olivLaw · European equity research
Crescent NV OPTI.BR
Belgium · Euronext Brussels · ISIN BE0974496284 · Vertical: Listed companies from Belgium
Crescent NV is a Belgian developer of IoT products and solutions, focused on the CloudGate gateway and smart public lighting. In its latest reported year the company recorded a sharp drop in revenue to € 3.7 million, and management has sought a buyer for its services division amid a cash shortage.
At the close of 05 Nov 2026, Crescent NV (OPTI.BR) stock was 3.04 EUR (−3.49% on the day), with beta 0.34, 52-week range 2.60–14.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 2.57 – 4.24
- in the lower half of the band · %B 0.28 · band width 49.0%
- SMA 50 / 200
- 3.72 / 5.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.22
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.7% | −0.6% | −16.1 pp | — |
| 3 months | −20.4% | −4.2% | −16.3 pp | — |
| 6 months | −50.3% | +4.3% | −54.7 pp | — |
| Year to date | −66.2% | +7.5% | −73.7 pp | — |
| 1 year | −63.8% | +9.9% | −73.7 pp | +6.3% |
| 3 years | −53.9% | +49.8% | −103.8 pp | −6.5% |
| 5 years | −88.7% | +42.8% | −131.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 16.2 m | 15.7 m | 11.4 m |
| Revenue YoY | unavailable | −3.6% | −27.1% |
| Net income | -5.6 m | -2.1 m | -7.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -34.7% | -13.4% | -61.5% |
| Free cash flow | -120.0 k | -332.0 k | -766.0 k |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 346.0 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.8 m EUR
- Total assets
- 22.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.81x
- ROE
- -128.0%
- ROA
- -27.2%
- FCF margin
- -6.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 16.2 m | 15.7 m | 11.4 m | esef· 29 May 2024verified |
| Cost of revenue | 10.7 m | 10.4 m | 8.0 m | esef· 29 May 2024verified |
| Gross profit | 5.5 m | 5.3 m | 3.4 m | esef· 29 May 2024verified |
| Research & development | 517.0 k | 1.4 m | 1.6 m | esef· 29 May 2024verified |
| Operating income | -4.8 m | -2.5 m | -7.1 m | esef· 29 May 2024verified |
| Interest expense | 869.0 k | 935.0 k | 836.0 k | esef· 29 May 2024verified |
| Pre-tax income | -5.5 m | -3.1 m | -7.8 m | esef· 29 May 2024verified |
| Income tax | 37.0 k | -503.0 k | 35.0 k | esef· 29 May 2024verified |
| Net income | -5.6 m | -2.1 m | -7.0 m | esef· 29 May 2024verified |
| Diluted EPS | 0.00 | 0.00 | 0.00 | esef· 29 May 2024verified |
| Weighted average diluted shares | 1.7 bn | 1.9 bn | 2.0 bn | esef· 29 May 2024verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 536.0 k | 795.0 k | 346.0 k | esef· 29 May 2024verified |
| Current assets | 4.1 m | 7.5 m | 10.8 m | esef· 29 May 2024verified |
| Property, plant & equipment, net | 1.8 m | 2.1 m | 1.1 m | esef· 29 May 2024verified |
| Goodwill | 10.5 m | 13.7 m | 6.4 m | esef· 29 May 2024verified |
| Intangibles (excl. goodwill) | 2.9 m | 5.1 m | 4.0 m | esef· 29 May 2024verified |
| Total assets | 19.6 m | 28.9 m | 22.6 m | esef· 29 May 2024verified |
| Accounts payable | — | 9.5 m | 8.1 m | esef· 29 May 2024verified |
| Current liabilities | 10.7 m | 13.0 m | 13.3 m | esef· 29 May 2024verified |
| Equity | 4.3 m | 9.1 m | 1.8 m | esef· 29 May 2024verified |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -66.0 k | -27.0 k | -638.0 k | esef· 29 May 2024verified |
| Capex | 54.0 k | 305.0 k | 128.0 k | esef· 29 May 2024verified |
| Free cash flow | -120.0 k ≈ | -332.0 k ≈ | -766.0 k ≈ | esef· 29 May 2024derived |
| Investing cash flow | -894.0 k | -1.0 m | -676.0 k | esef· 29 May 2024verified |
| Financing cash flow | 698.0 k | 1.3 m | 1.1 m | esef· 29 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -61.5% | 10 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.5x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.8x | 1 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CRESCENT (OPTI.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 11.4 m EUR in 2023; YoY growth -27.1%; net margin -61.5%; ROE -128.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -61.5%
- Interest coverage: -8.5x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
| HYL.BRHyloris Pharmaceuticals | 96.4 m | — | -21.6% | -87.9% | −14.8% | −42% / −69% |
1- and 3-year price returns: for OPTI.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Crescent NV is a Belgian developer of IoT products and solutions, focused on the CloudGate gateway and smart public lighting. In its latest reported year the company recorded a sharp drop in revenue to € 3.7 million, and management has sought a buyer for its services division amid a cash shortage.
