F 
1.83
+4.57%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€36.0m
FY2016FY2025
Net income
€368,696
FY2016FY2025
Free cash flow
−€1.4m
FY2016FY2025
Shareholders' equity
€21.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €36.0m | €28.9m | €29.3m | €22.3m | €13.2m | €7.3m | €8.2m | €4.5m | €2.7m | €2.0m |
| Research and development | — | — | €5,000 | — | €2,005 | — | €163 | — | €279,000 | €218,000 |
| Operating income | €3.6m | −€6.7m | −€5.4m | €1.7m | −€601,853 | −€364,742 | €1.9m | €913,716 | €566,098 | −€31,256 |
| Net income | €368,696 | −€8.9m | −€4.3m | €1.1m | −€553,904 | −€1.9m | €1.3m | €1.2m | €364,902 | −€63,514 |
| Diluted earnings per share | 0.01 | -0.37 | -0.20 | 0.06 | -0.04 | -0.13 | 0.10 | 0.04 | 0.01 | -0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €48.0m | €49.7m | €45.7m | €32.3m | €18.4m | €16.3m | €11.1m | €6.6m | €4.4m | €3.0m |
| Cash and short-term investments | €2.2m | €5.7m | €2.9m | €2.0m | €1.4m | €6.1m | €391,685 | €588,163 | €212,341 | €509,164 |
| Total liabilities | €26.2m | €30.5m | €25.7m | €17.0m | €9.6m | €9.2m | €6.7m | €4.0m | €3.0m | €2.2m |
| Debt | €7.2m | €10.2m | €13.0m | €7.8m | €6.2m | €7.0m | €3.1m | €2.5m | €1.6m | €219,023 |
| Shareholders' equity | €21.8m | €19.2m | €20.0m | €15.2m | €8.7m | €7.1m | €4.4m | €2.6m | €1.4m | €855,698 |
| Shares outstanding | 26m | 24m | 21m | 17m | 15m | 14m | 13m | 26m | 26m | 26m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €7.3m | €724,430 | €853,214 | −€5.8m | −€3.6m | €1.4m | −€191,925 | €251,869 | −€1.2m | −€145,772 |
| Capital spending | −€8.8m | −€5.3m | −€1.5m | −€2.1m | −€2.6m | −€2.3m | −€816,538 | −€503,362 | −€388,258 | −€10,294 |
| Free cash flow | −€1.4m | −€4.5m | −€664,633 | −€7.9m | −€6.2m | −€860,992 | −€1.0m | −€251,493 | −€1.6m | −€156,066 |
| Dividends paid | — | — | — | −€1.6m | — | −€7.0m | — | −€1.6m | −€1.4m | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €21.0m | €15.0m | €14.8m | €9.7m | €14.1m | €7.0m | €17.5m | €8.7m |
| Operating income | €7.1m | −€3.5m | −€908,507 | −€454,254 | −€5.8m | −€2.9m | −€1.3m | −€650,912 |
| Net income | €5.6m | −€5.3m | −€2.6m | −€1.3m | −€6.3m | −€3.1m | €385,510 | €192,755 |
| Diluted earnings per share | 0.21 | -0.20 | -0.11 | -0.05 | -0.26 | -0.13 | 0.02 | 0.01 |
| Cash from operations | €6.0m | — | €7.0m | €3.0m | −€6.0m | −€3.0m | €8.0m | — |
| Capital spending | −€8.0m | — | −€5.0m | — | — | — | — | — |
| Free cash flow | −€2.0m | — | €2.0m | — | — | — | — | — |
| Total assets | €48.0m | €39.5m | €49.7m | €49.7m | €46.0m | €46.0m | €45.7m | €45.7m |
| Cash and short-term investments | €2.2m | €876,588 | €5.7m | €5.9m | €554,491 | €817,342 | €2.9m | €2.9m |
| Debt | €7.2m | €8.3m | €10.2m | €11.3m | €11.3m | €14.4m | €12.9m | €9.9m |
| Shareholders' equity | €21.8m | €16.6m | €19.2m | €19.2m | €16.2m | €16.2m | €20.0m | €20.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.3% | 37.7% | 56.5% |
| Operating income | 27.6% | — | — |
| Net income | -30.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -4.7% | -5.7% | -5.6% | -3.2% |
| Net margin | -13.1% | -10.1% | -10.3% | -7.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 181.7 | -4.6 | -10.0 | 39.0 | -105.3 | -39.4 | 32.5 | 17.0 | 79.1 | -283.5 |
| Price to sales | 1.9 | 1.4 | 1.5 | 1.9 | 4.4 | 10.1 | 5.1 | 4.4 | 10.7 | 9.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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