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	¥5.9bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥6.5bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥7.2bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥7.2bn	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	−¥110m	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥133m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	−¥136m	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥104m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	¥139m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥263m	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥106m	2021-01-01 → 2021-12-31^v	Cons.	Ordinary income loss (5-year summary)
Profit before tax	−¥252m	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥163m	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	−¥377m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥181m	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	¥51m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥80m	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥30m	2021-01-01 → 2021-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	−¥340m	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥242m	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥7.2bn	at 2025-12-31	Cons.	Assets
Total assets	¥7.7bn	at 2024-12-31	Cons.	Assets
Total assets	¥7.6bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥7.6bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥6.9bn	at 2021-12-31^v	Cons.	Total assets (5-year summary)
Total liabilities	¥5.6bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥5.8bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥1.7bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥1.9bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥2.0bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥2.0bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥1.9bn	at 2021-12-31^v	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.7bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥1.7bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.5bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.5bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.3bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.2bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥1.2bn	at 2021-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	¥231m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	¥76m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥187m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥144m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥276m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥76m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥200m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥204m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥104m	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	−¥169m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥241m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥495m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥221m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥10m	2021-01-01 → 2021-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥-304.33	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-146.63	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥41.5	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥64.25	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥24.31	2021-01-01 → 2021-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
Net assets per share	¥946.07	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥1,218.38	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥1,314.01	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥1,273.98	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥1,213.94	at 2021-12-31^v	Cons.	Net assets per share (5-year summary)
Equity ratio	16.2%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	19.5%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	21.3%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	20.8%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	21.9%	at 2021-12-31^v	Cons.	Equity to asset ratio (5-year summary)
ROE	-28.1%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	-11.6%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	3.2%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	5.2%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	2.1%	2021-01-01 → 2021-12-31^v	Cons.	Rate of return on equity (5-year summary)
Employees	302	at 2025-12-31	Cons.	Number of employees
Employees	329	at 2024-12-31	Cons.	Number of employees
Employees	322	at 2023-12-31^v	Cons.	Number of employees
Employees	374	at 2022-12-31^v	Cons.	Number of employees
Employees	365	at 2021-12-31^v	Cons.	Number of employees
Revenue	¥3.4bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥3.4bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥4.0bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥4.3bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥3.7bn	2021-01-01 → 2021-12-31^v	Standalone	Net sales (5-year summary)
Operating income	¥31m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	¥2m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥64m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	¥71m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	¥131m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥127m	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥97m	2021-01-01 → 2021-12-31^v	Standalone	Ordinary income loss (5-year summary)
Profit before tax	−¥21m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	¥54m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	−¥57m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	¥28m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	¥72m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥85m	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥65m	2021-01-01 → 2021-12-31^v	Standalone	Net income loss (5-year summary)
Total assets	¥3.9bn	at 2025-12-31	Standalone	Assets
Total assets	¥4.1bn	at 2024-12-31	Standalone	Assets
Total assets	¥4.2bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥4.7bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥4.1bn	at 2021-12-31^v	Standalone	Total assets (5-year summary)
Total liabilities	¥2.5bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥2.6bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥1.4bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥1.4bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥1.4bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥1.4bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥1.3bn	at 2021-12-31^v	Standalone	Net assets (5-year summary)
Cash and deposits	¥497m	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥482m	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥-46.11	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥22.38	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥57.9	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥68.52	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥52.29	2021-01-01 → 2021-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
Dividend per share	¥25	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	¥30	2023-01-01 → 2023-12-31^v	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥45	2022-01-01 → 2022-12-31^v	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥30	2021-01-01 → 2021-12-31^v	Standalone	Dividend paid per share (5-year summary)
