Annual report

Period2025-01-01 → 2025-12-31
Filed2026-05-19
StandardJapan GAAP
ConsolidatedYes
Data checks24 of 24 passed

Amends S100XTFR. Amended by S100Y52K (2026-05-19).

Key figures · 148
MetricValuePeriodScopeSource row
Revenue¥13.5bn2025-01-01 → 2025-12-31Cons.Net sales
Revenue¥9.3bn2024-01-01 → 2024-12-31Cons.Net sales
Revenue¥10.0bn2023-01-01 → 2023-12-31vCons.Net sales (5-year summary)
Revenue¥7.9bn2022-01-01 → 2022-12-31vCons.Net sales (5-year summary)
Revenue¥5.7bn2021-01-01 → 2021-12-31dCons.Net sales (5-year summary)
Operating income−¥335m2025-01-01 → 2025-12-31Cons.Operating income
Operating income−¥632m2024-01-01 → 2024-12-31Cons.Operating income
Ordinary income−¥664m2025-01-01 → 2025-12-31Cons.Ordinary income
Ordinary income−¥711m2024-01-01 → 2024-12-31Cons.Ordinary income
Ordinary income¥1.2bn2023-01-01 → 2023-12-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥922m2022-01-01 → 2022-12-31vCons.Ordinary income loss (5-year summary)
Ordinary income¥515m2021-01-01 → 2021-12-31dCons.Ordinary income loss (5-year summary)
Profit before tax−¥966m2025-01-01 → 2025-12-31Cons.Income before income taxes
Profit before tax−¥711m2024-01-01 → 2024-12-31Cons.Income before income taxes
Net income (owners)−¥1.1bn2025-01-01 → 2025-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)−¥695m2024-01-01 → 2024-12-31Cons.Profit loss attributable to owners of parent
Net income (owners)¥781m2023-01-01 → 2023-12-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥557m2022-01-01 → 2022-12-31vCons.Profit loss attributable to owners of parent (5-year summary)
Net income (owners)¥339m2021-01-01 → 2021-12-31dCons.Profit loss attributable to owners of parent (5-year summary)
Net income−¥1.2bn2025-01-01 → 2025-12-31Cons.Profit loss
Net income−¥707m2024-01-01 → 2024-12-31Cons.Profit loss
Total assets¥18.4bnat 2025-12-31Cons.Assets
Total assets¥14.2bnat 2024-12-31Cons.Assets
Total assets¥10.9bnat 2023-12-31vCons.Total assets (5-year summary)
Total assets¥5.7bnat 2022-12-31vCons.Total assets (5-year summary)
Total assets¥3.8bnat 2021-12-31dCons.Total assets (5-year summary)
Total liabilities¥8.5bnat 2025-12-31Cons.Liabilities
Total liabilities¥3.4bnat 2024-12-31Cons.Liabilities
Net assets / equity¥9.9bnat 2025-12-31Cons.Net assets
Net assets / equity¥10.7bnat 2024-12-31Cons.Net assets
Net assets / equity¥6.8bnat 2023-12-31vCons.Net assets
Net assets / equity¥3.0bnat 2022-12-31vCons.Net assets (5-year summary)
Net assets / equity¥2.5bnat 2021-12-31dCons.Net assets (5-year summary)
Cash and deposits¥5.3bnat 2025-12-31Cons.Cash and deposits
Cash and deposits¥7.6bnat 2024-12-31Cons.Cash and deposits
Cash & equivalents¥3.9bnat 2025-12-31Cons.Cash and cash equivalents
Cash & equivalents¥7.6bnat 2024-12-31Cons.Cash and cash equivalents
Cash & equivalents¥5.8bnat 2023-12-31vCons.Cash and cash equivalents
Cash & equivalents¥3.2bnat 2022-12-31vCons.Cash and cash equivalents (5-year summary)
Cash & equivalents¥1.8bnat 2021-12-31dCons.Cash and cash equivalents (5-year summary)
Operating cash flow−¥2.1bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in operating activities
Operating cash flow−¥2.5bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in operating activities
Operating cash flow¥226m2023-01-01 → 2023-12-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥1.3bn2022-01-01 → 2022-12-31vCons.Net cash provided by used in operating activities (5-year summary)
Operating cash flow¥317m2021-01-01 → 2021-12-31dCons.Net cash provided by used in operating activities (5-year summary)
Investing cash flow−¥2.7bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥64m2024-01-01 → 2024-12-31Cons.Net cash provided by used in investment activities
Investing cash flow−¥1.4bn2023-01-01 → 2023-12-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥487m2022-01-01 → 2022-12-31vCons.Net cash provided by used in investing activities (5-year summary)
