MASTER IMAGE PROGRAMMES : revenue, balance sheet and financial ratios

MASTER IMAGE PROGRAMMES is a French company founded 20 years ago, specialized in the sector Production de films institutionnels et publicitaires. Based in BOULOGNE BILLANCOURT (92100), this company of category PME shows in 2024 a revenue of 8.7 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 - MASTER IMAGE PROGRAMMES (SIREN 488624461)
Indicator 2024 2023 2022 2021 2020 2019 2018 2017 2016
Revenue 8 665 348 € 9 553 933 € 8 953 149 € 7 682 391 € 4 612 203 € 8 048 010 € 6 200 760 € 5 146 448 € 3 297 678 €
Net income 217 000 € 108 992 € 26 125 € 289 151 € 23 760 € 255 248 € 358 448 € 92 501 € 186 232 €
EBITDA 538 561 € 295 128 € 296 236 € 564 570 € 219 495 € 614 504 € 631 994 € 256 195 € 284 344 €
Net margin 2.5% 1.1% 0.3% 3.8% 0.5% 3.2% 5.8% 1.8% 5.6%

Revenue and income statement

In 2024, MASTER IMAGE PROGRAMMES achieves revenue of 8.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.8%. Slight decline of -9% vs 2023. After deducting consumption (0 €), gross margin stands at 8.7 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 539 k€, representing 6.2% of revenue. Positive scissor effect: EBITDA margin improves by +3.1 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 217 k€, i.e. 2.5% of revenue. This profit can be retained or distributed to shareholders.

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

8 665 348 €

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

8 665 348 €

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

538 561 €

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

227 264 €

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

217 000 €

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

6.2%

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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 159%. 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 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.4 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 5.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

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

158.787%

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

26.564%

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

5.534%

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

5.399

Asset age ratio (2024) ?
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

29.3%

Solvency indicators evolution
MASTER IMAGE PROGRAMMES

Sector positioning

Debt ratio
158.79 2024
2022
2023
2024
Q1: 0.0
Med: 4.03
Q3: 36.64
Average

In 2024, the debt ratio of MASTER IMAGE PROGRAMMES (158.79) 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
26.56% 2024
2022
2023
2024
Q1: 4.66%
Med: 35.55%
Q3: 59.87%
Average

In 2024, the financial autonomy of MASTER IMAGE PROGRAMMES (26.6%) 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
5.4 years 2024
2022
2023
2024
Q1: 0.0 years
Med: 0.0 years
Q3: 0.36 years
Watch

In 2024, the repayment capacity of MASTER IMAGE PROGRAMMES (5.40) 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 260.69. 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 16.4x. Operating income very largely covers interest expenses: high safety margin.

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

260.687

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

16.421

Liquidity indicators evolution
MASTER IMAGE PROGRAMMES

Sector positioning

Liquidity ratio
260.69 2024
2022
2023
2024
Q1: 128.3
Med: 229.41
Q3: 407.29
Good +11 pts over 3 years

In 2024, the liquidity ratio of MASTER IMAGE PROGRAMMES (260.69) ranks above the median of the sector. This ratio measures the ability to cover short-term debt with current assets. This comfortable position offers an appreciable safety margin.

Interest coverage
16.42x 2024
2022
2023
2024
Q1: 0.0x
Med: 0.0x
Q3: 0.27x
Excellent

In 2024, the interest coverage of MASTER IMAGE PROGRAMMES (16.4x) 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: 91 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 34 days. The gap of 57 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 106 days of revenue, i.e. 2.6 M€ to permanently finance. Over 2016-2024, WCR increased by +158%, requiring additional financing.

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

2 556 971 €

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

91 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

34 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

0 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

106 j

WCR and payment terms evolution
MASTER IMAGE PROGRAMMES

Positioning of MASTER IMAGE PROGRAMMES in its sector

Comparison with sector Production de films institutionnels et publicitaires

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 434 425€ to 3 577 660€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2024
Indicative
434k€ 1368k€ 3577k€
1 368 196 € Range: 434 425€ - 3 577 660€
NAF 5 all-time
How is this estimate calculated?

This estimate is based on the analysis of 28 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 (Production de films institutionnels et publicitaires)

Compare MASTER IMAGE PROGRAMMES with other companies in the same sector:

Voir toutes les statistiques du secteur Production de films institutionnels et publicitaires

Frequently asked questions about MASTER IMAGE PROGRAMMES

What is the revenue of MASTER IMAGE PROGRAMMES ?

The revenue of MASTER IMAGE PROGRAMMES in 2024 is 8.7 M€.

Is MASTER IMAGE PROGRAMMES profitable?

Yes, MASTER IMAGE PROGRAMMES generated a net profit of 217 k€ in 2024.

Where is the headquarters of MASTER IMAGE PROGRAMMES ?

The headquarters of MASTER IMAGE PROGRAMMES is located in BOULOGNE BILLANCOURT (92100), in the department Hauts-de-Seine.

Where to find the tax return of MASTER IMAGE PROGRAMMES ?

The tax return of MASTER IMAGE PROGRAMMES 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 MASTER IMAGE PROGRAMMES operate?

MASTER IMAGE PROGRAMMES operates in the sector Production de films institutionnels et publicitaires (NAF code 59.11B). See the 'Sector positioning' section above to compare the company with its competitors.