Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-27

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 148

Metric	Value	Period	Scope	Source row
Revenue	¥37.4bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥29.7bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥25.4bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥22.1bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥18.5bn	2021-01-01 → 2021-12-31^d	Cons.	Net sales (5-year summary)
Operating income	¥10.1bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	¥4.9bn	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	¥10.3bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	¥5.3bn	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	¥3.6bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥987m	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥1.5bn	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	¥10.3bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	¥5.2bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	¥7.1bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	¥3.6bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	¥2.5bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥66m	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥551m	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	¥7.0bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	¥3.6bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥30.1bn	at 2025-12-31	Cons.	Assets
Total assets	¥21.1bn	at 2024-12-31	Cons.	Assets
Total assets	¥19.2bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥15.9bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥14.0bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥12.3bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥9.5bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥17.8bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥11.6bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥11.3bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥4.6bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥6.4bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥11.7bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥5.6bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥11.7bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥5.6bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥6.5bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥5.1bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥4.8bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	¥10.7bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	¥5.6bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	¥4.5bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	¥1.3bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	¥472m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥3.1bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥3.1bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥2.5bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥3.1bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥1.5bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	−¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥3.6bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥777m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥1.9bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥1.7bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥153.17	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥74.99	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥52.29	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥1.45	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥12.03	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥385.13	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥251.69	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥236.33	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥100.93	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥138.88	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	59.1%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	55.2%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	58.5%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	29.1%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	45.4%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
ROE	48.1%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	31.1%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	31.3%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	1.2%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	8.6%	2021-01-01 → 2021-12-31^d	Cons.	Rate of return on equity (5-year summary)
Employees	1,356	at 2025-12-31	Cons.	Number of employees
Employees	1,321	at 2024-12-31	Cons.	Number of employees
Employees	1,276	at 2023-12-31^v	Cons.	Number of employees
Employees	1,115	at 2022-12-31^v	Cons.	Number of employees
Employees	969	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥36.2bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥28.7bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥24.6bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥21.4bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥18.0bn	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	¥11.5bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	¥6.0bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥11.7bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	¥6.3bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	¥4.5bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥3.1bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥3.2bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	¥10.2bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	¥5.0bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	¥7.0bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	¥3.4bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	¥2.4bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥113m	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥226m	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥28.3bn	at 2025-12-31	Standalone	Assets
Total assets	¥19.8bn	at 2024-12-31	Standalone	Assets
Total assets	¥18.2bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥14.9bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥13.0bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥12.2bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥9.8bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥16.1bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥10.1bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥9.9bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥3.4bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥5.1bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥9.3bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥3.9bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥150.69	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥71.76	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥50.84	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥2.47	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥4.94	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
Dividend per share	¥40	2025-01-01 → 2025-12-31	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥30	2024-01-01 → 2024-12-31	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥14	2023-01-01 → 2023-12-31^v	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥13	2022-01-01 → 2022-12-31^v	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥12	2021-01-01 → 2021-12-31^d	Standalone	Dividend paid per share (5-year summary)
Net assets per share	¥347.78	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥217.89	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥206.96	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥73.18	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥110.83	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	56.8%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	50.8%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	54.2%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	22.5%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	39.2%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	53.3%	2025-01-01 → 2025-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	34.1%	2024-01-01 → 2024-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	36.6%	2023-01-01 → 2023-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	2.7%	2022-01-01 → 2022-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	4.3%	2021-01-01 → 2021-12-31^d	Standalone	Rate of return on equity (5-year summary)
Shares issued	52,757,800	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	52,757,800	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	52,757,800	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	52,757,800	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	52,757,800	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	1,080	at 2025-12-31	Standalone	Number of employees
Employees	1,030	at 2024-12-31	Standalone	Number of employees
Employees	1,003	at 2023-12-31^v	Standalone	Number of employees
Employees	870	at 2022-12-31^v	Standalone	Number of employees
Employees	737	at 2021-12-31^d	Standalone	Number of employees

Periods use the dates stated in the filing. ^d = earlier-year period dated by calendar; ^v = that date confirmed by the company's own earlier filing.