SWOT
Strengths
- Over three decades of experience in wireless product design and recognised RF and EMC expertise.
- Proprietary modular product, CloudGate, with an application platform and support for multiple protocols.
- Strategic partnerships with integrators, distributors and network operators that ease market entry.
Weaknesses
- Sharp revenue decline and a widening net loss in the 2023 financial year.
- Liquidity shortage that required short-term loans and shareholder support.
- Dependence on a majority shareholder and a combined chair and executive role during the transition.
Opportunities
- Smart City projects in North Macedonia, with potential to extend to other similar projects.
- Growing demand for connected public lighting and energy management in smart buildings.
- A sale of the services division could release capital to focus on proprietary products.
Threats
- Public budget pressure that may delay tenders and municipal orders.
- Competition from larger manufacturers with stronger financial resources.
- The risk that financing difficulties limit the ability to deliver new projects.
Risks
- Liquidity and dependence on financinghigh
The company obtained urgent loans and term extensions from shareholders, and without new cash sources these needs could become pressing.
- Going concernhigh
The annual report includes a going concern section, which points to significant uncertainty about the company's ability to continue operations without additional support.
- Concentration on a few projectsmedium
A significant share of the 2024 plans depends on the Skopje project, and delays or changes could affect revenue.
- Penalties and financing costsmedium
Early settlement of a financing facility involved a penalty paid in instalments, adding long-term financial costs.
- Governance and concentration of powerlow
The chair also holds an executive mandate, which concentrates decision-making and could reduce independent oversight.
Investment thesis
What would need to be true (bull case)
- If smart lighting projects in North Macedonia expand, the company could leverage Remoticom and CloudGate expertise in a growing market.
- A sale of the services division could reduce debt and allow resources to focus on higher-margin proprietary products.
- The customer base and integrator partnerships could support gateway sales growth if demand for industrial IoT recovers.
What would break the thesis
- The sharp revenue decline and growing losses could point to a structural problem rather than a temporary fluctuation.
- Dependence on shareholder funding and urgent loans could limit the company's flexibility in negotiations with customers and suppliers.
- If public budgets remain under pressure, municipal projects could be postponed and revenue could stay low.
What to watch
- Outcome of the sale of the services division and use of the proceeds2024
- Actual deliveries to the Skopje Smart City project2024
- Development of revenue and net loss in the next annual report2024
- Any new loans or extensions from shareholders and the evolution of cash needs2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Crescent NV, formerly known as Option NV, carries out research and development in wireless products, smart public lighting and IoT solutions. Its main proprietary product is the CloudGate family, an industrial IoT gateway combined with an application platform, alongside Remoticom Zhaga controllers and smart lighting systems. According to the 2023 annual report, the company sought financial support from its majority shareholder, Van Zele Holding, to cover cash needs.
