MKB Nedsense (NEDSE) H1 2025 earnings summary

Executive summary

• Report covers the first half of 2025, prepared under IFRS as an investment company focused on private equity and related lending.

• Net loss of €553k for H1 2025, compared to a €65k profit in H1 2024.

• All major private equity holdings remain unchanged, with 100% stakes in GNS Brinkman BV, Axess Group BV, and Value8 Tech Group NV.

Financial highlights

• Total assets decreased to €9.1m at 30 June 2025 from €9.6m at 31 December 2024.

• Equity attributable to shareholders fell to €8.7m from €9.3m at year-end 2024.

• Earnings per share for H1 2025 were €-0.01, down from €0.00 in H1 2024.

• Operating income was negative at €-478k, mainly due to fair value losses on private equity and listed investments.

• Cash flow from investing activities was negative, with a net cash outflow of €10k in H1 2025.

Segment performance

• Fair value of private equity investments declined from €2.2m to €1.7m, and loans to private equity investments from €3.0m to €2.2m.

• Listed investments slightly increased to €2.1m.

• Loans granted to related parties rose to €3.1m from €2.3m.