2025 | 2024 | |
As at 1 January | 1 | 8 |
Re-estimation of provision at the end of the year | - | (5) |
Amount used (recognised as a reduction of \u2018Premises rent costs\u2019) | (1) | (2) |
Unwinding of the discount and changes in the discount rate | - | - |
As at 31 December | - | 1 |
Non-current | - | - |
Current | - | 1 |
2025 | 2024 | |
As at 1 January | 961 | 684 |
Re-estimation of provision at the end of the year | 498 | 277 |
Reclassification of payable part to \u2018other current liabilities\u2019 | (395) | - |
As at 31 December | 1,064 | 961 |
Group | Company | |||||
Moody\u2019s short-term ratings | 2025 | 2024 | 2025 | 2024 | ||
Prime-1 | 92 | 1,391 | 64 | 40 | ||
Prime-2 | 709 | 450 | 420 | 233 | ||
801 | 1,841 | 484 | 273 |
Increase in basis points | Group | Company | |
2025 | |||
EUR | +100 bps | (152) | (152) |
-100 bps | 152 | 152 | |
2024 | |||
EUR | +100 bps | (158) | (158) |
-100 bps | 158 | 158 |
On | Less than 3 | 4 to 12 | 2 to 5 years | More than 5 | Total | |
demand | months | months | years | |||
Interest bearing borrowings | - | 2,049 | 2,253 | 15,745 | - | 20,047 |
Leasing liabilities | - | 5 | 12 | 70 | - | 87 |
Trade and other payables | - | 291 | - | - | - | 291 |
Provision for onerous contract | - | - | - | - | - | - |
Other liabilities | 465 | 58 | 2 | - | - | 525 |
Balance as at 31 December 2025 | 465 | 2,403 | 2,267 | 15,815 | - | 20,950 |
Interest bearing borrowings | - | 383 | 1,143 | 17,205 | - | 18,731 |
Leasing liabilities | - | 65 | 95 | 5 | - | 165 |
Trade and other payables | - | 888 | - | - | - | 888 |
Provision for onerous contract | - | - | 1 | - | - | 1 |
Other liabilities | 458 | 46 | 42 | - | - | 546 |
Balance as at 31 December 2024 | 458 | 1,382 | 1,281 | 17,210 | - | 20,331 |
Group | Company | |||||
Moody\u2019s short-term ratings | 2025 | 2024 | 2025 | 2024 | ||
Prime-1 | 92 | 1,391 | 64 | 40 | ||
Prime-2 | 709 | 450 | 420 | 233 | ||
801 | 1,841 | 484 | 273 |
Group | Company | |||||
Moody\u2019s short-term ratings | 2025 | 2024 | 2025 | 2024 | ||
Prime-1 | 92 | 1,391 | 64 | 40 | ||
Prime-2 | 709 | 450 | 420 | 233 | ||
801 | 1,841 | 484 | 273 |
Increase in basis points | Group | Company | |
2025 | |||
EUR | +100 bps | (152) | (152) |
-100 bps | 152 | 152 | |
2024 | |||
EUR | +100 bps | (158) | (158) |
-100 bps | 158 | 158 |
On | Less than 3 | 4 to 12 | 2 to 5 years | More than 5 | Total | |
demand | months | months | years | |||
Interest bearing borrowings | - | 2,049 | 2,253 | 15,745 | - | 20,047 |
Leasing liabilities | - | 5 | 12 | 70 | - | 87 |
Trade and other payables | - | 291 | - | - | - | 291 |
Provision for onerous contract | - | - | - | - | - | - |
Other liabilities | 465 | 58 | 2 | - | - | 525 |
Balance as at 31 December 2025 | 465 | 2,403 | 2,267 | 15,815 | - | 20,950 |
Interest bearing borrowings | - | 383 | 1,143 | 17,205 | - | 18,731 |
Leasing liabilities | - | 65 | 95 | 5 | - | 165 |
Trade and other payables | - | 888 | - | - | - | 888 |
Provision for onerous contract | - | - | 1 | - | - | 1 |
Other liabilities | 458 | 46 | 42 | - | - | 546 |
Balance as at 31 December 2024 | 458 | 1,382 | 1,281 | 17,210 | - | 20,331 |
Level 1 | Level 2 | Level 3 | Total balance | |
Assets of the Group | ||||
Investment properties (Note 11) | - | 5,068 | 42,700 | 47,768 |
Assets of the Company | ||||
Investment properties (Note 11) | - | - | 42,701 | 42,701 |
Investment into subsidiaries (Note 5) | - | - | 2,586 | 2,586 |
Level 1 | Level 2 | Level 3 | Total balance | |
Assets of the Group | ||||
Investment properties (Note 11) | - | 4,663 | 37,904 | 42,567 |
Assets of the Company | ||||
Investment properties (Note 11) | - | - | 37,905 | 37,905 |
Investment into subsidiaries (Note 5) | - | - | 5,268 | 5,268 |
Proportion of shares (voting rights) | |||
Country of incorporation | directly/indirectly held by the | ||
Name | and place of business | Company/Group (%) | Nature of business |
UAB Rovelija* | Lithuania | 100.00 | Dormant |
UAB Proprietas* | Lithuania | 100.00 | Property management and |
utility services | |||
SIA Dommo Grupa* | Latvia | 100.00 | Real estate owner and lessor |
Proportion of shares (voting rights) | |||
Country of incorporation | directly/indirectly held by the | ||
Name | and place of business | Company/Group (%) | Nature of business |
