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Line	Code	2024	2025	Change	%
Fixed assets	21/28	€13,554,998	€13,983,573	+€428,575	+3.2%
Intangible fixed assets	21	€0	-	=
Tangible fixed assets	22/27	€13,526,940	€13,942,325	+€415,385	+3.1%
Land and buildings	22	€3,330,950	€4,389,672	+€1.1m	+31.8%
Plant, machinery and equipment	23	€318,664	€296,355	-€22,309	-7.0%
Furniture and vehicles	24	€308,148	€250,092	-€58,057	-18.8%
Leasing and similar rights	25	€8,964,770	€8,506,952	-€457,817	-5.1%
Other tangible fixed assets	26	€576,768	€499,255	-€77,513	-13.4%
Assets under construction and advance payments	27	€27,640	€0	-€27,640	-100%
Financial fixed assets	28	€28,058	€41,248	+€13,190	+47.0%
Participating interests	280	€558	€558	=	0.0%
Current assets	29/58	€12,638,764	€12,514,385	-€124,379	-1.0%
Amounts receivable after more than one year	29	€5,907,926	€5,731,116	-€176,811	-3.0%
Other amounts receivable	291	€5,907,926	€5,731,116	-€176,811	-3.0%
Stocks and contracts in progress	3	€75,676	€60,670	-€15,006	-19.8%
Amounts receivable within one year	40/41	€1,731,112	€806,780	-€924,332	-53.4%
Trade receivables	40	€667,956	€356,850	-€311,106	-46.6%
Other amounts receivable	41	€1,063,157	€449,931	-€613,226	-57.7%
Current investments	50/53	€3,850,000	€4,600,000	+€750,000	+19.5%
Cash at bank and in hand	54/58	€988,163	€1,182,960	+€194,797	+19.7%
Deferred charges and accrued income	490/1	€85,886	€132,858	+€46,972	+54.7%
Total equity and liabilities	10/49	€26,193,762	€26,497,958	+€304,196	+1.2%
Equity	10/15	€14,685,712	€14,561,907	-€123,805	-0.8%
Contributions	10/11	€4,396,910	€4,396,910	=	0.0%
Capital	10	€4,396,910	€4,396,910	=	0.0%
Profit (loss) carried forward	14	€2,597,308	€2,853,660	+€256,353	+9.9%
Investment grants	15	€7,691,494	€7,311,336	-€380,158	-4.9%
Amounts payable	17/49	€11,508,050	€11,936,051	+€428,001	+3.7%
Amounts payable after more than one year	17	€9,187,767	€9,028,497	-€159,270	-1.7%
Financial debts	170/4	€9,187,767	€9,028,497	-€159,270	-1.7%
Leasing and similar obligations	172	€9,187,767	€8,902,511	-€285,256	-3.1%
Other loans	174	-	€125,986	+€125,986
Amounts payable within one year	42/48	€1,030,931	€1,747,117	+€716,185	+69.5%
Current portion of amounts payable after more than one year	42	€274,786	€292,096	+€17,311	+6.3%
Trade debts	44	€416,147	€513,667	+€97,520	+23.4%
Advances received on contracts in progress	46	€319,440	€346,582	+€27,142	+8.5%
Taxes, remuneration and social security	45	€18,547	€18,668	+€121	+0.7%
Taxes	450/3	€7,544	€5,362	-€2,182	-28.9%
Remuneration and social security	454/9	€11,003	€13,307	+€2,304	+20.9%
Accrued charges and deferred income	492/3	€1,289,351	€1,160,437	-€128,914	-10.0%
Turnover	70	€1,639,920	€1,752,212	+€112,292	+6.8%
Membership fees, donations, legacies and grants	73	€3,795,494	€3,218,610	-€576,884	-15.2%
Other operating income	74	€93,432	€73,021	-€20,411	-21.8%
Goods for resale, raw materials and consumables	60	€937,545	€974,720	+€37,175	+4.0%
Services and other goods	61	€2,578,622	€2,049,211	-€529,412	-20.5%
Remuneration, social security and pensions	62	€325,184	€381,554	+€56,371	+17.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€902,598	€895,896	-€6,702	-0.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	€3,520	€3,949	+€429	+12.2%
Recurring financial income	75	€61,615	€75,201	+€13,586	+22.0%
Recurring financial charges	65	-€397,885	-€387,752	+€10,133	+2.5%

MIRAS: value indication

MIRAS: 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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