G.F.A. ASSOCIES : revenue, balance sheet and financial ratios

In 2025, G.F.A. ASSOCIES achieves revenue of 2.4 M€. Revenue is growing positively over 9 years (CAGR: +2.2%). Slight decline of -6% vs 2024. After deducting consumption (457 k€), gross margin stands at 2.0 M€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 133 k€, representing 5.5% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -55%, reducing margin by 5.9 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 7 k€, i.e. 0.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1647%. 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 4%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 18.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 39.24. 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 34.3x. 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: 16 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 169 days. Excellent situation: suppliers finance 153 days of the operating cycle (retail model). Inventory turnover is 7 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 3 days of revenue, i.e. 17 k€ to permanently finance. Over 2017-2025, WCR increased by +112%, requiring additional financing.

Based on 557 transactions of similar company sales in 2025, the value of G.F.A. ASSOCIES is estimated at 763 479 € (range 445 262€ - 1 302 953€). With an EBITDA of 133 338€, the sector multiple of 5.3x is applied. The price/revenue ratio is 0.55x (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.