UAB Rovelija* | Lithuania | 100.00 | Dormant |
UAB Proprietas* | Lithuania | 100.00 | Property management and |
utility services | |||
SIA Dommo Grupa* | Latvia | 100.00 | Real estate owner and lessor |
SIA Dommo Biznesa Parks | Latvia | 100.00 | Real estate owner and lessor |
Owned | Owned | ||
property in | property in | Total | |
Lithuania | Latvia | ||
Year ended 31 December 2025 | |||
Rent income | 2,565 | - | 2,565 |
Other revenue (utilities and other service) | 1,534 | - | 1,534 |
Revenue | 4,099 | - | 4,099 |
Expenses | |||
Premises rent costs | (40) | (1) | (41) |
Utilities | (531) | - | (531) |
Repair and maintenance of premises | (722) | (9) | (731) |
Property management and brokerage costs | (9) | - | (9) |
Taxes on property | (144) | (7) | (151) |
Insurance costs | (14) | - | (14) |
Net operating income for the period | 2,639 | (17) | 2,622 |
Owned | Owned | ||
property in | property in | Total | |
Lithuania | Latvia | ||
Year ended 31 December 2024 | |||
Rent income | 1,908 | 552 | 2,460 |
Other revenue (utilities and other service) | 1,528 | - | 1,528 |
Revenue | 3,436 | 552 | 3,988 |
Expenses | |||
Premises rent costs | (14) | (1) | (15) |
Utilities | (490) | - | (490) |
Repair and maintenance of premises | (501) | (43) | (544) |
Property management and brokerage costs | (4) | - | (4) |
Taxes on property | (133) | (21) | (154) |
Insurance costs | (12) | (4) | (16) |
Net operating income for the period | 2,282 | 483 | 2,765 |
Net | Net | |||||||
operating | Premises | Repair and | operating | Premises | Repair and | |||
income to | rent costs | maintenance | Revenue | income to | rent costs | maintenance | Revenue | |
operating | of premises | operating | of premises | |||||
profit | profit | |||||||
From reportable | 2,622 | (41) | (731) | 4,099 | 2,765 | (15) | (544) | 3,988 |
segment | ||||||||
Provision for onerous | ||||||||
contracts and lease | - | - | - | - | 3 | 3 | - | - |
liabilities recalculation | ||||||||
impact | ||||||||
Other revenue not included in reportable | 5 | - | - | 5 | 4 | - | - | 4 |
segments | ||||||||
Rent revenue not included in reportable | - | - | - | - | - | - | - | - |
segment due to application of IFRS 16 | ||||||||
Add back insurance | ||||||||
and other costs | 70 | (3) | 59 | - | 71 | (3) | 58 | - |
(included within \u2018other | ||||||||
expenses\u2019) | ||||||||
Brokerage cost on sale | - | - | - | - | - | - | - | - |
of investment property | ||||||||
Management and Performance Fee | (721) | - | - | - | (450) | - | - | - |
Impairment of trade | (19) | - | - | - | - | - | - | - |
receivables | ||||||||
Employee benefits | (287) | - | - | - | (282) | - | - | - |
expenses | ||||||||
Depreciation and amortisation | (119) | - | - | - | (115) | - | - | - |
Other expenses | (340) | - | - | - | (445) | - | - | - |
Other income | 24 | - | - | - | 45 | - | - | - |
Net gains from fair value adjustments on investment property | 3,420 | - | - | - | 2,446 | - | - | - |
Total | 4,655 | (44) | (672) | 4,104 | 4,042 | (15) | (486) | 3,992 |
Lithuania | Latvia | Total | |
As at 31 December 2025 | 43,078 | 5,068 | 48,146 |
As at 31 December 2024 | 38,075 | 4,663 | 42,738 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Rent income | 2,565 | 2,460 | 3,045 | 1,991 |
Utilities revenue | 366 | 303 | 3 | - |
Other services revenue (coworking space activity and other revenue | 1,173 | 1,229 | 32 | 12 |
from tenants) | ||||
Total revenue | 4,104 | 3,992 | 3,080 | 2,003 |
Analysis of revenue of the Group by geographical areas: |
Group | ||
2025 | 2024 | |
Lithuania | 4,099 | 3,436 |
Latvia | 5 | 556 |
Total | 4,104 | 3,992 |
Within one year | |||
- non-cancellable lease | 930 | 1,019 | |
- non-cancellable amount of cancellable lease | 904 | 786 | |
- minimum lease payments, total | 1,834 | 1,805 | |
- cancellable amount of cancellable lease | 279 | 173 | |
2,113 | 1,978 | ||
Within two years | - non-cancellable lease | 559 | 663 |
- non-cancellable amount of cancellable lease | 419 | 325 | |
- minimum lease payments, total | 978 | 988 | |
- cancellable amount of cancellable lease | 618 | 461 | |
1,596 | 1,449 |
Within three years | |||
- non-cancellable lease | 520 | 233 | |
- non-cancellable amount of cancellable lease | 308 | 229 | |
