From a balance sheet point of view, Odiot SA is a sum of steps needed to weed out its earlier life as a holding company encumbered with valueless assets, and instead focus on the full control of Odiot SAS, the actual manufacturing and marketing entity. This control stood at 52% in 2025.
Odiot SA closed 2025 with negative equity at €0.744M and net debt at €3M. This has been promptly followed by an equity injection of €2.1M in February 2026, in effect a 2025 recap delayed to 2026. Odiot SA trundled on in 2025 thanks to shareholders’ loan that were partly converted in the €2.1M recap.
Odiot’s owner and manager is keen to raise fresh risk-taking resources to fund its capex needs more than plans, as an industrial refoundation is overdue.
The target is to raise €3.8M in the course of 2026. This goes hand in hand with efforts to be listed in the ‘Growth’ segment of Euronext and multiply partnership and marketing initiatives. The €3.8m is booked as soon as in H2-2026 in the forecast fund flow table.
The business at nominal speed is not expected to use much working capital if at all. New money is clearly aimed at funding expansion through updated manufacturing processes.
If 2026 sales objective are met and no new money is raised beyond the €2.1M, we see a 2026 net debt at €0.9M. The company may well be on a €3M net cash position if the funding works as planned.
All previous figures relate to consolidated accounts. 2025 accounts of the sole parent holding company were audited with a net debt of €1.4M, of which €0.665M is a convertible and negative equity of €0.87M.
