ヴァリヤン

Financial Performance

On the reported figures, VALIYAN shows a steadily scaling, consistently profitable operation: production output rose from EUR 3,886,328 (2023) to EUR 5,010,148 (2024), held that level at EUR 5,004,014 (2025), and steps up to EUR 6,123,651 (2026F) and EUR 6,593,590 (2027F) as the capacity added under the proposed facility comes on line. Every period in the dataset closed with a net profit — EUR 643,205 to EUR 840,752 in the historical years and EUR 1,268,210 in January–August 2026 alone — on gross margins of 29.9–32.3% in 2023–2025 and an elevated 2026 profile explained by delivery timing below.

Output growth by year is: +28.9% (2024), (0.1%) (2025), +22.4% (2026F), +7.7% (2027F).

One reading note applies to all tables in this section. The company manufactures to order and reports on production output — revenue plus the change in work in progress — because a project still in production at a year-end recognises its revenue only on delivery and acceptance. Output measures what was manufactured in the period regardless of delivery timing, and every margin below is calculated on it. This is what reconciles the swing in reported revenue between 2025 (EUR 2,950,666, with EUR 2,053,348 added to work in progress) and 2026 (EUR 7,732,862, when those projects were delivered and invoiced): activity across the two years was stable and rising, and only the delivery schedule moved between them.

Income statement highlights in EUR (2023–2025)

Current-year actuals in EUR (January–August 2026)

The eight months already reported for 2026 exceed the full-year EBIT and net profit of every historical year, as the carry-over projects manufactured in 2025 were delivered and invoiced and EUR 1,284,987 was released from work in progress.

Income statement forecast in EUR (2026F–2027F)

Growth and margin indicators

Output, revenue and gross margin trends

The trajectory is one of controlled scale-up rather than volatility: a 28.9% step in 2024, a deliberately held level in 2025 while a large block of orders remained in production for 2026 delivery, and forecast growth of 22.4% and 7.7% as the expanded capacity comes on line. Gross margin tells the same story once 2025 and 2026 are read as the single production-and-delivery cycle they form: part of the margin manufactured in 2025 was recognised on delivery in 2026, so the blended margin across the two years — gross profit of EUR 4,101,346 on output of EUR 11,127,665, or 36.9% — is the representative figure. The elevated single-period readings of 2026 (44.7% in January–August, 42.5% for the full year) are the counterpart of the lower revenue reported in 2025, and the 2027 forecast of 35.5% is a normalisation towards the blended level already delivered, not an improvement to be proven.

The forecast itself is set conservatively. Output is projected on the capacity the plant will hold in each period and at a volume management is confident of delivering — not by allocating the contract pipeline of the Growth Plan to forecast periods. That pipeline, together with the regular flow of smaller residential, corporate and OEM orders, represents more demand than the two forecast years absorb, so the projection assumes neither full conversion of the pipeline nor conversion at indicative values, and is better read as a floor set by capacity than as an estimate of the maximum the order book could yield.

Cost structure and operating expenses

Cost of sales comprises materials and hardware procured per project, direct production labour and subcontracted FF&E works, with materials the dominant component. The distinctive feature of the cost base is its operating discipline: overheads were held at EUR 335,668–413,876 per year across 2023–2025 in absolute terms while output grew from EUR 3.9m to EUR 5.0m, taking the OPEX-to-output ratio from 10.6% (2023) to 6.7–6.8% and to 5.3–6.0% in 2026. The 2027 forecast of EUR 421,730 (6.4% of output) stays inside the range already demonstrated — the operating leverage in the projection is one the company has delivered, not one it assumes.

Below-EBITDA charges and net profit dynamics

Depreciation and amortisation rises from EUR 503,111 (2025) to EUR 556,695 (2026F) and EUR 613,776 (2027F) as the new equipment enters the schedule alongside the existing base. Interest on existing facilities has declined for three consecutive years — from EUR 213,720 (2023) to EUR 189,689 (2025), continuing to EUR 180,205 (2026F) and EUR 171,195 (2027F) — a serviced, amortising legacy load. From September 2026 the proposed facility adds EUR 27,408.33 per month, modelled conservatively as fully drawn from the first month; under the execution-linked tranche drawdown of the facility the realised 2026 charge would be at or below the forecast figure. The effective income tax charge runs at 0–2.8% of profit before tax, as the Corporate Income Tax Act substitutes its own schedule of deductible depreciation for the accounting charge and the deductions generated by successive equipment investments reduce the taxable result — to nil in 2025 and, on the same basis, in 2027F. Net profit accordingly holds between EUR 643,205 and EUR 840,752 in the historical years, reaches EUR 1,566,434 in 2026F on the carry-over deliveries, and settles at EUR 1,024,856 in 2027F — a 15.5% net margin, in line with the 12.9–16.0% of 2024–2025.