- minimum lease payments, total | 828 | 462 | |
- cancellable amount of cancellable lease | 223 | 479 | |
1,051 | 941 | ||
Within four years | - non-cancellable lease | 520 | 168 |
- non-cancellable amount of cancellable lease | - | 235 | |
- minimum lease payments, total | 520 | 403 | |
- cancellable amount of cancellable lease | 318 | 90 | |
838 | 493 | ||
Within five years | - non-cancellable lease | 203 | 168 |
- non-cancellable amount of cancellable lease | - | - | |
- minimum lease payments, total | 203 | 168 | |
- cancellable amount of cancellable lease | 6 | 229 | |
209 | 397 | ||
After five years | - non-cancellable lease | - | 22 |
- non-cancellable amount of cancellable lease | - | - | |
- minimum lease payments, total | - | 22 | |
- cancellable amount of cancellable lease | - | - | |
- | 22 | ||
Total | 5,807 | 5,280 | |
- non-cancellable lease | 2,732 | 2,273 | |
- non-cancellable of cancellable lease | 1,631 | 1,575 | |
- minimum lease payments, total | 4,363 | 3,848 | |
- cancellable amount of cancellable lease | 1,444 | 1,432 | |
5,807 | 5,280 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Rent income | 2,565 | 2,460 | 3,045 | 1,991 |
Utilities revenue | 366 | 303 | 3 | - |
Other services revenue (coworking space activity and other revenue | 1,173 | 1,229 | 32 | 12 |
from tenants) | ||||
Total revenue | 4,104 | 3,992 | 3,080 | 2,003 |
Analysis of revenue of the Group by geographical areas: |
Group | ||
2025 | 2024 | |
Lithuania | 4,099 | 3,436 |
Latvia | 5 | 556 |
Total | 4,104 | 3,992 |
Within one year | |||
- non-cancellable lease | 930 | 1,019 | |
- non-cancellable amount of cancellable lease | 904 | 786 | |
- minimum lease payments, total | 1,834 | 1,805 | |
- cancellable amount of cancellable lease | 279 | 173 | |
2,113 | 1,978 | ||
Within two years | - non-cancellable lease | 559 | 663 |
- non-cancellable amount of cancellable lease | 419 | 325 | |
- minimum lease payments, total | 978 | 988 | |
- cancellable amount of cancellable lease | 618 | 461 | |
1,596 | 1,449 |
Year 1 | - | 202 |
Year 2 | - | - |
Year 3 | - | - |
Year 4 | - | - |
Year 5 | - | - |
After 5 years | - | - |
Total | - | 202 |
Unearned interest | - | (2) |
- | 200 | |
For the cancellable lease agreements, tenants must notify the administrator 1\u20136 months in advance if they wish to cancel the rent agreement. One agreement has 9 months notification and tenant has to pay for the cancellation 2 months\u2019 rent fee penalty. According to some agreements, the tenants have the right to cancel the rent agreement within 6\u201336 months of the start of lease term. According to non-cancellable lease agreements tenants must pay the penalty equal to rentals receivable during the whole remaining lease period. Most of lease agreements have a clause enabling upward revision of the rental charges on an annual basis according to prevailing market conditions. Expenses and provisions The Company was leasing premises from an external party until August 2017 under the lease agreement of 10 August 2007, except for one property, which is leased until the expiry of the current sublease agreement (31 December 2025). The Company had paid a one-off deposit in the amount of EUR 825 thousand corresponding to the 6 months rental fee amount, which will be set-off against the last part of lease payment at the termination of the lease. The rent payments are subject to an indexation at the end of August each year based on harmonised consumer price index, if the latter is more than 1%, but there is a cap for annual indexation of 3.8%. In November of 2016 the amendment to the lease agreement was signed. According to the amendment, EUR 275 thousand of prepayments was set off against lease payables in 2016, EUR 450 thousand of prepayments was set off in 2017, and EUR 100 thousand of prepayments was set off in 2025. |
2025 | 2024 | |
As at 1 January | 1 | 8 |
Re-estimation of provision at the end of the year | - | (5) |
Amount used (recognised as a reduction of \u2018Premises rent costs\u2019) | (1) | (2) |
Unwinding of the discount and changes in the discount rate | - | - |
As at 31 December | - | 1 |
Non-current | - | - |
Current | - | 1 |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Interest expenses of bank borrowings | (790) | (1,189) | (790) | (959) | |
