TEC Infrastructure, UAB - financials and debts

Company age: 23 y. 7 mo.

Update

TEC Infrastructure - Company finances

EUR
2018
From: 2018-01-01
To: 2018-12-31
2019
From: 2019-01-01
To: 2019-12-31
2020
From: 2020-01-01
To: 2020-12-31
2021
From: 2021-01-01
To: 2021-12-31
2022
From: 2022-01-01
To: 2022-12-31
2023
From: 2023-01-01
To: 2023-12-31
2024
From: 2024-01-01
To: 2024-12-31
2025
From: 2025-01-01
To: 2025-12-31
Financial data
Sales revenue 606,810 1,430,816 1,567,101 1,692,219 842,781 1,248,249 986,018 1,137,891
Profit before tax -942,065 -74,801 41,003 -21,745 -721,918 -307,843 -485,218 -81,144
Net profit -941,904 -73,025 48,863 -43,457 -694,805 -324,274 -465,545 -101,128
Equity -262,567 -335,592 -286,729 -330,186 -1,024,991 -372,789 -838,334 -939,462
Liabilities 948,535 1,082,097 833,788 1,150,271 1,453,207 906,778 1,323,465 1,889,560
Non-current assets 225,978 208,957 86,074 52,405 130,068 45,716 53,341 30,012
Current assets 334,828 544,084 345,190 370,628 189,396 261,255 247,408 285,725
Total assets 560,806 753,041 431,264 423,033 319,464 306,971 300,749 315,737
Taxes paid
STI taxes - - - - - 351,434 306,871 245,265
Social insurance contributions - - - - - 212,571 211,039 179,728
Financial indicators
Revenue change y/y -57.4% +135.8% +9.5% +8.0% -50.2% +48.1% -21.0% +15.4%
ROA Return on Assets (ROA). The ratio of net profit to assets. Indicates the company's efficiency. -168.0% -9.7% 11.3% -10.3% -217.5% -105.6% -154.8% -32.0%
ROE Return on equity. The ratio of net profit to equity. Shows the return to shareholders. - - - - - - - -
Profit margin Net profit margin. Shows the overall profitability of the company. -155.2% -5.1% 3.1% -2.6% -82.4% -26.0% -47.2% -8.9%
EBT% EBT (Earnings Before Taxes) to revenue ratio. Shows the overall profitability of the company. -155.2% -5.2% 2.6% -1.3% -85.7% -24.7% -49.2% -7.1%
Liabilities/Equity The debt-to-equity ratio shows the company's capital structure. - - - - - - - -
Revenue per employee Ratio of revenue to the average annual number of employees. Indicates company efficiency. 12,426 38,155 39,507 46,682 25,033 37,261 33,903 42,671

Purchase full financial statements

Profit/Loss, Balance Sheet, Cash Flow, Equity

9.99 € + PVM Buy

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TEC Infrastructure - Social security debts