Investing cash flow−¥32m2021-01-01 → 2021-12-31dCons.Net cash provided by used in investing activities (5-year summary)
Financing cash flow¥1.1bn2025-01-01 → 2025-12-31Cons.Net cash provided by used in financing activities
Financing cash flow¥4.3bn2024-01-01 → 2024-12-31Cons.Net cash provided by used in financing activities
Financing cash flow¥3.8bn2023-01-01 → 2023-12-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow¥647m2022-01-01 → 2022-12-31vCons.Net cash provided by used in financing activities (5-year summary)
Financing cash flow−¥405m2021-01-01 → 2021-12-31dCons.Net cash provided by used in financing activities (5-year summary)
EPS (basic)¥-94.082025-01-01 → 2025-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥-59.22024-01-01 → 2024-12-31Cons.Basic earnings loss per share (5-year summary)
EPS (basic)¥67.512023-01-01 → 2023-12-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥48.672022-01-01 → 2022-12-31vCons.Basic earnings loss per share (5-year summary)
EPS (basic)¥29.72021-01-01 → 2021-12-31dCons.Basic earnings loss per share (5-year summary)
EPS (diluted)¥66.472023-01-01 → 2023-12-31vCons.Diluted earnings per share (5-year summary)
EPS (diluted)¥47.932022-01-01 → 2022-12-31vCons.Diluted earnings per share (5-year summary)
EPS (diluted)¥29.242021-01-01 → 2021-12-31dCons.Diluted earnings per share (5-year summary)
Net assets per share¥143.68at 2025-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥225.09at 2024-12-31Cons.Net assets per share (5-year summary)
Net assets per share¥315.81at 2023-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥255.37at 2022-12-31vCons.Net assets per share (5-year summary)
Net assets per share¥215.4at 2021-12-31dCons.Net assets per share (5-year summary)
Equity ratio9.2%at 2025-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio18.6%at 2024-12-31Cons.Equity to asset ratio (5-year summary)
Equity ratio34.0%at 2023-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio51.7%at 2022-12-31vCons.Equity to asset ratio (5-year summary)
Equity ratio63.0%at 2021-12-31dCons.Equity to asset ratio (5-year summary)
ROE23.6%2023-01-01 → 2023-12-31vCons.Rate of return on equity (5-year summary)
ROE20.9%2022-01-01 → 2022-12-31vCons.Rate of return on equity (5-year summary)
ROE14.0%2021-01-01 → 2021-12-31dCons.Rate of return on equity (5-year summary)
Employees417at 2025-12-31Cons.Number of employees
Employees433at 2024-12-31Cons.Number of employees
Employees369at 2023-12-31vCons.Number of employees
Employees335at 2022-12-31vCons.Number of employees
Employees257at 2021-12-31dCons.Number of employees
Revenue¥8.1bn2025-01-01 → 2025-12-31StandaloneNet sales
Revenue¥8.8bn2024-01-01 → 2024-12-31StandaloneNet sales
Revenue¥9.6bn2023-01-01 → 2023-12-31vStandaloneNet sales (5-year summary)
Revenue¥7.5bn2022-01-01 → 2022-12-31vStandaloneNet sales (5-year summary)
Revenue¥5.7bn2021-01-01 → 2021-12-31dStandaloneNet sales (5-year summary)
Operating income−¥154m2025-01-01 → 2025-12-31StandaloneOperating income
Operating income−¥122m2024-01-01 → 2024-12-31StandaloneOperating income
Ordinary income−¥74m2025-01-01 → 2025-12-31StandaloneOrdinary income
Ordinary income−¥115m2024-01-01 → 2024-12-31StandaloneOrdinary income
Ordinary income¥1.6bn2023-01-01 → 2023-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥1.1bn2022-01-01 → 2022-12-31vStandaloneOrdinary income loss (5-year summary)
Ordinary income¥513m2021-01-01 → 2021-12-31dStandaloneOrdinary income loss (5-year summary)
Profit before tax−¥203m2025-01-01 → 2025-12-31StandaloneIncome before income taxes
Profit before tax−¥111m2024-01-01 → 2024-12-31StandaloneIncome before income taxes
Net income−¥314m2025-01-01 → 2025-12-31StandaloneProfit loss
Net income−¥115m2024-01-01 → 2024-12-31StandaloneProfit loss
Net income¥1.2bn2023-01-01 → 2023-12-31vStandaloneNet income loss (5-year summary)
