CORTEX PRODUCTIONS : revenue, balance sheet and financial ratios

CORTEX PRODUCTIONS is a French company founded 19 years ago, specialized in the sector Production de films institutionnels et publicitaires. Based in ANGOULEME (16000), this company of category PME shows in 2021 a revenue of 161 k€. 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 - CORTEX PRODUCTIONS (SIREN 492681549)
Indicator 2021 2020 2019 2018 2017
Revenue 161 042 € 228 070 € 25 000 € 75 000 € 313 028 €
Net income -61 516 € -6 082 € -42 150 € 4 786 € 38 702 €
EBITDA 24 662 € 76 108 € -179 862 € -121 213 € 132 072 €
Net margin -38.2% -2.7% -168.6% 6.4% 12.4%

Revenue and income statement

In 2021, CORTEX PRODUCTIONS achieves revenue of 161 k€. Revenue is declining over the period 2017-2021 (CAGR: -15.3%). Significant drop of -29% vs 2020. After deducting consumption (41 k€), gross margin stands at 120 k€, i.e. a rate of 74%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 25 k€, representing 15.3% of revenue. Warning negative scissor effect: despite revenue change (-29%), EBITDA varies by -68%, reducing margin by 18.1 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -62 k€ (-38.2% of revenue), which will impact equity.

Revenue (2021) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

161 042 €

Gross margin (2021) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

119 561 €

EBITDA (2021) ?
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

24 662 €

EBIT (2021) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

-158 690 €

Net income (2021) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-61 516 €

EBITDA margin (2021) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

13.2%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 115%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 38%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 65.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

Debt ratio (2021) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

114.93%

Financial autonomy (2021) ?
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

37.728%

Cash flow / Revenue (2021) ?
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

65.389%

Repayment capacity (2021) ?
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

2.587

Asset age ratio (2021) ?
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

24.8%

Solvency indicators evolution
CORTEX PRODUCTIONS

Sector positioning

Debt ratio
114.93 2021
2019
2020
2021
Q1: 0.0
Med: 9.79
Q3: 65.5
Watch

In 2021, the debt ratio of CORTEX PRODUCTIONS (114.93) 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
37.73% 2021
2019
2020
2021
Q1: 6.99%
Med: 32.38%
Q3: 59.84%
Good

In 2021, the financial autonomy of CORTEX PRODUCTIONS (37.7%) ranks above the median of the sector. This ratio represents the share of equity in total financing. This comfortable position offers an appreciable safety margin.

Repayment capacity
2.59 years 2021
2019
2020
2021
Q1: 0.0 years
Med: 0.0 years
Q3: 0.78 years
Average

In 2021, the repayment capacity of CORTEX PRODUCTIONS (2.59) 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 99.38. 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 39.3x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2021) ?
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

99.377

Interest coverage (2021) ?
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

39.295

Liquidity indicators evolution
CORTEX PRODUCTIONS

Sector positioning

Liquidity ratio
99.38 2021
2019
2020
2021
Q1: 135.6
Med: 235.82
Q3: 400.48
Watch -6 pts over 3 years

In 2021, the liquidity ratio of CORTEX PRODUCTIONS (99.38) ranks in the bottom 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio below 1 may signal potential cash flow tensions.

Interest coverage
39.3x 2021
2019
2020
2021
Q1: 0.0x
Med: 0.0x
Q3: 0.41x
Excellent +56 pts over 3 years

In 2021, the interest coverage of CORTEX PRODUCTIONS (39.3x) 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: 39 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 209 days. Excellent situation: suppliers finance 170 days of the operating cycle (retail model). Overall, WCR represents 121 days of revenue, i.e. 54 k€ to permanently finance. Notable WCR improvement over the period (-80%), freeing up cash.

Operating WCR (2021) ?
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

53 930 €

Customer credit (2021) ?
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

39 j

Supplier credit (2021) ?
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

209 j

Inventory turnover (2021) ?
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

0 j

WCR in days of revenue (2021) ?
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

121 j

WCR and payment terms evolution
CORTEX PRODUCTIONS

Positioning of CORTEX PRODUCTIONS in its sector

Comparison with sector Production de films institutionnels et publicitaires

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 11 191€ to 103 623€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2021
Indicative
11k€ 35k€ 103k€
35 551 € Range: 11 191€ - 103 623€
NAF 5 all-time
How is this estimate calculated?

This estimate is based on the analysis of 28 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 (Production de films institutionnels et publicitaires)

Compare CORTEX PRODUCTIONS with other companies in the same sector:

Voir toutes les statistiques du secteur Production de films institutionnels et publicitaires

Frequently asked questions about CORTEX PRODUCTIONS

What is the revenue of CORTEX PRODUCTIONS ?

The revenue of CORTEX PRODUCTIONS in 2021 is 161 k€.

Is CORTEX PRODUCTIONS profitable?

CORTEX PRODUCTIONS recorded a net loss in 2021.

Where is the headquarters of CORTEX PRODUCTIONS ?

The headquarters of CORTEX PRODUCTIONS is located in ANGOULEME (16000), in the department Charente.

Where to find the tax return of CORTEX PRODUCTIONS ?

The tax return of CORTEX PRODUCTIONS 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 CORTEX PRODUCTIONS operate?

CORTEX PRODUCTIONS operates in the sector Production de films institutionnels et publicitaires (NAF code 59.11B). See the 'Sector positioning' section above to compare the company with its competitors.