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ZHANG-YANG: value indication

Line	Code	31-12-2024	31-12-2025	Change	%
Total assets	20/58	€208,713	€291,666	+€82,953	+39.7%
Fixed assets	21/28	€30,249	€90,834	+€60,585	+200%
Tangible fixed assets	22/27	€30,249	€90,834	+€60,585	+200%
Land and buildings	22	€3,505	€3,100	-€405	-11.6%
Plant, machinery and equipment	23	€18,515	€21,384	+€2,869	+15.5%
Furniture and vehicles	24	€8,229	€66,350	+€58,121	+706%
Current assets	29/58	€178,464	€200,832	+€22,368	+12.5%
Stocks and contracts in progress	3	€6,761	€3,441	-€3,320	-49.1%
Stocks	30/36	€6,761	€3,441	-€3,320	-49.1%
Amounts receivable within one year	40/41	€25,964	€52,372	+€26,408	+102%
Trade receivables	40	€17,501	€41,996	+€24,495	+140%
Other amounts receivable	41	€8,463	€10,376	+€1,913	+22.6%
Cash at bank and in hand	54/58	€145,740	€142,526	-€3,213	-2.2%
Deferred charges and accrued income	490/1	-	€2,494	+€2,494
Total equity and liabilities	10/49	€208,713	€291,666	+€82,953	+39.7%
Equity	10/15	€135,317	€225,831	+€90,514	+66.9%
Contributions	10/11	€6,200	€6,200	=	0.0%
Reserves	13	€129,117	€129,117	=	0.0%
Distributable reserves	133	€129,117	€129,117	=	0.0%
Profit (loss) carried forward	14	-	€90,514	+€90,514
Amounts payable	17/49	€73,396	€65,835	-€7,561	-10.3%
Amounts payable after more than one year	17	€13,340	€7,096	-€6,244	-46.8%
Financial debts	170/4	€13,340	€7,096	-€6,244	-46.8%
Amounts payable within one year	42/48	€60,056	€58,740	-€1,316	-2.2%
Current portion of amounts payable after more than one year	42	€5,965	€6,244	+€280	+4.7%
Financial debts	43	-	€2,239	+€2,239
Credit institutions	430/8	-	€2,239	+€2,239
Trade debts	44	€34,615	€30,549	-€4,066	-11.7%
Suppliers	440/4	€34,615	€30,549	-€4,066	-11.7%
Taxes, remuneration and social security	45	€3,390	€19,657	+€16,266	+480%
Taxes	450/3	€5	€19,657	+€19,651	+374,310%
Remuneration and social security	454/9	€3,385	-	-€3,385
Other amounts payable	47/48	€16,086	€51	-€16,036	-99.7%
Non-recurring operating income	76A	-	€19,861	+€19,861
Remuneration, social security and pensions	62	€52,471	€27,642	-€24,830	-47.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€6,394	€5,757	-€637	-10.0%
Other operating charges	640/8	€2,541	€1,291	-€1,250	-49.2%
Gross operating margin	9900	€71,939	€154,147	+€82,208	+114%
Operating profit (loss)	9901	€10,532	€119,457	+€108,925	+1,034%
Financial charges	65/66B	€1,455	€5,198	+€3,743	+257%
Recurring financial charges	65	€1,455	€5,198	+€3,743	+257%
Profit (loss) for the period before taxes	9903	€9,078	€114,259	+€105,181	+1,159%
Income taxes	67/77	€4,094	€23,745	+€19,651	+480%
Profit (loss) for the period	9904	€4,984	€90,514	+€85,530	+1,716%
Profit (loss) for the period to be appropriated	9905	€4,984	€90,514	+€85,530	+1,716%

ZHANG-YANG: value indication

ZHANG-YANG: value indication

Position among the sector peers

What moved between 31-12-2024 and 31-12-2025

Largest movements

Change in the result, 31-12-2024 to 31-12-2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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