SIREN : 790123855
MUST is a French company founded 13 years ago, specialized in the sector Travaux d'installation d'équipements thermiques et de climatisation. Based in MAXEVILLE (54320), this company of category GE shows in 2024 a revenue of 59.1 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
| Indicator | 2024 | 2023 | 2022 | 2021 | 2020 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59 148 802 € | 36 039 908 € | 41 474 511 € | 43 850 367 € | 32 537 292 € | 39 014 930 € | 27 996 993 € | 25 467 482 € |
| Net income | -2 922 134 € | -2 186 142 € | 682 924 € | 815 178 € | -635 253 € | 657 361 € | 1 052 024 € | 622 781 € |
| EBITDA | -792 073 € | -1 601 411 € | 1 458 083 € | 571 676 € | -682 249 € | 912 618 € | 1 112 359 € | 766 755 € |
| Net margin | -4.9% | -6.1% | 1.6% | 1.9% | -2.0% | 1.7% | 3.8% | 2.4% |
In 2024, MUST achieves revenue of 59.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.1%. Vs 2023, growth of +64% (36.0 M€ -> 59.1 M€). After deducting consumption (11.6 M€), gross margin stands at 47.5 M€, i.e. a rate of 80%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -792 k€, representing -1.3% of revenue. Positive scissor effect: EBITDA margin improves by +3.1 pts, sign of improved operational efficiency. Negative EBITDA means operations do not cover current expenses: concerning situation. Net income is negative at -2.9 M€ (-4.9% of revenue), which will impact equity.
59 148 802 €
47 510 744 €
-792 073 €
-1 532 024 €
-2 922 134 €
-1.3%
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 1%. Low autonomy: the company heavily depends on external financing (banks, suppliers).
0.0%
1.488%
-3.847%
0.0
52.8%
In 2024, the debt ratio of MUST (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.
In 2024, the financial autonomy of MUST (1.5%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.
In 2024, the repayment capacity of MUST (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.
The liquidity ratio (= Current assets / Current liabilities) stands at 80.08. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.
80.083
-137.387
In 2024, the liquidity ratio of MUST (80.08) 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.
In 2024, the interest coverage of MUST (-137.4x) ranks in the bottom 25% of the sector. This ratio indicates how many times operating income covers interest expenses. Low coverage may indicate fragility to rate or income variations.
Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 123 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 105 days. The company must finance 18 days of gap between collections and payments. Inventory turnover is 35 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 15 days of revenue, i.e. 2.4 M€ to permanently finance. Notable WCR improvement over the period (-73%), freeing up cash.
2 448 760 €
123 j
105 j
35 j
15 j
Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 6 777 138€ to 10 424 423€ is provided for information purposes only and requires in-depth analysis to be confirmed.
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.
This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).
Compare MUST with other companies in the same sector:
The revenue of MUST in 2024 is 59.1 M€.
MUST recorded a net loss in 2024.
The headquarters of MUST is located in MAXEVILLE (54320), in the department Meurthe-et-Moselle.
The tax return of MUST 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).
MUST operates in the sector Travaux d'installation d'équipements thermiques et de climatisation (NAF code 43.22B). See the 'Sector positioning' section above to compare the company with its competitors.