olivLaw · European equity research
Biotalys BTLS.BR
Belgium · Euronext Brussels · ISIN BE0974386188 · Vertical: Listed companies from Belgium
Biotalys develops protein-based biofungicides and bioinsecticides through its AGROBODY platform, as a safer alternative to chemical pesticides. In 2023 the company focused on biofungicides, and regulatory progress and the Syngenta partnership are the main milestones in its latest annual report. Management aims to quickly become the leader in protein-based biofungicides.
At the close of 05 Nov 2026, Biotalys (BTLS.BR) stock was 1.95 EUR (−2.21% on the day), with market capitalisation 615.3 k EUR, beta 0.71, 52-week range 1.61–4.99 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)
- 60.3
- strong (55–70)
- Bollinger (20, 2)
- 1.50 – 1.96
- in the upper half of the band · %B 0.98 · band width 26.4%
- SMA 50 / 200
- 1.96 / 2.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.09
- MACD above 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 | +0.5% | +0.4% | +0.1 pp | — |
| 3 months | −27.2% | −3.3% | −24.0 pp | — |
| 6 months | −33.0% | +4.0% | −36.9 pp | — |
| Year to date | −42.1% | +8.1% | −50.2 pp | — |
| 1 year | −61.0% | +10.7% | −71.7 pp | +7.2% |
| 3 years | −38.5% | +50.1% | −88.6 pp | −5.5% |
| 5 years | −72.5% | +43.6% | −116.1 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 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -10.8 m | -16.9 m | -22.7 m | -20.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -74.00 | -65.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -13.4 m | -18.1 m | -20.8 m | -18.6 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 21.6 m EUR
- Financial debt
- 4.8 m EUR
- Net debt
- -16.7 m EUR
- Equity
- 25.6 m EUR
- Total assets
- 36.6 m EUR
- Debt / equity
- 0.19x
- Current ratio
- 4.49x
- ROE
- -64.4%
- ROA
- -47.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Research & development | 11.5 m | 13.9 m | 18.8 m | 16.6 m | esef· 21 Mar 2024verified |
| Operating income | -13.3 m | -18.1 m | -22.5 m | -20.9 m | esef· 21 Mar 2024verified |
| Interest expense | 171.0 k | 343.0 k | 557.0 k | 502.0 k | esef· 21 Mar 2024verified |
| Pre-tax income | -10.7 m | -16.9 m | -22.8 m | -20.5 m | esef· 21 Mar 2024verified |
| Income tax | 13.0 k | 16.0 k | -38.0 k | 56.0 k | esef· 21 Mar 2024verified |
| Net income | -10.8 m | -16.9 m | -22.7 m | -20.5 m | esef· 21 Mar 2024verified |
| Diluted EPS | — | — | -74.00 | -65.00 | esef· 21 Mar 2024verified |
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 23.1 m | 56.1 m | 34.1 m | 21.6 m | esef· 21 Mar 2024verified |
| Receivables | 226.0 k | 451.0 k | 820.0 k | 750.0 k | esef· 21 Mar 2024verified |
| Current assets | 25.5 m | 58.9 m | 37.8 m | 24.9 m | esef· 21 Mar 2024verified |
| Property, plant & equipment, net | 4.6 m | 5.4 m | 5.3 m | 4.9 m | esef· 21 Mar 2024verified |
| Intangibles (excl. goodwill) | 792.0 k | 665.0 k | 596.0 k | 642.0 k | esef· 21 Mar 2024verified |
| Total assets | 36.3 m | 70.3 m | 49.5 m | 36.6 m | esef· 21 Mar 2024verified |
| Long-term debt | 4.3 m | 6.0 m | 5.3 m | 4.8 m | esef· 21 Mar 2024verified |
| Current liabilities | 6.1 m | 5.2 m | 6.0 m | 5.5 m | esef· 21 Mar 2024verified |
| Total liabilities | 10.6 m | 11.4 m | 11.4 m | 11.0 m | esef· 21 Mar 2024verified |
| Equity | 25.6 m | 58.9 m | 38.1 m | 25.6 m | esef· 21 Mar 2024verified |
| Shares outstanding at year end | — | — | 307.2 k | 315.5 k | esef· 21 Mar 2024derived |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -9.5 m | -16.8 m | -20.1 m | -18.3 m | esef· 21 Mar 2024verified |
| Capex | 3.8 m | 1.3 m | 707.0 k | 341.0 k | esef· 21 Mar 2024verified |
| Free cash flow | -13.4 m ≈ | -18.1 m ≈ | -20.8 m ≈ | -18.6 m ≈ | esef· 21 Mar 2024derived |
| Investing cash flow | -6.0 m | -1.3 m | -684.0 k | 233.0 k | esef· 21 Mar 2024verified |
| Financing cash flow | 15.3 m | 51.1 m | -1.2 m | 5.5 m | esef· 21 Mar 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: 4 of at least 6
- score weight coverage: 29.2% 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: 615.3 k EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
29% · 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -192.9% | 0 (vs peers) | 36% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -41.6x | 0 (on a fixed band) | 21% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3,026.8% | 0 (on a fixed band) | 29% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Biotalys (BTLS.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE -64.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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
- Current ratio: 4.5x
What contradicts it
- ROIC: -192.9%
- Interest coverage: -41.6x
- FCF yield: -3,026.8%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| 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% |
1- and 3-year price returns: for BTLS.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
Biotalys develops protein-based biofungicides and bioinsecticides through its AGROBODY platform, as a safer alternative to chemical pesticides. In 2023 the company focused on biofungicides, and regulatory progress and the Syngenta partnership are the main milestones in its latest annual report 1. Management aims to quickly become the leader in protein-based biofungicides 1.