Interest expenses of borrowings from third parties | (190) | (70) | - | - | |
Unwinding of the discount of provision for onerous contract | - | - | - | - | |
Lease interest | (2) | (6) | (2) | (7) | |
Other financial expenses | - | - | - | - | |
(982) | (1,265) | (792) | (966) |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Interest expenses of bank borrowings | (790) | (1,189) | (790) | (959) | |
Interest expenses of borrowings from third parties | (190) | (70) | - | - | |
Unwinding of the discount of provision for onerous contract | - | - | - | - | |
Lease interest | (2) | (6) | (2) | (7) | |
Other financial expenses | - | - | - | - | |
(982) | (1,265) | (792) | (966) |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Interest expenses of bank borrowings | (790) | (1,189) | (790) | (959) | |
Interest expenses of borrowings from third parties | (190) | (70) | - | - | |
Unwinding of the discount of provision for onerous contract | - | - | - | - | |
Lease interest | (2) | (6) | (2) | (7) | |
Other financial expenses | - | - | - | - | |
(982) | (1,265) | (792) | (966) |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Components of the income tax (expenses)/credit | |||||
Current income tax (expense)/credit | (2) | (23) | - | - | |
Prior year current income tax correction | - | (4) | - | - | |
Deferred income tax (expense)/credit | (4) | (11) | - | - | |
Income tax (expense)/credit charged to profit or loss \u2013 total | (6) | (38) | - | - |
Balance as at | Recognised in profit | Balance as at | |
31 December | or loss during the | 31 December | |
2024 | year 2025 | ||
Deferred tax asset | |||
Tax loss carry forward | 71 | - | 71 |
Investment properties | - | - | - |
Deferred tax asset available for recognition | 71 | - | 71 |
Less: unrecognised deferred tax asset from tax losses carried forward | (55) | (4) | (59) |
Less: unrecognised deferred tax asset due to future uncertainties | - | - | - |
Recognised deferred income tax asset | 16 | (4) | 12 |
Asset netted with liability of the same legal entities | - | - | - |
Deferred income tax asset, net | 16 | (4) | 12 |
Deferred tax liability | |||
Investment properties | - | - | - |
Deferred income tax liability | - | - | - |
Liability netted with asset of the same legal entities | - | - | - |
Deferred income tax liability, net | - | - | - |
Deferred income tax, net | 16 |
Balance as at | Recognised in profit | Balance as at | |
31 December | or loss during the | 31 December | |
2023 | year 2024 | ||
Deferred tax asset | |||
Tax loss carry forward | 79 | (8) | 71 |
Investment properties | - | - | - |
Deferred tax asset available for recognition | 79 | (8) | 71 |
Less: unrecognised deferred tax asset from tax losses carried forward | (52) | (3) | (55) |
Less: unrecognised deferred tax asset due to future uncertainties | - | - | - |
Recognised deferred income tax asset | 27 | (11) | 16 |
Asset netted with liability of the same legal entities | - | - | - |
Deferred income tax asset, net | 27 | (11) | 16 |
Deferred tax liability | |||
Investment properties | - | - | - |
Deferred income tax liability | - | - | - |
Liability netted with asset of the same legal entities | - | - | - |
Deferred income tax liability, net | - | - | - |
Deferred income tax, net | 27 | (11) | 16 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Profit before income tax | 3,673 | 2,777 | 3,667 | 2,795 |
Tax calculated at the tax rate of 0 % | - | - | - | - |
Tax effect of non-deductible expenses and non-taxable income | (3) | (9) | - | - |
Deferred tax expenses arising from write-down, or reversal of a previous write-down, of deferred tax asset due to changes in probability to utilise it | - | - | - | - |
Prior year current income tax correction | - | (4) | - | - |
Differences in tax rates in subsidiaries (17/16% instead of 0%) | (3) | (25) | - | - |
Income tax (expense)/credit recorded in the statement of comprehensive income | (6) | (38) | - | - |
Balance as at | Recognised in profit | Balance as at | |
31 December | or loss during the | 31 December | |
2024 | year 2025 | ||
Deferred tax asset | |||
Tax loss carry forward | 71 | - | 71 |
Investment properties | - | - | - |
