SAS BEL AIR (MORCHOISNE) : revenue, balance sheet and financial ratios

SAS BEL AIR (MORCHOISNE) is a French company founded 10 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail . Based in BARMAINVILLE (28310), this company of category PME shows in 2021 a revenue of 951 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 - SAS BEL AIR (MORCHOISNE) (SIREN 819370818)
Indicator 2021 2020
Revenue 951 114 € 1 049 960 €
Net income 191 695 € 176 487 €
EBITDA 438 229 € 377 809 €
Net margin 20.2% 16.8%

Revenue and income statement

In 2021, SAS BEL AIR (MORCHOISNE) achieves revenue of 951 k€. Slight decline of -9% vs 2020. After deducting consumption (206 k€), gross margin stands at 745 k€, i.e. a rate of 78%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 438 k€, representing 46.1% of revenue. Positive scissor effect: EBITDA margin improves by +10.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 192 k€, i.e. 20.2% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2021) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

951 114 €

Gross margin (2021) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

745 265 €

EBITDA (2021) ?
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

438 229 €

EBIT (2021) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

300 432 €

Net income (2021) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

191 695 €

EBITDA margin (2021) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

46.1%

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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 205%. 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 28%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 38.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

Debt ratio (2021) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

205.267%

Financial autonomy (2021) ?
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

28.338%

Cash flow / Revenue (2021) ?
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

38.762%

Repayment capacity (2021) ?
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

1.467

Asset age ratio (2021) ?
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

58.6%

Solvency indicators evolution
SAS BEL AIR (MORCHOISNE)

Sector positioning

Debt ratio
205.27 2021
2020
2021
Q1: 7.7
Med: 46.17
Q3: 131.02
Average +41 pts over 2 years

In 2021, the debt ratio of SAS BEL AIR (MORCHOISNE) (205.27) 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
28.34% 2021
2020
2021
Q1: 19.58%
Med: 38.39%
Q3: 57.77%
Average -31 pts over 2 years

In 2021, the financial autonomy of SAS BEL AIR (MORCHOISNE) (28.3%) 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
1.47 years 2021
2020
2021
Q1: 0.0 years
Med: 1.55 years
Q3: 5.65 years
Good +17 pts over 2 years

In 2021, the repayment capacity of SAS BEL AIR (MORCHOISNE) (1.47) ranks below the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. This controlled position reflects prudent management.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 387.84. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2021) ?
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

387.838

Interest coverage (2021) ?
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

0.0

Liquidity indicators evolution
SAS BEL AIR (MORCHOISNE)

Sector positioning

Liquidity ratio
387.84 2021
2020
2021
Q1: 137.87
Med: 207.18
Q3: 359.31
Excellent +42 pts over 2 years

In 2021, the liquidity ratio of SAS BEL AIR (MORCHOISNE) (387.84) ranks in the top 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio above 1 ensures comfortable coverage of short-term maturities.

Interest coverage
0.0x 2021
2020
2021
Q1: 0.0x
Med: 2.94x
Q3: 15.83x
Average

In 2021, the interest coverage of SAS BEL AIR (MORCHOISNE) (0.0x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 119 days. Excellent situation: suppliers finance 119 days of the operating cycle (retail model). Inventory turnover is 6 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-19 days): operations structurally generate cash.

Operating WCR (2021) ?
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

-50 114 €

Customer credit (2021) ?
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

0 j

Supplier credit (2021) ?
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

119 j

Inventory turnover (2021) ?
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

6 j

WCR in days of revenue (2021) ?
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

-19 j

WCR and payment terms evolution
SAS BEL AIR (MORCHOISNE)

Positioning of SAS BEL AIR (MORCHOISNE) in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail

Valuation estimate

Based on 94 transactions of similar company sales (all years), the value of SAS BEL AIR (MORCHOISNE) is estimated at 203 497 € (range 113 915€ - 646 243€). With an EBITDA of 438 229€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.

Estimated enterprise value 2021
94 tx
113k€ 203k€ 646k€
203 497 € Range: 113 915€ - 646 243€
NAF 5 all-time

Valuation detail by method

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EBITDA Multiple 50%
438 229 € × 0.5x
Estimation 213 713 €
126 187€ - 913 669€
Revenue Multiple 30%
951 114 € × 0.15x
Estimation 143 735 €
97 552€ - 165 018€
Net Income Multiple 20%
191 695 € × 1.4x
Estimation 267 606 €
107 779€ - 699 520€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 94 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) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail )

Compare SAS BEL AIR (MORCHOISNE) with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail

Frequently asked questions about SAS BEL AIR (MORCHOISNE)

What is the revenue of SAS BEL AIR (MORCHOISNE) ?

The revenue of SAS BEL AIR (MORCHOISNE) in 2021 is 951 k€.

Is SAS BEL AIR (MORCHOISNE) profitable?

Yes, SAS BEL AIR (MORCHOISNE) generated a net profit of 192 k€ in 2021.

Where is the headquarters of SAS BEL AIR (MORCHOISNE) ?

The headquarters of SAS BEL AIR (MORCHOISNE) is located in BARMAINVILLE (28310), in the department Eure-et-Loir.

Where to find the tax return of SAS BEL AIR (MORCHOISNE) ?

The tax return of SAS BEL AIR (MORCHOISNE) 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 SAS BEL AIR (MORCHOISNE) operate?

SAS BEL AIR (MORCHOISNE) operates in the sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail (NAF code 46.21Z). See the 'Sector positioning' section above to compare the company with its competitors.