Annual report

Period2025-01-01 → 2025-12-31

Filed2026-03-18

StandardJapan GAAP

ConsolidatedYes

Data checks24 of 24 passed

Key figures · 150

Metric	Value	Period	Scope	Source row
Revenue	¥38.7bn	2025-01-01 → 2025-12-31	Cons.	Net sales
Revenue	¥31.1bn	2024-01-01 → 2024-12-31	Cons.	Net sales
Revenue	¥21.8bn	2023-01-01 → 2023-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥18.0bn	2022-01-01 → 2022-12-31^v	Cons.	Net sales (5-year summary)
Revenue	¥14.1bn	2021-01-01 → 2021-12-31^d	Cons.	Net sales (5-year summary)
Operating income	¥18.9bn	2025-01-01 → 2025-12-31	Cons.	Operating income
Operating income	¥12.1bn	2024-01-01 → 2024-12-31	Cons.	Operating income
Ordinary income	¥16.6bn	2025-01-01 → 2025-12-31	Cons.	Ordinary income
Ordinary income	¥11.6bn	2024-01-01 → 2024-12-31	Cons.	Ordinary income
Ordinary income	¥3.7bn	2023-01-01 → 2023-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥5.9bn	2022-01-01 → 2022-12-31^v	Cons.	Ordinary income loss (5-year summary)
Ordinary income	¥4.7bn	2021-01-01 → 2021-12-31^d	Cons.	Ordinary income loss (5-year summary)
Profit before tax	¥16.5bn	2025-01-01 → 2025-12-31	Cons.	Income before income taxes
Profit before tax	¥11.6bn	2024-01-01 → 2024-12-31	Cons.	Income before income taxes
Net income (owners)	¥10.5bn	2025-01-01 → 2025-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	¥8.1bn	2024-01-01 → 2024-12-31	Cons.	Profit loss attributable to owners of parent
Net income (owners)	¥2.4bn	2023-01-01 → 2023-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥4.4bn	2022-01-01 → 2022-12-31^v	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income (owners)	¥2.9bn	2021-01-01 → 2021-12-31^d	Cons.	Profit loss attributable to owners of parent (5-year summary)
Net income	¥10.8bn	2025-01-01 → 2025-12-31	Cons.	Profit loss
Net income	¥8.0bn	2024-01-01 → 2024-12-31	Cons.	Profit loss
Total assets	¥293.6bn	at 2025-12-31	Cons.	Assets
Total assets	¥244.9bn	at 2024-12-31	Cons.	Assets
Total assets	¥211.8bn	at 2023-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥175.9bn	at 2022-12-31^v	Cons.	Total assets (5-year summary)
Total assets	¥101.8bn	at 2021-12-31^d	Cons.	Total assets (5-year summary)
Total liabilities	¥213.2bn	at 2025-12-31	Cons.	Liabilities
Total liabilities	¥177.2bn	at 2024-12-31	Cons.	Liabilities
Net assets / equity	¥80.5bn	at 2025-12-31	Cons.	Net assets
Net assets / equity	¥67.7bn	at 2024-12-31	Cons.	Net assets
Net assets / equity	¥48.8bn	at 2023-12-31^v	Cons.	Net assets
Net assets / equity	¥46.8bn	at 2022-12-31^v	Cons.	Net assets (5-year summary)
Net assets / equity	¥41.7bn	at 2021-12-31^d	Cons.	Net assets (5-year summary)
Cash and deposits	¥64.8bn	at 2025-12-31	Cons.	Cash and deposits
Cash and deposits	¥51.6bn	at 2024-12-31	Cons.	Cash and deposits
Cash & equivalents	¥64.8bn	at 2025-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥51.5bn	at 2024-12-31	Cons.	Cash and cash equivalents
Cash & equivalents	¥28.2bn	at 2023-12-31^v	Cons.	Cash and cash equivalents
Cash & equivalents	¥20.8bn	at 2022-12-31^v	Cons.	Cash and cash equivalents (5-year summary)
Cash & equivalents	¥12.2bn	at 2021-12-31^d	Cons.	Cash and cash equivalents (5-year summary)
Operating cash flow	−¥8.5bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥10.1bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in operating activities
Operating cash flow	−¥18.1bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	−¥48.9bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in operating activities (5-year summary)
Operating cash flow	¥24.1bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in operating activities (5-year summary)
Investing cash flow	−¥9.8bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	¥13.5bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in investment activities
Investing cash flow	¥3.9bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥9.3bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in investing activities (5-year summary)