Deferred tax asset available for recognition | 71 | - | 71 |
Less: unrecognised deferred tax asset from tax losses carried forward | (55) | (4) | (59) |
Less: unrecognised deferred tax asset due to future uncertainties | - | - | - |
Recognised deferred income tax asset | 16 | (4) | 12 |
Asset netted with liability of the same legal entities | - | - | - |
Deferred income tax asset, net | 16 | (4) | 12 |
Deferred tax liability | |||
Investment properties | - | - | - |
Deferred income tax liability | - | - | - |
Liability netted with asset of the same legal entities | - | - | - |
Deferred income tax liability, net | - | - | - |
Deferred income tax, net | 16 |
Balance as at | Recognised in profit | Balance as at | |
31 December | or loss during the | 31 December | |
2023 | year 2024 | ||
Deferred tax asset | |||
Tax loss carry forward | 79 | (8) | 71 |
Investment properties | - | - | - |
Deferred tax asset available for recognition | 79 | (8) | 71 |
Less: unrecognised deferred tax asset from tax losses carried forward | (52) | (3) | (55) |
Less: unrecognised deferred tax asset due to future uncertainties | - | - | - |
Recognised deferred income tax asset | 27 | (11) | 16 |
Asset netted with liability of the same legal entities | - | - | - |
Deferred income tax asset, net | 27 | (11) | 16 |
Deferred tax liability | |||
Investment properties | - | - | - |
Deferred income tax liability | - | - | - |
Liability netted with asset of the same legal entities | - | - | - |
Deferred income tax liability, net | - | - | - |
Deferred income tax, net | 27 | (11) | 16 |
Number of shares | Par value | Issued/365 Weighted average | ||
Calculation of weighted average for the year 2025 | (thousand) | (EUR) | (days) | (thousand) |
Shares issued as at 31 December 2024 | 7,954 | 1.45 | 355/365 | 7,954 |
Own shares acquired as at 22 October 2025 | (21) | 1.45 | 10/365 | (1) |
Shares issued as at 31 December 2025 | 7,933 | 1.45 | - | 7,953 |
Number of shares | Par value | Issued/366 Weighted average | ||
Calculation of weighted average for the year 2024 | (thousand) | (EUR) | (days) | (thousand) |
Shares issued as at 31 December 2023 | 8,061 | 1.45 | 368/366 | 8,061 |
Own shares acquired as at 12 December 2024 | (46) | 1.45 | 19/366 | (2) |
Own shares acquired as at 24 December 2024 | (62) | 1.45 | 7/366 | (1) |
Shares issued as at 31 December 2024 | 7,953 | 1.45 | - | 8,058 |
Group | |||
2025 | 2024 | ||
Net profit (loss), attributable to the equity holders of the parent | 3,667 | 2,739 | |
Weighted average number of ordinary shares (thousand) | 7,953 | 8,058 | |
Basic earnings (deficit) per share (EUR) | 0.46 | 0.34 |
Group | Company | |||||
2025 | 2024 | 2025 | 2024 | |||
To properties that generated rental income | 837 | 563 | 711 | 421 | ||
To properties that did not generate rental income | 73 | 116 | 161 | 76 | ||
910 | 679 | 872 | 497 | |||
On 08 October 2024, a real estate purchase and sale agreement was concluded by the Company. The agreement pertains to the |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Offices premises in city centre \u2013 Lithuania | 35,100 | 24,800 | 35,100 | 24,801 |
35,100 | 24,800 | 35,100 | 24,801 | |
Description of valuation techniques used and key inputs to valuation on investment properties located in Lithuania as at 31 |
Vacancy rate (%) | 0 \u2013 25 | ||
Office premises in city centre - Rent price | 3.7 \u2013 47.5 | ||
EUR per sq. m. (without VAT) | |||
Profit on cost ratio of the entire project (%) | 15 | ||
| Investment properties held for | Discounted cash flows | Capitalisation rate for terminal value (%) | 6.25 |
| future redevelopment | with estimated costs to | Cost to completion EUR per sq. m (without | 1,736 |
complete | VAT) | ||
Sales price EUR per sq. m. (with VAT)* | 4,652 |
Valuation technique | Significant unobservable inputs | Range (weighted | ||
average) | ||||
Discount rate (%) | 9-9.5 (9.13) | |||
Properties leased out by the | Discounted cash flows | Capitalisation rate for terminal value (%) | 7.25-7.5 (7.33) | |
entity | Vacancy rate (%) | 0-25 | ||
Office premises in city centre - Rent price | 3.7-25 | (14.82) | ||
EUR per sq. m. (without VAT) | ||||
Profit on cost ratio of the entire project (%) | 15-25 | |||
Investment properties held for | Discounted cash flows | Capitalisation rate for terminal value (%) | 5.5-6. | 25 |
