/1	€1,860	€1,860	=	0.0%
Reserves not available under the articles	1311	€1,860	€1,860	=	0.0%
Profit (loss) carried forward	14	-€1,315,916	-€1,430,844	-€114,927	-8.7%
Provisions and deferred taxes	16	€3,033,412	€3,038,207	+€4,795	+0.2%
Provisions for liabilities and charges	160/5	€3,033,412	€3,038,207	+€4,795	+0.2%
Other liabilities and charges	164/5	€3,033,412	€3,038,207	+€4,795	+0.2%
Amounts payable	17/49	€93,436	€57,788	-€35,649	-38.2%
Amounts payable after more than one year	17	€150	€420	+€270	+180%
Other amounts payable	178/9	€150	€420	+€270	+180%
Amounts payable within one year	42/48	€60,178	€25,059	-€35,119	-58.4%
Trade debts	44	-	€1,333	+€1,333
Suppliers	440/4	-	€1,333	+€1,333
Taxes, remuneration and social security	45	€3,543	€2,538	-€1,004	-28.3%
Taxes	450/3	€3,543	€2,538	-€1,004	-28.3%
Other amounts payable	47/48	€56,635	€21,187	-€35,448	-62.6%
Accrued charges and deferred income	492/3	€33,109	€32,309	-€799	-2.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€21,903	€21,903	=	0.0%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	€1,000,000	-	-€1.0m
Other operating charges	640/8	€11,541	€8,922	-€2,619	-22.7%
Gross operating margin	9900	€206,606	€102,560	-€104,046	-50.4%
Operating profit (loss)	9901	-€826,838	€71,735	+€898,573
Financial income	75/76B	€120,928	€78,072	-€42,856	-35.4%
Recurring financial income	75	€120,928	€78,072	-€42,856	-35.4%
Financial charges	65/66B	€660,511	€264,734	-€395,776	-59.9%
Recurring financial charges	65	€660,511	€264,734	-€395,776	-59.9%
Profit (loss) for the period before taxes	9903	-€1,366,420	-€114,927	+€1.3m	+91.6%
Profit (loss) for the period	9904	-€1,366,420	-€114,927	+€1.3m	+91.6%
Profit (loss) for the period to be appropriated	9905	-€1,366,420	-€114,927	+€1.3m	+91.6%

MASTERVIEW: value indication

MASTERVIEW: 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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