Investing cash flow	−¥18.2bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in investing activities (5-year summary)
Financing cash flow	¥30.4bn	2025-01-01 → 2025-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥19.4bn	2024-01-01 → 2024-12-31	Cons.	Net cash provided by used in financing activities
Financing cash flow	¥21.3bn	2023-01-01 → 2023-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	¥66.6bn	2022-01-01 → 2022-12-31^v	Cons.	Net cash provided by used in financing activities (5-year summary)
Financing cash flow	−¥15.4bn	2021-01-01 → 2021-12-31^d	Cons.	Net cash provided by used in financing activities (5-year summary)
EPS (basic)	¥174.13	2025-01-01 → 2025-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥133.19	2024-01-01 → 2024-12-31	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥39.03	2023-01-01 → 2023-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥73	2022-01-01 → 2022-12-31^v	Cons.	Basic earnings loss per share (5-year summary)
EPS (basic)	¥48.4	2021-01-01 → 2021-12-31^d	Cons.	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥48.34	2021-01-01 → 2021-12-31^d	Cons.	Diluted earnings per share (5-year summary)
Net assets per share	¥1,213.86	at 2025-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥1,105.22	at 2024-12-31	Cons.	Net assets per share (5-year summary)
Net assets per share	¥791.33	at 2023-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥757.46	at 2022-12-31^v	Cons.	Net assets per share (5-year summary)
Net assets per share	¥687.54	at 2021-12-31^d	Cons.	Net assets per share (5-year summary)
Equity ratio	25.0%	at 2025-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	27.3%	at 2024-12-31	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	22.6%	at 2023-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	26.0%	at 2022-12-31^v	Cons.	Equity to asset ratio (5-year summary)
Equity ratio	40.8%	at 2021-12-31^d	Cons.	Equity to asset ratio (5-year summary)
ROE	15.0%	2025-01-01 → 2025-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	14.0%	2024-01-01 → 2024-12-31	Cons.	Rate of return on equity (5-year summary)
ROE	5.0%	2023-01-01 → 2023-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	10.1%	2022-01-01 → 2022-12-31^v	Cons.	Rate of return on equity (5-year summary)
ROE	7.3%	2021-01-01 → 2021-12-31^d	Cons.	Rate of return on equity (5-year summary)
Employees	343	at 2025-12-31	Cons.	Number of employees
Employees	297	at 2024-12-31	Cons.	Number of employees
Employees	252	at 2023-12-31^v	Cons.	Number of employees
Employees	238	at 2022-12-31^v	Cons.	Number of employees
Employees	214	at 2021-12-31^d	Cons.	Number of employees
Revenue	¥9.9bn	2025-01-01 → 2025-12-31	Standalone	Net sales
Revenue	¥8.7bn	2024-01-01 → 2024-12-31	Standalone	Net sales
Revenue	¥5.4bn	2023-01-01 → 2023-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥10.3bn	2022-01-01 → 2022-12-31^v	Standalone	Net sales (5-year summary)
Revenue	¥5.4bn	2021-01-01 → 2021-12-31^d	Standalone	Net sales (5-year summary)
Operating income	¥4.1bn	2025-01-01 → 2025-12-31	Standalone	Operating income
Operating income	¥3.4bn	2024-01-01 → 2024-12-31	Standalone	Operating income
Ordinary income	¥3.0bn	2025-01-01 → 2025-12-31	Standalone	Ordinary income
Ordinary income	¥5.3bn	2024-01-01 → 2024-12-31	Standalone	Ordinary income
Ordinary income	¥3.1bn	2023-01-01 → 2023-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥4.6bn	2022-01-01 → 2022-12-31^v	Standalone	Ordinary income loss (5-year summary)
Ordinary income	¥4.6bn	2021-01-01 → 2021-12-31^d	Standalone	Ordinary income loss (5-year summary)
Profit before tax	¥2.9bn	2025-01-01 → 2025-12-31	Standalone	Income before income taxes
Profit before tax	¥5.3bn	2024-01-01 → 2024-12-31	Standalone	Income before income taxes
Net income	¥1.8bn	2025-01-01 → 2025-12-31	Standalone	Profit loss
Net income	¥3.3bn	2024-01-01 → 2024-12-31	Standalone	Profit loss
Net income	¥2.1bn	2023-01-01 → 2023-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥3.5bn	2022-01-01 → 2022-12-31^v	Standalone	Net income loss (5-year summary)
