SOCIETE D'ETUDE DE REALISATION ET D'APPLICATION : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'ETUDE DE REALISATION ET D'APPLICATION achieves revenue of 22.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +15.7%. Significant drop of -29% vs 2023. After deducting consumption (6.6 M€), gross margin stands at 16.1 M€, i.e. a rate of 71%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.6 M€, representing 7.1% of revenue. Warning negative scissor effect: despite revenue change (-29%), EBITDA varies by -53%, reducing margin by 3.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 749 k€, i.e. 3.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 41%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 206.66. 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 0.4x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 108 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 67 days. The gap of 41 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 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 113 days of revenue, i.e. 7.1 M€ to permanently finance. Over 2016-2024, WCR increased by +379%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (40 transactions). This range of 1 246 111€ to 5 494 429€ is provided for information purposes only and requires in-depth analysis to be confirmed.