Growth Plan of VALIYAN LTD

VALIYAN enters the 2026–2027 growth period with an established operational base: a 10,000 m² production complex in Sofia housing fifteen CNC machining centres, edge-banding and boring lines, an in-house finishing line, an upholstery operation and an ERP system; a workforce of more than 120; certification to ISO 9001, ISO 14001, ISO 45001, FSC and EMAS; and a delivery record in Bulgaria and thirteen European export markets under the brand standards of international hotel operators, with at least five multi-site rollout programmes executed each year. The plant already runs several projects in parallel, and two constraints now set the limit on growth. The number of programmes it can carry at once is capped by manual material flow, changeover between project batches and a single finishing line. And four finishing technologies that have become standard positions in premium hospitality and residential specifications — seamless laser edge-banding, three-dimensional membrane-pressed facades, direct UV printing and robotic finishing of complex geometries — are today either subcontracted or left out of the offer. Schedule rather than order intake is the limiting factor: demand already presses against the plant’s parallel capacity.

The 2026 investment programme addresses both constraints through nine equipment sections in two groups, which extend the existing plant into a single Industry 4.0 production complex. Five sections scale throughput: robotic loading and unloading of the CNC centres, an automated panel warehouse, conveyor integration of cutting, edge-banding and boring into a batch-of-one flow with RFID part tracking, a second finishing line with robotic spraying and a vertical drying tower, and a manufacturing execution system with a digital twin layered over the ERP. Four sections bring the premium-finish technologies in-house, converting work that today leaves the company as subcontract coordination into manufacturing margin. The plan takes the company into no new product and, beyond the Spanish call-offs of one existing client’s framework, into no new market: the organisational structure, the project-management system and the client model remain as they are, while the plant multiplies the number of programmes it can run at once and widens the specifications it can accept. The equipment is scheduled for delivery by the end of 2026, so that commissioning precedes the H1 2027 delivery window of the pipeline.

The programme is anchored in a contract pipeline of EUR 16,100,000 across ten engagements with nine distinct counterparties — each identified by name and registration in the investment memorandum and described in this summary by role and market — all in the hospitality segment and spanning its full range from budget and student housing to five-star and luxury properties: three contracts in execution (EUR 2,870,000), four contracts in documentation with commercial terms agreed and contract documents in preparation for signature (EUR 6,790,000) and three letters of intent (EUR 6,440,000). Pipeline-to-financing ratio: 7.0×. Three of the nine counterparties are repeat clients, and their engagements amount to EUR 7,710,000, ~47.9% of the pipeline — the relationship-based repeatability of the business model visible in the order book itself.

Financing Request and Use of Proceeds

The total investment programme is EUR 2,419,050, comprising EUR 2,300,000 funded by the proposed facility and EUR 119,050 funded from the company’s own resources. The facility covers the production equipment of EUR 1,900,400 in full — nineteen items across the nine sections, each a named model of an established European or international manufacturer, priced from supplier quotations — and EUR 399,600 of the software, integration, delivery and commissioning costs that bring the equipment into operation as an integrated line. All equipment is installed within the existing Sofia complex and integrates with the installed machine park and the ERP system.

Allocation of loan proceeds (EUR)

Commercial Pipeline

Three stages of certainty are distinguished. Contracts in execution form the 2026 base and are executable on the existing equipment. Contracts in documentation, with commercial terms agreed and documents in preparation for signature, form the 2026–2027 growth layer and depend on the throughput the investment adds. Letters of intent cover two serial programmes and one new-build resort for 2026–2028; they carry lower contractual certainty and are treated as probable rather than committed.

Commercial pipeline (EUR)

The structure of the pipeline reflects the way the company sells. Its counterparties are the parties that pay in the buyer structure of the segment — developers, property owners, an owner’s management company and owner-operators — while the specifications come from the brand standards of four global hotel groups and from the design practices leading each project. Two serial framework programmes — the eleven-property conversion and the student-housing framework — account for EUR 9,300,000, ~57.8% of the total, and are the format the investment is dimensioned for: one approved specification replicated across a series of properties, called off against opening schedules. Per-key values across the single-property engagements and the rollout track the segment tiers without exception, from approximately EUR 1,500 for the budget hostel to EUR 9,000–10,000 for the luxury and five-star properties — values built up from specification rather than set from a target. Geographically the pipeline sits inside the company’s existing perimeter: no engagement depends on a market where the company has not delivered before, except the Spanish part of the student-housing framework, reached through an existing client, and the whole of it lies within the euro area and the Schengen zone.

