A.P.S. THERMIQUE : revenue, balance sheet and financial ratios

A.P.S. THERMIQUE is a French company founded 9 years ago, specialized in the sector Travaux d'installation d'eau et de gaz en tous locaux. Based in SAINT-MARCEL-LES-VALENCE (26320), this company of category PME shows in 2025 a revenue of 74 k€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - A.P.S. THERMIQUE (SIREN 828721225)
Indicator 2025 2024 2023 2022 2021 2020 2019 2018
Revenue 74 293 € 98 997 € 50 413 € 79 597 € 75 495 € 80 567 € 39 727 € 29 505 €
Net income 315 € 526 € -18 181 € 4 279 € 8 056 € 22 643 € 6 113 € -1 113 €
EBITDA -7 023 € 529 € -26 579 € 480 € 12 355 € 28 062 € 9 614 € 550 €
Net margin 0.4% 0.5% -36.1% 5.4% 10.7% 28.1% 15.4% -3.8%

Revenue and income statement

In 2025, A.P.S. THERMIQUE achieves revenue of 74 k€. Over the period 2018-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +14.1%. Significant drop of -25% vs 2024. After deducting consumption (25 k€), gross margin stands at 49 k€, i.e. a rate of 66%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -7 k€, representing -9.5% of revenue. Warning negative scissor effect: despite revenue change (-25%), EBITDA varies by -1428%, reducing margin by 10.0 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 315 €, i.e. 0.4% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2025) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

74 293 €

Gross margin (2025) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

49 025 €

EBITDA (2025) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

-7 023 €

EBIT (2025) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

-9 130 €

Net income (2025) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

315 €

EBITDA margin (2025) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

-9.5%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 39%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2025) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

39.479%

Financial autonomy (2025) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

12.375%

Cash flow / Revenue (2025) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

1.209%

Repayment capacity (2025) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

2.572

Asset age ratio (2025) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

2.2%

Solvency indicators evolution
A.P.S. THERMIQUE

Sector positioning

Debt ratio
39.48 2025
2023
2024
2025
Q1: 4.84
Med: 17.02
Q3: 39.87
Average

In 2025, the debt ratio of A.P.S. THERMIQUE (39.48) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
12.38% 2025
2023
2024
2025
Q1: 25.1%
Med: 46.33%
Q3: 62.69%
Watch -15 pts over 3 years

In 2025, the financial autonomy of A.P.S. THERMIQUE (12.4%) ranks in the bottom 25% of the sector. This ratio represents the share of equity in total financing. Low autonomy may limit investment capacity and increase vulnerability.

Repayment capacity
2.57 years 2025
2023
2024
2025
Q1: 0.0 years
Med: 0.52 years
Q3: 1.63 years
Watch +50 pts over 3 years

In 2025, the repayment capacity of A.P.S. THERMIQUE (2.57) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 166.01. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2025) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

166.012

Interest coverage (2025) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

-5.283

Liquidity indicators evolution
A.P.S. THERMIQUE

Sector positioning

Liquidity ratio
166.01 2025
2023
2024
2025
Q1: 164.45
Med: 230.78
Q3: 335.49
Average

In 2025, the liquidity ratio of A.P.S. THERMIQUE (166.01) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
-5.28x 2025
2023
2024
2025
Q1: 0.0x
Med: 0.8x
Q3: 4.49x
Watch

In 2025, the interest coverage of A.P.S. THERMIQUE (-5.3x) ranks in the bottom 25% of the sector. This ratio indicates how many times operating income covers interest expenses. Low coverage may indicate fragility to rate or income variations.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 19 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 30 days. Favorable situation: supplier credit is longer than customer credit by 11 days. Inventory turnover is 27 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-14 days): operations structurally generate cash. Notable WCR improvement over the period (-178%), freeing up cash.

Operating WCR (2025) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

-2 986 €

Customer credit (2025) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

19 j

Supplier credit (2025) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

30 j

Inventory turnover (2025) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

27 j

WCR in days of revenue (2025) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

-14 j

WCR and payment terms evolution
A.P.S. THERMIQUE

Positioning of A.P.S. THERMIQUE in its sector

Comparison with sector Travaux d'installation d'eau et de gaz en tous locaux

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (38 transactions). This range of 12 859€ to 18 317€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2025
Indicative
12k€ 17k€ 18k€
17 904 € Range: 12 859€ - 18 317€
NAF 5 année 2025

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 38 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Travaux d'installation d'eau et de gaz en tous locaux)

Compare A.P.S. THERMIQUE with other companies in the same sector:

Voir toutes les statistiques du secteur Travaux d'installation d'eau et de gaz en tous locaux

Frequently asked questions about A.P.S. THERMIQUE

What is the revenue of A.P.S. THERMIQUE ?

The revenue of A.P.S. THERMIQUE in 2025 is 74 k€.

Is A.P.S. THERMIQUE profitable?

Yes, A.P.S. THERMIQUE generated a net profit of 315€ in 2025.

Where is the headquarters of A.P.S. THERMIQUE ?

The headquarters of A.P.S. THERMIQUE is located in SAINT-MARCEL-LES-VALENCE (26320), in the department Drome.

Where to find the tax return of A.P.S. THERMIQUE ?

The tax return of A.P.S. THERMIQUE is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does A.P.S. THERMIQUE operate?

A.P.S. THERMIQUE operates in the sector Travaux d'installation d'eau et de gaz en tous locaux (NAF code 43.22A). See the 'Sector positioning' section above to compare the company with its competitors.