New Risk • Jun 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.49m (US$9.78m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€8.49m market cap, or US$9.78m). Minor Risks High level of debt (46% net debt to equity). Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • May 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (106% net debt to equity). Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (€9.50m market cap, or US$11.2m). Reported Earnings • Apr 26
Full year 2025 earnings released: EPS: €0.14 (vs €0.28 in FY 2024) Full year 2025 results: EPS: €0.14 (down from €0.28 in FY 2024). Revenue: €30.9m (up 3.3% from FY 2024). Net income: €839.0k (down 49% from FY 2024). Profit margin: 2.7% (down from 5.5% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (68% net debt to equity). Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€8.97m market cap, or US$10.6m). New Risk • Dec 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.49m (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€8.49m market cap, or US$9.88m). Minor Risk High level of debt (68% net debt to equity). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €1.83, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 15x in the Commercial Services industry in Europe. Total returns to shareholders of 59% over the past three years. New Risk • Jun 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Belgian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks High level of debt (91% net debt to equity). Market cap is less than US$100m (€9.03m market cap, or US$10.4m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€8.07m market cap, or US$9.19m). Minor Risks High level of debt (181% net debt to equity). Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.57, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 15x in the Commercial Services industry in Europe. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.50, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 15x in the Commercial Services industry in Europe. Total returns to shareholders of 81% over the past three years. Reported Earnings • Oct 06
First half 2024 earnings released: EPS: €0.07 (vs €0.017 in 1H 2023) First half 2024 results: EPS: €0.07 (up from €0.017 in 1H 2023). Revenue: €15.7m (up 2.4% from 1H 2023). Net income: €418.0k (up 322% from 1H 2023). Profit margin: 2.7% (up from 0.6% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.43, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 14x in the Commercial Services industry in Europe. Total returns to shareholders of 44% over the past three years. New Risk • May 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Market cap is less than US$10m (€7.17m market cap, or US$7.78m). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: €0.18 (vs €0.14 loss in FY 2022) Full year 2023 results: EPS: €0.18 (up from €0.14 loss in FY 2022). Revenue: €29.5m (up 20% from FY 2022). Net income: €1.08m (up €1.81m from FY 2022). Profit margin: 3.7% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 50% per year over the past 5 years. Market cap is less than US$10m (€7.77m market cap, or US$8.27m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Feb 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Belgian stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.1% average weekly change). Earnings have declined by 50% per year over the past 5 years. Market cap is less than US$10m (€7.65m market cap, or US$8.24m). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Board Change • Nov 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Chief Transformation Officer & Director Bruno Berlenge was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jul 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 73% per year over the past 5 years. Market cap is less than US$10m (€6.69m market cap, or US$7.31m). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Jun 23
New major risk - Revenue and earnings growth Earnings have declined by 73% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 73% per year over the past 5 years. Market cap is less than US$10m (€5.68m market cap, or US$6.22m). Reported Earnings • May 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: €0.37 loss per share (down from €0.17 loss in FY 2020). Revenue: €20.9m (up 15% from FY 2020). Net loss: €1.85m (loss widened 160% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Oct 21
New 90-day high: €1.05 The company is up 36% from its price of €0.77 on 23 July 2020. The Belgian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 2.0% over the same period.