Annual report

Period2025-01-01 → 2025-12-31

Filed2026-04-21

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Amends S100XVCC. Amended by S100Y03H (2026-04-21).

Key figures · 141

Metric	Value	Period	Scope	Source row
Revenue	¥3.0bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥3.5bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥4.1bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥4.5bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥6.2bn	2021-01-01 → 2021-12-31^v	Cons.	Net sales (5-year summary)
Operating income	−¥188m	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥460m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥160m	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥387m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	¥207m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥963m	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥869m	2021-01-01 → 2021-12-31^v	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥534m	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥428m	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥743m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥516m	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥249m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥697m	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥743m	2021-01-01 → 2021-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥725m	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥494m	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥3.3bn	at 2025-12-31	Cons.	Assets
Total assets	¥4.1bn	at 2024-12-31	Cons.	Assets
Total assets	¥4.0bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥4.5bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥3.8bn	at 2021-12-31^v	Cons.	Total assets (5-year summary)
Total liabilities	¥1.3bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥1.6bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥1.9bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥2.5bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥2.9bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥3.1bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥2.5bn	at 2021-12-31^v	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.5bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥1.9bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.5bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.9bn	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	¥2.1bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥1.7bn	at 2021-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥861m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥107m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥119m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	¥339m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	¥849m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	¥315m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥140m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	¥49m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥67m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	¥88m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥139m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥311m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥235m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥108m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	−¥424m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-51.81	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-36.33	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-17.53	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥49.24	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥52.72	2021-01-01 → 2021-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥48.86	2022-01-01 → 2022-12-31^v	Cons.	Diluted earnings per share (5-year summary)
EPS (diluted)	¥52.31	2021-01-01 → 2021-12-31^v	Cons.	Diluted earnings per share (5-year summary)
Net assets per share	¥112.48	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥168	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥196.82	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥215.07	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥172.56	at 2021-12-31^v	Cons.	Net assets per share (5-year summary)
Equity ratio	54.9%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	58.4%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	70.6%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	67.5%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	63.4%	at 2021-12-31^v	Cons.	Equity to asset ratio (5-year summary)
ROE	25.4%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	35.7%	2021-01-01 → 2021-12-31^v	Cons.	Rate of return on equity (5-year summary)
Employees	159	at 2025-12-31	Cons.	Number of employees
Employees	173	at 2024-12-31	Cons.	Number of employees
Employees	194	at 2023-12-31^v	Cons.	Number of employees
Employees	217	at 2022-12-31^v	Cons.	Number of employees
Employees	191	at 2021-12-31^v	Cons.	Number of employees
Revenue	¥2.7bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥2.8bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥3.0bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥2.7bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥5.3bn	2021-01-01 → 2021-12-31^v	Standalone	Net sales (5-year summary)
Operating income	−¥173m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	¥116m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	−¥171m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	¥127m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	¥536m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥538m	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥696m	2021-01-01 → 2021-12-31^v	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥590m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥393m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥585m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥435m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥625m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥392m	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥588m	2021-01-01 → 2021-12-31^v	Standalone	Net income loss (5-year summary)
Total assets	¥2.8bn	at 2025-12-31	Standalone	Assets
Total assets	¥3.6bn	at 2024-12-31	Standalone	Assets
Total assets	¥3.5bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥4.4bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥3.9bn	at 2021-12-31^v	Standalone	Total assets (5-year summary)
Total liabilities	¥962m	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥1.3bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥1.9bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥2.3bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥2.6bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥3.2bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥2.7bn	at 2021-12-31^v	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.2bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥1.5bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-40.76	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-30.64	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-44.02	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥27.71	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥41.71	2021-01-01 → 2021-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥27.5	2022-01-01 → 2022-12-31^v	Standalone	Diluted earnings per share (5-year summary)
EPS (diluted)	¥41.38	2021-01-01 → 2021-12-31^v	Standalone	Diluted earnings per share (5-year summary)
Net assets per share	¥117.66	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥162.67	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥180.6	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥222.43	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥192.86	at 2021-12-31^v	Standalone	Net assets per share (5-year summary)
Equity ratio	66.0%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	64.8%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	73.8%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	72.4%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	69.0%	at 2021-12-31^v	Standalone	Equity to asset ratio (5-year summary)
ROE	13.3%	2022-01-01 → 2022-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	24.5%	2021-01-01 → 2021-12-31^v	Standalone	Rate of return on equity (5-year summary)
Shares issued	15,899,482	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	14,248,282	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	14,248,282	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	14,203,853	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	14,147,374	at 2021-12-31^v	Standalone	Total number of issued shares (5-year summary)
Employees	136	at 2025-12-31	Standalone	Number of employees
Employees	162	at 2024-12-31	Standalone	Number of employees
Employees	149	at 2023-12-31^v	Standalone	Number of employees
Employees	126	at 2022-12-31^v	Standalone	Number of employees
Employees	124	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 · 1,415

