Yep, in my opinion, there’s no problem with the balance sheet (yet), even though free cash flow has been negative every year due to large investments and a poor market.
At the end of H1’24, net debt was exactly that approx. €5M.
EcoUp only reports exact figures semi-annually; however, cash flow was positive in Q3. Seasonally, June-December are the strongest months, as construction sites are completed and homes are insulated. In Inderes’ forecast, net debt is €3.4M at the end of 2024.