MSV-SPIRELLA : revenue, balance sheet and financial ratios

MSV-SPIRELLA is a French company founded 45 years ago, specialized in the sector Commerce de gros (commerce interentreprises) d'autres biens domestiques . Based in RIVESALTES (66600), this company of category PME shows in 2025 a revenue of 22.2 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 - MSV-SPIRELLA (SIREN 321089757)
Indicator 2025 2024 2023 2020 2019 2018 2017
Revenue 22 203 519 € 24 100 422 € 19 608 859 € 17 663 627 € 13 614 561 € 15 921 169 € 14 579 816 €
Net income 17 432 € 496 629 € -1 660 607 € 336 173 € 18 318 € 523 195 € 1 238 996 €
EBITDA 494 795 € 693 960 € -22 004 € 1 013 285 € 607 564 € 333 621 € 435 076 €
Net margin 0.1% 2.1% -8.5% 1.9% 0.1% 3.3% 8.5%

Revenue and income statement

In 2025, MSV-SPIRELLA achieves revenue of 22.2 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +5.4%. Slight decline of -8% vs 2024. After deducting consumption (14.0 M€), gross margin stands at 8.2 M€, i.e. a rate of 37%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 495 k€, representing 2.2% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 17 k€, i.e. 0.1% 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

22 203 519 €

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

8 198 875 €

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

494 795 €

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

475 278 €

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

17 432 €

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

2.2%

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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 361%. 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 14%. Low autonomy: the company heavily depends on external financing (banks, suppliers).

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

360.667%

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

14.006%

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

-1.023%

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

-81.714

Asset age ratio (2025) ?
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

18.4%

Solvency indicators evolution
MSV-SPIRELLA

Sector positioning

Debt ratio
360.67 2025
2023
2024
2025
Q1: 1.13
Med: 13.07
Q3: 49.22
Watch

In 2025, the debt ratio of MSV-SPIRELLA (360.67) ranks in the top 25% of the sector. This ratio measures the weight of debt relative to equity. A high ratio may indicate excessive dependence on external financing.

Financial autonomy
14.01% 2025
2023
2024
2025
Q1: 20.2%
Med: 47.03%
Q3: 64.7%
Watch

In 2025, the financial autonomy of MSV-SPIRELLA (14.0%) ranks in the bottom 25% of the sector. This ratio represents the share of equity in total financing. Low autonomy may limit investment capacity and increase vulnerability.

Repayment capacity
-81.71 years 2025
2023
2024
2025
Q1: 0.0 years
Med: 0.13 years
Q3: 1.71 years
Excellent -8 pts over 3 years

In 2025, the repayment capacity of MSV-SPIRELLA (-81.71) 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 259.69. 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 170.5x. 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

259.689

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

170.506

Liquidity indicators evolution
MSV-SPIRELLA

Sector positioning

Liquidity ratio
259.69 2025
2023
2024
2025
Q1: 159.6
Med: 237.67
Q3: 459.69
Good -8 pts over 3 years

In 2025, the liquidity ratio of MSV-SPIRELLA (259.69) 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
170.51x 2025
2023
2024
2025
Q1: 0.0x
Med: 0.34x
Q3: 6.1x
Excellent +57 pts over 3 years

In 2025, the interest coverage of MSV-SPIRELLA (170.5x) 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: 96 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 115 days. Favorable situation: supplier credit is longer than customer credit by 19 days. Inventory turnover is 256 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 381 days of revenue, i.e. 23.5 M€ to permanently finance. Over 2017-2025, WCR increased by +123%, 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

23 491 989 €

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

96 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

115 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

256 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

381 j

WCR and payment terms evolution
MSV-SPIRELLA

Positioning of MSV-SPIRELLA in its sector

Comparison with sector Commerce de gros (commerce interentreprises) d'autres biens domestiques

Valuation estimate

Based on 145 transactions of similar company sales (all years), the value of MSV-SPIRELLA is estimated at 1 930 806 € (range 954 182€ - 5 082 136€). With an EBITDA of 494 795€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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 2025
145 transactions
954k€ 1930k€ 5082k€
1 930 806 € Range: 954 182€ - 5 082 136€
NAF 5 all-time

Valuation detail by method

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EBITDA Multiple 50%
494 795 € × 2.6x
Estimation 1 289 590 €
469 145€ - 3 624 975€
Revenue Multiple 30%
22 203 519 € × 0.19x
Estimation 4 248 111 €
2 390 942€ - 10 829 823€
Net Income Multiple 20%
17 432 € × 3.3x
Estimation 57 891 €
11 639€ - 103 512€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 145 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'autres biens domestiques )

Compare MSV-SPIRELLA with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) d'autres biens domestiques

Frequently asked questions about MSV-SPIRELLA

What is the revenue of MSV-SPIRELLA ?

The revenue of MSV-SPIRELLA in 2025 is 22.2 M€.

Is MSV-SPIRELLA profitable?

Yes, MSV-SPIRELLA generated a net profit of 17 k€ in 2025.

Where is the headquarters of MSV-SPIRELLA ?

The headquarters of MSV-SPIRELLA is located in RIVESALTES (66600), in the department Pyrenees-Orientales.

Where to find the tax return of MSV-SPIRELLA ?

The tax return of MSV-SPIRELLA 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 MSV-SPIRELLA operate?

MSV-SPIRELLA operates in the sector Commerce de gros (commerce interentreprises) d'autres biens domestiques (NAF code 46.49Z). See the 'Sector positioning' section above to compare the company with its competitors.