future redevelopment | with estimated costs to | Cost to completion EUR per sq. m (without | 758-1,761 | |
complete | VAT) | |||
Sales price EUR per sq. m. (with VAT)* | 4,475-6,109 |
Group/Company | Increase of estimates | Decrease of estimates | ||
Investment | Investment | |||
Properties | properties held | Properties | properties held | |
Reasonable possible shift +/- | leased out | for future | leased out | for future |
by the entity | redevelopment | by the entity redevelopment | ||
Change in future rental rates by 10 % | 3,900 | 1,600 | (3,800) | (1,700) |
Change in construction costs by 10% | - | (1,300) | - | 1,200 |
Change in expected vacancy rates by 20% | (1,000) | - | 900 | - |
Change in discount and capitalization rate by 50 bps | (2,700) | (1,200) | 3,200 | 1,300 |
Change in profit on cost ratio of the entire project by 200 bps | - | (300) | - | 200 |
Group/Company | Increase of estimates | Decrease of estimates | ||
Investment | Investment | |||
Properties | properties held | Properties | properties held | |
Reasonable possible shift +/- | leased out | for future | leased out | for future |
by the entity | redevelopment | by the entity redevelopment | ||
Change in future rental rates by 10 % | 2,700 | 2,600 | (2,500) | (2,600) |
Change in construction costs by 10% | - | (1,900) | - | 1,900 |
Change in expected vacancy rates by 20% | (400) | - | 600 | - |
Change in discount and capitalization rate by 50 bps | (1,500) | (2,000) | 1,900 | 2,400 |
Change in profit on cost ratio of the entire project by 200 bps | - | (400) | - | 500 |
Group | Financial assets at amortised cost | ||
2025 | 2024 | ||
Assets as per statement of financial position | |||
Financial lease receivables | - | 200 | |
Trade and other receivables excluding tax prepayments | 171 | 102 | |
Cash and cash equivalents | 801 | 1,841 | |
Total | 972 | 2,143 |
Group | Financial liabilities at amortised cost | ||
2025 | 2024 | ||
Liabilities as per statement of financial position | |||
Borrowings | 18,083 | 16,982 | |
Lease liabilities | 77 | 164 | |
Provision for onerous lease contract | - | 1 | |
Trade payables | 291 | 888 | |
Other current liabilities excluding taxes and employee benefits | 525 | 546 | |
Total | 18,976 | 18,581 |
13 Trade and other receivables | ||||||
Group | Company | |||||
2025 | 2024 | 2025 | 2024 | |||
Trade receivables, gross | 217 | 130 | 234 | 42 | ||
Accrued lease income, gross | 1 | - | 1 | - | ||
Taxes receivable, gross | - | 15 | - | 13 | ||
Total trade and other receivable, gross | 218 | 145 | 235 | 55 | ||
Less: provision for impairment of trade and other receivables | (47) | (28) | (41) | (26) | ||
Trade and other receivable net of expected credit losses | 171 | 117 | 194 | 29 | ||
Changes in provision for impairment of trade and other receivables for the year 2025 and 2024 have been included within \u2018Provision for impairment of trade receivables\u2019 in the statement of comprehensive income. Trade and other receivables are non-interest bearing and are generally with a credit term of 30 days. Movements in the accumulated impairment losses on credit impaired accounts receivable of the Group were as follows: |
Group | Impairment losses |
Balance as at 31 December 2023 | 31 |
Charge for the year | - |
Write-offs charged against the provision | - |
Enforcement activity ended | (3) |
Recoveries of amounts previously impaired | - |
Balance as at 31 December 2024 | 28 |
Charge for the year | 19 |
Write-offs charged against the provision | - |
Recoveries of amounts previously impaired | - |
Balance as at 31 December 2025 | 47 |
Group | |||||||||
Current | Less than | 30\u201360 | 61\u201390 | More than | Credit | Total | |||
30 days | days | days | 90 days | impaired | |||||
As at 31 December 2025 | |||||||||
Trade receivables net of write off | 82 | 78 | 10 | - | - | 47 | 217 | ||
Accrued lease income | 1 | - | - | - | - | - | 1 | ||
Expected credit losses | - | - | - | - | - | (47) | (47) | ||
Trade and other receivable net of expected | 83 | 78 | 10 | - | - | - | 171 | ||
credit losses | |||||||||
As at 31 December 2024 | |||||||||
Trade receivables net of write off | 59 | 29 | 7 | - | 7 | 28 | 130 | ||
