CHANGE DE LA BOURSE : revenue, balance sheet and financial ratios

CHANGE DE LA BOURSE is a French company founded 13 years ago, specialized in the sector Courtage de valeurs mobilières et de marchandises. Based in PARIS (75002), this company of category ETI shows in 2020 a revenue of 27.7 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - CHANGE DE LA BOURSE (SIREN 792202871)
Indicator 2020 2019 2018 2017 2016
Revenue 27 722 076 € 22 005 293 € 15 115 239 € 16 402 990 € 13 517 251 €
Net income 458 721 € 185 715 € 109 140 € 72 496 € 83 988 €
EBITDA 659 799 € 267 234 € 169 829 € 100 162 € 103 391 €
Net margin 1.7% 0.8% 0.7% 0.4% 0.6%

Revenue and income statement

In 2020, CHANGE DE LA BOURSE achieves revenue of 27.7 M€. Over the period 2016-2020, the company shows strong growth with a CAGR (compound annual growth rate) of +19.7%. Vs 2019, growth of +26% (22.0 M€ -> 27.7 M€). After deducting consumption (26.4 M€), gross margin stands at 1.3 M€, i.e. a rate of 5%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 660 k€, representing 2.4% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 459 k€, i.e. 1.7% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2020) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

27 722 076 €

Gross margin (2020) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

1 293 399 €

EBITDA (2020) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

659 799 €

EBIT (2020) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

640 075 €

Net income (2020) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

458 721 €

EBITDA margin (2020) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

2.4%

Loading income statement...

Chart evolution

Show :

Assets

Loading data...

Liabilities

Loading data...

Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 154%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2020) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

154.409%

Financial autonomy (2020) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

11.846%

Cash flow / Revenue (2020) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

1.728%

Repayment capacity (2020) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

1.752

Asset age ratio (2020) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

29.2%

Solvency indicators evolution
CHANGE DE LA BOURSE

Sector positioning

Debt ratio
154.41 2020
2018
2019
2020
Q1: 0.01
Med: 9.23
Q3: 68.57
Watch +10 pts over 3 years

In 2020, the debt ratio of CHANGE DE LA BOURSE (154.41) ranks in the top 25% of the sector. This ratio measures the weight of debt relative to equity. A high ratio may indicate excessive dependence on external financing.

Financial autonomy
11.85% 2020
2018
2019
2020
Q1: 20.96%
Med: 61.22%
Q3: 89.92%
Average -17 pts over 3 years

In 2020, the financial autonomy of CHANGE DE LA BOURSE (11.8%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
1.75 years 2020
2018
2019
2020
Q1: -0.15 years
Med: 0.0 years
Q3: 2.44 years
Average +10 pts over 3 years

In 2020, the repayment capacity of CHANGE DE LA BOURSE (1.75) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 139.30. 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 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Liquidity ratio (2020) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

139.297

Interest coverage (2020) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

0.164

Liquidity indicators evolution
CHANGE DE LA BOURSE

Sector positioning

Liquidity ratio
139.3 2020
2018
2019
2020
Q1: 110.84
Med: 356.86
Q3: 2850.48
Average -8 pts over 3 years

In 2020, the liquidity ratio of CHANGE DE LA BOURSE (139.30) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
0.16x 2020
2018
2019
2020
Q1: -22.33x
Med: 0.0x
Q3: 0.05x
Excellent

In 2020, the interest coverage of CHANGE DE LA BOURSE (0.2x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 26 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 6 days. The company must finance 20 days of gap between collections and payments. Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 3 days of revenue, i.e. 267 k€ to permanently finance. Over 2016-2020, WCR increased by +581%, requiring additional financing.

Operating WCR (2020) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

266 964 €

Customer credit (2020) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

26 j

Supplier credit (2020) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

6 j

Inventory turnover (2020) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

8 j

WCR in days of revenue (2020) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

3 j

WCR and payment terms evolution
CHANGE DE LA BOURSE

Positioning of CHANGE DE LA BOURSE in its sector

Comparison with sector Courtage de valeurs mobilières et de marchandises

Valuation estimate

Based on 109 transactions of similar company sales (all years), the value of CHANGE DE LA BOURSE is estimated at 3 768 320 € (range 1 705 918€ - 8 679 832€). With an EBITDA of 659 799€, the sector multiple of 2.9x is applied. The price/revenue ratio is 0.30x (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.

Estimated enterprise value 2020
109 transactions
1705k€ 3768k€ 8679k€
3 768 320 € Range: 1 705 918€ - 8 679 832€
NAF 4 all-time Aggregated at NAF sub-class level

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
659 799 € × 2.9x
Estimation 1 932 644 €
757 470€ - 3 231 504€
Revenue Multiple 30%
27 722 076 € × 0.30x
Estimation 8 316 653 €
4 115 197€ - 20 916 162€
Net Income Multiple 20%
458 721 € × 3.3x
Estimation 1 535 012 €
463 122€ - 3 946 158€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 109 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Courtage de valeurs mobilières et de marchandises)

Compare CHANGE DE LA BOURSE with other companies in the same sector:

Voir toutes les statistiques du secteur Courtage de valeurs mobilières et de marchandises

Frequently asked questions about CHANGE DE LA BOURSE

What is the revenue of CHANGE DE LA BOURSE ?

The revenue of CHANGE DE LA BOURSE in 2020 is 27.7 M€.

Is CHANGE DE LA BOURSE profitable?

Yes, CHANGE DE LA BOURSE generated a net profit of 459 k€ in 2020.

Where is the headquarters of CHANGE DE LA BOURSE ?

The headquarters of CHANGE DE LA BOURSE is located in PARIS (75002), in the department Paris.

Where to find the tax return of CHANGE DE LA BOURSE ?

The tax return of CHANGE DE LA BOURSE is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does CHANGE DE LA BOURSE operate?

CHANGE DE LA BOURSE operates in the sector Courtage de valeurs mobilières et de marchandises (NAF code 66.12Z). See the 'Sector positioning' section above to compare the company with its competitors.