H 
2.40
-1.23%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€37.2m
FY2016FY2025
Net income
−€4.1m
FY2016FY2025
Free cash flow
−€800,000
FY2016FY2025
Shareholders' equity
€9.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €37.2m | €36.7m | €46.3m | €73.7m | €69.7m | €52.9m | €47.5m | €48.9m | €43.4m | €36.1m |
| Research and development | — | — | €602,000 | €361,000 | €471,000 | €235,000 | €256,000 | €245,000 | €255,000 | €290,000 |
| Operating income | −€4.1m | −€2.4m | −€201,000 | €4.2m | €3.7m | €3.1m | €3.4m | €1.6m | €6.4m | −€809,000 |
| Net income | −€4.1m | −€2.2m | −€239,000 | €2.8m | €3.3m | €2.8m | €2.3m | €1.2m | €871,000 | −€1.4m |
| Diluted earnings per share | -0.70 | -0.37 | -0.04 | 0.47 | 0.56 | 0.48 | 0.40 | 0.20 | 0.15 | -0.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €21.8m | €26.7m | €30.0m | €36.6m | €38.6m | €32.6m | €27.9m | €21.6m | €22.1m | €19.9m |
| Cash and short-term investments | €2.5m | €4.9m | €6.4m | €12.6m | €11.9m | €7.0m | €7.1m | €4.1m | €3.1m | €392,000 |
| Total liabilities | €12.3m | €13.0m | €13.6m | €18.4m | €21.7m | €18.0m | €15.4m | €11.5m | €13.1m | €13.3m |
| Debt | €3.5m | €4.5m | €3.4m | €2.8m | €3.3m | €3.7m | €5.2m | €1.8m | €3.6m | €5.4m |
| Shareholders' equity | €9.6m | €13.7m | €16.5m | €18.2m | €16.9m | €14.6m | €12.5m | €10.1m | €9.0m | €6.7m |
| Shares outstanding | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 6m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€400,000 | −€355,000 | −€2.3m | €4.6m | €7.2m | €6.0m | €5.0m | €3.8m | €3.5m | €462,000 |
| Capital spending | −€400,000 | −€797,000 | −€1.5m | −€1.1m | −€1.3m | −€4.1m | −€3.2m | −€1.1m | −€532,000 | −€109,000 |
| Free cash flow | −€800,000 | −€1.2m | −€3.8m | €3.5m | €6.0m | €1.9m | €1.7m | €2.7m | €2.9m | €353,000 |
| Dividends paid | — | — | −€1.5m | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €15.8m | €7.9m | €20.4m | €10.2m | €8.3m | €8.3m | €22.2m | €11.1m |
| Operating income | −€2.5m | −€1.2m | −€1.1m | −€593,000 | −€2.8m | −€1.4m | €1.4m | €162,500 |
| Net income | −€2.4m | −€1.1m | −€1.8m | −€908,500 | −€1.1m | −€1.1m | €500,000 | €270,000 |
| Diluted earnings per share | -0.41 | -0.19 | -0.31 | -0.15 | -0.20 | -0.20 | 0.08 | 0.05 |
| Cash from operations | −€1.0m | — | −€1.0m | — | — | — | −€2.0m | −€1.0m |
| Capital spending | −€1.0m | — | −€1.0m | — | — | — | −€2.0m | — |
| Free cash flow | −€2.0m | — | −€2.0m | — | — | — | −€4.0m | — |
| Total assets | €22.1m | €22.1m | €21.8m | €21.8m | €28.1m | €28.1m | €26.7m | €26.6m |
| Cash and short-term investments | €1.5m | €1.5m | €2.5m | €2.5m | €5.0m | €5.0m | €4.9m | €5.0m |
| Debt | €700,000 | €700,000 | €3.5m | €742,000 | €4.1m | €700,000 | €4.5m | €820,000 |
| Shareholders' equity | €7.2m | €7.2m | €9.6m | €9.6m | €11.3m | €11.3m | €13.7m | €13.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -20.4% | -6.8% | -0.5% |
| Operating income | — | — | 14.3% |
| Net income | — | — | 14.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -8.8% | -1.3% | 1.3% | 2.6% |
| Net margin | -8.5% | -1.9% | 0.7% | 0.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.1 | -6.2 | -79.3 | 9.2 | 12.4 | 8.3 | 9.9 | 9.2 | 22.4 | -5.7 |
| Price to sales | 0.5 | 0.4 | 0.4 | 0.3 | 0.6 | 0.4 | 0.5 | 0.2 | 0.5 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 19 Apr 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.09 | 0.25 | 0.25 | 0.18 | 0.12 | 0.20 | 0.08 | 0.08 |
- 1-to-1 reverse split · 18 May 2000
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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