COMPLEXE AQUATIQUE DES DEUX MERS : revenue, balance sheet and financial ratios

In 2025, COMPLEXE AQUATIQUE DES DEUX MERS achieves revenue of 1.4 M€. Revenue is growing positively over 8 years (CAGR: +0.8%). Slight decline of -0% vs 2024. After deducting consumption (2 k€), gross margin stands at 1.4 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 162 k€, representing 12.0% of revenue. Warning negative scissor effect: despite revenue change (-0%), EBITDA varies by -31%, reducing margin by 5.3 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -226 k€ (-16.7% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -283%. 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 -29%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 53.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 42.90. 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 62.7x. 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: 21 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 297 days. Excellent situation: suppliers finance 276 days of the operating cycle (retail model). Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-1 days): operations structurally generate cash. Notable WCR improvement over the period (-104%), freeing up cash.

Based on 73 transactions of similar company sales (all years), the value of COMPLEXE AQUATIQUE DES DEUX MERS is estimated at 698 469 € (range 324 034€ - 1 119 914€). With an EBITDA of 161 967€, the sector multiple of 4.0x is applied. The price/revenue ratio is 0.57x (in line with sector norms). 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.