SPA 35 : revenue, balance sheet and financial ratios

SPA 35 is a French company founded 18 years ago, specialized in the sector Commerce de gros (commerce interentreprises) d'appareils sanitaires et de produits de décoration. Based in LA MEZIERE (35520), this company of category PME shows in 2025 a revenue of 925 k€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-08-08

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Synthèse

Santé financière : Saine

Aucun signal de fragilité majeur : rentabilité positive et structure financière équilibrée.

In summary, SPA 35 posts positive profitability over the latest financial year. Its financial structure is solid, with debt well contained relative to its sector.

Financial history - SPA 35 (SIREN 501569081)
Indicator 2025 2024 2023 2022 2021
Revenue 924 820 € N/C N/C 1 388 337 € 1 501 598 €
Net income 46 099 € 61 550 € 106 587 € 268 598 € 319 158 €
EBITDA 38 928 € N/C N/C 341 238 € 443 399 €
Net margin 5.0% N/C N/C 19.3% 21.3%

Revenue and income statement

In 2025, SPA 35 achieves revenue of 925 k€. Revenue is declining over the period 2021-2025 (CAGR: -11.4%). After deducting consumption (476 k€), gross margin stands at 449 k€, i.e. a rate of 49%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 39 k€, representing 4.2% of revenue. This ratio is more favorable than the sector median (3.3%). Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 46 k€, i.e. 5.0% 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

924 820 €

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

448 658 €

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

38 928 €

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

33 325 €

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

46 099 €

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

4.2%

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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 3%. This ratio is more favorable than the sector median (8.3%). Financial autonomy (= Equity / Total assets x 100) reaches 88%. Compared with its sector, this ratio places the company among the best positioned (sector median: 44.7%). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This ratio is slightly less favorable than the sector median (0.3 years). Cash flow represents 4.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This ratio is more favorable than the sector median (3.1%).

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

3.19%

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

87.52%

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

4.65%

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

0.32

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

28.2%

Solvency indicators evolution
SPA 35

Sector positioning

Debt ratio
3.19% 2025
Q1: 1.25%
Med: 8.32%
Q3: 35.56%
Good -7 pts over 3 years

In 2025, the debt ratio of SPA 35 (3.2%) ranks below the median of the sector. This ratio measures the weight of debt relative to equity. This controlled position reflects prudent management.

Financial autonomy
87.52% 2025
Q1: 21.42%
Med: 44.72%
Q3: 63.78%
Excellent +8 pts over 3 years

In 2025, the financial autonomy of SPA 35 (87.5%) ranks in the top 25% of the sector. This ratio represents the share of equity in total financing. High autonomy reflects financial independence and ability to absorb shocks.

Repayment capacity
0.32 years 2025
Q1: 0.0 years
Med: 0.27 years
Q3: 0.9 years
Average

In 2025, the repayment capacity of SPA 35 (0.32) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 9.31. Compared with its sector, this ratio places the company among the best positioned (sector median: 2.3). The interest coverage ratio (= EBIT / Interest expenses) is 1.0x. This ratio is slightly less favorable than the sector median (1.7x).

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

9.31

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

1.03

Liquidity indicators evolution
SPA 35

Sector positioning

Liquidity ratio
9.31 2025
Q1: 1.58
Med: 2.34
Q3: 3.3
Excellent +18 pts over 3 years

In 2025, the liquidity ratio of SPA 35 (9.31) 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
1.03x 2025
Q1: 0.0x
Med: 1.71x
Q3: 4.79x
Average

In 2025, the interest coverage of SPA 35 (1.0x) 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: 6 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 10 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 133 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 133 days of revenue, i.e. 340 k€ to permanently finance. Between 2021 and 2025, WCR worsened by 74 days of revenue, signaling an increased financing need.

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

340 435 €

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

6 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

10 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

133 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

133 j

WCR and payment terms evolution
SPA 35

Positioning of SPA 35 in its sector

Comparison with sector Commerce de gros (commerce interentreprises) d'appareils sanitaires et de produits de décoration

Valuation estimate

Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 27 554€ to 81 771€ is provided for information purposes only and requires in-depth analysis to be confirmed.

Estimated enterprise value 2025
Indicative
27k€ 50k€ 81k€
50 137 € Range: 27 554€ - 81 771€
NAF 5 année 2025

Valuation evolution

How is this estimate calculated?

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.

  • 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'appareils sanitaires et de produits de décoration)

Compare SPA 35 with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) d'appareils sanitaires et de produits de décoration

Top companies in Commerce de gros (commerce interentreprises) d'appareils sanitaires et de produits de décoration

Largest companies by revenue in the sector Commerce de gros (commerce interentreprises) d'appareils sanitaires et de produits de décoration:

Top companies in Ille-et-Vilaine

Largest companies by revenue in the department Ille-et-Vilaine:

Voir le classement complet du département Ille-et-Vilaine

Frequently asked questions about SPA 35

What is the revenue of SPA 35 ?

The revenue of SPA 35 in 2025 is 925 k€.

Is SPA 35 profitable?

Yes, SPA 35 generated a net profit of 46 k€ in 2025.

Where is the headquarters of SPA 35 ?

The headquarters of SPA 35 is located in LA MEZIERE (35520), in the department Ille-et-Vilaine.

Where to find the tax return of SPA 35 ?

The tax return of SPA 35 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 SPA 35 operate?

SPA 35 operates in the sector Commerce de gros (commerce interentreprises) d'appareils sanitaires et de produits de décoration (NAF code 46.73B). See the 'Sector positioning' section above to compare the company with its competitors.