ETABLISSEMENTS BECAT : revenue, balance sheet and financial ratios

In 2024, ETABLISSEMENTS BECAT achieves revenue of 14.4 M€. Revenue is growing positively over 9 years (CAGR: +4.0%). Significant drop of -13% vs 2023. After deducting consumption (10.0 M€), gross margin stands at 4.4 M€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 616 k€, representing 4.3% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -49%, reducing margin by 3.0 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 298 k€, i.e. 2.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. 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 53%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 244.99. 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 7.9x. 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: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Favorable situation: supplier credit is longer than customer credit by 29 days. Inventory turnover is 91 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 122 days of revenue, i.e. 4.9 M€ to permanently finance. Over 2016-2024, WCR increased by +53%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (39 transactions). This range of 773 325€ to 1 893 454€ is provided for information purposes only and requires in-depth analysis to be confirmed.