Economic Results

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Consolidated statement of financial position

(€ thousand)

31.12.2025 31.12.2024 Note No
Assets
Current assets
Cash 2 177 1 105 2
Receivables and prepayments 77 181 74 376 3, 5
Inventories 18 035 38 513 4
Total current assets 97 393 113 994
Fixed assets
Long-term investments 46 491 42 473 7
Receivables and prepayments 10 072 14 377 3
Property, plant and equipment 166 624 161 362 8
Intangible assets 8 745 6 757 9
Total fixed assets 231 931 224 969
Total assets 329 325 338 963
Liabilities and equity
Liabilities
Current liabilities
Loan liabilities 104 908 50 625 10, 12
Payables and prepayments 54 566 65 593 5, 13, 14
Provisions 2 1 15
Government grants 237 292 16
Total current liabilities 159 713 116 511
Long-term liabilities
Loan liabilities 10 768 77 495 10, 12
Payables and prepayments 5 4 13
Deferred income tax payable 1 391 914 5
Provisions 5 5 15
Government grants 2 865 1 511 16
Total long-term liabilities 15 034 79 929
Total liabilities 174 747 196 440
Equity
Equity held by shareholders of parent company
Share capital at nominal value 1 644 1 644 17
Share premium 1 435 1 435
Legal reserve 162 162
Other reserves 95 812 86 385 8, 17, 35
Retained earnings 58 870 58 155
Profit (loss) for financial year -3 345 -5 258
Total equity held by shareholders of parent company 154 578 142 523
Total equity 154 578 142 523
Total liabilities and equity 329 325 338 963

Consolidated statement of profit and loss

(€ thousand)

2025 2024 Note No
Sales revenue 621 313 594 166 18
Other operating revenue 2 819 1 271 19
Change in inventories of finished goods and work in progress -9 30 4
Capitalised costs in manufacture of fixed assets for internal use 85 455 9
Goods, raw materials and services -580 146 -550 967 20
Other operating expenses -7 282 -8 061 21
Staff costs -19 341 -19 377 22
Depreciation and impairment of fixed assets -13 093 -11 604 8, 9
Other operating expenses -509 -873 23
Operating profit (loss) 3 837 5 040
Profit (loss) from subsidiaries and associates 995 -989 6, 7
Interest income 388 502 24
Interest expenses -7 745 -8 417 25
Other financial income and expenses -293 -1 043 26
Profit (loss) before income tax -2 818 -4 907
Income tax -527 -351 5
Profit (loss) for financial year -3 345 -5 258
Share of profit attributable to shareholder of parent company -3 345 -5 258

Consolidated statement of comprehensive income

(€ thousand)

31.12.2025 31.12.2024 Note No
Profit (loss) for financial year -3 345 -5 258
Other comprehensive income (loss)
Other comprehensive income (loss) 12 799 6 452 8, 17, 35
Total other comprehensive income (loss) 12 799 6 452
Comprehensive income (loss) for financial year 9 454 1 194
Share of comprehensive income (loss) attributable to shareholder of parent company 9 454 1 194

Consolidated cash flow statement

(€ thousand)

2025 2024 Note No
Cash flow from operating activities
Operating profit (loss) 3 837 5 040
Adjustments
Depreciation and impairment of fixed assets 13 093 11 604 8, 9
Profit (loss) on sales of non-current assets -25 -230 8, 9, 19
Other adjustments -290 -253 15, 16
Total adjustments 12 778 11 121
Change in receivables and prepayments related to operating activities 632 -3 515
Change in inventories 20 478 -15 720 4
Change in liabilities and advances relating to operating activities -10 157 6 183
Total cash flow from operating activities 27 568 3 109
Cash flow from investing activities
Paid on acquisition of property, plant and equipment and intangible assets -8 488 -8 742 8, 9
Received from sales of tangible and intangible assets 186 320 8
Loans granted -64 -300 3
Repayments of loans granted 4 000 16 3
Interest received 21 46
Total cash flow from investing activities -4 345 -8 660
Cash flow from financing activities
Loans received 193 074 197 375 12
Repayments of loans received -212 715 -184 646 12
Change in overdraft balance 4 655 -1 768 12
Finance lease principal repayment -1 944 -1 986 10
Interest paid -6 812 -7 230
Received from targeted financing 1 591 614 16
Total cash flow from financing activities -22 151 2 359
Total cash flow 1 072 -3 192
Cash and cash equivalents at beginning of period 1 105 4 297 2
Net change in cash and cash equivalents 1 072 -3 192
Cash and cash equivalents at end of period 2 177 1 105 2

Consolidated statement of changes in equity

(€ thousand)

Equity held by shareholders of parent company Total
Share capital at nominal value Share premium Legal reserve Other reserves Retained earnings (loss)
31.12.2023 1 644 1 435 162 83 008 55 920 142 169
Profit (loss) for financial year 0 0 0 0 -5 258 -5 258
Changes in reserves 0 0 0 3 377 3 075 6 452
Other changes in equity 0 0 0 -840 -840
31.12.2024 1 644 1 435 162 86 385 52 897 142 523
Profit (loss) for financial year 0 0 0 0 -3 345 -3 345
Changes in reserves 0 0 0 9 427 3 372 12 799
Other changes in equity 0 0 0 0 2 601 2 601
31.12.2025 1 644 1 435 162 95 812 55 525 154 578


The revaluation reserve for fixed assets and the hedging reserves for natural gas and electricity are recognised under other reserves in equity. Further information on changes to the revaluation reserve for fixed assets can be found in Note 8, and on hedging reserves in Note 35.

More detailed information about share capital and other equity entries is given in Note 17.