SWOT
Strengths
- The company has a solid intellectual property position, with a large number of granted patents and applications under examination for the AGROBODY technology 1.
- The technology platform starts from antibodies already used in medicine, which could speed up product development 1.
- The management and scientific team have a solid track record in agtech and biotech 1.
Weaknesses
- The company is still in a development phase, and its products are not yet approved for sale 1.
- Development depends on long and costly field trials that must be repeated across different environments and crops 1.
- The company relies on external contract manufacturers for fermentation and formulation at industrial scale 1.
Opportunities
- The Syngenta partnership could open access to a broad distribution network and regulatory expertise 1.
- Demand for crop protection without chemical residues could grow if regulations become stricter 1.
- The platform could generate more products with different mechanisms of action by combining antibodies into multispecific molecules 1.
Threats
Risks
- Regulatory approvalhigh
If authorities in Europe or the United States do not approve EVOCA or the following products in time, commercialisation could be postponed 1.
- Dependence on partnersmedium
Development and production depend on Syngenta and external suppliers, and an interruption of the collaboration could affect project timing 1.
- Length of field trialsmedium
Field trials usually run over several years and may reveal shortcomings that require development to be repeated 1.
- Intellectual property protectionmedium
Patent applications under examination could be rejected or narrowed, which would reduce protection of the technology 1.
- Funding of operationshigh
Research and development is costly, and a lack of additional funding could limit parallel projects 1.
Investment thesis
What would need to be true (bull case)
- If EVOCA and the next products obtain the necessary approvals, the company could become an important player in the market for protein-based biofungicides 1.
- The Syngenta partnership could accelerate insecticide development and could bring access to large commercial networks 1.
- The AGROBODY platform could produce new molecules with different mechanisms, reducing the risk of pest resistance 1.
What would break the thesis
- If approvals are delayed or refused, revenues could remain postponed and the company could need additional funding 1.
- Dependence on a single major partner and on external suppliers could limit control over the development timetable 1.
- The biopesticide market is competitive, and new products could struggle to win market share against established solutions 1.
What to watch
- Obtaining legal approval for EVOCA2024
- Progress of the Syngenta partnership on insecticides2024
- Results of field trials for biofungicides2024
- Evolution of the AGROBODY patent portfolionext 10-K
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
Biotalys is an agtech company developing protein-based crop protection products, called AGROBODY, to combat plant diseases and pests 1. The products are designed to be biodegradable and leave no chemical residues in soil or on crops, and the company states they can be used as a substitute for conventional pesticides without changing farmers' equipment 1. Its first platform product, EVOCA, is going through the process of obtaining legal approval 1.
Segments
Biofungicides
In 2023 Biotalys set biofungicides as the main focus for 2024, aiming to extend the portfolio towards products with new mechanisms of action 1. The company intends to build on the success of its first EVOCA product, derived from the AGROBODY platform 1.
Bioinsecticides with partner
Biotalys works with Syngenta Crop Protection on developing its insecticide portfolio, and the company aims to speed up development of its insecticide platform through this partnership 1. Biotalys will continue this portfolio in collaboration, but will not place it at the centre of its focus in 2024 1.
Market context
Biotalys operates in the biopesticide market, where protein-based products are presented as an alternative to chemical pesticides with a better safety profile for the environment and consumers 1. The company targets especially high-value crops and the pests affecting them 1. Market access depends on approvals in the United States and the European Union, for which the company has filed its first registration dossier 1.
Trends
- Pesticide regulationtailwind
The emphasis on reducing chemical pesticides and on biological products could support demand for solutions such as those of Biotalys, if regulatory approvals are obtained 1.
- Approval processheadwind
Delays in obtaining approvals for new products could extend the time to commercialisation, and field trials can last several years 1.
- Industrial partnershipsmixed
Collaboration with large crop protection producers can bring expertise and market access, but it makes development dependent on external partners 1.
- Development coststailwind
The AGROBODY platform is described as faster and cheaper than chemical development, which could support the portfolio over the long term 1.
Competitive position
Biotalys competes with producers of chemical pesticides and with microbial biopesticide companies, which use different discovery and production platforms 1. The company's stated advantage is the diversity of mechanisms of action and a reduced risk of resistance 1.
- Syngenta Crop Protection
Partner of Biotalys for developing its insecticide portfolio, not a direct competitor within these frameworks 1.
- Microbial biopesticide producers
Companies using living organisms, with storage and application conditions more restrictive than Biotalys' protein-based products 1.
- Chemical pesticide producers
Direct competition on crops where farmers look for high efficiency, though the company considers them less safe for the environment 1.
- Other agtech companies
Companies developing alternative biological solutions for the same crops and the same pests 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202321 Mar 2024
- Annual report 202131 Mar 2022
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Biotalys · 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.