2021 2022

CA CONSOLIDE HT XXXX 1,466,667 8,246,280

Croissance % 462%

BTB 1,166,667 5,681,280

CA hôtels 986,667 5,321,280
Nombre D'Hôtels 1 3
Nombre de chambres moyen/ Hôtel 150 180
Nombre d'articles par chambre 10 12
Prix moyen à la Pièce (1 lavage) 10 10
Fréquence de lavage 60 80
Panier Uniformes 50 60
Prix moyen uniforme 20 22
Fréquence de lavage 87 104

CA clinique 180,000 360,000

Nombre de cliniques clientes 3 3
Forfait mensuel min 10,000 10,000
Nombre de mois 6 12

BTC 300,000 2,565,000

Pay as you go 240,000 2,052,000
Nombre total de client /mois 200 300
Nombre de commandes/ client 1 2
Panier mois 150 285
90%
Nombre de mois / an 8 12
Abonnement 60,000 513,000
check 0.00 0.00

BTC B11
 2023 2024 2025 2021-24 TCAM
18,882,480 36,656,717 69,083,797 116%
129% 94% 88%

11,837,280 24,216,907 31,712,533 94%

11,477,280 23,856,907 31,352,533 100%
5 8 10
180 190 200
14 15 15
10 10 10
90 104 104
60 63 67
22 22 22
104 104 104

360,000 360,000 360,000 15%

3 3 3
10,000 10,000 10,000
12 12 12

7,045,200 12,439,810 37,371,263 162%

4,227,120 8,707,867 14,948,505 128%
400 600 1,000
3 4 4
294 302 311
3% 3% 3%
12 12 12
2,818,080 3,731,943 22,422,758 227%
0.00 0.00 0.00
 2021 2022
CA consolide 1,466,667 8,246,280
Croissance % 462%
B2B 1,166,667 5,681,280
CA hôtels 986,667 5,321,280
CA clinique 180,000 360,000
BTC 300,000 2,565,000
Pay as you go 240,000 2,052,000
Abonnement 60,000 513,000
Coûts variables 150 100
Cout d'une commande B2C 150 100
Cout B2C 324,000 288,000
organic 90% 80%
sponsored 10% 20%
Marge brute 1,142,667 7,958,280
en % du CA 78% 97%

Coûts fixes 429,067 986,742

Locations et charges locatives 84,000 86,520
Croissance% 3%
Honoraires (incl frais bancaires/comptables) 48,000 36,000
Croissance%
Charges externes variables 297,067 864,222
Assurances personnel 12,000 16,000
En % du CA
Hébergement et maintenance application 30,000 40,000
En % du CA 2% 0%
Frais de transport 90,000 90,000
En % du CA
Telephone 26,400 26,400
Croissance%
Prospection commerciale 116,667 568,128
En % du CA 10% 10%
Taxes et versemments assimilés 7,333 41,231
En % du CA 0.5% 0.5%
Autres 14,667 82,463
En % du CA 1% 1%
0
Coûts totaux 429,217 986,842
Croissance% 130%
EBE (hors charges du personnel) 1,037,450 7,259,438
71% 88%
Charges de personnel 932,571 1,609,714
Croissance% 73%
< 1,466,667 8,246,280
EBE 104,879 5,649,724
Marge EBE% 7% 69%
Dotations aux Amt -9,500 -9,500
Résultat d'exploitation 95,379 5,640,224
Charges financières 0 0
Résultat courant avant impots 95,379 5,640,224
IS (10%) R<300 000 9,538 30,000
IS(17,5 %) 300000<R<1000000 0 122,500
IS (31%) R>1000000 0 1,438,469
IS 9,538 1,590,969
Resultat NET 85,841 4,049,254
en % du CA 6% 49%
 2023 2024 2025
18,882,480 36,656,717 69,083,797
129% 94% 88%
11,837,280 24,216,907 31,712,533 40,000,000
11,477,280 23,856,907 31,352,533
360,000 360,000 360,000 35,000,000
7,045,200 12,439,810 37,371,263
4,227,120 8,707,867 14,948,505
30,000,000
2,818,080 3,731,943 22,422,758
90 80 75
90 80 75 25,000,000
302,400 345,600 495,000
70% 60% 55% 20,000,000
30% 40% 45%
18,580,080 36,311,117 68,588,797 15,000,000
98% 99% 99%
10,000,000
1,800,481 3,318,730 4,567,453
89,116 91,789 94,543 5,000,000
3% 3% 3%
60,000 60,000 60,000
0
2021
1,651,365 3,166,941 4,412,910
18,000 19,000 19,000

