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Line	Code	2024	2025	Change	%
Total assets	20/58	€2,697,178	€2,401,224	-€295,954	-11.0%
Fixed assets	21/28	€2,539,614	€2,319,892	-€219,722	-8.7%
Tangible fixed assets	22/27	€2,539,614	€2,319,892	-€219,722	-8.7%
Land and buildings	22	€2,538,482	€2,300,406	-€238,076	-9.4%
Plant, machinery and equipment	23	€1,132	€19,486	+€18,354	+1,621%
Current assets	29/58	€157,563	€81,331	-€76,232	-48.4%
Amounts receivable within one year	40/41	€43,198	€61,453	+€18,256	+42.3%
Trade receivables	40	€29,488	€61,079	+€31,590	+107%
Other amounts receivable	41	€13,709	€375	-€13,335	-97.3%
Cash at bank and in hand	54/58	€109,739	€15,211	-€94,527	-86.1%
Deferred charges and accrued income	490/1	€4,627	€4,667	+€40	+0.9%
Total equity and liabilities	10/49	€2,697,178	€2,401,224	-€295,954	-11.0%
Equity	10/15	-€659,650	-€674,558	-€14,909	-2.3%
Contributions	10/11	€61,500	€61,500	=	0.0%
Capital	10	€61,500	€61,500	=	0.0%
Issued capital	100	€61,500	€61,500	=	0.0%
Revaluation surpluses	12	€1,787,805	€1,638,821	-€148,984	-8.3%
Reserves	13	€24,789	€24,789	=	0.0%
Non-distributable reserves	130/1	€24,789	€24,789	=	0.0%
Legal reserve	130	€24,789	€24,789	=	0.0%
Profit (loss) carried forward	14	-€2,533,744	-€2,399,669	+€134,075	+5.3%
Amounts payable	17/49	€3,356,827	€3,075,782	-€281,046	-8.4%
Amounts payable after more than one year	17	€1,407,617	€1,128,212	-€279,404	-19.8%
Financial debts	170/4	€1,407,617	€1,128,212	-€279,404	-19.8%
Amounts payable within one year	42/48	€1,946,920	€1,939,176	-€7,744	-0.4%
Current portion of amounts payable after more than one year	42	€314,404	€314,404	=	0.0%
Trade debts	44	€3,914	€3,763	-€151	-3.9%
Suppliers	440/4	€3,914	€3,763	-€151	-3.9%
Taxes, remuneration and social security	45	€17,784	€10,191	-€7,593	-42.7%
Taxes	450/3	€17,784	€10,191	-€7,593	-42.7%
Other amounts payable	47/48	€1,610,818	€1,610,818	=	0.0%
Accrued charges and deferred income	492/3	€2,291	€8,393	+€6,102	+266%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€239,064	€240,310	+€1,246	+0.5%
Other operating charges	640/8	€63,675	€62,728	-€947	-1.5%
Gross operating margin	9900	€308,647	€371,623	+€62,976	+20.4%
Operating profit (loss)	9901	€5,908	€68,585	+€62,677	+1,061%
Financial income	75/76B	€1,090	-	-€1,090
Recurring financial income	75	€1,090	-	-€1,090
Financial charges	65/66B	€40,647	€39,011	-€1,635	-4.0%
Recurring financial charges	65	€40,647	€39,011	-€1,635	-4.0%
Profit (loss) for the period before taxes	9903	-€33,648	€29,574	+€63,222
Income taxes	67/77	€29,978	€44,482	+€14,504	+48.4%
Profit (loss) for the period	9904	-€63,626	-€14,909	+€48,717	+76.6%
Transfer from tax-exempt reserves	789	€148,984	€148,984	=	0.0%
Profit (loss) for the period to be appropriated	9905	€85,358	€134,075	+€48,717	+57.1%

SPINOFF: value indication

SPINOFF: 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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