Cash and cash equivalents |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes and other explanatory information [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents |
Non-cash investing and financing transactions
In accordance with IAS 7.43, the following material non-cash investing and financing transactions arose during the year and are not reflected in the consolidated statement of cash flows. The corresponding equity movements are set out in the consolidated statement of changes in equity:
During the year ended 31 December 2025, holders of convertible notes elected to convert outstanding principal amounts into ordinary shares at the contractually specified conversion prices. The aggregate non-cash conversions comprised €574k of notes originally issued to Macquarie (2024: €916k) and €1,939k of notes originally issued to Keystone Capital and related parties (Seven Knots, First Fire and Jim Fallon). On conversion, the carrying amounts of the convertible notes and any associated derivative financial liability component were derecognised, with the corresponding fair value of ordinary shares issued recognised in share capital and share premium.
During the year, the Group also issued ordinary shares with a fair value of €k as commitment shares in connection with its convertible note facility, and granted private warrants with a fair value of €172k as non-cash consideration for professional services received. These transactions did not give rise to any cash movement.
The 2024 comparative includes ordinary shares and Series A Preferred Shares issued as non-cash consideration for the acquisition of Quality Industrial Corp. on 26 November 2024, with an aggregate fair value of €k.
A number of additional movements within equity occurred during the year, including the reclassification of exchange warrants, the repricing of July and December 2025 PIPE warrants, and the conversion of QIND preferred stock. These movements represent transfers between components of equity rather than non-cash financing transactions and are presented in the consolidated statement of changes in equity. |
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