50,000 60,000 70,000

0% 0% 0%
90,000 90,000 90,000

26,400 26,400 26,400

1,183,728 2,421,691 3,171,253

10% 10% 10%
94,412 183,284 345,419
0.5% 0.5% 0.5%
188,825 366,567 690,838
1% 1% 1%

1,800,571 3,318,810 4,567,528

82% 84% 38%
17,081,909 33,337,906 64,516,269
90% 91% 93%
2,055,429 2,158,286 2,158,286
28% 5% 0%
18,882,480 36,656,717 69,083,797
15,026,481 31,179,621 62,357,983
80% 85% 90%
-9,500 -9,500 -9,500
15,016,981 31,170,121 62,348,483
0 0 0
15,016,981 31,170,121 62,348,483
30,000 30,000 30,000
122,500 122,500 122,500
4,345,264 9,352,737 19,018,030
 4,497,764 9,505,237 19,170,530
10,519,217 21,664,883 43,177,953
56% 59% 63%
Progression du CA (mad)

40,000,000

35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0
2021 2022 2023 2024 2025

B2B BTC

Topline ( Marge d'EBE)

80,000,000 200%

70,000,000 180%
160%
60,000,000
140%
50,000,000 120%
40,000,000 100%
85% 90%
30,000,000 80% 80%
69%
60%
20,000,000
40%
10,000,000 20%
7%
0 0%
2021 2022 2023 2024 2025

< EBE Marge EBE%

###
Recrues SALAIRE NET Effectif initial
CEO 20,000 1
CTO 20,000 1
Valets 2,800 3
Dev 9,000 1
Responsable des opérations 10,000 1
Sales 8,000 2
Marketing 6,000 1
Resp admin 4,500 1
CSO 20,000 1
Total effectif
Total charge de personnel NET
Total charge de personnel BRUT
 Taux de charge
2021 2022 2023 2024 2025
50% 100% 100% 100% 100%
50% 100% 100% 100% 100%
100% 100% 100% 100% 100%
100% 100% 100% 100%
100% 100% 100% 100% 100%
100% 100% 100% 100% 100%
100% 200% 300% 300%
100% 100% 100% 100%

100% 100% 100%

7.00 11.00 13.00 14.00 14.00

652,800.00 1,126,800.00 1,438,800.00 1,510,800.00 1,510,800.00
932,571.43 1,609,714.29 2,055,428.57 2,158,285.71 2,158,285.71
SYNTHESE DU PROGRAMME D'INVESTISSEMENT

Besoins capex
2021 2022 2023 2024 TOTAL HT Taux d'Amortissement Dotation annuelle

Ordinateurs 60,000 60,000 5% 3,000

Chariots 50,000 50,000 5% 2,500
Triporteurs 40,000 40,000 10% 4,000
Equipement 50,000 50,000 -
- -
- -
- -
- -
- -
TOTAL 200,000 - - - 200,000 9,500

Sources de financement possibles 2021 2022 2023 2024 TOTAL

BESOIN EN FONDS DE ROULEMENT 2021 2022

CA B2B 1,166,667 5,681,280

Coûts variables 150 100
Charges fixes et externes variales 297,067 864,222

En Dhs 2021 2022

Stock de PF 0 0
Clients 291,667 1,420,320
Etat Actif 81,019 394,533
ACTIF CIRCULANT 372,685 1,814,853
Fournisseurs 49,536 144,054
Etat Passif 8,256 24,009
Autres postes du passif circulant 16,204 78,907
PASSIF CIRCULANT 73,996 246,969

Délais
2021 2022
Stock produits 0 0
Délai clients 90 90
Délai Etat Actif 25 25
Délai fournisseurs 60 60
Délai Etat Passif 10 10
Autres postes du passif circulant 5 5

BFR 298,689 1,567,884

en % du CA 26% 28%
Variation du BFR 298,689 1,269,195

10,000,000 100%
9,000,000 90%
8,000,000 80%
7,000,000 70%
6,000,000 60%
5,000,000 50%
4,000,000 40%
3,000,000 28% 28% 28% 28% 30%
26%
2,000,000 20%
1,000,000 10%
0 0%
2021 2022 2023 2024 2025

