The paper discusses in detail the application of a methodology capable to estimate the hicksian income generated in a multiple-use forest incorporating in a homogenous manner commercial and non-commercial incomes. Real market values are used where available and market conditions are simulated where goods and services are presently outside of markets. The case study is a Pinus silvestris L. area close to Madrid (Spain) with high value timber production and with an important affluence of recreational visitors. Results show the relevance of non-commercial incomes and the fact that the landowner appropriates only a minor part of the total income generated.