R 
1.58
+14.49%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€4.5m
FY2016FY2025
Net income
−€2.8m
FY2016FY2025
Free cash flow
€302,000
FY2016FY2025
Shareholders' equity
€1.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.5m | €6.3m | €9.3m | €9.4m | €8.2m | €6.5m | €7.5m | €7.4m | €8.4m | €6.9m |
| Research and development | — | — | €96,849 | €157,810 | — | — | — | — | €418,000 | €212,000 |
| Operating income | −€2.6m | −€2.4m | −€731,543 | −€107,901 | −€762,010 | −€2.3m | −€2.6m | −€2.5m | −€1.0m | −€3,224 |
| Net income | −€2.8m | −€2.6m | −€978,958 | −€315,459 | −€704,154 | −€2.6m | −€2.7m | −€2.7m | −€1.6m | −€100,511 |
| Diluted earnings per share | -0.22 | -0.38 | -0.21 | -0.07 | -0.16 | -0.57 | -0.69 | -0.74 | -0.43 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €7.7m | €7.2m | €8.6m | €10.4m | €10.8m | €9.7m | €8.1m | €11.7m | €10.2m | €6.0m |
| Cash and short-term investments | €2.2m | €487,267 | €1.0m | €803,348 | €2.2m | €1.5m | €622,845 | €3.9m | €1.9m | €1.1m |
| Total liabilities | €6.7m | €5.0m | €6.9m | €7.9m | €7.8m | €6.2m | €4.0m | €4.9m | €4.3m | €3.8m |
| Debt | €1.5m | €1.4m | €3.4m | €5.1m | €4.5m | €5.5m | €2.3m | €2.7m | €2.1m | €3.0m |
| Shareholders' equity | €1.1m | €2.3m | €1.7m | €2.6m | €3.0m | €3.5m | €4.0m | €6.8m | €6.0m | €2.3m |
| Shares outstanding | 12m | 7m | 5m | 5m | 5m | 5m | 4m | 4m | 4m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €557,000 | −€1.6m | €1.2m | −€239,951 | −€319,954 | −€2.1m | −€2.1m | −€636,401 | −€3.0m | €758,642 |
| Capital spending | −€255,000 | −€508,549 | −€396,087 | −€609,214 | −€351,264 | −€407,580 | −€607,976 | −€1.3m | −€1.1m | −€976,057 |
| Free cash flow | €302,000 | −€2.1m | €760,791 | −€849,165 | −€671,218 | −€2.5m | −€2.7m | −€2.0m | −€4.1m | −€217,415 |
| Dividends paid | — | — | — | −€561,439 | −€1.3m | — | — | — | −€4.1m | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.3m | €2.8m | €1.7m | €3.2m | €1.9m | €4.1m | €4.1m | €2.6m |
| Operating income | −€318,000 | −€1.4m | −€1.1m | −€563,779 | −€1.9m | −€1.3m | €96,660 | — |
| Net income | −€82,000 | −€1.1m | −€1.6m | −€573,957 | −€2.0m | −€986,582 | €7,624 | — |
| Diluted earnings per share | -0.01 | -0.09 | -0.13 | -0.08 | -0.29 | -0.22 | 0.00 | — |
| Cash from operations | — | — | — | — | −€1.0m | — | €1.0m | — |
| Total assets | — | €7.7m | €4.8m | €7.2m | €7.0m | €8.6m | €9.8m | — |
| Cash and short-term investments | — | €2.2m | €480,000 | €487,267 | €959,611 | €1.0m | €1.5m | — |
| Debt | — | €1.5m | €1.5m | €1.4m | €1.6m | €3.4m | €5.6m | €1.5m |
| Shareholders' equity | — | €1.1m | €861,000 | €2.3m | €2.9m | €1.7m | €2.5m | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.7% | -7.2% | -0.7% |
| Operating income | 187.6% | 1.9% | 10.2% |
| Net income | 106.9% | 1.4% | 9.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -46.0% | -19.7% | -20.1% | -20.3% |
| Net margin | -50.0% | -22.7% | -22.6% | -22.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.7 | -1.1 | -9.6 | -50.4 | -26.2 | -4.0 | -5.6 | -5.2 | -21.3 | -202.1 |
| Price to sales | 1.7 | 0.5 | 1.0 | 1.7 | 2.2 | 1.6 | 2.0 | 1.9 | 4.0 | 3.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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