H 
2.25
0.00%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€75.4m
FY2016FY2025
Net income
−€9.1m
FY2016FY2025
Free cash flow
−€2.6m
FY2016FY2025
Shareholders' equity
€7.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €75.4m | €66.4m | €85.8m | €93.8m | €85.8m | €65.6m | €113.6m | €101.2m | €96.3m | €97.4m |
| Gross profit | €28.2m | €24.6m | €29.8m | €37.6m | €36.7m | €29.7m | €45.1m | €50.3m | €42.1m | €45.7m |
| Operating income | −€6.7m | −€11.0m | €8.3m | €3.6m | €1.2m | €8.4m | −€5.0m | €24.1m | €17.8m | €401,992 |
| Net income | −€9.1m | −€21.0m | −€469,598 | €1.9m | €620,000 | −€11.4m | −€8.3m | €3.4m | €536,818 | −€282,333 |
| Diluted earnings per share | -0.82 | -3.12 | -0.07 | 0.28 | 0.10 | -1.90 | -1.48 | 0.65 | 0.09 | -0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €53.0m | €41.1m | €53.8m | €62.7m | €59.1m | €69.3m | €81.6m | €76.5m | €69.5m | €72.2m |
| Cash and short-term investments | €2.1m | €5.1m | €4.2m | €2.1m | €2.8m | €575,000 | €3.0m | €3.0m | €3.2m | €5.2m |
| Total liabilities | €45.8m | €30.2m | €29.0m | €37.4m | €39.9m | €51.2m | €55.3m | €47.0m | €43.3m | €46.5m |
| Debt | €13.5m | €18.6m | €17.3m | €18.5m | €26.5m | €32.2m | €38.2m | €29.2m | €43.3m | €38.7m |
| Shareholders' equity | €7.2m | €10.8m | €24.8m | €25.3m | €19.1m | €18.1m | €26.3m | €29.5m | €26.1m | €25.7m |
| Shares outstanding | 11m | 7m | 7m | 7m | 6m | 6m | 6m | 5m | 6m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €16.5m | €1.6m | −€10.0m | €3.7m | €7.0m | −€2.5m | −€3.7m | €1.0m | −€5.0m | −€2.2m |
| Capital spending | −€19.1m | −€7.5m | −€473,000 | −€451,000 | −€582,000 | −€765,000 | −€5.4m | −€1.3m | −€1.0m | −€1.1m |
| Free cash flow | −€2.6m | −€5.9m | −€10.5m | €3.3m | €6.4m | −€3.3m | −€9.1m | −€283,000 | −€6.0m | −€3.3m |
| Dividends paid | — | — | — | — | — | — | −€2.1m | −€2.1m | −€2.1m | −€1.7m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €49.8m | €40.8m | €40.7m | €32.4m | €43.4m | €42.4m | €21.2m | €27.0m |
| Gross profit | €13.0m | €15.2m | €13.5m | €11.2m | €16.4m | €13.4m | €6.7m | €10.9m |
| Operating income | −€6.7m | €3.8m | €3.1m | €616,525 | €3.2m | −€4.0m | −€1.9m | €5.4m |
| Net income | −€3.4m | −€5.7m | −€14.9m | −€6.1m | €4.1m | −€4.6m | — | €1.6m |
| Diluted earnings per share | -0.30 | -0.52 | -2.22 | -0.90 | 0.62 | -0.70 | — | 0.24 |
| Cash from operations | — | — | — | — | −€4.0m | −€4.0m | — | €1.0m |
| Total assets | €53.0m | €46.9m | €41.1m | €49.3m | €53.8m | €64.3m | — | €62.7m |
| Cash and short-term investments | €2.1m | €292,037 | €5.1m | €655,038 | €4.2m | €302,539 | — | €2.1m |
| Debt | €13.5m | €24.0m | €15.3m | €16.1m | €11.6m | €30.8m | €16.4m | €18.5m |
| Shareholders' equity | €7.2m | €4.5m | €10.8m | €21.9m | €24.8m | €20.5m | — | €25.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.0% | 2.8% | -1.0% |
| Net income | — | -4.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.3% | 37.4% | 39.5% | 43.1% |
| Operating margin | -12.5% | -1.8% | 0.8% | 6.5% |
| Net margin | -21.2% | -8.9% | -8.3% | -4.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.9 | -0.7 | -93.9 | 28.1 | 84.6 | -4.7 | -8.0 | 19.1 | 136.9 | -186.1 |
| Price to sales | 0.5 | 0.2 | 0.5 | 0.6 | 0.6 | 0.8 | 0.6 | 0.6 | 0.8 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Jun 2019.
| FY2019 | FY2016 | FY2014 | FY2013 | FY2012 | FY2011 | FY2008 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.358 | 0.319 | 0.629 | 0.629 | 0.629 | 0.484 | 0.726 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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