ASD INVEST : revenue, balance sheet and financial ratios

In 2025, ASD INVEST achieves revenue of 187 k€. Revenue is declining over the period 2017-2025 (CAGR: -28.3%). Significant drop of -60% vs 2024. After deducting consumption (23 k€), gross margin stands at 164 k€, i.e. a rate of 88%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 54 k€, representing 28.7% of revenue. Warning negative scissor effect: despite revenue change (-60%), EBITDA varies by -80%, reducing margin by 29.0 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 559 k€, i.e. 298.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 35%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 68%. 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 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 294.2% 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 1257.05. 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 70.7x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 930 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. The gap of 909 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 1412 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 4306 days of revenue, i.e. 2.2 M€ to permanently finance. Over 2017-2025, WCR increased by +24%, requiring additional financing.

Based on 258 transactions of similar company sales (all years), the value of ASD INVEST is estimated at 795 004 € (range 264 224€ - 1 570 276€). With an EBITDA of 53 773€, the sector multiple of 4.9x is applied. The price/revenue ratio is 0.65x (in line with sector norms). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.