L 
1.94
—
Close of 6 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€45.3m
FY2016FY2025
Net income
€11.7m
FY2016FY2025
Free cash flow
−€52.6m
FY2016FY2025
Shareholders' equity
−€35.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €45.3m | €43.5m | €41.4m | €42.5m | €17.8m | €13.2m | €41.1m | €41.1m | €33.6m | €28.2m |
| Operating income | €31.2m | €2.2m | €2.8m | €7.3m | −€3.6m | −€5.5m | −€1.4m | €265,000 | −€5.0m | −€10.0m |
| Net income | €11.7m | −€17.6m | −€11.1m | −€4.7m | €4.0m | −€8.4m | −€11.3m | −€8.5m | −€12.8m | −€11.1m |
| Diluted earnings per share | 1.59 | -2.38 | -1.51 | -0.64 | 0.53 | -1.14 | -1.59 | -1.29 | -1.82 | -1.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €201.4m | €158.4m | €157.9m | €160.2m | €159.1m | €167.0m | €173.3m | €155.4m | €152.1m | €119.9m |
| Cash and short-term investments | €10.3m | €5.8m | €1.8m | €16.9m | €16.6m | €1.3m | €3.4m | €9.8m | €1.6m | €439,000 |
| Total liabilities | €236.8m | €205.9m | €187.3m | €172.4m | €167.4m | €179.2m | €176.8m | €147.4m | €135.5m | €90.3m |
| Debt | €205.7m | €166.6m | €150.6m | €146.3m | €134.2m | €147.5m | €149.6m | €122.3m | €103.0m | €44.2m |
| Shareholders' equity | −€35.0m | −€46.8m | −€28.8m | −€11.7m | −€7.9m | −€11.5m | −€3.2m | €8.3m | €16.9m | €29.8m |
| Shares outstanding | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 7m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€47.4m | €10.3m | €8.8m | €16.0m | €2.1m | €3.4m | €3.6m | −€2.3m | −€43.8m | −€13.7m |
| Capital spending | −€5.2m | −€10.0m | −€14.3m | −€6.4m | −€679,000 | −€2.3m | −€5.4m | −€2.6m | −€9.4m | −€1.9m |
| Free cash flow | −€52.6m | €302,000 | −€5.5m | €9.6m | €1.4m | €1.0m | −€1.8m | −€5.0m | −€53.2m | −€15.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €19.3m | €23.4m | €21.9m | €24.5m | €19.0m | €22.6m | €18.8m | €25.1m |
| Operating income | €3.0m | €29.4m | −€6.3m | −€5.3m | €983,000 | €1.7m | €1.1m | €6.1m |
| Net income | −€8.2m | €18.2m | −€6.5m | −€5.5m | −€12.1m | −€8.2m | −€3.0m | −€6,000 |
| Diluted earnings per share | -1.12 | 2.47 | -0.87 | -0.74 | -1.64 | -1.10 | -0.40 | -0.00 |
| Cash from operations | €25.0m | −€52.0m | €5.0m | €5.0m | €4.0m | €5.0m | €3.0m | €8.0m |
| Capital spending | −€5.0m | −€4.0m | −€1.0m | −€4.0m | −€2.0m | −€6.0m | −€7.0m | −€3.0m |
| Free cash flow | €20.0m | −€56.0m | €4.0m | €1.0m | €2.0m | −€1.0m | −€4.0m | €5.0m |
| Total assets | €180.5m | €201.4m | €157.0m | €158.4m | €159.4m | €157.9m | €157.8m | €160.2m |
| Cash and short-term investments | €11.5m | €10.3m | €6.7m | €5.8m | €4.8m | €1.8m | €6.2m | €16.9m |
| Debt | €21.3m | €184.3m | €137.2m | €140.1m | €134.1m | €122.2m | €107.2m | €114.8m |
| Shareholders' equity | −€43.6m | −€35.0m | −€53.3m | −€46.8m | −€41.2m | −€28.8m | −€15.3m | −€11.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | 27.9% | 2.8% |
| Operating income | 62.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 37.6% | 25.2% | 16.9% | 4.4% |
| Net margin | -6.6% | -12.5% | -12.8% | -18.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 1.3 | -0.5 | -2.1 | -1.8 | 3.0 | -2.1 | -2.7 | -2.1 | -1.5 | -1.3 |
| Price to sales | 0.3 | 0.2 | 0.6 | 0.2 | 0.7 | 1.3 | 0.7 | 0.4 | 0.6 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 1-to-1 reverse split · 5 Sept 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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