v3.26.3
Consolidated Statement of Cash Flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss for the 12 months € (4,980) € (15,279) € (31,016)
Adjusted for:      
Equity settled share based payments 1,562 2,189 1,393
Fair value movement in derivative financial instruments-warrants (3,392) (627) (6,886)
Depreciation and amortisation 2,425 2,631 2,537
Finance (costs) / income 908 471 (115)
Share of losses of equity-accounted investee 245
Onerous contract provision (7,794)
Impairment losses on assets 1,062 268 5,482
Administration expenses: Loss/gain on sale of tangible assets (195) 4  
Impairment on inventory 2,200 13,936
Impairment on revenue 1,031  
Stock issued for Services (137) 205
Corporate Income Tax Expense 18 25
Commitment fees
 Other income (1,755) (833)
Discount on convertible Notes 82 18
Profit / (loss) on deconsolidation due to insolvency (1,225) (1,846)
Total adjustments (5,627) (9,748) (22,013)
Changes in working capital      
(Increase)/decrease in receivables (2,099) 1,270 2,816
(Increase)/decrease in inventories 518 (1,643) (19)
(Decrease)/increase in payables and accruals (901) 1,333 8,482
Interest paid (172) (314) (549)
Taxes received 55 822 2,101
Net cash used in operating activities (8,226) (8,280) (9,182)
Cash flows from investing activities      
Purchase of tangible assets (322) (11) (8,589)
Proceeds from sale of assets 718 772 439
Development expenditure (142) (629)
Purchase of intangible assets – other (37) (109)
Receipt of government grants 472 7,975
Payments to subsidiaries shareholders (852)
Investment in equity-accounted investees     (245)
Cash derecognised on insolvency (254)  
Net cash used in investing activities (456) 800 (1,158)
Cash flows from financing activities      
Proceeds from issuance of shares 2,323 5,942 3,001
Convertible note repayments 198
Proceeds from PIPE issuance 1,565    
Proceeds from loans and borrowings 1,013 1,270 1,326
Payment of lease liabilities (184) (752) (1,291)
Payments to subsidiaries  
Shareholder loan (repayment) / proceeds 3,962 38
Net cash from financing activities 8,877 6,459 3,074
Net increase/(decrease) in cash and cash equivalents 195 (1,020) (7,266)
Cash and cash equivalents at beginning of period 214 1,147 5,239
Cash and cash equivalents on consolidation with QIND 36  
Transfer from restricted cash     2,925
Effects of movements in exchange rates on cash held 165 51 (38)
Cash and cash equivalents at end of period 575 214 860
Add restricted cash 287
Cash and cash equivalents at end of year including restricted cash € 575 € 214 € 1,147