Net income¥754m2022-01-01 → 2022-12-31vStandaloneNet income loss (5-year summary)
Net income¥345m2021-01-01 → 2021-12-31dStandaloneNet income loss (5-year summary)
Total assets¥7.0bnat 2025-12-31StandaloneAssets
Total assets¥6.9bnat 2024-12-31StandaloneAssets
Total assets¥8.2bnat 2023-12-31vStandaloneTotal assets (5-year summary)
Total assets¥5.6bnat 2022-12-31vStandaloneTotal assets (5-year summary)
Total assets¥3.8bnat 2021-12-31dStandaloneTotal assets (5-year summary)
Total liabilities¥3.5bnat 2025-12-31StandaloneLiabilities
Total liabilities¥3.1bnat 2024-12-31StandaloneLiabilities
Net assets / equity¥3.5bnat 2025-12-31StandaloneNet assets
Net assets / equity¥3.8bnat 2024-12-31StandaloneNet assets
Net assets / equity¥4.3bnat 2023-12-31vStandaloneNet assets
Net assets / equity¥3.1bnat 2022-12-31vStandaloneNet assets (5-year summary)
Net assets / equity¥2.4bnat 2021-12-31dStandaloneNet assets (5-year summary)
Cash and deposits¥1.3bnat 2025-12-31StandaloneCash and deposits
Cash and deposits¥1.1bnat 2024-12-31StandaloneCash and deposits
EPS (basic)¥-26.682025-01-01 → 2025-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥-9.762024-01-01 → 2024-12-31StandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥103.082023-01-01 → 2023-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥65.962022-01-01 → 2022-12-31vStandaloneBasic earnings loss per share (5-year summary)
EPS (basic)¥30.292021-01-01 → 2021-12-31dStandaloneBasic earnings loss per share (5-year summary)
EPS (diluted)¥101.492023-01-01 → 2023-12-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥64.962022-01-01 → 2022-12-31vStandaloneDiluted earnings per share (5-year summary)
EPS (diluted)¥29.822021-01-01 → 2021-12-31dStandaloneDiluted earnings per share (5-year summary)
Dividend per share¥412023-01-01 → 2023-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥282022-01-01 → 2022-12-31vStandaloneDividend paid per share (5-year summary)
Dividend per share¥102021-01-01 → 2021-12-31dStandaloneDividend paid per share (5-year summary)
Net assets per share¥290.87at 2025-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥317.15at 2024-12-31StandaloneNet assets per share (5-year summary)
Net assets per share¥366.3at 2023-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥270.56at 2022-12-31vStandaloneNet assets per share (5-year summary)
Net assets per share¥213.24at 2021-12-31dStandaloneNet assets per share (5-year summary)
Equity ratio49.0%at 2025-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio54.1%at 2024-12-31StandaloneEquity to asset ratio (5-year summary)
Equity ratio52.6%at 2023-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio54.9%at 2022-12-31vStandaloneEquity to asset ratio (5-year summary)
Equity ratio62.7%at 2021-12-31dStandaloneEquity to asset ratio (5-year summary)
ROE32.2%2023-01-01 → 2023-12-31vStandaloneRate of return on equity (5-year summary)
ROE27.5%2022-01-01 → 2022-12-31vStandaloneRate of return on equity (5-year summary)
ROE14.5%2021-01-01 → 2021-12-31dStandaloneRate of return on equity (5-year summary)
Shares issued11,819,161at 2025-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued11,757,603at 2024-12-31StandaloneTotal number of issued shares (5-year summary)
Shares issued11,726,457at 2023-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued11,468,478at 2022-12-31vStandaloneTotal number of issued shares (5-year summary)
Shares issued11,418,398at 2021-12-31dStandaloneTotal number of issued shares (5-year summary)
Employees327at 2025-12-31StandaloneNumber of employees
Employees388at 2024-12-31StandaloneNumber of employees
Employees328at 2023-12-31vStandaloneNumber of employees
Employees304at 2022-12-31vStandaloneNumber of employees
Employees256at 2021-12-31dStandaloneNumber 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.

