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Line	Code	2024	2025	Change	%
Total assets	20/58	€1,014,637	€907,957	-€106,680	-10.5%
Fixed assets	21/28	€234,545	€201,639	-€32,907	-14.0%
Intangible fixed assets	21	€481	€0	-€481	-100%
Tangible fixed assets	22/27	€234,065	€201,639	-€32,426	-13.9%
Land and buildings	22	€179,630	€152,155	-€27,475	-15.3%
Plant, machinery and equipment	23	€21,393	€14,696	-€6,697	-31.3%
Furniture and vehicles	24	€32,505	€34,507	+€2,003	+6.2%
Other tangible fixed assets	26	€537	€281	-€256	-47.7%
Current assets	29/58	€780,091	€706,318	-€73,774	-9.5%
Stocks and contracts in progress	3	€238,304	€275,398	+€37,094	+15.6%
Stocks	30/36	€238,304	€275,398	+€37,094	+15.6%
Amounts receivable within one year	40/41	€472,702	€383,292	-€89,410	-18.9%
Trade receivables	40	€340,167	€312,885	-€27,282	-8.0%
Other amounts receivable	41	€132,535	€70,407	-€62,128	-46.9%
Cash at bank and in hand	54/58	€53,629	€35,467	-€18,162	-33.9%
Deferred charges and accrued income	490/1	€15,456	€12,161	-€3,296	-21.3%
Total equity and liabilities	10/49	€1,014,637	€907,957	-€106,680	-10.5%
Equity	10/15	€171,098	€164,249	-€6,849	-4.0%
Contributions	10/11	€18,592	€18,592	=	0.0%
Reserves	13	€152,506	€150,647	-€1,859	-1.2%
Tax-exempt reserves	132	€47,692	€47,692	=	0.0%
Distributable reserves	133	€104,814	€102,955	-€1,859	-1.8%
Profit (loss) carried forward	14	-	-€4,990	-€4,990
Amounts payable	17/49	€843,539	€743,707	-€99,831	-11.8%
Amounts payable after more than one year	17	€394,680	€357,238	-€37,442	-9.5%
Financial debts	170/4	€394,680	€357,238	-€37,442	-9.5%
Amounts payable within one year	42/48	€438,412	€376,053	-€62,359	-14.2%
Current portion of amounts payable after more than one year	42	€40,121	€52,821	+€12,700	+31.7%
Financial debts	43	€16,948	€13,008	-€3,940	-23.2%
Credit institutions	430/8	€10,000	€13,008	+€3,008	+30.1%
Other loans	439	€6,948	€0	-€6,948	-100%
Trade debts	44	€355,469	€289,172	-€66,297	-18.7%
Suppliers	440/4	€355,469	€289,172	-€66,297	-18.7%
Taxes, remuneration and social security	45	€25,713	€21,053	-€4,660	-18.1%
Taxes	450/3	€16,547	€5,873	-€10,674	-64.5%
Remuneration and social security	454/9	€9,166	€15,179	+€6,014	+65.6%
Other amounts payable	47/48	€162	€0	-€162	-100%
Accrued charges and deferred income	492/3	€10,447	€10,417	-€30	-0.3%
Non-recurring operating income	76A	€1,565	€2,480	+€915	+58.4%
Remuneration, social security and pensions	62	€347,662	€349,068	+€1,406	+0.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€53,704	€57,448	+€3,744	+7.0%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)	631/4	€6,010	€646	-€5,364	-89.2%
Other operating charges	640/8	€16,862	€16,673	-€189	-1.1%
Non-recurring operating charges	66A	€1,679	€0	-€1,679	-100%
Gross operating margin	9900	€499,813	€535,854	+€36,040	+7.2%
Operating profit (loss)	9901	€73,896	€112,017	+€38,121	+51.6%
Financial income	75/76B	€4,944	€5,850	+€906	+18.3%
Recurring financial income	75	€4,944	€5,850	+€906	+18.3%
Financial charges	65/66B	€42,218	€121,036	+€78,818	+187%
Recurring financial charges	65	€42,218	€121,036	+€78,818	+187%
Profit (loss) for the period before taxes	9903	€36,622	-€3,169	-€39,791
Income taxes	67/77	€14,481	€3,680	-€10,801	-74.6%
Profit (loss) for the period	9904	€22,141	-€6,849	-€28,990
Profit (loss) for the period to be appropriated	9905	€22,141	-€6,849	-€28,990

WINDELS: value indication

WINDELS: 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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