THERMIQUE SUD VENDEE : revenue, balance sheet and financial ratios

In 2025, THERMIQUE SUD VENDEE achieves revenue of 2.4 M€. Activity remains stable over the period (CAGR: -2.7%). Significant drop of -26% vs 2024. After deducting consumption (1.0 M€), gross margin stands at 1.4 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 43 k€, representing 1.8% of revenue. Warning negative scissor effect: despite revenue change (-26%), EBITDA varies by -83%, reducing margin by 6.1 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 54 k€, i.e. 2.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. 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 49%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 152.62. 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 6.8x. 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: 88 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 107 days. Favorable situation: supplier credit is longer than customer credit by 19 days. Inventory turnover is 19 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 91 days of revenue, i.e. 599 k€ to permanently finance. Notable WCR improvement over the period (-28%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (38 transactions). This range of 217 222€ to 369 701€ is provided for information purposes only and requires in-depth analysis to be confirmed.