Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-27

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 146

Metric	Value	Period	Scope	Source row
Revenue	¥15.7bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥13.5bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥9.1bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥11.8bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥11.7bn	2021-01-01 → 2021-12-31^d	Cons.	Net sales (5-year summary)
Operating income	¥41m	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	−¥149m	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	¥232m	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	−¥133m	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	−¥424m	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥131m	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	−¥112m	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	¥182m	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	−¥98m	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	¥199m	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥114m	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	−¥983m	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥233m	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	−¥260m	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	¥228m	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	−¥113m	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥4.2bn	at 2025-12-31	Cons.	Assets
Total assets	¥4.3bn	at 2024-12-31	Cons.	Assets
Total assets	¥3.5bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥4.9bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥5.0bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥3.5bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥3.8bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥650m	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥495m	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥583m	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥1.6bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥1.9bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥1.6bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥1.4bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥1.6bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥1.4bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥2.0bn	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	¥2.0bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	¥304m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥161m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	¥2m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	¥157m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥430m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥35m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	−¥118m	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	−¥191m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥397m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥20m	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥285m	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	−¥184m	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥204m	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥515m	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥27.88	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-16.47	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-141.95	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-33.59	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-36.65	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥27.79	2025-01-01 → 2025-12-31	Cons.	Diluted earnings per share (5-year summary)
Net assets per share	¥79.77	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥62.64	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥76.67	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥218.93	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥265.76	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	13.6%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	10.4%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	15.0%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	31.2%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	36.8%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
ROE	39.4%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	-23.5%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	-96.1%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	-13.8%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	-12.8%	2021-01-01 → 2021-12-31^d	Cons.	Rate of return on equity (5-year summary)
Employees	161	at 2025-12-31	Cons.	Number of employees
Employees	149	at 2024-12-31	Cons.	Number of employees
Employees	156	at 2023-12-31^v	Cons.	Number of employees
Employees	180	at 2022-12-31^v	Cons.	Number of employees
Employees	191	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥14.6bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥12.6bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥8.8bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥11.6bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥11.5bn	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	¥8m	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	¥23m	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥211m	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	¥37m	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	−¥259m	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥17m	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	−¥42m	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	¥81m	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	−¥216m	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	¥158m	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	−¥210m	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	−¥938m	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥214m	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	−¥275m	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥3.9bn	at 2025-12-31	Standalone	Assets
Total assets	¥4.0bn	at 2024-12-31	Standalone	Assets
Total assets	¥3.5bn	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	¥4.9bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥3.3bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥3.6bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥619m	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥469m	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥632m	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥1.6bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥1.9bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥1.3bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥1.1bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥22.17	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-30.35	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-135.42	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-30.95	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥-38.77	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥22	2025-01-01 → 2025-12-31	Standalone	Diluted earnings per share (5-year summary)
Dividend per share	¥5	2021-01-01 → 2021-12-31^d	Standalone	Dividend paid per share (5-year summary)
Net assets per share	¥86.26	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥66.62	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥90.84	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥226.39	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥269.65	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	15.7%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	11.6%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	18.1%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	33.1%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	38.3%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	29.1%	2025-01-01 → 2025-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	-38.3%	2024-01-01 → 2024-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	-85.4%	2023-01-01 → 2023-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	-12.5%	2022-01-01 → 2022-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	-13.3%	2021-01-01 → 2021-12-31^d	Standalone	Rate of return on equity (5-year summary)
Shares issued	7,367,300	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	7,237,360	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	7,124,160	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	7,118,560	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	7,117,520	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	108	at 2025-12-31	Standalone	Number of employees
Employees	99	at 2024-12-31	Standalone	Number of employees
Employees	111	at 2023-12-31^v	Standalone	Number of employees
Employees	139	at 2022-12-31^v	Standalone	Number of employees
Employees	141	at 2021-12-31^d	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 · 1,324

Item	Context	Value	Unit
Foreign currency translation adjustment	CurrentYearInstant	-60345000	JPY
Valuation and translation adjustments	Prior1YearInstant	-9163000	JPY
Valuation and translation adjustments	CurrentYearInstant	-67863000	JPY
Subscription rights to shares	Prior1YearInstant	62000	JPY
Subscription rights to shares	CurrentYearInstant	62000	JPY
Non controlling interests	Prior1YearInstant	53689000	JPY
Non controlling interests	CurrentYearInstant	78466000	JPY
Net assets	Prior1YearInstant	494686000	JPY
Net assets	CurrentYearInstant	650463000	JPY
Liabilities and net assets	Prior1YearInstant	4255616000	JPY
Liabilities and net assets	CurrentYearInstant	4197614000	JPY
Net sales	Prior1YearDuration	13488568000	JPY
Net sales	CurrentYearDuration	15731198000	JPY
Cost of sales	Prior1YearDuration	11398812000	JPY
Cost of sales	CurrentYearDuration	13314443000	JPY
Gross profit	Prior1YearDuration	2089756000	JPY
Gross profit	CurrentYearDuration	2416754000	JPY
Selling general and administrative expenses	Prior1YearDuration	2239188000	JPY
Selling general and administrative expenses	CurrentYearDuration	2376217000	JPY
Operating income	Prior1YearDuration	-149432000	JPY
Operating income	CurrentYearDuration	40536000	JPY
Interest income noi	Prior1YearDuration	196000	JPY
Interest income noi	CurrentYearDuration	1972000	JPY
Foreign exchange gains noi	Prior1YearDuration	35621000	JPY
Foreign exchange gains noi	CurrentYearDuration	22575000	JPY
Subsidy income noi	Prior1YearDuration	8160000	JPY
Subsidy income noi	CurrentYearDuration	136444000	JPY
Gain on sales of securities noi	Prior1YearDuration	64000	JPY
Gain on sales of securities noi	CurrentYearDuration	52519000	JPY
Other noi	Prior1YearDuration	9131000	JPY
Other noi	CurrentYearDuration	9477000	JPY
Non operating income	Prior1YearDuration	53174000	JPY
Non operating income	CurrentYearDuration	222989000	JPY
Interest expenses noe	Prior1YearDuration	19418000	JPY
Interest expenses noe	CurrentYearDuration	22017000	JPY
Loss on transfer of receivables noe	Prior1YearDuration	2600000	JPY
Loss on transfer of receivables noe	CurrentYearDuration	3566000	JPY
Loss on investments in partnership noe	Prior1YearDuration	7518000	JPY
Loss on investments in partnership noe	CurrentYearDuration	－	JPY
Loss on sales of securities noe	Prior1YearDuration	2914000	JPY
Loss on sales of securities noe	CurrentYearDuration	2689000	JPY
Other noe	Prior1YearDuration	3794000	JPY
Other noe	CurrentYearDuration	3509000	JPY
Non operating expenses	Prior1YearDuration	36246000	JPY
Non operating expenses	CurrentYearDuration	31783000	JPY
Ordinary income	Prior1YearDuration	-132504000	JPY
Ordinary income	CurrentYearDuration	231742000	JPY
Gain on reversal of subscription rights to shares ei	Prior1YearDuration	3008000	JPY
Gain on reversal of subscription rights to shares ei	CurrentYearDuration	－	JPY
Gain on sales of subsidiaries and affiliates stocks ei	Prior1YearDuration	61834000	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 rounding
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