olivLaw · European equity research
New Sources Energy N.V. NSE.AS
Netherlands · Euronext Amsterdam · ISIN NL0009822014 · Vertical: Listed companies from Netherlands
New Sources Energy N.V. is a Dutch company that aims to invest in renewable energy, transport, storage and support solutions, with a focus on hydrogen and methanol. The company exited Euronext's penalty bench in 2025 but generated no revenue and depends on external funding to continue operations, which raises significant uncertainty about business continuity.
At the close of 05 Nov 2026, New Sources Energy N.V. (NSE.AS) stock was 0.02 EUR (+0.00% on the day), with market capitalisation 2.0 m EUR, beta 0.17, 52-week range 0.02–0.05 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)
- 47.1
- neutral
- Bollinger (20, 2)
- 0.02 – 0.03
- in the lower half of the band · %B 0.42 · band width 30.7%
- SMA 50 / 200
- 0.03 / 0.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −11.1% | −0.6% | −10.5 pp | — |
| 3 months | −20.0% | −4.2% | −15.8 pp | — |
| 6 months | −27.3% | +4.3% | −31.6 pp | — |
| Year to date | −40.0% | +7.5% | −47.5 pp | — |
| 1 year | −14.3% | +9.9% | −24.2 pp | −0.2% |
| 3 years | −14.3% | +49.8% | −64.1 pp | +2.2% |
| 5 years | −57.1% | +42.8% | −100.0 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -418.0 k | -904.0 k | -988.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.01 | -0.01 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -222.0 k | -114.0 k | -612.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.0 k EUR
- Financial debt
- 0 EUR
- Net debt
- -64.0 k EUR
- Equity
- -38.0 k EUR
- Total assets
- 216.0 k EUR
- Debt / equity
- unavailable
- Current ratio
- 0.83x
- ROE
- unavailable
- ROA
- -272.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | esef· 12 May 2026verified |
| Operating income | -413.0 k | -893.0 k | -982.0 k | esef· 12 May 2026verified |
| Interest expense | 5.0 k | 11.0 k | 6.0 k | esef· 12 May 2026verified |
| Pre-tax income | -418.0 k | -904.0 k | -988.0 k | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | -418.0 k | -904.0 k | -988.0 k | esef· 12 May 2026verified |
| Diluted EPS | -0.01 | -0.01 | -0.01 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 25.0 k | 501.0 k | 64.0 k | esef· 12 May 2026verified |
| Current assets | 137.0 k | 501.0 k | 210.0 k | esef· 12 May 2026verified |
| Property, plant & equipment, net | 0 | 8.0 k | 6.0 k | esef· 12 May 2026verified |
| Total assets | 137.0 k | 509.0 k | 216.0 k | esef· 12 May 2026verified |
| Long-term debt | 0 | 0 | 0 | esef· 12 May 2026verified |
| Current liabilities | 44.0 k | 309.0 k | 254.0 k | esef· 12 May 2026verified |
| Total liabilities | 44.0 k | 309.0 k | 254.0 k | esef· 12 May 2026verified |
| Equity | 92.0 k | 200.0 k | -38.0 k | esef· 12 May 2026verified |
| Shares outstanding at year end | — | 82.2 m | — | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -222.0 k | -106.0 k | -612.0 k | esef· 12 May 2026verified |
| Capex | 0 | 8.0 k | 0 | esef· 12 May 2026verified |
| Free cash flow | -222.0 k ≈ | -114.0 k ≈ | -612.0 k ≈ | esef· 12 May 2026derived |
| Investing cash flow | 0 | -8.0 k | 0 | esef· 12 May 2026verified |
| Financing cash flow | 230.0 k | 590.0 k | 175.0 k | esef· 12 May 2026verified |
≈ 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: 18.8% 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: 2.0 m EUR
Key indicators
Coverage and freshness
Score by group
19% · 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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | -163.7x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -31.0% | 0 (on a fixed band) | 44% |
| 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 sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
New Sources Energy N.V. (NSE.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2025; ROE -1,219.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
- Interest coverage: -163.7x
- Current ratio: 0.8x
- FCF yield: -31.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for NSE.AS 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
New Sources Energy N.V. is a Dutch company that aims to invest in renewable energy, transport, storage and support solutions, with a focus on hydrogen and methanol. The company exited Euronext's penalty bench in 2025 but generated no revenue and depends on external funding to continue operations, which raises significant uncertainty about business continuity.
SWOT
Strengths
- The company has a green finance framework assessed by a third party and a strategy clearly oriented toward renewable energy.
- Management has shown the ability to obtain funding through convertible loans and to reduce cash costs by paying in shares.
- The company has a lean operating structure with mostly scalable costs, which could allow it to adjust spending quickly.
Weaknesses
- The company generated no revenue in 2025 and relies on external funding to cover its operating expenses.
- The report indicates significant uncertainty about business continuity, and available cash covers only a limited period.
- The board has no independent directors, and the CEO holds a relatively large stake, which raises the risk of conflicts of interest.
Opportunities
- Growing demand for renewable energy and storage solutions could create opportunities to acquire assets.
- Green transition policies and investor interest in sustainable finance could help attract capital.
- Development of hydrogen and methanol as energy carriers could open new business segments.
Threats
- Difficulty in obtaining additional funding could limit the company's ability to carry out planned investments.
