BTP SERVICES : revenue, balance sheet and financial ratios

In 2024, BTP SERVICES achieves revenue of 10.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.0%. Significant drop of -42% vs 2023. After deducting consumption (7.4 M€), gross margin stands at 3.3 M€, i.e. a rate of 31%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 985 k€, representing 9.2% of revenue. Warning negative scissor effect: despite revenue change (-42%), EBITDA varies by -68%, reducing margin by 7.7 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 791 k€, i.e. 7.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 22%. 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 71%. 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 1.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.6% 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 687.53. 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 5.3x. 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: 49 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 33 days. The company must finance 16 days of gap between collections and payments. Inventory turnover is 134 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 261 days of revenue, i.e. 7.8 M€ to permanently finance. Over 2016-2024, WCR increased by +60%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (23 transactions). This range of 750 517€ to 3 113 242€ is provided for information purposes only and requires in-depth analysis to be confirmed.