CEREBEAUCE : revenue, balance sheet and financial ratios

In 2025, CEREBEAUCE achieves revenue of 3.5 M€. Revenue is growing positively over 8 years (CAGR: +1.8%). Significant drop of -25% vs 2024. After deducting consumption (2.9 M€), gross margin stands at 587 k€, i.e. a rate of 17%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 16 k€, representing 0.5% of revenue. Warning negative scissor effect: despite revenue change (-25%), EBITDA varies by -94%, reducing margin by 5.1 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 28 k€, i.e. 0.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 69%. 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 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 0.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 325.41. 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 5.4x. 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: 367 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 136 days. The gap of 231 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 72 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 500 days of revenue, i.e. 4.8 M€ to permanently finance. Over 2015-2025, WCR increased by +209%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of CEREBEAUCE is estimated at 170 000 € (range 112 859€ - 218 794€). With an EBITDA of 15 795€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.