A 
5.05
+2.23%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€58.2m
FY2016FY2025
Net income
−€16.7m
FY2016FY2025
Free cash flow
−€26.5m
FY2016FY2025
Shareholders' equity
€62.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €58.2m | €102.9m | €100.8m | €78.3m | €105.7m | €33.6m | €25.4m | €73.1m | €22.9m | €17.6m |
| Operating income | −€8.4m | −€1.5m | −€9.5m | €3.1m | €19.1m | €17.0m | €4.7m | €14.6m | €5.2m | €3.5m |
| Net income | −€16.7m | −€5.5m | −€27.4m | €8.0m | €13.2m | €10.2m | €10.8m | €10.1m | €4.0m | €3.2m |
| Diluted earnings per share | -3.51 | -1.15 | -5.79 | 1.69 | 2.65 | 1.53 | 1.81 | 1.68 | 0.66 | 0.52 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €293.2m | €393.7m | €416.3m | €432.9m | €365.2m | €366.6m | €305.8m | €255.8m | €240.2m | €190.6m |
| Cash and short-term investments | €4.6m | €3.2m | €4.6m | €14.6m | €21.7m | €13.0m | €17.1m | €17.4m | €13.2m | €7.3m |
| Total liabilities | €231.1m | €314.1m | €332.0m | €320.4m | €259.3m | €273.3m | €207.5m | €174.3m | €169.8m | €126.1m |
| Debt | €128.9m | €133.2m | €211.2m | €194.8m | €153.8m | €125.2m | €153.1m | €123.1m | €136.8m | €103.2m |
| Shareholders' equity | €62.6m | €79.3m | €83.8m | €112.5m | €105.9m | €92.6m | €84.3m | €73.3m | €64.0m | €60.4m |
| Shares outstanding | 5m | 5m | 5m | 5m | 5m | 7m | 6m | 6m | 6m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€24.6m | €21.7m | €13.8m | €15.4m | €27.4m | €16.4m | €7.7m | €39.8m | −€15.9m | €337,000 |
| Capital spending | −€1.9m | −€8.5m | −€15.5m | −€17.9m | −€9.5m | −€855,000 | −€17.0m | −€2.8m | −€5.5m | −€2.6m |
| Free cash flow | −€26.5m | €13.2m | −€1.6m | −€2.4m | €17.9m | €15.6m | −€9.3m | €37.0m | −€21.4m | −€2.3m |
| Dividends paid | — | — | −€1.5m | −€1.5m | −€1.5m | −€1.5m | −€1.5m | −€1.5m | — | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €31.9m | €26.3m | €41.7m | €59.4m | €63.5m | €47.6m | €24.1m | €42.8m |
| Operating income | −€3.2m | −€5.2m | €6.1m | −€7.6m | €1.6m | €650,000 | −€1.2m | −€132,000 |
| Net income | −€15.5m | −€1.2m | −€1.6m | −€3.9m | −€25.7m | −€1.7m | −€870,000 | −€3.6m |
| Diluted earnings per share | -3.26 | -0.24 | -0.33 | -0.82 | -5.43 | -0.35 | -0.17 | -0.77 |
| Cash from operations | −€18.0m | −€6.0m | €3.0m | €9.0m | €6.0m | €3.0m | — | €4.0m |
| Capital spending | −€1.0m | — | — | −€3.0m | −€2.0m | −€7.0m | — | −€8.0m |
| Free cash flow | −€19.0m | — | — | €6.0m | €4.0m | −€4.0m | — | −€4.0m |
| Total assets | €293.2m | €314.1m | €393.7m | €398.1m | €416.3m | €439.7m | €439.7m | €432.9m |
| Cash and short-term investments | €4.6m | €4.2m | €3.2m | €7.5m | €4.6m | €14.4m | €14.4m | €14.6m |
| Debt | €123.1m | €121.5m | €130.8m | €197.1m | €205.9m | €201.9m | €170.0m | €192.9m |
| Shareholders' equity | €62.6m | €78.2m | €79.3m | €80.0m | €84.2m | €110.0m | €110.5m | €111.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.4% | 11.6% | 0.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -6.1% | -4.8% | 4.1% | 8.8% |
| Net margin | -13.8% | -12.2% | -3.8% | 2.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.4 | -7.7 | -2.5 | 14.0 | 6.8 | 7.2 | 6.6 | 7.3 | 13.0 | 26.1 |
| Price to sales | 0.7 | 0.4 | 0.7 | 1.4 | 0.8 | 2.2 | 2.8 | 1.0 | 2.3 | 4.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 6 Jul 2023.
| FY2023 | FY2022 | FY2021 | FY2006 | FY2005 | FY2003 | FY2002 | FY2001 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.30 | 0.30 | 0.30 | 5.20 | 5.20 | 7.80 | 7.80 | 0.75 |
- 20-to-1 reverse split · 20 Nov 2014
- 1-to-1 reverse split · 30 Sept 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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