From To Debt, €
2026-07-30 2026-07-30 9223.25
2026-07-28 2026-07-29 12268.83
2026-07-27 2026-07-27 13125.91
2026-07-19 2026-07-26 14878.51
2026-07-16 2026-07-17 14878.51
2026-06-16 2026-06-30 14635.40
2026-04-20 2026-04-28 14209.87
2026-03-27 2026-03-27 14153.25
2026-03-17 2026-03-25 14153.25
2025-11-18 2025-11-24 1141.27
2025-10-15 2025-11-13 2512.56
2025-09-16 2025-10-14 3883.85
2025-09-07 2025-09-14 5255.14
2025-08-31 2025-09-03 5255.14
2025-08-28 2025-08-29 21230.50
2025-08-26 2025-08-27 5255.14
2025-08-21 2025-08-25 19859.21
2025-08-19 2025-08-20 21230.50
2025-08-16 2025-08-18 6726.43
2025-07-22 2025-08-15 6726.43
2025-07-16 2025-07-21 21955.11
2025-06-25 2025-07-15 8147.72
2025-06-17 2025-06-24 8147.72
2025-06-11 2025-06-12 9519.01
2025-06-08 2025-06-09 9519.01
2025-05-23 2025-06-04 9519.01
2025-05-16 2025-05-22 27554.52
2025-05-04 2025-05-15 10940.30
2025-04-22 2025-04-30 10940.30
2025-04-18 2025-04-21 10940.30
2025-04-16 2025-04-17 25908.49
2025-03-19 2025-04-15 12331.59
2025-03-18 2025-03-18 12341.74
2025-03-16 2025-03-17 13694.95
2025-02-20 2025-03-15 13694.95
2025-02-18 2025-02-19 13694.95
2025-02-16 2025-02-16 15066.24
2025-01-16 2025-02-15 15066.24
2025-01-13 2025-01-15 16455.54
2025-01-02 2025-01-12 16455.54
2024-12-22 2024-12-31 16455.54
2024-12-17 2024-12-20 16455.54
2024-09-27 2024-10-08 7362.33
2024-09-26 2024-09-26 22600.12
2024-09-17 2024-09-25 23019.20
2024-09-11 2024-09-16 7362.33
2024-09-03 2024-09-10 8834.80
2024-08-30 2024-09-02 17945.15
2024-08-29 2024-08-29 24780.83
2024-08-19 2024-08-28 25449.91
2024-08-16 2024-08-18 10257.27
2024-07-16 2024-08-15 10257.27
2024-06-21 2024-07-09 11729.74
2024-06-18 2024-06-20 29776.89
2024-06-05 2024-06-17 11729.74
2024-05-21 2024-06-04 13202.21
2024-05-16 2024-05-20 13202.21
2024-05-15 2024-05-15 13252.21
2024-04-16 2024-05-14 14724.68
2024-03-14 2024-04-09 16197.15
2024-03-04 2024-03-13 17669.62
2024-02-26 2024-03-03 17669.62
2024-02-19 2024-02-25 17669.62
2024-02-15 2024-02-18 2350.22
2024-01-29 2024-02-14 4700.41
2024-01-16 2024-01-28 21832.11
2024-01-15 2024-01-15 6971.03
2023-12-18 2024-01-11 6971.03
2023-11-16 2023-12-14 9321.22
2023-10-17 2023-11-14 11671.41
2023-09-18 2023-10-10 14021.60
2023-08-21 2023-09-12 16371.79
2023-08-17 2023-08-20 34432.87
2023-08-16 2023-08-16 16371.79
2023-07-18 2023-08-15 18721.98
