V 
1.85
—
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€11.2m
FY2016FY2025
Net income
−€2.6m
FY2016FY2025
Free cash flow
−€1.2m
FY2016FY2025
Shareholders' equity
€9.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €11.2m | €10.6m | €9.6m | €12.0m | €8.5m | €5.6m | €1.8m | €1.3m | €983,836 | €758,902 |
| Research and development | — | — | — | €499,271 | — | — | — | — | — | €375,000 |
| Operating income | −€1.8m | −€5.8m | −€2.2m | −€1.5m | −€1.8m | −€3.2m | −€2.7m | −€1.4m | −€1.1m | −€1.1m |
| Net income | −€2.6m | −€1.6m | −€2.3m | −€1.4m | −€1.6m | −€3.3m | −€2.8m | −€2.0m | −€1.0m | −€1.0m |
| Diluted earnings per share | -0.42 | -0.28 | -0.45 | -0.34 | -0.39 | -0.79 | -0.78 | -0.56 | -0.29 | -0.30 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €21.7m | €24.0m | €21.5m | €19.4m | €20.1m | €20.8m | €15.8m | €13.5m | €3.2m | €4.2m |
| Cash and short-term investments | €2.8m | €3.6m | €1.6m | €2.7m | €5.6m | €9.7m | €6.5m | €11.4m | €1.6m | €2.9m |
| Total liabilities | €12.1m | €11.7m | €12.3m | €12.9m | €12.3m | €11.4m | €8.1m | €2.0m | €1.5m | €1.7m |
| Debt | €8.2m | €7.9m | €6.7m | €7.1m | €7.4m | €7.5m | €5.4m | €1.2m | €1.1m | €1.3m |
| Shareholders' equity | €9.2m | €12.3m | €9.2m | €6.5m | €7.9m | €9.4m | €7.7m | €11.5m | €1.7m | €2.5m |
| Shares outstanding | 6m | 6m | 5m | 4m | 4m | 4m | 4m | 4m | 4m | 3m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.3m | −€1.8m | −€3.3m | −€165,283 | −€1.6m | −€2.4m | −€2.3m | −€933,087 | −€991,199 | −€866,204 |
| Capital spending | −€2.5m | −€2.1m | −€2.3m | −€2.3m | −€1.4m | −€935,004 | −€4.5m | −€174,078 | −€268,056 | −€355,803 |
| Free cash flow | −€1.2m | −€3.9m | −€5.5m | −€2.5m | −€3.0m | −€3.4m | −€6.8m | −€1.1m | −€1.3m | −€1.2m |
| Dividends paid | — | — | — | — | — | −€6.8m | −€135,247 | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €6.1m | €5.9m | €5.7m | €5.0m | €6.8m | €5.1m | €4.5m | €6.1m |
| Operating income | −€2.3m | −€813,530 | −€3.2m | −€8.0m | −€354,485 | −€837,420 | −€1.4m | −€550,200 |
| Net income | −€1.0m | −€585,000 | −€2.0m | −€1.4m | −€436,815 | −€640,000 | −€1.5m | −€739,619 |
| Diluted earnings per share | -0.17 | -0.10 | -0.32 | -0.24 | -0.08 | -0.13 | -0.31 | -0.18 |
| Cash from operations | — | €1.0m | — | — | −€2.0m | — | −€2.0m | €1.0m |
| Capital spending | — | −€2.0m | — | — | −€1.0m | −€1.0m | — | −€1.0m |
| Free cash flow | — | −€1.0m | — | — | −€3.0m | — | — | €0 |
| Total assets | — | €21.7m | €23.1m | €24.0m | €24.8m | €21.5m | €20.8m | €19.4m |
| Cash and short-term investments | — | €2.8m | €3.2m | €3.6m | €1.7m | €1.6m | €3.2m | €2.7m |
| Debt | — | €8.0m | €8.7m | €7.6m | €6.3m | €6.3m | €4.3m | €7.1m |
| Shareholders' equity | — | €9.2m | €10.4m | €12.3m | €13.1m | €9.2m | €9.9m | €6.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.3% | 15.0% | 52.6% |
| Operating income | 4.4% | -11.5% | 14.3% |
| Net income | 21.7% | -4.8% | 18.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -34.6% | -26.1% | -28.5% | -36.8% |
| Net margin | -18.9% | -18.0% | -22.0% | -31.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.4 | -10.7 | -11.3 | -12.2 | -15.7 | -12.5 | -14.0 | -19.6 |
| Price to sales | 1.5 | 1.6 | 2.7 | 1.4 | 2.9 | 7.3 | 21.8 | 30.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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