Statutory revenue fell from € 7.0 million in the prior year to € 3.7 million in 2023, reflecting the disappearance of Helium-related sales, lower orders on the Greenfield project and a shift of engineering capacity to internal projects. The net loss widened to € 2.8 million from € 1.6 million in 2022. Management said the company is restructuring its activities and seeking partners for its divisions.
After year end, the board decided to find a buyer for the services activities, and a final proposal was recently received. The company also formalised a public-private partnership in Skopje, North Macedonia, through its subsidiary Crescent Smartcity, which could provide a more stable revenue base if the projects proceed as planned.
Segments
CloudGate and IoT platform
CloudGate is a modular industrial gateway with multiple ports and protocols, managed through CloudGate Universe and LuvitRed. Its sales were affected in 2023 by lower Greenfield orders, but the product remains the centre of the proprietary product strategy, and the CloudGate Probe for smart buildings was developed during the year.
Smart public lighting (Remoticom)
Remoticom develops Zhaga controllers, such as the ZSC160 series, compatible with the Dali 2.0 standard and managed via LoRa. The division supplied products for the Smart City project in Skopje, valued at € 9 million, and Crescent deliveries to this project are set at € 1.8 million for 2024.
Engineering services and R&D
Crescent provides RF and EMC design, pre-certification for wireless products and testing for 5G modules. The board has decided to seek a buyer for this services activity, which could reduce the company's size as well as the operational burden associated with it.
Market context
The smart public lighting and smart city market is growing on the back of municipal energy-efficiency programmes and the Zhaga and Dali standards. At the same time, demand for industrial IoT depends on infrastructure spending by municipalities and systems integrators, which makes the company's revenue sensitive to the timing of public projects.
Projects in North Macedonia illustrate the potential of the South-East European market, but their realisation depends on public funding and local partners such as Asseco and A1 Telecom. The company noted that other similar projects could be awarded in the country this year.
Trends
- Digitalisation of public lightingtailwind
Municipalities are moving towards connected lighting with Dali 2.0 compatible controllers, which favours Remoticom products.
- Standardisation around Zhaga and Dalitailwind
Adoption of open standards eases interoperability and lowers integration costs for end customers.
- Budget pressure on public projectsheadwind
Tighter municipal budgets could delay tenders and orders, which might affect the timing of the company's revenue.
- Higher financing costsmixed
Reliance on short-term loans and shareholder support makes the company vulnerable to credit conditions, especially if its cash needs grow.
Competitive position
Crescent operates in a competitive market for industrial IoT gateways and smart lighting, where it competes with larger companies that have broader portfolios and stronger financial resources. Its advantages lie in its specialisation in RF and EMC, its modular solutions and its partnerships with integrators and network operators.
In smart lighting, competition comes from European and Asian makers of controllers and lighting management systems. Crescent could keep a niche position if it succeeds in delivering solutions compatible with several standards and in strengthening its regional partnerships.
- Signify
Large lighting manufacturer with connected city lighting solutions; competes in the smart public lighting segment.
- Digi InternationalDGII
Supplier of gateways and industrial IoT solutions, comparable to the CloudGate family.
- Sierra Wireless
Maker of IoT modules and gateways, active in similar industrial connectivity markets.
- ItronITRI
Provider of utility and smart city solutions, competing for urban management projects.
News & filings
In the press
- Intel Announces The GPU D Series For Crescent IslandPhoronix · 12 Oct 2026 · EN
- Devon to Sell Shale Oil Assets to Crescent for $4.2 BillonBloomberg Markets · 08 Oct 2026 · EN
- Intel Media Driver 2026Q3 Introduces Crescent Island SupportPhoronix · 30 Sept 2026 · EN
- AI Bug Fixes, Crescent Island Power Brake & Nouveau Fixes For Linux 7.3-rc5 DRMPhoronix · 26 Sept 2026 · EN
- Iran Red Crescent urges ICC probe into deadly US strike on wedding partyAl Jazeera — World · 03 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202329 May 2024
- Annual report 202202 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Crescent NV · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.