Segments · 18
SegmentItemPeriodValue
Reconciling Itemsreconcilingrevenue2025-01-01 → 2025-12-31−¥33m
Reconciling Itemsreconcilingrevenue intersegment2025-01-01 → 2025-12-31−¥33m
—segment totalcapex2025-01-01 → 2025-12-31¥21m
—segment totaldepreciation2025-01-01 → 2025-12-31¥103m
—segment totalrevenue2025-01-01 → 2025-12-31¥13.5bn
—segment totalrevenue external2025-01-01 → 2025-12-31¥13.5bn
—segment totalrevenue intersegment2025-01-01 → 2025-12-31¥33m
—segment totalsegment assetsat 2025-12-31¥18.4bn
—segment totalsegment profit2025-01-01 → 2025-12-31−¥335m
Reconciling Itemsreconcilingrevenue2024-01-01 → 2024-12-31−¥9m
Reconciling Itemsreconcilingrevenue intersegment2024-01-01 → 2024-12-31−¥9m
—segment totalcapex2024-01-01 → 2024-12-31¥27m
—segment totaldepreciation2024-01-01 → 2024-12-31¥66m
—segment totalrevenue2024-01-01 → 2024-12-31¥9.3bn
—segment totalrevenue external2024-01-01 → 2024-12-31¥9.3bn
—segment totalrevenue intersegment2024-01-01 → 2024-12-31¥9m
—segment totalsegment assetsat 2024-12-31¥14.2bn
—segment totalsegment profit2024-01-01 → 2024-12-31−¥632m

Segment names come from EDINET member IDs; not yet mapped to a common taxonomy.

All source rows · 1,522
ItemContextValueUnit
Payments into time deposits inv cfCurrentYearDuration-1500000000JPY
Purchase of property plant and equipment inv cfPrior1YearDuration-716000JPY
Purchase of property plant and equipment inv cfCurrentYearDuration-7898000JPY
Purchase of intangible assets inv cfPrior1YearDuration-25887000JPY
Purchase of intangible assets inv cfCurrentYearDuration-13418000JPY
Payments for lease and guarantee deposits inv cfPrior1YearDuration-5365000JPY
Payments for lease and guarantee deposits inv cfCurrentYearDuration-61000JPY
Proceeds from collection of lease and guarantee deposits inv cfPrior1YearDuration1137000JPY
Proceeds from collection of lease and guarantee deposits inv cfCurrentYearDuration2567000JPY
Expenditure from acquisition of investment and other assets inv cfPrior1YearDuration-33023000JPY
Expenditure from acquisition of investment and other assets inv cfCurrentYearDuration-JPY
Purchase of investments in subsidiaries resulting in change in scope of consolidation inv cfPrior1YearDuration-JPY
Purchase of investments in subsidiaries resulting in change in scope of consolidation inv cfCurrentYearDuration-1148107000JPY
Proceeds from liquidation of subsidiaries and affiliates inv cfPrior1YearDuration-JPY
Proceeds from liquidation of subsidiaries and affiliates inv cfCurrentYearDuration6326000JPY
Net cash provided by used in investment activitiesPrior1YearDuration-63854000JPY
Net cash provided by used in investment activitiesCurrentYearDuration-2660591000JPY
Net increase decrease in short term loans payable fin cfPrior1YearDuration-JPY
Net increase decrease in short term loans payable fin cfCurrentYearDuration800000000JPY
Proceeds from long term loans payable fin cfPrior1YearDuration50000000JPY
Proceeds from long term loans payable fin cfCurrentYearDuration3600000000JPY
Repayment of long term loans payable fin cfPrior1YearDuration-242518000JPY
Repayment of long term loans payable fin cfCurrentYearDuration-3508492000JPY
Cash dividends paid fin cfPrior1YearDuration-480623000JPY
Cash dividends paid fin cfCurrentYearDuration-76000JPY
Dividends paid to non controlling interests fin cfPrior1YearDuration-5381000JPY
