Section 05
What the business really earns
The statutory accounts of SAS Château de Bournizeaux — the company that runs the chambres d'hôtes and the gîte, and that comes with the sale. Five years, line by line, and what they tell you about the price and about your own scenarios.
Turnover 2025
€68,978
Best year €86,484 (2024)
3-year average turnover
€79,614
2023–2025, after the gîte opened
Net losses, 5 years
-€280,626
Loss in every single year
Underlying EBITDA (avg)
€11,318
Before rent & mileage paid to the owner
The verdict in four lines
- It is a lifestyle business, not a profit engine. Revenue jumped from ~€20k to ~€85k when the services/stays line started in 2023, then fell 20% in 2025 to €68,978. Bookings are not growing.
- It only breaks even because the owners work for free. No salaries were paid in five years. Strip out the €20k rent and ~€8k mileage it pays the owner, and the business makes roughly €11,318 a year before depreciation. Pay one part-time housekeeper and it is loss-making.
- The company is technically insolvent. Equity is -€495,482 and it owes about €756,886 to the seller on current account. Cash at year-end 2025: €2,599.
- The goodwill is worth very little. Websites, reviews and the guest list help you restart quickly, but a business earning ~€70–85k gross with no profit adds no value to the price. Do not pay extra for it.
Turnover by year
2021
€16,251
2022
€21,162
2023
€83,379
2024
€86,484
2025
€68,978
Profit & loss, 2021–2025
| € | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Chambres d'hôtes | €12,073 | €12,127 | €19,714 | €19,545 | €16,650 |
| Stays / events / packages | €0 | €0 | €48,100 | €53,964 | €39,180 |
| Château hire | €0 | €2,273 | €7,673 | €4,800 | €4,500 |
| Gîte | €0 | €0 | €2,300 | €3,000 | €3,200 |
| Ancillary & goods | €4,178 | €6,762 | €5,593 | €5,175 | €5,448 |
| Turnover | €16,251 | €21,162 | €83,379 | €86,484 | €68,978 |
| Operating result | -€50,713 | -€61,612 | -€38,689 | -€19,612 | -€33,108 |
| + Depreciation | €14,925 | €14,989 | €13,359 | €13,382 | €13,877 |
| + Rent paid to owner | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 |
| + Mileage paid to owner | €7,466 | €8,856 | €9,228 | €7,499 | €8,018 |
| Underlying EBITDA | -€8,322 | -€17,767 | €3,898 | €21,269 | €8,787 |
| Interest to seller (current account) | -€5,582 | -€12,364 | -€32,114 | -€12,940 | -€13,893 |
| Net result | -€56,294 | -€73,976 | -€70,803 | -€32,552 | -€47,001 |
| Equity at year end | — | -€345,126 | -€415,929 | -€448,481 | -€495,482 |
| Owed to the seller | — | €576,553 | €608,667 | €681,607 | €756,886 |
2024 operating result is flattered by €10.4k of one-off cost transfers. €177,833 of gîte conversion works sit on the balance sheet as work in progress.
What this means for the price
- Value the estate as a residence with a small side income — not on its trading. Fair value stays at the property-based range; the business adds nothing.
- Use the five years of losses and the 2025 fall in bookings as a negotiation argument: the "income potential" in the listing is not proven.
- Buy the company for a symbolic €1, never at a premium.
What to secure before signing
- The seller must waive or settle the ~€757k current account (abandon de compte courant) before you take the shares — otherwise you inherit a debt to him.
- Terminate the €20k/yr lease between the company and the owner at completion.
- Full garantie d'actif et de passif, backed by an escrow or bank guarantee.
- Ask your accountant whether the ~€500k of tax losses can be kept (they can be lost on a change of activity) — they would shelter your future profits.
- Alternative: buy only the websites, brand and booking history, and leave the company with the seller.