$turb 2023 Q4 20-F

Concept	2023 Q4	2023
Revenue	$13.14M	$13.14M
YoY Change		-57.81%
Cost Of Revenue	$12.04M	$12.04M
YoY Change		-54.64%
Gross Profit	$1.097M	$1.097M
YoY Change		-76.15%
Gross Profit Margin	8.35%	8.35%
Selling, General & Admin	$3.739M	€1.544M
YoY Change		-46.56%
% of Gross Profit	340.81%	140.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$64.78K	$127.9K
YoY Change		219.82%
% of Gross Profit	5.9%	11.66%
Operating Expenses	$3.739M	€1.544M
YoY Change		-47.29%
Operating Profit	-$2.642M	-$447.2K
YoY Change		-126.78%
Interest Expense	-$488.5K	€406.0K
YoY Change		-245.01%
% of Operating Profit
Other Income/Expense, Net	$0.00	$0.00
YoY Change
Pretax Income	-$3.131M	-$3.131M
YoY Change		-323.62%
Income Tax	-$1.117M	-$1.117M
% Of Pretax Income
Net Earnings	-$2.014M	-€2.014M
YoY Change		-295.51%
Net Earnings / Revenue	-15.32%	-15.32%
Basic Earnings Per Share
Diluted Earnings Per Share	-$0.04	-$0.04
COMMON SHARES
Basic Shares Outstanding	55.09M shares
Diluted Shares Outstanding

Concept	2023 Q4	2023
OPERATING ACTIVITIES
Net Income	-$2.014M	-€2.014M
YoY Change		-295.51%
Depreciation, Depletion And Amortization	$64.78K	$127.9K
YoY Change		219.82%
Cash From Operating Activities	-$767.1K	$182.9K
YoY Change		-103.24%
INVESTING ACTIVITIES
Capital Expenditures	$307.5K	$544.7K
YoY Change		36.18%
Acquisitions
YoY Change
Other Investing Activities	-$2.044M	-$2.044M
YoY Change
Cash From Investing Activities	-$2.352M	-$2.589M
YoY Change		547.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	3.241M	2.524M
YoY Change		-57.44%
NET CHANGE
Cash From Operating Activities	-767.1K	182.9K
Cash From Investing Activities	-2.352M	-2.589M
Cash From Financing Activities	3.241M	2.524M
Net Change In Cash	122.4K	118.0K
YoY Change		-198.29%
FREE CASH FLOW
Cash From Operating Activities	-$767.1K	$182.9K
Capital Expenditures	$307.5K	$544.7K
Free Cash Flow	-$1.075M	-$361.9K
YoY Change		-94.02%

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023	dei	Document Type DocumentType	20-F
CY2023	dei	Document Registration Statement DocumentRegistrationStatement	false
CY2023	dei	Document Annual Report DocumentAnnualReport	true
CY2023	dei	Document Period End Date DocumentPeriodEndDate	2023-12-31
CY2023	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023	dei	Document Transition Report DocumentTransitionReport	false
CY2023	dei	Document Shell Company Report DocumentShellCompanyReport	false
CY2023	dei	Entity File Number EntityFileNumber	001-40848
CY2023	dei	Entity Registrant Name EntityRegistrantName	TURBO ENERGY, S.A.
