I.CODE : revenue, balance sheet and financial ratios

I.CODE is a French company founded 20 years ago, specialized in the sector Commerce de gros (commerce interentreprises) d'habillement et de chaussures. Based in SEVREMOINE (49230), this company of category ETI shows in 2024 a revenue of 5.7 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-09

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - I.CODE (SIREN 487648891)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 5 724 215 € 7 958 149 € 9 476 111 € 11 093 700 € 10 121 481 € 12 874 657 € 11 849 632 € 9 972 182 € 10 619 986 €
Net income -2 928 275 € -1 989 543 € -310 712 € 740 344 € -22 659 € 1 114 709 € 562 702 € 74 981 € 991 178 €
EBITDA -2 658 788 € -1 141 354 € 17 508 € 1 149 431 € 72 014 € 2 123 639 € 1 316 796 € 587 625 € 1 980 115 €
Net margin -51.2% -25.0% -3.3% 6.7% -0.2% 8.7% 4.7% 0.8% 9.3%

Revenue and income statement

In 2024, I.CODE achieves revenue of 5.7 M€. Revenue is declining over the period 2016-2024 (CAGR: -7.4%). Significant drop of -28% vs 2023. After deducting consumption (4.5 M€), gross margin stands at 1.2 M€, i.e. a rate of 21%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -2.7 M€, representing -46.4% of revenue. Warning negative scissor effect: despite revenue change (-28%), EBITDA varies by -133%, reducing margin by 32.1 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Net income is negative at -2.9 M€ (-51.2% of revenue), which will impact equity.

Revenue (2024) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

5 724 215 €

Gross margin (2024) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

1 174 384 €

EBITDA (2024) ?
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

-2 658 788 €

EBIT (2024) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

-2 841 130 €

Net income (2024) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

-2 928 275 €

EBITDA margin (2024) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

-46.4%

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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 4%. 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 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers).

Debt ratio (2024) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

3.795%

Financial autonomy (2024) ?
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

7.889%

Cash flow / Revenue (2024) ?
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

-52.577%

Repayment capacity (2024) ?
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

-0.007

Solvency indicators evolution
I.CODE

Sector positioning

Debt ratio
3.79 2024
2022
2023
2024
Q1: 0.0
Med: 9.7
Q3: 45.52
Good +10 pts over 3 years

In 2024, the debt ratio of I.CODE (3.79) ranks below the median of the sector. This ratio measures the weight of debt relative to equity. This controlled position reflects prudent management.

Financial autonomy
7.89% 2024
2022
2023
2024
Q1: 5.54%
Med: 31.66%
Q3: 58.73%
Average -48 pts over 3 years

In 2024, the financial autonomy of I.CODE (7.9%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
-0.01 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 0.0 years
Q3: 1.07 years
Excellent

In 2024, the repayment capacity of I.CODE (-0.01) ranks in the bottom 25% of the sector, which is positive. This ratio indicates the number of years needed to repay debt with cash flow. A short capacity reflects controlled debt and good cash generation.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 53.66. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2024) ?
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

53.665

Interest coverage (2024) ?
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

-6.747

Liquidity indicators evolution
I.CODE

Sector positioning

Liquidity ratio
53.66 2024
2022
2023
2024
Q1: 113.32
Med: 190.56
Q3: 357.0
Watch -27 pts over 3 years

In 2024, the liquidity ratio of I.CODE (53.66) 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
-6.75x 2024
2022
2023
2024
Q1: 0.0x
Med: 0.0x
Q3: 4.08x
Average -52 pts over 3 years

In 2024, the interest coverage of I.CODE (-6.8x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

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: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 71 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 165 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. WCR is negative (-71 days): operations structurally generate cash. Notable WCR improvement over the period (-148%), freeing up cash.

Operating WCR (2024) ?
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

-1 133 681 €

Customer credit (2024) ?
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

46 j

Supplier credit (2024) ?
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

71 j

Inventory turnover (2024) ?
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

165 j

WCR in days of revenue (2024) ?
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

-71 j

WCR and payment terms evolution
I.CODE

Positioning of I.CODE in its sector

Comparison with sector Commerce de gros (commerce interentreprises) d'habillement et de chaussures

Valuation estimate

Based on 124 transactions of similar company sales (all years), the value of I.CODE is estimated at 996 260 € (range 512 551€ - 2 868 876€). The price/revenue ratio is 0.17x (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.

Estimated enterprise value 2024
124 transactions
512k€ 996k€ 2868k€
996 260 € Range: 512 551€ - 2 868 876€
NAF 5 all-time

Valuation method used

Revenue Multiple
5 724 215 € × 0.17x = 996 260 €
Range: 512 551€ - 2 868 876€

Only this financial indicator is available for this company.

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 124 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) d'habillement et de chaussures)

Compare I.CODE with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) d'habillement et de chaussures

Frequently asked questions about I.CODE

What is the revenue of I.CODE ?

The revenue of I.CODE in 2024 is 5.7 M€.

Is I.CODE profitable?

I.CODE recorded a net loss in 2024.

Where is the headquarters of I.CODE ?

The headquarters of I.CODE is located in SEVREMOINE (49230), in the department Maine-et-Loire.

Where to find the tax return of I.CODE ?

The tax return of I.CODE 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 I.CODE operate?

I.CODE operates in the sector Commerce de gros (commerce interentreprises) d'habillement et de chaussures (NAF code 46.42Z). See the 'Sector positioning' section above to compare the company with its competitors.