JECO : revenue, balance sheet and financial ratios

In 2025, JECO achieves revenue of 239 k€. Revenue is declining over the period 2016-2025 (CAGR: -14.5%). Significant drop of -78% vs 2024. After deducting consumption (209 k€), gross margin stands at 31 k€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 13 k€, representing 5.6% of revenue. Positive scissor effect: EBITDA margin improves by +6.3 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11 k€, i.e. 4.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 562%. 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 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 23.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 828.80. 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 2.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 792 days. Excellent situation: suppliers finance 792 days of the operating cycle (retail model). Inventory turnover is 469 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 467 days of revenue, i.e. 310 k€ to permanently finance. Over 2016-2025, WCR increased by +2350%, requiring additional financing.

Based on 258 transactions of similar company sales (all years), the value of JECO is estimated at 92 504 € (range 39 258€ - 167 294€). With an EBITDA of 13 471€, the sector multiple of 4.9x is applied. The price/revenue ratio is 0.65x (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.