Order Book Beyond the Pipeline and the Forecast

The pipeline is the documented growth portfolio, not the whole of the order book. It sets out the principal engagements of the growth layer; the company’s regular intake of hospitality, residential, corporate and OEM projects — contracted in smaller individual values through the operator, architect and design-studio channels, in Bulgaria and on the export markets — continues alongside these engagements and is the base load the plant has carried through every year of its history. The pipeline contains no Bulgarian property: the domestic market, the company’s largest, continues entirely through that regular flow.

The revenue forecast is set conservatively against this demand. Output is projected on what the plant can manufacture in each period and on the volume management is confident of delivering, not by adding the order book together: the engagements above, together with the regular order flow, represent more work than the two forecast years absorb. The projection assumes neither that every engagement signs nor that each converts at its indicative value, and an engagement that is delayed, reduced in scope or not concluded is accommodated within it rather than requiring it to be revised. The forecast is therefore deliberately set below the level the order book would support — a floor established by capacity and delivery confidence, not a ceiling.

Conclusion

The growth plan supports a facility of EUR 2,300,000 within an investment programme of EUR 2,419,050, structured around a defined equipment investment that removes specific, named constraints in an established plant. It is anchored in a production platform built since 1999, in nineteen priced equipment items that integrate with it, and in a commercially grounded pipeline of EUR 16,100,000 across three tiers of certainty, ~47.9% of it with repeat clients. The investment creates both operational capacity and tangible, insurable production assets, and the three contracts in execution are deliverable on the existing plant, so the 2026 base does not depend on the commissioning schedule.

The principal execution risks are characteristic of a capacity-expansion programme of this kind: concentration in the two framework programmes (~57.8% of the pipeline) and in one counterparty group, the two-fifths of the pipeline documented by letters of intent, and the simultaneity of equipment commissioning and the H1 2027 delivery window. They are mitigated by the structure of the plan itself. All three letter-of-intent counterparties are repeat clients, and the contracted and documentation-stage engagements alone amount to EUR 9,660,000, ~60.0% of the pipeline. The equipment serves every contract in the plant rather than the frameworks alone, so the capacity is not stranded if one programme slips. Project contracts are financed by client advances of at least 30% and milestone payments, frameworks are called off property by property, and installation, commissioning, training and a contingency reserve are budgeted within the programme and performed by the manufacturers’ service engineers.

The position the plan builds is that of a European turnkey FF&E partner at premium level, operating on an Industry 4.0 production architecture and able to serve parallel serial programmes and single projects at the same time. Beyond the documented pipeline, development continues along established routes: moving from first projects to series of orders on the nine further European markets where the company has already delivered, entry into adjacent markets through existing operator relationships, and the extension of the own-brand catalogue collections, designer collaborations and OEM channels alongside the project business.

Description of the Loan

To execute the 2026–2027 growth plan and remove the two constraints identified there — the limit on how many programmes the plant can run in parallel, and the finish specifications it cannot produce in-house — VALIYAN intends to obtain a EUR 2,300,000 investment loan. The facility is designed as a single capex package financing the nine-section equipment programme in full and the facility-funded share of the software, integration and commissioning costs that bring it into operation as an integrated line; the balance of the programme is funded from the company’s own resources. It is a targeted instrument: the established business finances its own operations and project working capital through client advances and milestone payments, and the facility funds the one-off equipment programme alone. The draw structure mirrors the staged placement of equipment orders and the practical installation sequence, so funding is available when needed and not held idle.

Indicative facility terms

Tranche schedule and allocation (EUR)

The facility is structured to match how the capex is actually executed. The fifteen tranches are grouped in five drawdown phases that follow the installation sequence of the production chain — the material-flow foundation first, then the flow integration and its control layer, then finishing capacity, then the capability-extension technologies, and the commissioning balance last — with each drawdown conditional on the documented execution progress that makes the next category of spending operationally necessary. Interest accrues only on amounts actually drawn, so the monthly obligation rises in defined steps as capital is converted into productive assets rather than reaching its maximum at inception, and each tranche matures fifteen months after its own drawdown — after the financed sections have been commissioned and the delivery window of the growth-layer contracts has passed, at the point where the expanded plant is generating settlements from completed projects. This design links every draw to a defined project step, without mixing purposes or leaving material amounts undrawn or idle.