​

​

December 31,

​

  ​ ​ ​

2025

​

​

(Euro, in thousands)

Cost at January 1

​

€

—

Issuance of convertible loan facility

​

​

20,000

Cost at December 31

​

​

20,000

​

​

​

​

Fair value adjustment at January 1

​

​

—

Fair value adjustment of the year

​

​

1,175

Fair value adjustment at December 31

​

​

1,175

Net book value at December 31

​

€

21,175