CY2023	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	U3
CY2023	dei	Entity Address Address Line1 EntityAddressAddressLine1	Street Isabel la Católica, 8
CY2023	dei	Entity Address Address Line2 EntityAddressAddressLine2	Door 51
CY2023	dei	Entity Address City Or Town EntityAddressCityOrTown	Valencia
CY2023	dei	Entity Address Country EntityAddressCountry	ES
CY2023	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	46004
CY2023Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	55085700	shares
CY2023	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2023	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2023	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2023	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2023	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2023	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2023	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
CY2023	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2023	dei	Document Accounting Standard DocumentAccountingStandard	International Financial Reporting Standards
CY2023	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2023	dei	Entity Shell Company EntityShellCompany	false
CY2023	dei	Auditor Firm AuditorFirmId	5854
CY2023	dei	Auditor Name AuditorName	TAAD LLP
CY2023	dei	Auditor Location AuditorLocation	Diamond Bar, CA
CY2023Q4	ifrs-full	Cash Cash	620531	eur
CY2022Q4	ifrs-full	Cash Cash	502585	eur
CY2023Q4	ifrs-full	Trade And Other Current Receivables TradeAndOtherCurrentReceivables	2221080	eur
CY2022Q4	ifrs-full	Trade And Other Current Receivables TradeAndOtherCurrentReceivables	3137609	eur
CY2023Q4	ifrs-full	Inventories Inventories	5585959	eur
CY2022Q4	ifrs-full	Inventories Inventories	10106216	eur
CY2023Q4	ifrs-full	Amounts Receivable Related Party Transactions AmountsReceivableRelatedPartyTransactions	1601273	eur
CY2022Q4	ifrs-full	Amounts Receivable Related Party Transactions AmountsReceivableRelatedPartyTransactions	140264	eur
CY2023Q4	ifrs-full	Current Prepaid Expenses CurrentPrepaidExpenses	1048154	eur
CY2022Q4	ifrs-full	Current Prepaid Expenses CurrentPrepaidExpenses	735606	eur
CY2023Q4	ifrs-full	Current Investments CurrentInvestments	2044050	eur
CY2023Q4	ifrs-full	Current Assets CurrentAssets	13121047	eur
CY2022Q4	ifrs-full	Current Assets CurrentAssets	14622280	eur
CY2023Q4	ifrs-full	Property Plant And Equipment PropertyPlantAndEquipment	159084	eur
CY2022Q4	ifrs-full	Property Plant And Equipment PropertyPlantAndEquipment	150483	eur
CY2023Q4	ifrs-full	Intangible Assets And Goodwill IntangibleAssetsAndGoodwill	835706	eur
CY2022Q4	ifrs-full	Intangible Assets And Goodwill IntangibleAssetsAndGoodwill	369006	eur
CY2023Q4	ifrs-full	Rightofuse Assets RightofuseAssets	54935	eur
CY2022Q4	ifrs-full	Rightofuse Assets RightofuseAssets	94106	eur
CY2023Q4	ifrs-full	Deferred Tax Assets DeferredTaxAssets	1056608	eur
CY2023Q4	ifrs-full	Assets Assets	15227380	eur
CY2022Q4	ifrs-full	Assets Assets	15235875	eur
CY2023Q4	ifrs-full	Current Accrued Expenses And Other Current Liabilities CurrentAccruedExpensesAndOtherCurrentLiabilities	2043559	eur
CY2022Q4	ifrs-full	Current Accrued Expenses And Other Current Liabilities CurrentAccruedExpensesAndOtherCurrentLiabilities	2652869	eur
CY2023Q4	ifrs-full	Amounts Payable Related Party Transactions AmountsPayableRelatedPartyTransactions	3847950	eur
CY2022Q4	ifrs-full	Amounts Payable Related Party Transactions AmountsPayableRelatedPartyTransactions	237285	eur
CY2023Q4	ifrs-full	Current Lease Liabilities CurrentLeaseLiabilities	37579	eur
CY2022Q4	ifrs-full	Current Lease Liabilities CurrentLeaseLiabilities	55961	eur
CY2023Q4	ifrs-full	Shortterm Borrowings ShorttermBorrowings	3895585	eur
CY2022Q4	ifrs-full	Shortterm Borrowings ShorttermBorrowings	8010239	eur
CY2023Q4	ifrs-full	Current Liabilities CurrentLiabilities	9824673	eur
CY2022Q4	ifrs-full	Current Liabilities CurrentLiabilities	10956354	eur
CY2023Q4	ifrs-full	Noncurrent Lease Liabilities NoncurrentLeaseLiabilities	18487	eur
