BUREAU DE VERIFICATIONS TECHNIQUES : revenue, balance sheet and financial ratios

In 2024, BUREAU DE VERIFICATIONS TECHNIQUES achieves revenue of 3.7 M€. Revenue is growing positively over 9 years (CAGR: +2.2%). Vs 2023: +3%. After deducting consumption (53 k€), gross margin stands at 3.6 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 299 k€, representing 8.1% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -32%, reducing margin by 4.1 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 175 k€, i.e. 4.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 58%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.0% 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 224.85. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 140 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 62 days. The gap of 78 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 185 days of revenue, i.e. 1.9 M€ to permanently finance. Over 2016-2024, WCR increased by +167%, requiring additional financing.

Based on 134 transactions of similar company sales (all years), the value of BUREAU DE VERIFICATIONS TECHNIQUES is estimated at 821 936 € (range 287 573€ - 2 170 065€). With an EBITDA of 298 605€, the sector multiple of 2.2x is applied. The price/revenue ratio is 0.36x (conservative valuation). 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.