SARL DE L'HORIZON : revenue, balance sheet and financial ratios

In 2025, SARL DE L'HORIZON achieves revenue of 219 k€. Activity remains stable over the period (CAGR: -2.0%). Slight decline of -9% vs 2024. After deducting consumption (37 k€), gross margin stands at 182 k€, i.e. a rate of 83%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 31 k€, representing 14.2% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 16 k€, i.e. 7.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 609%. 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 10%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 13.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 338.21. 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 7.8x. Operating income very largely covers interest expenses: high safety margin.

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: 58 days. The gap of 38 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 164 days of revenue, i.e. 100 k€ to permanently finance. Over 2016-2025, WCR increased by +417%, requiring additional financing.

Based on 120 transactions of similar company sales (all years), the value of SARL DE L'HORIZON is estimated at 47 356 € (range 16 130€ - 120 004€). With an EBITDA of 31 242€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.22x (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.