CY2022Q4	ifrs-full	Noncurrent Lease Liabilities NoncurrentLeaseLiabilities	39098	eur
CY2023Q4	ifrs-full	Loans Payable In Default LoansPayableInDefault	94313	eur
CY2022Q4	ifrs-full	Loans Payable In Default LoansPayableInDefault	324292	eur
CY2023Q4	ifrs-full	Deferred Tax Liabilities DeferredTaxLiabilities	32783	eur
CY2023Q4	ifrs-full	Liabilities Liabilities	9970256	eur
CY2022Q4	ifrs-full	Liabilities Liabilities	11319744	eur
CY2023Q4	ifrs-full	Issued Capital IssuedCapital	2754285	eur
CY2022Q4	ifrs-full	Issued Capital IssuedCapital	2504285	eur
CY2023Q4	ifrs-full	Additional Paidin Capital AdditionalPaidinCapital	3104781	eur
CY2023Q4	ifrs-full	Capital Reserve CapitalReserve	1411846	eur
CY2022Q4	ifrs-full	Capital Reserve CapitalReserve	383268	eur
CY2023Q4	ifrs-full	Retained Earnings RetainedEarnings	-2013788	eur
CY2022Q4	ifrs-full	Retained Earnings RetainedEarnings	1028578	eur
CY2023Q4	ifrs-full	Equity Equity	5257124	eur
CY2022Q4	ifrs-full	Equity Equity	3916131	eur
CY2023Q4	ifrs-full	Equity And Liabilities EquityAndLiabilities	15227380	eur
CY2022Q4	ifrs-full	Equity And Liabilities EquityAndLiabilities	15235875	eur
CY2023	ifrs-full	Revenue Revenue	13140771	eur
CY2022	ifrs-full	Revenue Revenue	31148676	eur
CY2021	ifrs-full	Revenue Revenue	17154621	eur
CY2023	ifrs-full	Cost Of Sales CostOfSales	10842319	eur
CY2022	ifrs-full	Cost Of Sales CostOfSales	26514681	eur
CY2021	ifrs-full	Cost Of Sales CostOfSales	13674534	eur
CY2023	turb	Cost Of Revenues Related Parties CostOfRevenuesRelatedParties	1201244	eur
CY2022	turb	Cost Of Revenues Related Parties CostOfRevenuesRelatedParties	30696	eur
CY2021	turb	Cost Of Revenues Related Parties CostOfRevenuesRelatedParties	1224811	eur
CY2023	ifrs-full	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1544419	eur
CY2022	ifrs-full	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	1498499	eur
CY2021	ifrs-full	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	883319	eur
CY2023	turb	Selling And Administrative Related Parties SellingAndAdministrativeRelatedParties	995435	eur
CY2022	turb	Selling And Administrative Related Parties SellingAndAdministrativeRelatedParties	547912	eur
CY2021	turb	Selling And Administrative Related Parties SellingAndAdministrativeRelatedParties	244216	eur
CY2023	ifrs-full	Employee Benefits Expense EmployeeBenefitsExpense	1105128	eur
CY2022	ifrs-full	Employee Benefits Expense EmployeeBenefitsExpense	866634	eur
CY2021	ifrs-full	Employee Benefits Expense EmployeeBenefitsExpense	547280	eur
CY2023	turb	Salaries And Benefits Related Parties SalariesAndBenefitsRelatedParties	9999	eur
CY2023	turb	Bad Debt Expenses BadDebtExpenses	84394	eur
CY2022	turb	Bad Debt Expenses BadDebtExpenses	19454	eur
CY2021	turb	Bad Debt Expenses BadDebtExpenses	102966	eur
CY2023	ifrs-full	Operating Expense OperatingExpense	15782938	eur
CY2022	ifrs-full	Operating Expense OperatingExpense	29477876	eur
CY2021	ifrs-full	Operating Expense OperatingExpense	16677126	eur
CY2023	ifrs-full	Profit Loss From Operating Activities ProfitLossFromOperatingActivities	-2642167	eur
CY2022	ifrs-full	Profit Loss From Operating Activities ProfitLossFromOperatingActivities	1670800	eur
CY2021	ifrs-full	Profit Loss From Operating Activities ProfitLossFromOperatingActivities	477495	eur
CY2022	ifrs-full	Other Income OtherIncome	890	eur
CY2023	ifrs-full	Interest Revenue Expense InterestRevenueExpense	444	eur
CY2023	ifrs-full	Interest Expense InterestExpense	406031	eur
CY2022	ifrs-full	Interest Expense InterestExpense	308982	eur
CY2021	ifrs-full	Interest Expense InterestExpense	138212	eur
CY2023	ifrs-full	Gains Losses On Exchange Differences On Translation Recognised In Profit Or Loss GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss	-82881	eur
CY2022	ifrs-full	Gains Losses On Exchange Differences On Translation Recognised In Profit Or Loss GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss	32384	eur
CY2021	ifrs-full	Gains Losses On Exchange Differences On Translation Recognised In Profit Or Loss GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss	8939	eur