Accrued lease income | - | - | - | - | - | - | - | ||
Expected credit losses | - | - | - | - | - | (28) | (28) | ||
Trade and other receivable net of expected | 59 | 29 | 7 | - | 7 | - | 102 | ||
credit losses |
Current | Less than | 30\u201390 | 90\u2013180 | More than | Total | |||
30 days | days | days | 180 days | |||||
Trade receivables net of write off as at 31 December 2025 | 2 | 7 | 6 | 2 | 30 | 47 | ||
Trade receivables net of write off as at 31December 2024 | - | - | - | - | 28 | 28 |
Group | Impairment losses |
Balance as at 31 December 2023 | 31 |
Charge for the year | - |
Write-offs charged against the provision | - |
Enforcement activity ended | (3) |
Recoveries of amounts previously impaired | - |
Balance as at 31 December 2024 | 28 |
Charge for the year | 19 |
Write-offs charged against the provision | - |
Recoveries of amounts previously impaired | - |
Balance as at 31 December 2025 | 47 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Non-current: | ||||
Non-current bank borrowings | 14,526 | 15,192 | 14,526 | 15,192 |
Non-current other borrowings | - | 1,000 | - | - |
14,526 | 16,192 | 14,526 | 15,192 | |
Current: | ||||
Current portion of non-current borrowings | 729 | 752 | 729 | 752 |
Current other borrowings | 2,828 | 38 | - | - |
Borrowings from related parties | - | - | - | - |
3,557 | 790 | 729 | 752 | |
Total borrowings | 18,083 | 16,982 | 15,255 | 15,944 |
All borrowings are expressed in EUR. Borrowings with fixed or floating interest rate (with changes in 6 months period) were as follows: |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Fixed | 2,836 | 1,066 | 8 | 28 |
Floating | 15,247 | 15,916 | 15,247 | 15,916 |
18,083 | 16,982 | 15,255 | 15,944 | |
The carrying amounts of assets pledged to the banks to secure the repayment of borrowings are as follows: |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
Investment properties (Note 11) | 42,671 | 36,631 | 42,671 | 36,631 |
Cash | 420 | 234 | 420 | 234 |
Group | Company | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Borrowings | 5.65% | 6.66% | 5.09% | 6.58% | |||
As at 31 December 2025 and 2024 all Group entities have complied with bank loan covenants. On 29 May 2025 and 9 October 2025 the Group borrowed EUR 1300 thousand and EUR 300 thousand from AB Invalda INVL. Both loans bear interest at an annual rate of 10%. The repayment term of the loan is 31 January 2026. The Group and the Company received EUR 1,600 thousand and nil and repaid EUR 678 thousand and EUR 678 thousand, respectively, in 2025. On 27 June 2024, the Group borrowed EUR 800 thousand and EUR 800 thousand from AB Invalda INVL and its a subsidiary respectively. Both loans bear interest at an annual rate of 10%. Both loans were short-term and were repaid by the end of the year. In addition, The Group received a loan of EUR 1,000 thousand from a third party with a maturity date of 31 July 2026. On 7 November 2024 the sale of the warehouse by Dommo Biznesa Parks resulted in the repayment of a loan received from the Latvian branch of OP Corporate Bank plc on 21 December 2023. The Group and the Company received EUR 3,150 thousand and nil and repaid EUR 4,828 thousand and EUR 580 thousand, respectively, in 2024. After the acquisition and merger of AB \"Pramog\u0173 Bankas\" to the Company, the Group took over the available long-term loan of AB Artea Bankas (former AB \u0160iauli\u0173 Bankas), which was EUR 1,472 thousand on the date of these statements. The final loan repayment term is 27 June 2028. |
Group | Company | |||
Borrowings | Dividends | |||
and lease | Dividends payable | Borrowings and | payable (Note | |
(Note 15, 17) | lease liabilities | |||
liabilities | 15, 17) | |||
As at 31 December 2023 | 19,056 | 454 | 15,352 | 454 |
Cash flows from (to) financing activities | (3,178) | (722) | (1,816) | (722) |
Interest expenses (Note 8) | 1,265 | - | 966 | - |
Increase of lease liabilities recalculation due to indexation and modification | 3 | - | 3 | - |
Borrowings acquired through acquisition of the group of asset (the Group) and the merger (the Company) (Note 5) | - | - | 1,603 | - |
Approved dividends | - | 726 | - | 726 |
As at 31 December 2024 | 17,146 | 458 | 16,108 | 458 |
Cash flows from (to) financing activities | (40) | (709) | (1,640) | (709) |