Dividends paid to non controlling interests fin cfCurrentYearDuration-JPY
Income from capital increase of consolidated subsidiaries fin cfPrior1YearDuration4980750000JPY
Income from capital increase of consolidated subsidiaries fin cfCurrentYearDuration191267000JPY
Proceeds from exercise of stock option fin cfPrior1YearDuration396000JPY
Proceeds from exercise of stock option fin cfCurrentYearDuration58000JPY
Other net fin cfPrior1YearDuration-JPY
Other net fin cfCurrentYearDuration-23544000JPY
Net cash provided by used in financing activitiesPrior1YearDuration4302623000JPY
Net cash provided by used in financing activitiesCurrentYearDuration1059213000JPY
Effect of exchange rate change on cash and cash equivalentsPrior1YearDuration2379000JPY
Effect of exchange rate change on cash and cash equivalentsCurrentYearDuration13548000JPY
Net increase decrease in cash and cash equivalentsPrior1YearDuration1722434000JPY
Net increase decrease in cash and cash equivalentsCurrentYearDuration-3639296000JPY
Cash and cash equivalentsPrior2YearInstant5838745000JPY
Cash and cash equivalentsPrior1YearInstant7561180000JPY
Cash and cash equivalentsPrior1YearInstant7561180000JPY
Cash and cash equivalentsCurrentYearInstant3921884000JPY
Number of consolidated subsidiariesCurrentYearInstant6
Number of unconsolidated subsidiaries and associates accounted for using equity methodCurrentYearInstant2
Accumulated depreciation ppe by groupPrior1YearInstant-247403000JPY
Accumulated depreciation ppe by groupCurrentYearInstant-650378000JPY
Revenues from external customersPrior1YearDuration_jpcrp030000-asr_E34290-000ConsultingAdvisorySegmentMember9165143000JPY
Revenues from external customersPrior1YearDuration_jpcrp030000-asr_E34290-000InvestmentSegmentMember99967000JPY
Revenues from external customersPrior1YearDuration_ReportableSegmentsMember9265110000JPY

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 identityconsolidated 2024-12-31pass rounding
balance sheet identityconsolidated 2025-12-31pass
balance sheet identitynon_consolidated 2024-12-31pass
balance sheet identitynon_consolidated 2025-12-31pass
dei present pass
period resolution pass
statement vs summary · net assetsconsolidated 2023-12-31pass
statement vs summary · net assetsconsolidated 2024-12-31pass
statement vs summary · net assetsconsolidated 2025-12-31pass
statement vs summary · net assetsnon_consolidated 2023-12-31pass
statement vs summary · net assetsnon_consolidated 2024-12-31pass
statement vs summary · net assetsnon_consolidated 2025-12-31pass
statement vs summary · net income attributable to parentconsolidated 2024-01-01/2024-12-31pass
statement vs summary · net income attributable to parentconsolidated 2025-01-01/2025-12-31pass
statement vs summary · operating cash flowconsolidated 2024-01-01/2024-12-31pass
statement vs summary · operating cash flowconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenueconsolidated 2024-01-01/2024-12-31pass
statement vs summary · revenueconsolidated 2025-01-01/2025-12-31pass
statement vs summary · revenuenon_consolidated 2024-01-01/2024-12-31pass
statement vs summary · revenuenon_consolidated 2025-01-01/2025-12-31pass
statement vs summary · total assetsconsolidated 2024-12-31pass
statement vs summary · total assetsconsolidated 2025-12-31pass
statement vs summary · total assetsnon_consolidated 2024-12-31pass
statement vs summary · total assetsnon_consolidated 2025-12-31pass