CY2023	ifrs-full	Other Operating Income Expense OtherOperatingIncomeExpense	-488468	eur
CY2022	ifrs-full	Other Operating Income Expense OtherOperatingIncomeExpense	-275708	eur
CY2021	ifrs-full	Other Operating Income Expense OtherOperatingIncomeExpense	-129273	eur
CY2023	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	-3130635	eur
CY2022	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	1395092	eur
CY2021	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	348222	eur
CY2023	ifrs-full	Current Tax Expense Income CurrentTaxExpenseIncome	-93022	eur
CY2022	ifrs-full	Current Tax Expense Income CurrentTaxExpenseIncome	364086	eur
CY2021	ifrs-full	Current Tax Expense Income CurrentTaxExpenseIncome	81000	eur
CY2023	ifrs-full	Deferred Tax Expense Income DeferredTaxExpenseIncome	-1023826	eur
CY2022	ifrs-full	Deferred Tax Expense Income DeferredTaxExpenseIncome	2428	eur
CY2023	ifrs-full	Profit Loss ProfitLoss	-2013788	eur
CY2022	ifrs-full	Profit Loss ProfitLoss	1028578	eur
CY2021	ifrs-full	Profit Loss ProfitLoss	267222	eur
CY2023	ifrs-full	Basic Earnings Loss Per Share BasicEarningsLossPerShare	-0.04
CY2022	ifrs-full	Basic Earnings Loss Per Share BasicEarningsLossPerShare	0.02
CY2021	ifrs-full	Basic Earnings Loss Per Share BasicEarningsLossPerShare	0.01
CY2023	ifrs-full	Weighted Average Shares WeightedAverageShares	51469262	shares
CY2022	ifrs-full	Weighted Average Shares WeightedAverageShares	50085700	shares
CY2021	ifrs-full	Weighted Average Shares WeightedAverageShares	50085700	shares
CY2020Q4	ifrs-full	Equity Equity	120331	eur
CY2021	ifrs-full	Profit Loss ProfitLoss	267222	eur
CY2021Q4	ifrs-full	Equity Equity	387553	eur
CY2022	ifrs-full	Issue Of Equity IssueOfEquity	2500000	eur
CY2022	ifrs-full	Profit Loss ProfitLoss	1028578	eur
CY2022Q4	ifrs-full	Equity Equity	3916131	eur
CY2023	turb	Issuance Of Common Stock From Initial Public Offering For Cash IssuanceOfCommonStockFromInitialPublicOfferingForCash	3354781	eur
CY2023	ifrs-full	Profit Loss ProfitLoss	-2013788	eur
CY2023Q4	ifrs-full	Equity Equity	5257124	eur
CY2023	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	-3130635	eur
CY2022	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	1395092	eur
CY2021	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	348222	eur
CY2023	turb	Adjustments For Bad Debt Expense AdjustmentsForBadDebtExpense	84394	eur
CY2022	turb	Adjustments For Bad Debt Expense AdjustmentsForBadDebtExpense	19456	eur
CY2021	turb	Adjustments For Bad Debt Expense AdjustmentsForBadDebtExpense	102966	eur
CY2023	ifrs-full	Adjustments For Depreciation Expense AdjustmentsForDepreciationExpense	19424	eur
CY2022	ifrs-full	Adjustments For Depreciation Expense AdjustmentsForDepreciationExpense	5069	eur
CY2021	ifrs-full	Adjustments For Depreciation Expense AdjustmentsForDepreciationExpense	2998	eur
CY2023	ifrs-full	Adjustments For Amortisation Expense AdjustmentsForAmortisationExpense	49984	eur
CY2022	ifrs-full	Adjustments For Amortisation Expense AdjustmentsForAmortisationExpense	858	eur
CY2023	ifrs-full	Depreciation Rightofuse Assets DepreciationRightofuseAssets	58524	eur
CY2022	ifrs-full	Depreciation Rightofuse Assets DepreciationRightofuseAssets	36353	eur
CY2021	ifrs-full	Depreciation Rightofuse Assets DepreciationRightofuseAssets	15888	eur
CY2023	turb	Adjustmentsfor Gainon Lease Modification AdjustmentsforGainonLeaseModification	2177	eur
CY2022	turb	Adjustmentsfor Gainon Lease Modification AdjustmentsforGainonLeaseModification	1514	eur
CY2021	turb	Adjustmentsfor Gainon Lease Modification AdjustmentsforGainonLeaseModification	1252	eur
CY2023	ifrs-full	Adjustments For Provisions AdjustmentsForProvisions	312563	eur
CY2021	ifrs-full	Adjustments For Provisions AdjustmentsForProvisions	53434	eur
CY2022	ifrs-full	Adjustments For Fair Value Gains Losses AdjustmentsForFairValueGainsLosses	-891	eur
CY2023	ifrs-full	Adjustments For Decrease Increase In Inventories AdjustmentsForDecreaseIncreaseInInventories	4207694	eur