BFR en % du CA
 2023 2024 2025

11,837,280 24,216,907 31,712,533

90 80 75
1,651,365 3,166,941 4,412,910

2023 2024 2025

0 0 0
2,959,320 6,054,227 7,928,133
822,033 1,681,730 2,202,259
3,781,353 7,735,956 10,130,393
275,243 527,837 735,498
45,874 87,973 122,583
164,407 336,346 440,452
485,523 952,156 1,298,532

Moyenne
2023 2024 2025 2025-2021
0 0 0
90 90 90 90
25 25 25 25
60 60 60 60
10 10 10 10
5 5 5 5

3,295,830 6,783,801 8,831,860

28% 28% 28%
1,727,946 3,487,970 2,048,060

Variation du BFR
4,000,000
3,487,970
3,500,000

3,000,000

2,500,000
2,048,060
2,000,000 1,727,946
1,500,000 1,269,195

1,000,000

500,000 298,689

0
2021 2022 2023 2024 2025
 Besoin 2021 2022 2023
Dev / salaires 652,800 1,126,800 1,438,800
BFR 298,689 1,269,195 1,727,946
Investissement 200,000 0 0

Total Besoin 1,151,489 2,395,995 3,166,746

Plan de trésorerie 2021 2022 2023

Trésorerie début de période - 1,577,651 4,348,211

1 Exploitation - 222,349 2,770,560 8,781,770

Résultat net de la période 85,841 4,049,254 10,519,217
Dotations aux amortissements - 9,500 - 9,500 - 9,500
Variation BFR - 298,689 - 1,269,195 - 1,727,946
2 Investissement - 200,000 - -
Investissements - 200,000 - -
Cessions d'actifs
3 Financement 2,000,000 - -
Subventions de financement
Emprunt 0
Remboursement emprunt - -
Augmentation de capital 2,000,000
Remboursement CCA
Dividendes
Trésorerie disponible 1,577,651 2,770,560 8,781,770
Trésorerie fin de période 1,577,651 4,348,211 13,129,981
 2024 2025
1,510,800 1,510,800
3,487,970 2,048,060
0 0

4,998,770 3,558,860

2024 2025
13,129,981 31,297,394

18,167,413 41,120,394
21,664,883 43,177,953 Trésorerie disponible
- 9,500 - 9,500 45,000,000
- 3,487,970 - 2,048,060
- 40,000,000
- 35,000,000
30,000,000
- -
25,000,000
20,000,000
- -
15,000,000
10,000,000
5,000,000
18,167,413 41,120,394
-
31,297,394 72,417,788 2021 2022 2023 2024 2025
ble

2024 2025
Financement 2021 2022 2023
Intelaka
Montant du crédit Restant - - -
Maturité (années) 7
Taux d'intérêt Net 2.0%
Anuités Constantes - - -
Intérets - - -
Remboursement annuel du Capital - - -
Remboursement mensuel du capital - - -
2024 2025 2026 2027

- - - -

- - - -
- - - -
- - - -
- - - -
 2
Valorisation en flux actualisés
2,021 2,022
EBE 104,879 5,649,724
-D&A - 9,500 - 9,500
REX 114,379 5,659,224
REX (1-TAX) 91,503 4,527,379
D&A 9,500 9,500
+/- Var BFR - 298,689 - 1,269,195
Capex - 200,000
Flux de trésorerie disponible - 397,686 3,267,684
FCF actualisé - 331,405 2,269,225

KD net 4%
KFP 20%

Dette nette Brut Net

- 6.0% 4%
Capital social
10,000.00 20% 20%

Cout du capital 20%

Valeur actuelle nette 37,491,810.05

Valorisation en Multiple d'EBE 1x 2x

EBE normatif 6,927,028 6,927,028
VE 6,927,028 13,854,055
 3 4 5

2,023 2,024 2,025

15,026,481 31,179,621 62,357,983
- 9,500 - 9,500 - 9,500
15,035,981 31,189,121 62,367,483
12,028,785 24,951,297 49,893,986
9,500 9,500 9,500
- 1,727,946 - 3,487,970 - 2,048,060

10,310,338 21,472,826 47,855,427

5,966,631 10,355,337 19,232,023

Pondération
-
1.00

3x 4x 5x 6x
6,927,028 6,927,028 6,927,028 6,927,028
20,781,083 27,708,110 34,635,138 41,562,165
 7x 8x 9x
6,927,028 6,927,028 6,927,028
48,489,193 55,416,221 62,343,248