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
Insurance income noi	CurrentYearDuration_NonConsolidatedMember	10000000	JPY
Gain on investments in partnership noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Gain on investments in partnership noi	CurrentYearDuration_NonConsolidatedMember	1169000	JPY
Returned remuneration income from directors and other officers noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Returned remuneration income from directors and other officers noi	CurrentYearDuration_NonConsolidatedMember	5350000	JPY
Compensation received noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Compensation received noi	CurrentYearDuration_NonConsolidatedMember	13881000	JPY
Debt extinguishment gain noi	Prior1YearDuration_NonConsolidatedMember	－	JPY
Debt extinguishment gain noi	CurrentYearDuration_NonConsolidatedMember	4027000	JPY
Other noi	Prior1YearDuration_NonConsolidatedMember	4557000	JPY
Other noi	CurrentYearDuration_NonConsolidatedMember	1883000	JPY
Non operating income	Prior1YearDuration_NonConsolidatedMember	32607000	JPY
Non operating income	CurrentYearDuration_NonConsolidatedMember	38597000	JPY
Interest expenses noe	Prior1YearDuration_NonConsolidatedMember	5559000	JPY
Interest expenses noe	CurrentYearDuration_NonConsolidatedMember	6936000	JPY
Stock issuance cost noe	Prior1YearDuration_NonConsolidatedMember	－	JPY
Stock issuance cost noe	CurrentYearDuration_NonConsolidatedMember	12270000	JPY
Loss on investments in partnership noe	Prior1YearDuration_NonConsolidatedMember	11801000	JPY
Loss on investments in partnership noe	CurrentYearDuration_NonConsolidatedMember	4100000	JPY
Foreign exchange losses noe	Prior1YearDuration_NonConsolidatedMember	－	JPY
Foreign exchange losses noe	CurrentYearDuration_NonConsolidatedMember	4140000	JPY
Commission fee noe	Prior1YearDuration_NonConsolidatedMember	－	JPY
Commission fee noe	CurrentYearDuration_NonConsolidatedMember	3595000	JPY
Non deductible consumption tax etc noe	Prior1YearDuration_NonConsolidatedMember	－	JPY
Non deductible consumption tax etc noe	CurrentYearDuration_NonConsolidatedMember	3223000	JPY
Other noe	Prior1YearDuration_NonConsolidatedMember	3994000	JPY
Other noe	CurrentYearDuration_NonConsolidatedMember	2025000	JPY
Non operating expenses	Prior1YearDuration_NonConsolidatedMember	21355000	JPY
Non operating expenses	CurrentYearDuration_NonConsolidatedMember	36293000	JPY
Ordinary income	Prior1YearDuration_NonConsolidatedMember	127063000	JPY
Ordinary income	CurrentYearDuration_NonConsolidatedMember	-170720000	JPY
Gain on reversal of subscription rights to shares ei	Prior1YearDuration_NonConsolidatedMember	224000	JPY
Gain on reversal of subscription rights to shares ei	CurrentYearDuration_NonConsolidatedMember	－	JPY
Gain on sales of investment securities ei	Prior1YearDuration_NonConsolidatedMember	21273000	JPY
Gain on sales of investment securities ei	CurrentYearDuration_NonConsolidatedMember	376139000	JPY
Gain on extinguishment of tie in shares ei	Prior1YearDuration_NonConsolidatedMember	8646000	JPY
Gain on extinguishment of tie in shares ei	CurrentYearDuration_NonConsolidatedMember	－	JPY
Extraordinary income	Prior1YearDuration_NonConsolidatedMember	30144000	JPY
Extraordinary income	CurrentYearDuration_NonConsolidatedMember	376139000	JPY
Loss on valuation of investment securities el	Prior1YearDuration_NonConsolidatedMember	32462000	JPY
Loss on valuation of investment securities el	CurrentYearDuration_NonConsolidatedMember	11720000	JPY
Loss on valuation of stocks of subsidiaries and affiliates el	Prior1YearDuration_NonConsolidatedMember	93502000	JPY
Loss on valuation of stocks of subsidiaries and affiliates el	CurrentYearDuration_NonConsolidatedMember	54708000	JPY
Loss on write off of associated company receivables el	Prior1YearDuration_NonConsolidatedMember	392480000	JPY
Loss on write off of associated company receivables el	CurrentYearDuration_NonConsolidatedMember	－	JPY
Special investigation costs el	Prior1YearDuration_NonConsolidatedMember	31395000	JPY
Special investigation costs el	CurrentYearDuration_NonConsolidatedMember	729436000	JPY
Extraordinary loss	Prior1YearDuration_NonConsolidatedMember	549840000	JPY
Extraordinary loss	CurrentYearDuration_NonConsolidatedMember	795864000	JPY
Income before income taxes	Prior1YearDuration_NonConsolidatedMember	-392632000	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