Core Insights - Virtualware closed 2025 with record bookings exceeding €8 million, primarily from government and nuclear projects, positioning the company for future growth [1] - The company reported €4.32 million in revenue for 2025, a 2.85% year-over-year increase, with an EBITDA of €598,509, reflecting a 13.8% margin [2] - Operating costs were managed effectively despite a 22.55% increase in personnel expenses to €3.20 million, attributed to the acquisition of Simumatik [3] Financial Performance - The company's current assets at year-end were €9.09 million, with current liabilities of €6.85 million, indicating a solid financial position [6] - Net financial debt stood at €2.70 million, with a Net debt/EBITDA ratio of 4.53x; however, a payment of €6.22 million received in January 2026 improved the pro forma net cash position to approximately €3.51 million [7] Business Model and Strategy - Virtualware's business model has proven resilient, allowing for integration of acquisitions and international expansion while maintaining strong profitability [5][6] - The company focuses on developing its proprietary VIROO technology, which is utilized in various sectors including energy, nuclear, and defense [4][8]