MOREL CHAUFFAGE - SANITAIRE : revenue, balance sheet and financial ratios

MOREL CHAUFFAGE - SANITAIRE is a French company founded 20 years ago, specialized in the sector Travaux d'installation d'eau et de gaz en tous locaux. Based in BREST (29200), this company of category PME shows in 2014 a revenue of 178 k€. 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 - MOREL CHAUFFAGE - SANITAIRE (SIREN 484844022)
Indicator 2014 2013
Revenue 177 592 € 149 649 €
Net income 9 606 € 2 907 €
EBITDA 14 042 € 8 591 €
Net margin 5.4% 1.9%

Revenue and income statement

In 2014, MOREL CHAUFFAGE - SANITAIRE achieves revenue of 178 k€. Vs 2013, growth of +19% (150 k€ -> 178 k€). After deducting consumption (75 k€), gross margin stands at 102 k€, i.e. a rate of 58%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 14 k€, representing 7.9% of revenue. Positive scissor effect: EBITDA margin improves by +2.2 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 10 k€, i.e. 5.4% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2014) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

177 592 €

Gross margin (2014) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

102 204 €

EBITDA (2014) ?
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

14 042 €

EBIT (2014) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

10 079 €

Net income (2014) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

9 606 €

EBITDA margin (2014) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

7.9%

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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 0%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Cash flow represents 7.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

Debt ratio (2014) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

0.0%

Financial autonomy (2014) ?
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

15.088%

Cash flow / Revenue (2014) ?
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

7.626%

Repayment capacity (2014) ?
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

0.0

Asset age ratio (2014) ?
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

11.5%

Solvency indicators evolution
MOREL CHAUFFAGE - SANITAIRE

Sector positioning

Debt ratio
0.0 2014
2013
2014
Q1: 0.0
Med: 7.91
Q3: 57.76
Excellent

In 2014, the debt ratio of MOREL CHAUFFAGE - SANITAIRE (0.00) 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
15.09% 2014
2013
2014
Q1: 1.56%
Med: 17.77%
Q3: 43.65%
Average -7 pts over 2 years

In 2014, the financial autonomy of MOREL CHAUFFAGE - SANITAIRE (15.1%) 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
0.0 years 2014
2013
2014
Q1: 0.0 years
Med: 0.0 years
Q3: 0.73 years
Excellent

In 2014, the repayment capacity of MOREL CHAUFFAGE - SANITAIRE (0.00) 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 238.06. 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 3.2x. Financial charges are adequately covered by operations.

Liquidity ratio (2014) ?
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

238.062

Interest coverage (2014) ?
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

3.24

Liquidity indicators evolution
MOREL CHAUFFAGE - SANITAIRE

Sector positioning

Liquidity ratio
238.06 2014
2013
2014
Q1: 110.51
Med: 153.44
Q3: 248.78
Good -6 pts over 2 years

In 2014, the liquidity ratio of MOREL CHAUFFAGE - SANITAIRE (238.06) 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
3.24x 2014
2013
2014
Q1: 0.0x
Med: 0.0x
Q3: 3.23x
Excellent

In 2014, the interest coverage of MOREL CHAUFFAGE - SANITAIRE (3.2x) 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: 104 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 122 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 130 days of revenue, i.e. 64 k€ to permanently finance.

Operating WCR (2014) ?
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

63 889 €

Customer credit (2014) ?
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

104 j

Supplier credit (2014) ?
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

122 j

Inventory turnover (2014) ?
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

13 j

WCR in days of revenue (2014) ?
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

130 j

WCR and payment terms evolution
MOREL CHAUFFAGE - SANITAIRE

Positioning of MOREL CHAUFFAGE - SANITAIRE in its sector

Comparison with sector Travaux d'installation d'eau et de gaz en tous locaux

Valuation estimate

Based on 302 transactions of similar company sales (all years), the value of MOREL CHAUFFAGE - SANITAIRE is estimated at 26 283 € (range 12 733€ - 50 990€). With an EBITDA of 14 042€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.20x (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 2014
302 transactions
12k€ 26k€ 50k€
26 283 € Range: 12 733€ - 50 990€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
14 042 € × 1.6x
Estimation 22 856 €
8 990€ - 46 916€
Revenue Multiple 30%
177 592 € × 0.20x
Estimation 36 024 €
22 394€ - 61 175€
Net Income Multiple 20%
9 606 € × 2.1x
Estimation 20 239 €
7 603€ - 45 899€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 302 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'eau et de gaz en tous locaux)

Compare MOREL CHAUFFAGE - SANITAIRE with other companies in the same sector:

Voir toutes les statistiques du secteur Travaux d'installation d'eau et de gaz en tous locaux

Frequently asked questions about MOREL CHAUFFAGE - SANITAIRE

What is the revenue of MOREL CHAUFFAGE - SANITAIRE ?

The revenue of MOREL CHAUFFAGE - SANITAIRE in 2014 is 178 k€.

Is MOREL CHAUFFAGE - SANITAIRE profitable?

Yes, MOREL CHAUFFAGE - SANITAIRE generated a net profit of 10 k€ in 2014.

Where is the headquarters of MOREL CHAUFFAGE - SANITAIRE ?

The headquarters of MOREL CHAUFFAGE - SANITAIRE is located in BREST (29200), in the department Finistere.

Where to find the tax return of MOREL CHAUFFAGE - SANITAIRE ?

The tax return of MOREL CHAUFFAGE - SANITAIRE 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 MOREL CHAUFFAGE - SANITAIRE operate?

MOREL CHAUFFAGE - SANITAIRE operates in the sector Travaux d'installation d'eau et de gaz en tous locaux (NAF code 43.22A). See the 'Sector positioning' section above to compare the company with its competitors.