2023-07-12 2023-07-17 882.51
2023-06-16 2023-07-11 21072.17
2023-06-14 2023-06-15 4045.66
2023-05-16 2023-06-13 23422.36
2023-05-15 2023-05-15 3653.33
2023-05-02 2023-05-14 25772.55
2023-04-26 2023-04-28 25772.55
2023-04-18 2023-04-25 25772.12
2023-04-14 2023-04-17 8715.92
2023-04-03 2023-04-13 28122.31
2023-03-31 2023-04-02 28202.31
2023-03-16 2023-03-30 33202.31
2023-02-17 2023-03-15 16611.46
2023-01-24 2023-01-31 80.92
2023-01-17 2023-01-23 16564.26
2023-01-06 2023-01-11 722.73
2022-12-16 2022-12-18 14493.61
2022-10-28 2022-11-02 156.88
2022-10-18 2022-10-20 17228.28
2022-09-27 2022-09-27 17869.81
2022-09-16 2022-09-26 19402.30
2022-08-30 2022-09-15 1532.49
2022-08-23 2022-08-29 18191.75
2022-08-11 2022-08-22 2287.11
2022-07-29 2022-08-10 2288.07
2022-07-26 2022-07-28 3820.58
2022-07-25 2022-07-25 4799.18
2022-07-18 2022-07-24 3819.62
2022-06-30 2022-07-14 3819.62
2022-06-17 2022-06-29 5352.13
2022-06-16 2022-06-16 21111.14
2022-05-30 2022-06-15 5352.13
2022-05-23 2022-05-29 6884.64
2022-05-17 2022-05-22 7662.53
2022-05-16 2022-05-16 7514.90
2022-05-12 2022-05-15 6350.35
2022-05-10 2022-05-11 26222.81
2022-05-02 2022-05-09 28222.81
2022-04-29 2022-05-01 28222.81
2022-04-28 2022-04-28 29387.36
2022-04-19 2022-04-27 28222.81
2022-04-15 2022-04-18 7696.86
2022-04-12 2022-04-14 9229.37
2022-04-01 2022-04-11 26944.31
2022-03-16 2022-03-31 28476.82
2022-03-08 2022-03-15 10013.97
2022-03-03 2022-03-07 11546.48
2022-03-02 2022-03-02 19120.75
2022-03-01 2022-03-01 29493.63
2022-02-28 2022-02-28 29493.63
2022-02-25 2022-02-27 29780.33
2022-02-23 2022-02-24 35439.07
2022-02-22 2022-02-22 35523.38
2022-02-17 2022-02-21 35993.89
2022-02-15 2022-02-16 17928.84
2022-02-14 2022-02-14 18488.82
2022-02-11 2022-02-13 19175.68
2022-02-09 2022-02-10 21472.66
2022-02-08 2022-02-08 21981.64
2022-02-01 2022-02-07 31552.72
2022-01-31 2022-01-31 31552.72
2022-01-20 2022-01-30 30903.84
2022-01-18 2022-01-19 32436.35
2021-12-29 2022-01-17 13736.41
2021-12-28 2021-12-28 15268.92
2021-12-22 2021-12-27 32530.95
2021-12-16 2021-12-21 34063.46
2021-11-26 2021-12-15 15268.92
2021-11-25 2021-11-25 34559.74
2021-11-16 2021-11-24 35956.18
2021-11-03 2021-11-15 16801.43
2021-10-20 2021-11-02 18333.94
2021-10-19 2021-10-19 18333.94
2021-10-18 2021-10-18 29805.84
2021-10-13 2021-10-17 13333.94
2021-09-16 2021-10-12 18333.94