All source rows · 1,400

Item	Context	Value	Unit
Interest income noi	CurrentYearDuration_NonConsolidatedMember	47000000	JPY
Dividends income noi	Prior1YearDuration_NonConsolidatedMember	17000000	JPY
Dividends income noi	CurrentYearDuration_NonConsolidatedMember	20000000	JPY
Gain on investments in partnership noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Gain on investments in partnership noi	CurrentYearDuration_NonConsolidatedMember	13000000	JPY
Commission fee noi	Prior1YearDuration_NonConsolidatedMember	114000000	JPY
Commission fee noi	CurrentYearDuration_NonConsolidatedMember	130000000	JPY
Reversal of allowance for doubtful accounts noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Reversal of allowance for doubtful accounts noi	CurrentYearDuration_NonConsolidatedMember	0	JPY
Co sponsor fee noi	Prior1YearDuration_NonConsolidatedMember	171000000	JPY
Co sponsor fee noi	CurrentYearDuration_NonConsolidatedMember	184000000	JPY
Foreign exchange gains noi	Prior1YearDuration_NonConsolidatedMember	273000000	JPY
Foreign exchange gains noi	CurrentYearDuration_NonConsolidatedMember	－	JPY
Membership fee income noi	Prior1YearDuration_NonConsolidatedMember	44000000	JPY
Membership fee income noi	CurrentYearDuration_NonConsolidatedMember	48000000	JPY
Other noi	Prior1YearDuration_NonConsolidatedMember	23000000	JPY
Other noi	CurrentYearDuration_NonConsolidatedMember	18000000	JPY
Non operating income	Prior1YearDuration_NonConsolidatedMember	689000000	JPY
Non operating income	CurrentYearDuration_NonConsolidatedMember	465000000	JPY
Interest expenses noe	Prior1YearDuration_NonConsolidatedMember	0	JPY
Interest expenses noe	CurrentYearDuration_NonConsolidatedMember	0	JPY
Provision of allowance for doubtful accounts noe	Prior1YearDuration_NonConsolidatedMember	78000000	JPY
Provision of allowance for doubtful accounts noe	CurrentYearDuration_NonConsolidatedMember	－	JPY
Contract costs noe	Prior1YearDuration_NonConsolidatedMember	131000000	JPY
Contract costs noe	CurrentYearDuration_NonConsolidatedMember	131000000	JPY
Loss on sales of accounts receivable noe	Prior1YearDuration_NonConsolidatedMember	46000000	JPY
Loss on sales of accounts receivable noe	CurrentYearDuration_NonConsolidatedMember	58000000	JPY
Loss on investments in partnership noe	Prior1YearDuration_NonConsolidatedMember	31000000	JPY
Loss on investments in partnership noe	CurrentYearDuration_NonConsolidatedMember	－	JPY
Foreign exchange losses noe	Prior1YearDuration_NonConsolidatedMember	－	JPY
Foreign exchange losses noe	CurrentYearDuration_NonConsolidatedMember	11000000	JPY
Other noe	Prior1YearDuration_NonConsolidatedMember	9000000	JPY
Other noe	CurrentYearDuration_NonConsolidatedMember	1000000	JPY
Non operating expenses	Prior1YearDuration_NonConsolidatedMember	298000000	JPY
Non operating expenses	CurrentYearDuration_NonConsolidatedMember	203000000	JPY
Ordinary income	Prior1YearDuration_NonConsolidatedMember	6347000000	JPY
Ordinary income	CurrentYearDuration_NonConsolidatedMember	11724000000	JPY
Gain on sales of noncurrent assets ei	Prior1YearDuration_NonConsolidatedMember	－	JPY
Gain on sales of noncurrent assets ei	CurrentYearDuration_NonConsolidatedMember	0	JPY
Gain on donation of noncurrent assets ei	Prior1YearDuration_NonConsolidatedMember	－	JPY
Gain on donation of noncurrent assets ei	CurrentYearDuration_NonConsolidatedMember	81000000	JPY
Extraordinary income	Prior1YearDuration_NonConsolidatedMember	－	JPY
Extraordinary income	CurrentYearDuration_NonConsolidatedMember	81000000	JPY
Loss on sales and retirement of noncurrent assets el	Prior1YearDuration_NonConsolidatedMember	3000000	JPY
Loss on sales and retirement of noncurrent assets el	CurrentYearDuration_NonConsolidatedMember	0	JPY
Loss on valuation of investment securities el	Prior1YearDuration_NonConsolidatedMember	－	JPY
Loss on valuation of investment securities el	CurrentYearDuration_NonConsolidatedMember	79000000	JPY
Loss on valuation of stocks of subsidiaries and affiliates el	Prior1YearDuration_NonConsolidatedMember	1337000000	JPY
Loss on valuation of stocks of subsidiaries and affiliates el	CurrentYearDuration_NonConsolidatedMember	1485000000	JPY
Extraordinary loss	Prior1YearDuration_NonConsolidatedMember	1340000000	JPY

Every row of the EDINET CSV. Item names are the XBRL element names; filed text is kept in its original Japanese. Filed text is available on Plus and Pro.

Data checks · 24 of 24 passed

balance sheet identity	consolidated 2024-12-31	pass
balance sheet identity	consolidated 2025-12-31	pass rounding
balance sheet identity	non_consolidated 2024-12-31	pass
balance sheet identity	non_consolidated 2025-12-31	pass rounding
dei present		pass
period resolution		pass
statement vs summary · net assets	consolidated 2023-12-31	pass
statement vs summary · net assets	consolidated 2024-12-31	pass
statement vs summary · net assets	consolidated 2025-12-31	pass
statement vs summary · net assets	non_consolidated 2023-12-31	pass
statement vs summary · net assets	non_consolidated 2024-12-31	pass
statement vs summary · net assets	non_consolidated 2025-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · net income attributable to parent	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · operating cash flow	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · operating cash flow	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · revenue	consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	consolidated 2025-01-01/2025-12-31	pass
statement vs summary · revenue	non_consolidated 2024-01-01/2024-12-31	pass
statement vs summary · revenue	non_consolidated 2025-01-01/2025-12-31	pass
statement vs summary · total assets	consolidated 2024-12-31	pass
statement vs summary · total assets	consolidated 2025-12-31	pass
statement vs summary · total assets	non_consolidated 2024-12-31	pass
statement vs summary · total assets	non_consolidated 2025-12-31	pass