APPROCHE DIRECTE : revenue, balance sheet and financial ratios

In 2025, APPROCHE DIRECTE achieves revenue of 930 k€. Revenue is growing positively over 8 years (CAGR: +0.4%). Significant drop of -18% vs 2024. After deducting consumption (0 €), gross margin stands at 930 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 166 k€, representing 17.8% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -32%, reducing margin by 3.7 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 120 k€, i.e. 13.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 6%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 61%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 259.38. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 1.1x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 72 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. The gap of 51 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 30 days of revenue, i.e. 77 k€ to permanently finance. Over 2018-2025, WCR increased by +177%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (35 transactions). This range of 311 013€ to 1 341 475€ is provided for information purposes only and requires in-depth analysis to be confirmed.