TEC Infrastructure - VMI tax arrears

From To Overdue, €
2026-09-02 2026-09-02 0.0
2026-08-31 2026-09-01 0.0
2026-08-30 2026-08-30 0.0
2026-08-28 2026-08-29 0.0
2026-08-26 2026-08-27 0.0
2026-08-25 2026-08-25 0.0
2026-08-23 2026-08-24 0.0
2026-08-20 2026-08-22 0.0
2026-08-19 2026-08-19 0.0
2026-08-18 2026-08-18 0.0
2026-08-17 2026-08-17 0.0
2026-08-13 2026-08-16 0.0
2026-08-12 2026-08-12 0.0
2026-08-10 2026-08-11 0.0
2026-08-09 2026-08-09 0.0
2026-08-07 2026-08-08 0.0
2026-08-06 2026-08-06 0.0
2026-08-05 2026-08-05 0.0
2026-08-03 2026-08-04 27.23
2026-07-26 2026-08-02 12537.79
2026-07-07 2026-07-25 13124.3
2026-07-06 2026-07-06 13124.3
2026-06-29 2026-07-05 15359.33
2026-06-05 2026-06-28 0.0
2026-06-04 2026-06-04 0.0
2026-06-02 2026-06-03 0.0
2026-06-01 2026-06-01 0.0
2026-05-31 2026-05-31 0.0
2026-05-29 2026-05-30 0.0
2026-05-28 2026-05-28 0.0
2026-05-26 2026-05-27 0.0
2026-05-25 2026-05-25 0.0
2026-05-22 2026-05-24 0.0
2026-05-20 2026-05-21 0.0
2026-05-19 2026-05-19 0.0
2026-05-18 2026-05-18 0.0
2026-05-17 2026-05-17 0.0
2026-05-14 2026-05-16 0.0
2026-05-13 2026-05-13 0.0
2026-05-12 2026-05-12 0.0
2026-05-11 2026-05-11 0.0
2026-05-10 2026-05-10 0.0
2026-05-08 2026-05-09 0.0
2026-05-06 2026-05-07 0.0
2026-05-03 2026-05-05 0.0
2026-05-01 2026-05-02 0.0
2026-04-29 2026-04-30 0.0
2026-04-28 2026-04-28 0.0
2026-04-27 2026-04-27 0.0
2026-04-26 2026-04-26 0.0
2026-04-24 2026-04-25 0.0
2026-04-23 2026-04-23 0.0
2026-04-22 2026-04-22 0.0
2026-04-20 2026-04-21 0.0
2026-04-17 2026-04-19 0.0
2026-04-15 2026-04-16 0.0
2026-04-14 2026-04-14 0.0
2026-04-13 2026-04-13 0.0
2026-04-12 2026-04-12 0.0
2026-04-10 2026-04-11 0.0
2026-04-09 2026-04-09 0.0
2026-04-08 2026-04-08 0.0
2026-04-02 2026-04-07 0.0
2026-04-01 2026-04-01 0.0
2026-03-30 2026-03-31 0.0
2026-03-27 2026-03-29 0.0
2026-03-24 2026-03-26 0.0
2026-03-22 2026-03-23 0.0
2026-03-08 2026-03-11 0.0
2026-03-02 2026-03-07 0.0
2026-02-27 2026-03-01 0.0
2026-02-21 2026-02-26 0.0
2026-02-18 2026-02-20 0.0
2026-02-03 2026-02-17 0.64
2026-02-01 2026-02-02 0.64
2026-01-30 2026-01-31 0.64
2026-01-29 2026-01-29 0.64
2026-01-27 2026-01-28 0.0
2026-01-23 2026-01-26 0.0
2026-01-22 2026-01-22 0.0
2026-01-20 2026-01-21 0.0
2026-01-19 2026-01-19 0.0
2026-01-18 2026-01-18 0.0
2026-01-16 2026-01-17 0.0
2026-01-15 2026-01-15 0.0
2026-01-14 2026-01-14 0.0
2026-01-13 2026-01-13 0.0
2026-01-12 2026-01-12 0.0
2026-01-09 2026-01-11 0.0
2026-01-08 2026-01-08 0.0
2026-01-05 2026-01-07 0.0
2026-01-02 2026-01-04 0.0
2026-01-01 2026-01-01 0.0
2025-12-30 2025-12-31 0.0
2025-12-29 2025-12-29 2263.6
2025-12-28 2025-12-28 2263.6
2025-12-26 2025-12-27 0.0
2025-12-25 2025-12-25 0.0
2025-12-24 2025-12-24 0.0
2025-12-23 2025-12-23 0.0
2025-12-22 2025-12-22 0.0
2025-12-19 2025-12-21 0.0
2025-12-18 2025-12-18 0.0
2025-12-17 2025-12-17 0.0
2025-12-15 2025-12-16 0.0
2025-12-12 2025-12-14 0.0
2025-12-11 2025-12-11 0.0
2025-12-09 2025-12-10 0.0
2025-12-08 2025-12-08 0.0
2025-12-05 2025-12-07 0.0
2025-12-03 2025-12-04 0.0
2025-12-02 2025-12-02 0.0
2025-11-30 2025-12-01 0.0
2025-11-28 2025-11-29 0.0
2025-11-27 2025-11-27 0.0
2025-11-25 2025-11-26 0.0
2025-11-24 2025-11-24 0.0
2025-11-21 2025-11-23 0.0
2025-11-20 2025-11-20 0.0
2025-11-18 2025-11-19 0.0
2025-11-14 2025-11-17 0.0
2025-11-12 2025-11-13 0.0
2025-11-09 2025-11-11 0.01
2025-11-07 2025-11-08 0.01