Interest expenses (Note 8) | 982 | - | 792 | - |
Increase of lease liabilities recalculation due to indexation and modification | 72 | - | 72 | - |
Borrowings acquired through acquisition of the group of asset (the Group) | - | - | - | - |
Approved dividends | - | 716 | - | 716 |
As at 31 December 2025 | 18,160 | 465 | 15,332 | 465 |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Financial liabilities | |||||
Dividends payable | 465 | 458 | 465 | 458 | |
Performance Fee (Note 7, 2.19) | - | - | - | - | |
Other amounts payable | 60 | 88 | 259 | 176 | |
525 | 546 | 724 | 634 | ||
Non \u2013 financial liabilities | |||||
Salaries and social security contributions payable | 65 | 66 | - | - | |
Tax payable | 83 | 28 | 78 | 22 | |
Payable performance fee | 395 | - | 395 | - | |
543 | 94 | 473 | 22 | ||
Total other current liabilities | 1,068 | 640 | 1,197 | 656 |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Financial liabilities | |||||
Dividends payable | 465 | 458 | 465 | 458 | |
Performance Fee (Note 7, 2.19) | - | - | - | - | |
Other amounts payable | 60 | 88 | 259 | 176 | |
525 | 546 | 724 | 634 | ||
Non \u2013 financial liabilities | |||||
Salaries and social security contributions payable | 65 | 66 | - | - | |
Tax payable | 83 | 28 | 78 | 22 | |
Payable performance fee | 395 | - | 395 | - | |
543 | 94 | 473 | 22 | ||
Total other current liabilities | 1,068 | 640 | 1,197 | 656 |
Group | Company | ||||
2025 | 2024 | 2025 | 2024 | ||
Financial liabilities | |||||
Dividends payable | 465 | 458 | 465 | 458 | |
Performance Fee (Note 7, 2.19) | - | - | - | - | |
Other amounts payable | 60 | 88 | 259 | 176 | |
525 | 546 | 724 | 634 | ||
Non \u2013 financial liabilities | |||||
Salaries and social security contributions payable | 65 | 66 | - | - | |
Tax payable | 83 | 28 | 78 | 22 | |
Payable performance fee | 395 | - | 395 | - | |
543 | 94 | 473 | 22 | ||
Total other current liabilities | 1,068 | 640 | 1,197 | 656 |
Purchases | |||||||
Revenue and | (including | Payables to | |||||
2025 | other income | provision) and | Receivables | related parties | |||
from related | interest from | from related | (excluding | ||||
parties | related parties | parties | provision) | ||||
Group | |||||||
Other related parties (accounting services) | - | 41 | - | - | |||
Other related parties (borrowings) | - | 84 | - | 1,683 | |||
Other related parties (rent, utilities and other) | - | 5 | - | - | |||
Other related parties (management services | - | 721 | - | 415 | |||
provided by the Management Company) | - | 851 | - | 2,098 |
Purchases | ||||||||
Revenue and | (including | Payables to | ||||||
2024 | other income | provision) and | Receivables | related parties | ||||
from related | interest from | from related | (excluding | |||||
parties | related parties | parties | provision) | |||||
Group | ||||||||
Other related parties (accounting services) | - | 41 | - | 7 | ||||
Other related parties (borrowings) | - | 32 | - | - | ||||
Other related parties (rent, utilities and other) | - | 5 | - | - | ||||
Other related parties (management services | - | 450 | - | 17 | ||||
provided by the Management Company) | - | 528 | - | 24 |
Group | Company | |||
2025 | 2024 | 2025 | 2024 | |
At 1 January | - | - | - | - |
Loans granted during year | 1,600 | 1,600 | - | - |
Loans repayment received | - | (1,600) | - | - |
Interest charged | 84 | 32 | - | - |
Interest received | - | (32) | - | - |
At 31 December | 1,684 | - | - | - |
Group | Company | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Wages, salaries and bonuses | 2 | 2 | - | - | |||
Management Fee (Note 2.11) | 223 | 173 | 223 | 173 | |||
Performance Fee (Note 2.11) | (change in provision) | 498 | 277 | 498 | 277 | ||
Total key management compensation | 723 | 452 | 721 | 450 |
Group | Company | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Wages, salaries and bonuses | 2 | 2 | - | - | |||
Management Fee (Note 2.11) | 223 | 173 | 223 | 173 | |||
Performance Fee (Note 2.11) | (change in provision) | 498 | 277 | 498 | 277 | ||
Total key management compensation | 723 | 452 | 721 | 450 |
Group | Company | ||||||
2025 | 2024 | 2025 | 2024 | ||||
The Group\u2019s and the Company\u2019s statutory audit fee | 31 | 30 | 31 | 30 |