- Trade uncertainty and protectionist policies could influence investor decisions and project costs.
- Changes in sustainability reporting regulation could alter the company's obligations and costs.
Risks
- Business continuityhigh
The report points to significant uncertainty that could affect business continuity if new funding cannot be obtained.
- Absence of revenuehigh
The company has generated no revenue and has not yet acquired assets, which could prolong its dependence on external funding.
- Conflicts of interestmedium
The CEO holds a significant stake and is involved in share-based remuneration, which could create conflicts with the interests of minority shareholders.
- Limited governancemedium
The lack of independent directors and of some required committees could reduce independent oversight of decisions.
- Dilution riskmedium
Paying fees and bonuses in shares could reduce the stake of existing shareholders as the number of shares grows.
Investment thesis
What would need to be true (bull case)
- If the company completes the planned acquisitions, it could start generating revenue from renewable energy assets.
- The green finance framework and third-party assessment could help attract investors interested in sustainable projects.
- A scalable cost structure could allow the company to maintain activity at low expense until funding is received.
What would break the thesis
- If new funding cannot be obtained, the company could be forced to reduce its activity or restructure its plans.
- The absence of revenue and reliance on payment in shares could lead to dilution of existing shareholders.
- Concentration of decisions and of shareholding in the CEO could create conflict-of-interest risks.
What to watch
- Obtaining additional funding and the trend of available cash2026
- Completion of the renewable energy asset acquisitions described as under negotiation2026
- Development of revenue, which was absent at the end of 2025next annual report
- Possible Dark Green rating of the green finance framework, mentioned as under consideration2027
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
According to the annual report for the year ended 31 December 2025, the company reorganised and has only just started its new business operations. It generated no revenue in 2025 and has no employees on its payroll, with activities carried out under management fee agreements with the CEO and CTO. The strategy targets investments in renewable energy generation and support solutions, with particular focus on hydrogen and methanol as energy carriers 1.
The company intends to guide its activities through a Green Finance Framework, dedicated to financing renewable energy and energy efficiency investments. The framework received a second-party opinion from Morningstar Sustainalytics in June 2025 1. Governance is a one-tier board with two non-executive directors and one executive director, and the company applies the Dutch Corporate Governance Code with several deviations justified by its current size 1.
Financially, the company relies on convertible loans and on paying fees in shares rather than cash. In 2025 it converted loans worth 175 thousand EUR, and no convertible loans were outstanding at year-end. Management noted that the right to issue or exercise warrants expired on 28 December 2025 1.
Segments
Renewable energy and transport
The company aims to accelerate renewable energy generation and support the green energy transition through asset acquisitions. In the previous period its partners identified and negotiated with potential acquisition candidates, but there is still no revenue from these activities 1.
Storage and support solutions
The strategy also includes energy storage, transport and support solutions for energy systems, with a focus on hydrogen and methanol as energy carriers. These segments are at an early stage and depend on the company's ability to obtain investment funding 1.
Green investments and financing
The company targets investments that can be financed from public and private sources through its Green Finance Framework. This segment depends on the company's ability to attract capital for its sustainable projects 1.
Market context
The annual report cites outlooks from the International Energy Agency, which projects that renewables will become the main driver of energy system growth in 2026, with solar and wind supplying the largest share of new electricity generation 1. Global electricity demand is expected to grow faster than total energy demand, driven by electrification of transport, heating and industry 1.
The company stresses that the European Union regards the green transition and energy security as important, which could support demand for renewable energy projects if funding and public policies remain favourable 1. However, uncertainty around global trade and protectionist policies may influence investment decisions 1.
Trends
- Growth of renewablestailwind
Renewables, especially solar and wind, could become the main source of new electricity, supported by falling costs and government backing, according to the outlook cited by the company 1.
- Electrification of the economytailwind
Growing electrification of transport, heating and data centres could increase demand for clean power and storage solutions 1.
- Global trade uncertaintymixed
Trade volatility and protectionist policies could influence investment decisions and supply chains for green technologies 1.
- Persistence of fossil fuelsheadwind
Continued investment in fossil fuels could slow the transition and create stranded assets, although the growing competitiveness of clean technologies may reduce this pressure 1.
Competitive position
The annual report does not explicitly name competitors. The company's activity takes place in renewable energy, storage and hydrogen, where many investors and project developers are active 1.
The company relies on its acquisition strategy and its ability to obtain funding, and its advantage could depend on identifying suitable assets and maintaining a credible green finance framework 1.
- Renewable energy developers
The annual report does not name competitors. The company operates in a sector with many project developers, with no competitor list in the source 1.
- Hydrogen and methanol developers
The company's strategy includes hydrogen and methanol as energy carriers, an area where competition comes from other investors and developers, not identified in the source 1.
- Storage solution providers
Energy storage is a segment targeted by the company, with competition from technology providers not named in the source 1.
- Green project investors
The company competes for capital with other investors in green finance, without specific names given in the report 1.
News & filings
In the press
- Stalemate on finance at COP17 nature talks exposes need for new sourcesClimate Home News · 28 Oct 2026 · EN
- Barcelona exploring two new sources of financing to complete Camp Nou renovationCNA (Channel NewsAsia) · 24 Sept 2026 · EN
- China minerals control threatens EU rearmament, as bloc seeks new sourcesNikkei Asia · 23 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202403 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / New Sources Energy N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.