Net assets per share	¥1,105.48	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥1,154.47	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥1,149.42	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥1,125.48	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥1,090.62	at 2021-12-31^v	Standalone	Net assets per share (5-year summary)
Equity ratio	35.2%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	35.0%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	33.9%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	29.7%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	33.0%	at 2021-12-31^v	Standalone	Equity to asset ratio (5-year summary)
ROE	-4.1%	2025-01-01 → 2025-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	1.9%	2024-01-01 → 2024-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	5.1%	2023-01-01 → 2023-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	6.2%	2022-01-01 → 2022-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	4.8%	2021-01-01 → 2021-12-31^v	Standalone	Rate of return on equity (5-year summary)
Shares issued	1,240,000	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	1,240,000	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	1,240,000	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	1,240,000	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	1,240,000	at 2021-12-31^v	Standalone	Total number of issued shares (5-year summary)
Employees	45	at 2025-12-31	Standalone	Number of employees
Employees	46	at 2024-12-31	Standalone	Number of employees
Employees	51	at 2023-12-31^v	Standalone	Number of employees
Employees	51	at 2022-12-31^v	Standalone	Number of employees
Employees	49	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 · 1,325

Item	Context	Value
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E01906-000HoriiSusumuMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000HoriiSusumuMember	Original text (Japanese) （注）４
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000HorikoshiNaokoMember	Original text (Japanese) 監査役
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000HorikoshiNaokoMember	Original text (Japanese) 堀　越　直　子
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000HorikoshiNaokoMember	1968-02-22
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E01906-000HorikoshiNaokoMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000HorikoshiNaokoMember	Original text (Japanese) （注）４
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000ShirotaKoushunMember	Original text (Japanese) 監査役
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000ShirotaKoushunMember	Original text (Japanese) 白　田　幸　春
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000ShirotaKoushunMember	1942-01-22
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E01906-000ShirotaKoushunMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000ShirotaKoushunMember	Original text (Japanese) （注）４
Official title or position information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000IshizakiTakeshiMember	Original text (Japanese) 監査役
Name information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000IshizakiTakeshiMember	Original text (Japanese) 石　崎　　　武
Date of birth information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000IshizakiTakeshiMember	1942-11-24
Career summary information about directors and corporate auditors (text)	FilingDateInstant_jpcrp030000-asr_E01906-000IshizakiTakeshiMember	Text · Plus
Term of office information about directors and corporate auditors	FilingDateInstant_jpcrp030000-asr_E01906-000IshizakiTakeshiMember	Original text (Japanese) （注）５
Footnotes directors and corporate auditors (text)	FilingDateInstant_Row1Member	Text · Plus
Footnotes directors and corporate auditors (text)	FilingDateInstant_Row2Member	Text · Plus
Footnotes directors and corporate auditors (text)	FilingDateInstant_Row3Member	Text · Plus
Footnotes directors and corporate auditors (text)	FilingDateInstant_Row4Member	Text · Plus
Footnotes directors and corporate auditors (text)	FilingDateInstant_Row5Member	Text · Plus
Outside directors and outside corporate auditors (text)	FilingDateInstant	Text · Plus
Audits (text)	FilingDateInstant	Text · Plus
Remuneration for directors and other officers (text)	FilingDateInstant	Text · Plus
Shareholdings (text)	FilingDateInstant	Text · Plus
Name of securities investment equity securities reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row1Member	Original text (Japanese) 株式会社富山銀行
Fiscal year of change in purpose of shareholding investment shares reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row1Member	Original text (Japanese) 令和５年12月期
Reason for change in purpose of shareholding and policy on holding or sale of shares after change investment shares reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row1Member	Text · Plus
Name of securities investment equity securities reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row2Member	Original text (Japanese) 株式会社富山第一銀行
Fiscal year of change in purpose of shareholding investment shares reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row2Member	Original text (Japanese) 令和５年12月期
Reason for change in purpose of shareholding and policy on holding or sale of shares after change investment shares reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row2Member	Text · Plus
Name of securities investment equity securities reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row3Member	Original text (Japanese) 株式会社ほくほくフィナンシャルグループ
Fiscal year of change in purpose of shareholding investment shares reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row3Member	Original text (Japanese) 令和５年12月期
Reason for change in purpose of shareholding and policy on holding or sale of shares after change investment shares reclassified from held for purposes other than pure investment to held for pure investment reporting company	CurrentYearInstant_Row3Member	Text · Plus
Regulations in accordance with which consolidated financial statements have been prepared financial information	CurrentYearDuration	Text · Plus
Regulations in accordance with which financial statements have been prepared financial information	CurrentYearDuration	Text · Plus
Description of fact that financial statements have been prepared in accordance with special provision financial information	CurrentYearDuration	Original text (Japanese) 　また、当社は、特例財務諸表提出会社に該当し、財務諸表等規則第127条の規定により財務諸表を作成しております。
Note on independent audit financial information	CurrentYearDuration	Text · Plus
Remarkable efforts to ensure fair presentation of consolidated financial statements etc financial information	CurrentYearDuration	Text · Plus
Consolidated balance sheet (text)	CurrentYearDuration	Text · Plus
Consolidated statement of income (text)	CurrentYearDuration	Text · Plus
Consolidated statement of comprehensive income (text)	CurrentYearDuration	Text · Plus
Consolidated statement of changes in equity (text)	CurrentYearDuration	Text · Plus
Consolidated statement of cash flows (text)	CurrentYearDuration	Text · Plus
Notes significant accounting policies for preparation of consolidated financial statements (text)	CurrentYearDuration	Text · Plus
Number of consolidated subsidiaries and names of major consolidated subsidiaries (text)	CurrentYearDuration	Text · Plus
Number of unconsolidated subsidiaries and associates accounted for using equity method and names of major entities accounted for using equity method (text)	CurrentYearDuration	Text · Plus
Names of major unconsolidated subsidiaries and associates and reasons for not being accounted for using equity method (text)	CurrentYearDuration	Text · Plus
Disclosure about fiscal years etc of consolidated subsidiaries (text)	CurrentYearDuration	Text · Plus

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
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