Net income	¥3.6bn	2021-01-01 → 2021-12-31^d	Standalone	Net income loss (5-year summary)
Total assets	¥91.9bn	at 2025-12-31	Standalone	Assets
Total assets	¥91.9bn	at 2024-12-31	Standalone	Assets
Total assets	¥88.8bn	at 2023-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥70.3bn	at 2022-12-31^v	Standalone	Total assets (5-year summary)
Total assets	¥65.5bn	at 2021-12-31^d	Standalone	Total assets (5-year summary)
Total liabilities	¥39.5bn	at 2025-12-31	Standalone	Liabilities
Total liabilities	¥38.0bn	at 2024-12-31	Standalone	Liabilities
Net assets / equity	¥52.4bn	at 2025-12-31	Standalone	Net assets
Net assets / equity	¥53.9bn	at 2024-12-31	Standalone	Net assets
Net assets / equity	¥41.5bn	at 2023-12-31^v	Standalone	Net assets
Net assets / equity	¥40.3bn	at 2022-12-31^v	Standalone	Net assets (5-year summary)
Net assets / equity	¥37.8bn	at 2021-12-31^d	Standalone	Net assets (5-year summary)
Cash and deposits	¥28.7bn	at 2025-12-31	Standalone	Cash and deposits
Cash and deposits	¥26.7bn	at 2024-12-31	Standalone	Cash and deposits
EPS (basic)	¥28.96	2025-01-01 → 2025-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥54.02	2024-01-01 → 2024-12-31	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥35.48	2023-01-01 → 2023-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥58.23	2022-01-01 → 2022-12-31^v	Standalone	Basic earnings loss per share (5-year summary)
EPS (basic)	¥59.61	2021-01-01 → 2021-12-31^d	Standalone	Basic earnings loss per share (5-year summary)
EPS (diluted)	¥59.53	2021-01-01 → 2021-12-31^d	Standalone	Diluted earnings per share (5-year summary)
Dividend per share	¥87	2025-01-01 → 2025-12-31	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥27	2024-01-01 → 2024-12-31	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥32	2023-01-01 → 2023-12-31^v	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥32	2022-01-01 → 2022-12-31^v	Standalone	Dividend paid per share (5-year summary)
Dividend per share	¥32	2021-01-01 → 2021-12-31^d	Standalone	Dividend paid per share (5-year summary)
Net assets per share	¥865.16	at 2025-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥890.98	at 2024-12-31	Standalone	Net assets per share (5-year summary)
Net assets per share	¥686.5	at 2023-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥666.23	at 2022-12-31^v	Standalone	Net assets per share (5-year summary)
Net assets per share	¥625.12	at 2021-12-31^d	Standalone	Net assets per share (5-year summary)
Equity ratio	57.0%	at 2025-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	58.7%	at 2024-12-31	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	46.8%	at 2023-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	57.3%	at 2022-12-31^v	Standalone	Equity to asset ratio (5-year summary)
Equity ratio	57.7%	at 2021-12-31^d	Standalone	Equity to asset ratio (5-year summary)
ROE	3.3%	2025-01-01 → 2025-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	6.8%	2024-01-01 → 2024-12-31	Standalone	Rate of return on equity (5-year summary)
ROE	5.2%	2023-01-01 → 2023-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	9.0%	2022-01-01 → 2022-12-31^v	Standalone	Rate of return on equity (5-year summary)
ROE	9.9%	2021-01-01 → 2021-12-31^d	Standalone	Rate of return on equity (5-year summary)
Shares issued	61,022,353	at 2025-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	61,022,353	at 2024-12-31	Standalone	Total number of issued shares (5-year summary)
Shares issued	30,781,400	at 2023-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	30,731,200	at 2022-12-31^v	Standalone	Total number of issued shares (5-year summary)
Shares issued	30,731,200	at 2021-12-31^d	Standalone	Total number of issued shares (5-year summary)
Employees	231	at 2025-12-31	Standalone	Number of employees
Employees	198	at 2024-12-31	Standalone	Number of employees
Employees	164	at 2023-12-31^v	Standalone	Number of employees
Employees	159	at 2022-12-31^v	Standalone	Number of employees
Employees	154	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 · 1,395

