BELFOR (FRANCE) REHABILITATION : revenue, balance sheet and financial ratios

In 2024, BELFOR (FRANCE) REHABILITATION achieves revenue of 35.5 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +19.7%. Vs 2023, growth of +296% (9.0 M€ -> 35.5 M€). After deducting consumption (2.4 M€), gross margin stands at 33.1 M€, i.e. a rate of 93%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.6 M€, representing 7.2% of revenue. Positive scissor effect: EBITDA margin improves by +30.9 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.1 M€, i.e. 8.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 3787%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 1%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 6.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 236.12. 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 7.9x. 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: 77 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 41 days. The gap of 36 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 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 94 days of revenue, i.e. 9.3 M€ to permanently finance. Over 2015-2024, WCR increased by +1890%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (47 transactions). This range of 3 053 692€ to 9 108 120€ is provided for information purposes only and requires in-depth analysis to be confirmed.