F 
2.43
-5.45%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€88.2m
FY2016FY2025
Net income
−€6.3m
FY2016FY2025
Free cash flow
−€249,000
FY2016FY2025
Shareholders' equity
€7.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €88.2m | €82.2m | €77.1m | €68.9m | €28.4m | €20.1m | €20.2m | €20.4m | €19.2m | €16.3m |
| Research and development | €840,000 | €4.0m | €4.3m | €3.4m | €811,000 | €504,000 | €486,000 | €470,000 | €400,000 | €1.2m |
| Operating income | −€3.5m | −€9.3m | −€2.8m | −€26.7m | −€2.9m | €2.4m | €3.3m | €2.6m | €135,000 | €780,000 |
| Net income | −€6.3m | −€12.1m | −€1.9m | −€27.4m | −€3.9m | €1.4m | €1.4m | €828,000 | −€322,000 | €408,000 |
| Diluted earnings per share | -0.36 | -0.84 | -0.11 | -1.73 | -0.25 | 0.35 | 0.32 | 0.20 | -0.06 | 0.11 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €168.3m | €152.7m | €158.4m | €151.5m | €177.9m | €58.5m | €61.1m | €59.3m | €62.0m | €43.4m |
| Cash and short-term investments | €11.9m | €18.5m | €17.4m | €18.2m | €35.3m | €10.5m | €9.2m | €7.1m | €4.2m | €2.8m |
| Total liabilities | €162.8m | €139.8m | €135.6m | €135.7m | €136.0m | €28.9m | €30.8m | €29.8m | €32.3m | €19.8m |
| Debt | €23.5m | €18.1m | €21.6m | €28.2m | €32.4m | €5.3m | €7.3m | €7.1m | €8.7m | €3.1m |
| Shareholders' equity | €7.1m | €14.1m | €23.6m | €16.5m | €43.1m | €29.6m | €30.2m | €29.4m | €29.5m | €23.6m |
| Shares outstanding | 17m | 14m | 17m | 16m | 16m | 4m | 4m | 4m | 5m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €3.9m | €8.7m | €9.2m | −€4.5m | €2.7m | €4.0m | €6.3m | €4.6m | €1.5m | €2.3m |
| Capital spending | −€4.1m | −€3.2m | −€4.1m | −€6.4m | −€2.3m | −€645,000 | −€850,000 | −€812,000 | −€753,000 | −€454,000 |
| Free cash flow | −€249,000 | €5.5m | €5.1m | −€10.9m | €467,000 | €3.3m | €5.5m | €3.8m | €777,000 | €1.8m |
| Dividends paid | −€2,000 | −€2,000 | −€7,000 | — | — | — | −€656,000 | −€653,000 | −€474,000 | −€474,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €21.7m | €21.5m | €21.8m | €22.8m | €21.5m | €22.1m | €21.9m | €22.2m |
| Operating income | −€65,000 | €56,000 | −€4.9m | €1.7m | −€245,000 | €611,000 | −€9.0m | €1.6m |
| Net income | −€1.1m | −€208,000 | −€7.5m | €1.2m | €660,000 | −€669,000 | −€11.0m | €1.1m |
| Diluted earnings per share | -0.06 | -0.01 | -0.43 | 0.07 | 0.04 | -0.04 | -0.76 | 0.08 |
| Cash from operations | €1.0m | €1.0m | — | €3.0m | −€1.0m | €1.0m | — | €3.0m |
| Capital spending | — | — | — | −€1.0m | −€2.0m | — | — | — |
| Free cash flow | — | — | — | €2.0m | −€3.0m | — | — | — |
| Total assets | €162.3m | €163.1m | €168.3m | €159.5m | €157.4m | €155.5m | €152.7m | €160.3m |
| Cash and short-term investments | €12.4m | €13.8m | €11.9m | €13.1m | €11.5m | €19.1m | €18.5m | €17.6m |
| Debt | €16.2m | €17.6m | €19.1m | €11.1m | €11.3m | €9.2m | €8.8m | €9.4m |
| Shareholders' equity | €5.1m | €6.4m | €7.1m | €13.8m | €13.1m | €14.3m | €14.1m | €24.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.5% | 34.4% | 20.1% |
| Operating income | -49.1% | — | — |
| Net income | -38.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -7.5% | -13.4% | -11.7% | -7.5% |
| Net margin | -10.8% | -15.1% | -13.7% | -10.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.6 | -4.8 | -49.0 | -4.5 | -60.5 | 35.5 | 40.3 | 55.1 | -177.1 | 47.6 |
| Price to sales | 1.2 | 0.7 | 1.2 | 1.8 | 8.3 | 2.6 | 2.7 | 2.2 | 3.0 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 5 Jun 2019.
| FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|
| Paid in the year | 0.16 | 0.16 | 0.156 | 0.156 | 0.146 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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