Transparency
Our method for finding and scoring takeovers
Every day, Bilanea reads the judgments published in the French official gazette of civil and commercial notices, matches them with the national business register and computes a takeover interest score for each proceeding. This page describes the sources, the computation, the criteria that put a record forward and the limits of the exercise.
Sources
- The French official gazette of civil and commercial notices (BODACC), published as open data by the Directorate of Legal and Administrative Information: opening judgments for safeguard, receivership and judicial liquidation, approved plans, conversions, closures and business sales.
- The national business register and the INSEE Sirene database: activity code (NAF), headcount band, creation date, legal form and administrative status of the company.
- Public sector statistics: median operating margin and revenue per employee for each activity, used for orders of magnitude.
- Later rulings published in the BODACC (sale plan, continuation plan, conversion, closure) are linked to the opening judgment: a record always shows where the proceeding stands.
The takeover interest score
The score, out of 100, does not say a company is healthy: it measures how worthwhile it is for a buyer to open the file now. It adds up seven criteria, each capped:
| Criterion | Maximum points |
|---|---|
| Action windowThe time left to act: six-month observation period in safeguard and receivership, a two-month reference after publication in liquidation. | 25 |
| Type of procedureThe type of proceeding: a receivership leaves the most room for a takeover plan, a liquidation requires moving fast. | 15 |
| Size of the businessThe size of the company, from its headcount band: businesses with a few to a few dozen employees are the most accessible. | 15 |
| Sector marginThe sector's median operating margin: a structurally profitable activity recovers more easily. | 15 |
| Track recordThe company's age: customers and know-how built over years are worth more. | 10 |
| Legal formThe legal form: a company limited by shares is simpler to take over than a sole proprietorship. | 10 |
| Price and ticketPrice and entry ticket: for a published sale, the price compared with the sector scale. | 10 |
A score of at least 84 is graded A (study first), at least 70 B (serious opportunity), at least 50 C (worth a cautious look); below that, D (little takeover interest). The score is recomputed every day, because the action window closes over time.
The indicative valuation
Revenue is estimated from the headcount band and the sector's revenue per employee, within a wide range. In receivership and liquidation, the business and assets usually change hands for 5 to 20% of that revenue, excluding assumed liabilities and working capital at restart. In safeguard, value rests on the sector's median margin times the usual multiples. These are orders of magnitude, never an appraisal of the company's accounts.
Which records are put forward
Every proceeding remains available, but only those carrying company-specific analysis are put forward and offered to search engines. A record must meet all of these conditions:
- a safeguard, receivership or judicial liquidation proceeding, at the opening judgment, with no court ruling on its outcome;
- a takeover window still open;
- a company identified in the national register and still active;
- a known activity code and at least 20 employees;
- an indicative valuation and a score of at least 84 out of 100 (grade A).
As soon as one of these conditions fails (court ruling, window closed), the record leaves the selection. The region and sector pages gather the figures of every proceeding.
Updates and limits
- Data is updated every working day, as the BODACC publishes.
- The BODACC publishes a judgment a few days after it is handed down: window dates are references, only the court officer sets the file's deadlines.
- The national register is not always up to date: a headcount or activity may be missing or outdated.
- Bilanea holds no confidential information about the companies: the full file must be requested from the administrator or liquidator.
Editorial responsibility
These pages are published by ICRAFT. Publication director: ICRAFT. To report an error on a record or request a correction, write to us from the contact page.