Item	Context	Value	Unit
Commission fee noe	CurrentYearDuration	3595000	JPY
Non deductible consumption tax etc noe	Prior1YearDuration	－	JPY
Non deductible consumption tax etc noe	CurrentYearDuration	3472000	JPY
Other noe	Prior1YearDuration	4052000	JPY
Other noe	CurrentYearDuration	2105000	JPY
Non operating expenses	Prior1YearDuration	42975000	JPY
Non operating expenses	CurrentYearDuration	39195000	JPY
Ordinary income	Prior1YearDuration	-386845000	JPY
Ordinary income	CurrentYearDuration	-160173000	JPY
Gain on reversal of subscription rights to shares ei	Prior1YearDuration	4629000	JPY
Gain on reversal of subscription rights to shares ei	CurrentYearDuration	520000	JPY
Gain on sales of investment securities ei	Prior1YearDuration	21273000	JPY
Gain on sales of investment securities ei	CurrentYearDuration	376139000	JPY
Gain on sales of noncurrent assets ei	Prior1YearDuration	7584000	JPY
Gain on sales of noncurrent assets ei	CurrentYearDuration	－	JPY
Extraordinary income	Prior1YearDuration	33487000	JPY
Extraordinary income	CurrentYearDuration	376659000	JPY
Loss on valuation of investment securities el	Prior1YearDuration	32462000	JPY
Loss on valuation of investment securities el	CurrentYearDuration	11720000	JPY
Loss on retirement of noncurrent assets el	Prior1YearDuration	641000	JPY
Loss on retirement of noncurrent assets el	CurrentYearDuration	－	JPY
Loss on valuation of stocks of subsidiaries and affiliates el	Prior1YearDuration	－	JPY
Loss on valuation of stocks of subsidiaries and affiliates el	CurrentYearDuration	5880000	JPY
Loss on liquidation of subsidiaries and affiliates general el	Prior1YearDuration	10076000	JPY
Loss on liquidation of subsidiaries and affiliates general el	CurrentYearDuration	3632000	JPY
Special investigation costs el	Prior1YearDuration	31395000	JPY
Special investigation costs el	CurrentYearDuration	729436000	JPY
Extraordinary loss	Prior1YearDuration	74575000	JPY
Extraordinary loss	CurrentYearDuration	750669000	JPY
Income before income taxes	Prior1YearDuration	-427933000	JPY
Income before income taxes	CurrentYearDuration	-534182000	JPY
Income taxes current	Prior1YearDuration	30518000	JPY
Income taxes current	CurrentYearDuration	194255000	JPY
Income taxes deferred	Prior1YearDuration	35094000	JPY
Income taxes deferred	CurrentYearDuration	-3161000	JPY
Income taxes	Prior1YearDuration	65613000	JPY
Income taxes	CurrentYearDuration	191093000	JPY
Profit loss	Prior1YearDuration	-493547000	JPY
Profit loss	CurrentYearDuration	-725276000	JPY
Profit loss attributable to non controlling interests	Prior1YearDuration	22744000	JPY
Profit loss attributable to non controlling interests	CurrentYearDuration	18066000	JPY
Profit loss attributable to owners of parent	Prior1YearDuration	-516291000	JPY
Profit loss attributable to owners of parent	CurrentYearDuration	-743342000	JPY
Profit loss	Prior1YearDuration	-493547000	JPY
Profit loss	CurrentYearDuration	-725276000	JPY
Valuation difference on available for sale securities net of tax oci	Prior1YearDuration	180041000	JPY
Valuation difference on available for sale securities net of tax oci	CurrentYearDuration	-177008000	JPY
Foreign currency translation adjustment net of tax oci	Prior1YearDuration	-71908000	JPY
Foreign currency translation adjustment net of tax oci	CurrentYearDuration	-5289000	JPY
Other comprehensive income	Prior1YearDuration	108132000	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
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