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Belgium
In shortAtenor is loss-making, generates cash and carries heavy debt, with revenue shrinking (−54.2% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -69.9% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -94.3% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -55.9% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -10.3% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.95× | 96/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 2.82× | 0/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | – | n/a |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -3.53× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | – | n/a |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 17.3% | 89/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 2 of 5 | 25/100 |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 2 of 5 | 33/100 |
| Revenue growth volatility | 150.4% | 0/100 |
| Operating margin volatility | 60.9% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 61.4% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
European data comes from annual reports in ESEF format (since 2020). Industry and ticker are not provided by this source.
Annual figures as reported. Hover a bar or point for the exact value.
1 older year available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
EUR millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 168 | 35 | 83 | 321 | 147 |
| Cost of revenue | – | – | – | 274 | 137 |
| Gross profit | – | – | – | 47 | (39) |
| Operating income | 64 | 19 | (64) | (3.8) | (103) |
| Interest expense | 13 | 19 | 38 | 37 | 29 |
| Pre-tax income | 50 | 0.3 | (104) | (28) | (133) |
| Income tax | 12 | 1.4 | 3.3 | 11 | 3 |
| Net income | 38 | (0.8) | (107) | (39) | (139) |
| Diluted EPS | €5.66 | −€0.13 | −€10.60 | −€0.90 | −€2.40 |
| Diluted shares (millions) | 6.7 | 6.7 | 10 | 43 | 57 |
1 older year available with the 10-year history. Essential plan, from €8.25/month →
Not computed: a required balance-sheet item is missing.
2/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: filings.xbrl.org (ESEF). Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Mar 24, 2026