GSA : revenue, balance sheet and financial ratios

GSA is a French company founded 34 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail . Based in DURDAT-LAREQUILLE (03310), this company of category PME shows in 2022 a revenue of 1.7 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 - GSA (SIREN 384909552)
Indicator 2022 2021 2020 2019 2018 2017 2016
Revenue 1 654 286 € 1 663 095 € 1 530 809 € 1 595 665 € 1 504 194 € 1 525 928 € 1 481 861 €
Net income 50 530 € 63 874 € 56 753 € 36 225 € 16 932 € 39 964 € 33 223 €
EBITDA 88 240 € 94 414 € 86 392 € 77 419 € 18 962 € 75 726 € 65 401 €
Net margin 3.1% 3.8% 3.7% 2.3% 1.1% 2.6% 2.2%

Revenue and income statement

In 2022, GSA achieves revenue of 1.7 M€. Revenue is growing positively over 7 years (CAGR: +1.9%). Slight decline of -1% vs 2021. After deducting consumption (1.2 M€), gross margin stands at 418 k€, i.e. a rate of 25%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 88 k€, representing 5.3% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 51 k€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2022) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

1 654 286 €

Gross margin (2022) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

417 775 €

EBITDA (2022) ?
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

88 240 €

EBIT (2022) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

71 552 €

Net income (2022) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

50 530 €

EBITDA margin (2022) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

5.3%

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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 6%. 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 70%. 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 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2022) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

6.301%

Financial autonomy (2022) ?
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

69.78%

Cash flow / Revenue (2022) ?
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

4.065%

Repayment capacity (2022) ?
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

0.55

Asset age ratio (2022) ?
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

22.3%

Solvency indicators evolution
GSA

Sector positioning

Debt ratio
6.3 2022
2020
2021
2022
Q1: 6.9
Med: 50.33
Q3: 144.41
Excellent -10 pts over 3 years

In 2022, the debt ratio of GSA (6.30) ranks in the bottom 25% of the sector, which is positive. This ratio measures the weight of debt relative to equity. A low ratio indicates a solid financial structure with little dependence on creditors.

Financial autonomy
69.78% 2022
2020
2021
2022
Q1: 16.66%
Med: 35.27%
Q3: 54.95%
Excellent

In 2022, the financial autonomy of GSA (69.8%) ranks in the top 25% of the sector. This ratio represents the share of equity in total financing. High autonomy reflects financial independence and ability to absorb shocks.

Repayment capacity
0.55 years 2022
2020
2021
2022
Q1: 0.0 years
Med: 1.52 years
Q3: 5.98 years
Good -18 pts over 3 years

In 2022, the repayment capacity of GSA (0.55) ranks below the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. This controlled position reflects prudent management.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 353.37. 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 27.6x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2022) ?
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

353.366

Interest coverage (2022) ?
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

27.557

Liquidity indicators evolution
GSA

Sector positioning

Liquidity ratio
353.37 2022
2020
2021
2022
Q1: 130.7
Med: 204.55
Q3: 314.0
Excellent

In 2022, the liquidity ratio of GSA (353.37) ranks in the top 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio above 1 ensures comfortable coverage of short-term maturities.

Interest coverage
27.56x 2022
2020
2021
2022
Q1: 0.0x
Med: 3.22x
Q3: 12.9x
Excellent

In 2022, the interest coverage of GSA (27.6x) 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: 42 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 40 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 81 days of revenue, i.e. 371 k€ to permanently finance.

Operating WCR (2022) ?
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

371 338 €

Customer credit (2022) ?
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

42 j

Supplier credit (2022) ?
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

46 j

Inventory turnover (2022) ?
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

40 j

WCR in days of revenue (2022) ?
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

81 j

WCR and payment terms evolution
GSA

Positioning of GSA in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail

Valuation estimate

Based on 94 transactions of similar company sales (all years), the value of GSA is estimated at 110 624 € (range 69 288€ - 214 969€). With an EBITDA of 88 240€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.

Estimated enterprise value 2022
94 tx
69k€ 110k€ 214k€
110 624 € Range: 69 288€ - 214 969€
NAF 5 all-time

Valuation detail by method

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EBITDA Multiple 50%
88 240 € × 0.5x
Estimation 43 032 €
25 409€ - 183 973€
Revenue Multiple 30%
1 654 286 € × 0.15x
Estimation 250 000 €
169 674€ - 287 018€
Net Income Multiple 20%
50 530 € × 1.4x
Estimation 70 540 €
28 410€ - 184 391€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 94 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 (Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail )

Compare GSA with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail

Frequently asked questions about GSA

What is the revenue of GSA ?

The revenue of GSA in 2022 is 1.7 M€.

Is GSA profitable?

Yes, GSA generated a net profit of 51 k€ in 2022.

Where is the headquarters of GSA ?

The headquarters of GSA is located in DURDAT-LAREQUILLE (03310), in the department Allier.

Where to find the tax return of GSA ?

The tax return of GSA 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 GSA operate?

GSA operates in the sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail (NAF code 46.21Z). See the 'Sector positioning' section above to compare the company with its competitors.