HSL 44 : revenue, balance sheet and financial ratios

HSL 44 is a French company founded 13 years ago, specialized in the sector Travaux d'installation d'équipements thermiques et de climatisation. Based in SAINT-SEBASTIEN-SUR-LOIRE (44230), this company of category PME shows in 2025 a revenue of 191 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 - HSL 44 (SIREN 790117469)
Indicator 2025 2024 2021 2020 2017
Revenue 191 096 € 168 492 € N/C N/C 207 470 €
Net income 123 292 € 117 453 € 33 588 € 34 975 € 36 208 €
EBITDA 58 107 € 40 013 € N/C N/C 2 607 €
Net margin 64.5% 69.7% N/C N/C 17.5%

Revenue and income statement

In 2025, HSL 44 achieves revenue of 191 k€. Activity remains stable over the period (CAGR: -1.0%). Vs 2024, growth of +13% (168 k€ -> 191 k€). After deducting consumption (0 €), gross margin stands at 191 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 58 k€, representing 30.4% of revenue. Positive scissor effect: EBITDA margin improves by +6.7 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 123 k€, i.e. 64.5% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2025) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

191 096 €

Gross margin (2025) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

191 096 €

EBITDA (2025) ?
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

58 107 €

EBIT (2025) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

58 104 €

Net income (2025) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

123 292 €

EBITDA margin (2025) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

30.4%

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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 29%. 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 75%. 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 1.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 64.5% 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 (2025) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

29.105%

Financial autonomy (2025) ?
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

75.285%

Cash flow / Revenue (2025) ?
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

64.518%

Repayment capacity (2025) ?
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

1.914

Solvency indicators evolution
HSL 44

Sector positioning

Debt ratio
29.11 2025
2021
2024
2025
Q1: 2.81
Med: 13.61
Q3: 36.09
Average +11 pts over 3 years

In 2025, the debt ratio of HSL 44 (29.11) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
75.28% 2025
2021
2024
2025
Q1: 26.38%
Med: 47.22%
Q3: 63.03%
Excellent +7 pts over 3 years

In 2025, the financial autonomy of HSL 44 (75.3%) 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
1.91 years 2025
2024
2025
Q1: 0.0 years
Med: 0.27 years
Q3: 1.27 years
Watch

In 2025, the repayment capacity of HSL 44 (1.91) ranks in the top 25% of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A long duration may signal heavy debt relative to repayment capacity.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 1577.63. 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 21.8x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2025) ?
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

1577.63

Interest coverage (2025) ?
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

21.765

Liquidity indicators evolution
HSL 44

Sector positioning

Liquidity ratio
1577.63 2025
2021
2024
2025
Q1: 162.61
Med: 224.39
Q3: 319.79
Excellent +6 pts over 3 years

In 2025, the liquidity ratio of HSL 44 (1577.63) 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
21.77x 2025
2024
2025
Q1: 0.0x
Med: 0.7x
Q3: 3.51x
Excellent

In 2025, the interest coverage of HSL 44 (21.8x) 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: 134 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 20 days. The gap of 114 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 109 days of revenue, i.e. 58 k€ to permanently finance. Over 2017-2025, WCR increased by +45%, requiring additional financing.

Operating WCR (2025) ?
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

57 677 €

Customer credit (2025) ?
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

134 j

Supplier credit (2025) ?
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

20 j

Inventory turnover (2025) ?
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 (2025) ?
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

109 j

WCR and payment terms evolution
HSL 44

Positioning of HSL 44 in its sector

Comparison with sector Travaux d'installation d'équipements thermiques et de climatisation

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (38 transactions). This range of 37 580€ to 165 110€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2025
Indicative
37k€ 143k€ 165k€
143 206 € Range: 37 580€ - 165 110€
NAF 5 année 2025

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 38 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 (Travaux d'installation d'équipements thermiques et de climatisation)

Compare HSL 44 with other companies in the same sector:

Voir toutes les statistiques du secteur Travaux d'installation d'équipements thermiques et de climatisation

Frequently asked questions about HSL 44

What is the revenue of HSL 44 ?

The revenue of HSL 44 in 2025 is 191 k€.

Is HSL 44 profitable?

Yes, HSL 44 generated a net profit of 123 k€ in 2025.

Where is the headquarters of HSL 44 ?

The headquarters of HSL 44 is located in SAINT-SEBASTIEN-SUR-LOIRE (44230), in the department Loire-Atlantique.

Where to find the tax return of HSL 44 ?

The tax return of HSL 44 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 HSL 44 operate?

HSL 44 operates in the sector Travaux d'installation d'équipements thermiques et de climatisation (NAF code 43.22B). See the 'Sector positioning' section above to compare the company with its competitors.