2025-11-06 2025-11-06 0.01
2025-11-02 2025-11-05 0.0
2025-10-30 2025-11-01 0.0
2025-10-26 2025-10-29 0.0
2025-10-24 2025-10-25 0.0
2025-10-23 2025-10-23 0.0
2025-10-22 2025-10-22 0.0
2025-10-21 2025-10-21 0.0
2025-10-20 2025-10-20 0.0
2025-10-19 2025-10-19 0.0
2025-10-05 2025-10-18 0.0
2025-10-03 2025-10-04 0.0
2025-10-02 2025-10-02 54.72
2025-09-29 2025-10-01 54.72
2025-09-28 2025-09-28 54.72
2025-09-26 2025-09-27 0.0
2025-09-25 2025-09-25 0.0
2025-09-23 2025-09-24 26.79
2025-09-22 2025-09-22 0.0
2025-09-19 2025-09-21 0.0
2025-08-28 2025-09-18 24437.67
2025-08-21 2025-08-27 12746.67
2025-08-15 2025-08-20 12841.52
2025-08-14 2025-08-14 12844.83
2025-07-28 2025-07-29 4055.0
2025-07-24 2025-07-24 102.68
2025-07-23 2025-07-23 4370.66
2025-07-20 2025-07-22 10538.4
2025-07-03 2025-07-20 1.78
2025-07-18 2025-07-19 10535.58
2025-07-16 2025-07-17 10448.42
2025-06-29 2025-07-02 0.23
2025-06-28 2025-06-28 3307.65
2025-06-27 2025-06-27 0.0
2025-06-26 2025-06-26 0.0
2025-06-25 2025-06-25 0.0
2025-06-24 2025-06-24 0.0
2025-06-23 2025-06-23 0.0
2025-06-22 2025-06-22 0.0
2025-06-20 2025-06-21 0.0
2025-06-19 2025-06-19 0.0
2025-06-18 2025-06-18 0.0
2025-06-17 2025-06-17 0.0
2025-06-16 2025-06-16 0.0
2025-06-15 2025-06-15 0.0
2025-06-14 2025-06-14 0.0
2025-06-12 2025-06-13 0.0
2025-06-11 2025-06-11 0.0
2025-06-10 2025-06-10 0.0
2025-06-06 2025-06-09 0.0
2025-06-05 2025-06-05 0.0
2025-06-04 2025-06-04 0.0
2025-06-02 2025-06-03 0.0
2025-06-01 2025-06-01 0.0
2025-05-30 2025-05-31 0.0
2025-05-29 2025-05-29 3314.05
2025-05-28 2025-05-28 3314.05
2025-05-24 2025-05-27 0.0
2025-05-20 2025-05-23 0.0
2025-05-19 2025-05-19 0.0
2025-05-17 2025-05-18 0.0
2025-05-13 2025-05-16 0.0
2025-05-12 2025-05-12 3.6
2025-05-08 2025-05-11 3.6
2025-05-07 2025-05-07 3.6
2025-05-06 2025-05-06 3.6
2025-05-05 2025-05-05 3.6
2025-05-03 2025-05-04 3.6
2025-05-01 2025-05-02 0.0
2025-04-30 2025-04-30 0.0
2025-04-28 2025-04-29 11031.64
2025-04-27 2025-04-27 0.0
2025-04-25 2025-04-26 0.0
2025-04-24 2025-04-24 0.0
2025-04-22 2025-04-23 0.0
2025-04-20 2025-04-21 0.0
2025-04-19 2025-04-19 0.0
2025-04-18 2025-04-18 11621.29
2025-04-17 2025-04-17 11621.29
2025-04-16 2025-04-16 11527.98
2025-04-14 2025-04-15 0.0
2025-04-11 2025-04-13 0.0
2025-04-10 2025-04-10 0.0
2025-04-09 2025-04-09 0.0
2025-04-08 2025-04-08 0.0
2025-04-07 2025-04-07 0.0
2025-04-06 2025-04-06 0.0
2025-04-04 2025-04-05 0.0
2025-04-03 2025-04-03 0.0
2025-04-02 2025-04-02 0.0
2025-03-31 2025-04-01 0.0
2025-03-30 2025-03-30 0.0
2025-03-27 2025-03-29 0.0
2025-03-26 2025-03-26 0.0
2025-03-24 2025-03-25 0.0
2025-03-22 2025-03-23 0.0
2025-03-20 2025-03-21 0.0
2025-03-19 2025-03-19 0.0
2025-03-17 2025-03-18 0.0
2025-03-16 2025-03-16 0.0
2025-03-15 2025-03-15 0.0
2025-03-12 2025-03-14 0.0
2025-03-11 2025-03-11 0.0
2025-03-10 2025-03-10 0.0
2025-03-09 2025-03-09 0.0
2025-03-07 2025-03-08 0.0
2025-03-06 2025-03-06 0.0
2025-03-05 2025-03-05 0.0
2025-03-04 2025-03-04 6.04
2025-03-03 2025-03-03 6.04
2025-03-02 2025-03-02 6.04
2025-03-01 2025-03-01 6.04
2025-02-28 2025-02-28 4575.75
2025-02-27 2025-02-27 105.1
2025-02-26 2025-02-26 105.1
2025-02-25 2025-02-25 105.1
2025-02-24 2025-02-24 105.1
2025-02-23 2025-02-23 105.1
2025-02-21 2025-02-22 105.1
2025-02-20 2025-02-20 105.1
2025-02-19 2025-02-19 105.1
2025-02-18 2025-02-18 0.0
2025-02-17 2025-02-17 0.0
