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vh construct: value indication

Line	Code	2024	2025	Change	%
Total assets	20/58	€139,899	€101,430	-€38,468	-27.5%
Fixed assets	21/28	€53,415	€38,776	-€14,639	-27.4%
Tangible fixed assets	22/27	€53,415	€38,776	-€14,639	-27.4%
Plant, machinery and equipment	23	€46,411	€35,688	-€10,723	-23.1%
Furniture and vehicles	24	€1,855	€2,461	+€606	+32.6%
Other tangible fixed assets	26	€5,149	€628	-€4,522	-87.8%
Current assets	29/58	€86,483	€62,654	-€23,829	-27.6%
Stocks and contracts in progress	3	€12,960	€26,551	+€13,592	+105%
Contracts in progress	37	€12,960	€26,551	+€13,592	+105%
Amounts receivable within one year	40/41	€19,458	€2,267	-€17,191	-88.3%
Trade receivables	40	€19,444	€1,843	-€17,601	-90.5%
Other amounts receivable	41	€14	€424	+€410	+2,983%
Cash at bank and in hand	54/58	€43,802	€25,479	-€18,323	-41.8%
Deferred charges and accrued income	490/1	€10,263	€8,356	-€1,907	-18.6%
Total equity and liabilities	10/49	€139,899	€101,430	-€38,468	-27.5%
Equity	10/15	€58,520	€41,779	-€16,742	-28.6%
Contributions	10/11	€18,600	€18,600	=	0.0%
Reserves	13	€39,920	€23,179	-€16,742	-41.9%
Distributable reserves	133	€39,920	€23,179	-€16,742	-41.9%
Amounts payable	17/49	€81,378	€59,652	-€21,727	-26.7%
Amounts payable after more than one year	17	€37,372	€27,458	-€9,914	-26.5%
Financial debts	170/4	€37,372	€27,458	-€9,914	-26.5%
Amounts payable within one year	42/48	€44,006	€32,194	-€11,812	-26.8%
Current portion of amounts payable after more than one year	42	€9,355	€9,914	+€560	+6.0%
Trade debts	44	€24,088	€10,965	-€13,122	-54.5%
Suppliers	440/4	€24,088	€10,965	-€13,122	-54.5%
Taxes, remuneration and social security	45	€7,970	€6,178	-€1,792	-22.5%
Taxes	450/3	€4,275	€1,250	-€3,025	-70.8%
Remuneration and social security	454/9	€3,695	€4,928	+€1,233	+33.4%
Other amounts payable	47/48	€2,594	€5,136	+€2,542	+98.0%
Non-recurring operating income	76A	-	€6,077	+€6,077
Remuneration, social security and pensions	62	€130,841	€128,287	-€2,554	-2.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€13,997	€16,987	+€2,990	+21.4%
Other operating charges	640/8	€1,363	€1,110	-€253	-18.6%
Non-recurring operating charges	66A	€3,511	-	-€3,511
Gross operating margin	9900	€133,947	€131,888	-€2,059	-1.5%
Operating profit (loss)	9901	-€15,765	-€14,496	+€1,269	+8.1%
Financial income	75/76B	€3,048	€1,568	-€1,481	-48.6%
Recurring financial income	75	€3,048	€1,568	-€1,481	-48.6%
Financial charges	65/66B	€3,024	€3,683	+€660	+21.8%
Recurring financial charges	65	€3,024	€3,683	+€660	+21.8%
Profit (loss) for the period before taxes	9903	-€15,740	-€16,611	-€871	-5.5%
Income taxes	67/77	€144	€130	-€14	-9.5%
Profit (loss) for the period	9904	-€15,884	-€16,742	-€858	-5.4%
Profit (loss) for the period to be appropriated	9905	-€15,884	-€16,742	-€858	-5.4%

vh construct: value indication

vh construct: 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

Next steps