Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-24

StandardJapan GAAP

ConsolidatedYes

Data checks20 of 20 passed

Key figures · 115

Metric	Value	Period	Scope	Source row
Operating income	−¥1.6bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥902m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥1.6bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥896m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥940m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥2.0bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥896m	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥1.9bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥889m	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥933m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥1.2bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥1.9bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥889m	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥2.0bn	at 2025-12-31	Cons.	Assets
Total assets	¥3.1bn	at 2024-12-31	Cons.	Assets
Total assets	¥2.5bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥3.0bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total liabilities	¥517m	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥563m	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥1.5bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥2.5bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥2.3bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥2.7bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥2.3bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.3bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.8bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.2bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥1.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥537m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥989m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥1.1bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥993,000	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥31m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥1m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥19m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥811m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥1.1bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥538m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥245m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-50.2	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-31.98	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-39.63	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-61.04	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥35.52	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥78.31	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥94.97	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥125.79	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Equity ratio	72.7%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	81.6%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	92.4%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	90.0%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Employees	15	at 2025-12-31	Cons.	Number of employees
Employees	15	at 2024-12-31	Cons.	Number of employees
Employees	15	at 2023-12-31^v	Cons.	Number of employees
Employees	14	at 2022-12-31^v	Cons.	Number of employees
Operating income	−¥1.6bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	−¥865m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥1.6bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	−¥858m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥898m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥1.2bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥680m	2021-01-01 → 2021-12-31^v	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥2.0bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥858m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥2.0bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥861m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥901m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥1.2bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥682m	2021-01-01 → 2021-12-31^v	Standalone	Net income loss (5-year summary)
Total assets	¥2.0bn	at 2025-12-31	Standalone	Assets
Total assets	¥3.1bn	at 2024-12-31	Standalone	Assets
Total assets	¥2.4bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥2.9bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥3.4bn	at 2021-12-31^v	Standalone	Total assets (5-year summary)
Total liabilities	¥516m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥460m	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥1.5bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥2.6bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥2.4bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥2.7bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥3.2bn	at 2021-12-31^v	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.7bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥2.3bn	at 2024-12-31	Standalone	Cash and deposits
Cash & equivalents	¥3.0bn	at 2021-12-31^v	Standalone	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥887m	2021-01-01 → 2021-12-31^v	Standalone	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥5m	2021-01-01 → 2021-12-31^v	Standalone	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥283m	2021-01-01 → 2021-12-31^v	Standalone	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-52.38	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-30.95	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-38.25	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-59.9	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-39.58	2021-01-01 → 2021-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
Net assets per share	¥35.52	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥80.87	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥97.22	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥126.81	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥178.57	at 2021-12-31^v	Standalone	Net assets per share (5-year summary)
Equity ratio	72.8%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	84.8%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	96.9%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	93.8%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	94.3%	at 2021-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Shares issued	40,563,800	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	32,408,800	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	24,236,500	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	21,399,900	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	17,786,100	at 2021-12-31^v	Standalone	Total number of issued shares (5-year summary)
Employees	15	at 2025-12-31	Standalone	Number of employees
Employees	15	at 2024-12-31	Standalone	Number of employees
Employees	15	at 2023-12-31^v	Standalone	Number of employees
Employees	14	at 2022-12-31^v	Standalone	Number of employees
Employees	15	at 2021-12-31^v	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 · 1,141

Item	Context	Value	Unit
Increase decrease in deposits received ope cf	Prior1YearDuration	129000	JPY
Increase decrease in deposits received ope cf	CurrentYearDuration	-200000	JPY
Other net ope cf	Prior1YearDuration	-5654000	JPY
Other net ope cf	CurrentYearDuration	-13826000	JPY
Subtotal ope cf	Prior1YearDuration	-534238000	JPY
Subtotal ope cf	CurrentYearDuration	-1387731000	JPY
Interest income received ope cf	Prior1YearDuration	170000	JPY
Interest income received ope cf	CurrentYearDuration	3280000	JPY
Income taxes paid ope cf	Prior1YearDuration	-2667000	JPY
Income taxes paid ope cf	CurrentYearDuration	-3121000	JPY
Net cash provided by used in operating activities	Prior1YearDuration	-536735000	JPY
Net cash provided by used in operating activities	CurrentYearDuration	-1387571000	JPY
Purchase of property plant and equipment inv cf	Prior1YearDuration	-864000	JPY
Purchase of property plant and equipment inv cf	CurrentYearDuration	-348000	JPY
Purchase of investment securities inv cf	Prior1YearDuration	-29970000	JPY
Purchase of investment securities inv cf	CurrentYearDuration	－	JPY
Payments for guarantee deposits inv cf	Prior1YearDuration	－	JPY
Payments for guarantee deposits inv cf	CurrentYearDuration	-645000	JPY
Net cash provided by used in investment activities	Prior1YearDuration	-30834000	JPY
Net cash provided by used in investment activities	CurrentYearDuration	-993000	JPY
Proceeds from issuance of common stock fin cf	Prior1YearDuration	1116783000	JPY
Proceeds from issuance of common stock fin cf	CurrentYearDuration	807330000	JPY
Proceeds from issuance of subscription rights to shares fin cf	Prior1YearDuration	3520000	JPY
Proceeds from issuance of subscription rights to shares fin cf	CurrentYearDuration	3600000	JPY
Purchase of treasury stock fin cf	Prior1YearDuration	-0	JPY
Purchase of treasury stock fin cf	CurrentYearDuration	－	JPY
Net cash provided by used in financing activities	Prior1YearDuration	1120303000	JPY
Net cash provided by used in financing activities	CurrentYearDuration	810930000	JPY
Effect of exchange rate change on cash and cash equivalents	Prior1YearDuration	－	JPY
Effect of exchange rate change on cash and cash equivalents	CurrentYearDuration	－	JPY
Net increase decrease in cash and cash equivalents	Prior1YearDuration	552733000	JPY
Net increase decrease in cash and cash equivalents	CurrentYearDuration	-577634000	JPY
Cash and cash equivalents	Prior2YearInstant	1793378000	JPY
Cash and cash equivalents	Prior1YearInstant	2346111000	JPY
Cash and cash equivalents	Prior1YearInstant	2346111000	JPY
Cash and cash equivalents	CurrentYearInstant	1768476000	JPY
Number of consolidated subsidiaries	CurrentYearInstant	1
Directors compensations sga	Prior1YearDuration	57750000	JPY
Directors compensations sga	CurrentYearDuration	58300000	JPY
Salaries and allowances sga	Prior1YearDuration	56179000	JPY
Salaries and allowances sga	CurrentYearDuration	60823000	JPY
Business consignment expenses sga	Prior1YearDuration	64077000	JPY
Business consignment expenses sga	CurrentYearDuration	63176000	JPY
Taxes and dues sga	Prior1YearDuration	30437000	JPY
Taxes and dues sga	CurrentYearDuration	27386000	JPY
Depreciation sga	Prior1YearDuration	23289000	JPY
Depreciation sga	CurrentYearDuration	30159000	JPY
Cash and deposits	Prior1YearInstant_NonConsolidatedMember	2300325000	JPY
Cash and deposits	CurrentYearInstant_NonConsolidatedMember	1725418000	JPY
Supplies	Prior1YearInstant_NonConsolidatedMember	74904000	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 · 20 of 20 passed

balance sheet identity	consolidated 2024-12-31	pass
balance sheet identity	consolidated 2025-12-31	pass
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 · 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