2025-02-16 2025-02-16 0.0
2025-02-15 2025-02-15 4.94
2025-02-14 2025-02-14 7.84
2025-02-13 2025-02-13 10757.8
2025-02-10 2025-02-12 10759.45
2025-02-09 2025-02-09 10759.45
2025-02-07 2025-02-08 10759.45
2025-02-06 2025-02-06 10759.45
2025-02-05 2025-02-05 10759.45
2025-02-04 2025-02-04 15330.28
2025-02-03 2025-02-03 24364.32
2025-02-02 2025-02-02 24359.38
2025-02-01 2025-02-01 24354.14
2025-01-31 2025-01-31 24354.14
2025-01-30 2025-01-30 24348.9
2025-01-29 2025-01-29 21209.81
2025-01-28 2025-01-28 21205.42
2025-01-27 2025-01-27 16602.8
2025-01-26 2025-01-26 16602.8
2025-01-24 2025-01-25 16598.41
2025-01-23 2025-01-23 16562.49
2025-01-22 2025-01-22 19087.36
2025-01-15 2025-01-21 24269.52
2025-01-14 2025-01-14 24263.01
2025-01-13 2025-01-13 24098.34
2025-01-12 2025-01-12 24098.34
2025-01-11 2025-01-11 24098.34
2025-01-10 2025-01-10 24101.94
2025-01-09 2025-01-09 24101.94
2025-01-01 2025-01-08 24101.94
2024-12-30 2024-12-31 24101.94
2024-12-29 2024-12-29 13322.94
2024-12-27 2024-12-28 13322.94
2024-12-26 2024-12-26 13322.94
2024-12-25 2024-12-25 13322.94
2024-12-24 2024-12-24 13322.94
2024-12-23 2024-12-23 13322.94
2024-12-22 2024-12-22 13322.94
2024-12-20 2024-12-21 13322.94
2024-12-19 2024-12-19 13322.94
2024-12-18 2024-12-18 13322.94
2024-12-17 2024-12-17 13423.63
2024-12-16 2024-12-16 13423.63
2024-12-15 2024-12-15 13423.63
2024-12-14 2024-12-14 13376.85
2024-12-12 2024-12-13 0.0
2024-12-11 2024-12-11 0.0
2024-12-10 2024-12-10 0.0
2024-12-08 2024-12-09 0.0
2024-12-06 2024-12-07 0.0
2024-12-05 2024-12-05 0.0
2024-12-04 2024-12-04 0.0
2024-12-03 2024-12-03 0.0
2024-12-01 2024-12-02 0.0
2024-11-29 2024-11-30 0.0
2024-11-28 2024-11-28 0.0
2024-11-27 2024-11-27 0.0
2024-11-26 2024-11-26 0.0
2024-11-25 2024-11-25 0.0
2024-11-24 2024-11-24 0.0
2024-11-22 2024-11-23 0.0
2024-11-20 2024-11-21 0.0
2024-11-18 2024-11-19 426.72
2024-11-17 2024-11-17 426.72
2024-10-16 2024-11-16 32362.83
2024-10-14 2024-10-15 0.0
2024-10-10 2024-10-13 0.0
2024-10-09 2024-10-09 0.0
2024-10-07 2024-10-08 0.0

VMI debt information has been collected since 2024-10-07. Debts for older periods will not be displayed.

Analysis of the company's financial position

This description was generated by artificial intelligence. Report if inaccurate.
TEC Infrastructure, UAB (code 226148570) is a Private Limited Liability Company engaged in engineering design and construction activities. In 2025, the company generated revenue of €1.14M, up 15.4% year on year after €986.0K in 2024, but still below the €1.25M achieved in 2023. Profitability remained negative, although the loss narrowed materially: net profit improved to -€101.1K in 2025 from -€465.5K in 2024 and -€324.3K in 2023. The 2025 profit margin was -8.9%, indicating a significantly smaller loss intensity than in the prior year.

The balance sheet remained under pressure in 2025, with total assets of €315.7K, equity of -€939.5K and liabilities of €1.89M. Assets were composed mainly of short-term assets of €285.7K, while long-term assets stood at €30.0K. Asset turnover was 3.60x, supported by revenue generation relative to a small asset base. Revenue per employee was €43.8K and profit per employee was -€3.9K. Overall, the 2025 results show recovering sales and a reduced loss, but the company still operated with negative equity and substantial liabilities.