Item	Context	Value	Unit
Current portion of long term non recourse loans	CurrentYearInstant	1930000000	JPY
Current portion of bonds	Prior1YearInstant	6097000000	JPY
Current portion of bonds	CurrentYearInstant	4247000000	JPY
Income taxes payable	Prior1YearInstant	2260000000	JPY
Income taxes payable	CurrentYearInstant	4923000000	JPY
Contract liabilities	Prior1YearInstant	14741000000	JPY
Contract liabilities	CurrentYearInstant	19849000000	JPY
Provision for shareholder benefit program cl	Prior1YearInstant	66000000	JPY
Provision for shareholder benefit program cl	CurrentYearInstant	70000000	JPY
Provision for bonuses	Prior1YearInstant	1473000000	JPY
Provision for bonuses	CurrentYearInstant	510000000	JPY
Other cl	Prior1YearInstant	3851000000	JPY
Other cl	CurrentYearInstant	4619000000	JPY
Current liabilities	Prior1YearInstant	160498000000	JPY
Current liabilities	CurrentYearInstant	197284000000	JPY
Long term loans payable	Prior1YearInstant	4860000000	JPY
Long term loans payable	CurrentYearInstant	5565000000	JPY
Long term non recourse loans	Prior1YearInstant	4358000000	JPY
Long term non recourse loans	CurrentYearInstant	2398000000	JPY
Bonds payable	Prior1YearInstant	4405000000	JPY
Bonds payable	CurrentYearInstant	4973000000	JPY
Other ncl	Prior1YearInstant	3087000000	JPY
Other ncl	CurrentYearInstant	2944000000	JPY
Noncurrent liabilities	Prior1YearInstant	16712000000	JPY
Noncurrent liabilities	CurrentYearInstant	15882000000	JPY
Liabilities	Prior1YearInstant	177211000000	JPY
Liabilities	CurrentYearInstant	213166000000	JPY
Capital stock	Prior1YearInstant	16887000000	JPY
Capital stock	CurrentYearInstant	16887000000	JPY
Capital surplus	Prior1YearInstant	16829000000	JPY
Capital surplus	CurrentYearInstant	16829000000	JPY
Retained earnings	Prior1YearInstant	30841000000	JPY
Retained earnings	CurrentYearInstant	37755000000	JPY
Treasury stock	Prior1YearInstant	-1471000000	JPY
Treasury stock	CurrentYearInstant	-1283000000	JPY
Shareholders equity	Prior1YearInstant	63087000000	JPY
Shareholders equity	CurrentYearInstant	70188000000	JPY
Valuation difference on available for sale securities	Prior1YearInstant	44000000	JPY
Valuation difference on available for sale securities	CurrentYearInstant	195000000	JPY
Foreign currency translation adjustment	Prior1YearInstant	3713000000	JPY
Foreign currency translation adjustment	CurrentYearInstant	3108000000	JPY
Valuation and translation adjustments	Prior1YearInstant	3757000000	JPY
Valuation and translation adjustments	CurrentYearInstant	3304000000	JPY
Non controlling interests	Prior1YearInstant	849000000	JPY
Non controlling interests	CurrentYearInstant	6971000000	JPY
Net assets	Prior1YearInstant	67695000000	JPY
Net assets	CurrentYearInstant	80465000000	JPY
Liabilities and net assets	Prior1YearInstant	244906000000	JPY
Liabilities and net assets	CurrentYearInstant	293632000000	JPY
Net sales	Prior1YearDuration	31129000000	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