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Line	Code	2024	2025	Change	%
Total assets	20/58	€11,860,286	€11,382,782	-€477,504	-4.0%
Fixed assets	21/28	€11,467,267	€11,117,230	-€350,037	-3.1%
Financial fixed assets	28	€11,467,267	€11,117,230	-€350,037	-3.1%
Affiliated companies	280/1	€11,467,267	€11,117,230	-€350,037	-3.1%
Participating interests	280	€11,117,230	€11,117,230	=	0.0%
Amounts receivable	281	€350,037	-	-€350,037
Current assets	29/58	€393,019	€265,552	-€127,467	-32.4%
Amounts receivable within one year	40/41	€55,855	€257,906	+€202,051	+362%
Trade receivables	40	-	€249,156	+€249,156
Other amounts receivable	41	€55,855	€8,751	-€47,104	-84.3%
Cash at bank and in hand	54/58	€337,164	€6,502	-€330,662	-98.1%
Deferred charges and accrued income	490/1	-	€1,144	+€1,144
Total equity and liabilities	10/49	€11,860,286	€11,382,782	-€477,504	-4.0%
Equity	10/15	€2,913,572	€2,963,791	+€50,219	+1.7%
Contributions	10/11	€1,500,000	€1,500,000	=	0.0%
Reserves	13	€1,457,995	€1,457,995	=	0.0%
Distributable reserves	133	€1,457,995	€1,457,995	=	0.0%
Profit (loss) carried forward	14	-€44,424	€5,796	+€50,219
Amounts payable	17/49	€8,946,715	€8,418,991	-€527,723	-5.9%
Amounts payable after more than one year	17	€7,011,370	€6,654,385	-€356,985	-5.1%
Financial debts	170/4	€1,526,093	€1,169,108	-€356,985	-23.4%
Credit institutions	173	€526,093	€169,108	-€356,985	-67.9%
Other loans	174	€1,000,000	€1,000,000	=	0.0%
Other amounts payable	178/9	€5,485,277	€5,485,277	=	0.0%
Amounts payable within one year	42/48	€1,935,344	€1,744,516	-€190,828	-9.9%
Current portion of amounts payable after more than one year	42	€355,948	€356,985	+€1,037	+0.3%
Financial debts	43	€5,068	€5,052	-€16	-0.3%
Credit institutions	430/8	€5,068	€5,052	-€16	-0.3%
Trade debts	44	€90,458	€77,077	-€13,381	-14.8%
Suppliers	440/4	€90,458	€77,077	-€13,381	-14.8%
Taxes, remuneration and social security	45	€119,624	€18,828	-€100,795	-84.3%
Taxes	450/3	€119,624	€18,828	-€100,795	-84.3%
Other amounts payable	47/48	€1,364,247	€1,286,573	-€77,674	-5.7%
Accrued charges and deferred income	492/3	-	€20,090	+€20,090
Operating income	70/76A	€1,229,482	€1,235,482	+€6,000	+0.5%
Turnover	70	€1,185,888	€1,235,482	+€49,594	+4.2%
Other operating income	74	€43,595	-	-€43,595
Operating charges	60/66A	€981,930	€1,118,750	+€136,821	+13.9%
Services and other goods	61	€980,962	€767,653	-€213,309	-21.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	-	€350,037	+€350,037
Other operating charges	640/8	€968	€1,060	+€93	+9.6%
Operating profit (loss)	9901	€247,552	€116,731	-€130,821	-52.8%
Financial income	75/76B	€306	€21,313	+€21,007	+6,865%
Recurring financial income	75	€306	€21,313	+€21,007	+6,865%
Income from financial fixed assets	750	€301	€4,619	+€4,318	+1,434%
Income from current assets	751	-	€16,664	+€16,664
Other financial income	752/9	€5	€30	+€25	+499%
Financial charges	65/66B	€272,821	€70,743	-€202,078	-74.1%
Recurring financial charges	65	€160,319	€70,743	-€89,576	-55.9%
Debt charges	650	€159,543	€70,059	-€89,484	-56.1%
Other financial charges	652/9	€776	€684	-€92	-11.9%
Non-recurring financial charges	66B	€112,502	-	-€112,502
Profit (loss) for the period before taxes	9903	-€24,962	€67,302	+€92,264
Income taxes	67/77	€19,461	€17,082	-€2,379	-12.2%
Taxes	670/3	€21,800	€17,082	-€4,718	-21.6%
Tax adjustments and reversals of tax provisions	77	€2,339	-	-€2,339
Profit (loss) for the period	9904	-€44,424	€50,219	+€94,643
Profit (loss) for the period to be appropriated	9905	-€44,424	€50,219	+€94,643

RCA 38: value indication

RCA 38: 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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