CY2022	ifrs-full	Adjustments For Decrease Increase In Inventories AdjustmentsForDecreaseIncreaseInInventories	-6784372	eur
CY2021	ifrs-full	Adjustments For Decrease Increase In Inventories AdjustmentsForDecreaseIncreaseInInventories	95605	eur
CY2023	ifrs-full	Adjustments For Decrease Increase In Trade Account Receivable AdjustmentsForDecreaseIncreaseInTradeAccountReceivable	832135	eur
CY2022	ifrs-full	Adjustments For Decrease Increase In Trade Account Receivable AdjustmentsForDecreaseIncreaseInTradeAccountReceivable	-56128	eur
CY2021	ifrs-full	Adjustments For Decrease Increase In Trade Account Receivable AdjustmentsForDecreaseIncreaseInTradeAccountReceivable	-1795548	eur
CY2023	ifrs-full	Adjustments For Decrease Increase In Other Assets AdjustmentsForDecreaseIncreaseInOtherAssets	-518080	eur
CY2023	ifrs-full	Adjustments For Decrease Increase In Other Operating Receivables AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables	-1306861	eur
CY2022	ifrs-full	Adjustments For Decrease Increase In Other Operating Receivables AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables	-61043	eur
CY2021	ifrs-full	Adjustments For Decrease Increase In Other Operating Receivables AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables	26926	eur
CY2023	ifrs-full	Adjustments For Increase Decrease In Other Operating Payables AdjustmentsForIncreaseDecreaseInOtherOperatingPayables	-117718	eur
CY2022	ifrs-full	Adjustments For Increase Decrease In Other Operating Payables AdjustmentsForIncreaseDecreaseInOtherOperatingPayables	-239557	eur
CY2021	ifrs-full	Adjustments For Increase Decrease In Other Operating Payables AdjustmentsForIncreaseDecreaseInOtherOperatingPayables	451249	eur
CY2023	ifrs-full	Adjustments For Decrease Increase In Prepaid Expenses AdjustmentsForDecreaseIncreaseInPrepaidExpenses	-312548	eur
CY2022	ifrs-full	Adjustments For Decrease Increase In Prepaid Expenses AdjustmentsForDecreaseIncreaseInPrepaidExpenses	1119506	eur
CY2021	ifrs-full	Adjustments For Decrease Increase In Prepaid Expenses AdjustmentsForDecreaseIncreaseInPrepaidExpenses	-1846486	eur
CY2023	ifrs-full	Adjustments For Increase Decrease In Trade And Other Payables AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables	-609310	eur
CY2022	ifrs-full	Adjustments For Increase Decrease In Trade And Other Payables AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables	-718804	eur
CY2021	ifrs-full	Adjustments For Increase Decrease In Trade And Other Payables AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables	2696098	eur
CY2023	ifrs-full	Increase Decrease In Deferred Tax Liability Asset IncreaseDecreaseInDeferredTaxLiabilityAsset	32783	eur
CY2023	ifrs-full	Adjustments For Income Tax Expense AdjustmentsForIncomeTaxExpense	578319	eur
CY2022	ifrs-full	Adjustments For Income Tax Expense AdjustmentsForIncomeTaxExpense	-364086	eur
CY2021	ifrs-full	Adjustments For Income Tax Expense AdjustmentsForIncomeTaxExpense	-81000	eur
CY2023	ifrs-full	Cash Flows From Used In Operating Activities CashFlowsFromUsedInOperatingActivities	182845	eur
CY2022	ifrs-full	Cash Flows From Used In Operating Activities CashFlowsFromUsedInOperatingActivities	-5647033	eur
CY2021	ifrs-full	Cash Flows From Used In Operating Activities CashFlowsFromUsedInOperatingActivities	71604	eur
CY2023	ifrs-full	Cash Flows From Used In Decrease Increase In Shortterm Deposits And Investments CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments	-2044050	eur
CY2023	ifrs-full	Purchase Of Property Plant And Equipment Classified As Investing Activities PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities	28025	eur
CY2022	ifrs-full	Purchase Of Property Plant And Equipment Classified As Investing Activities PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities	133140	eur
CY2021	ifrs-full	Purchase Of Property Plant And Equipment Classified As Investing Activities PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities	17871	eur
CY2023	ifrs-full	Purchase Of Intangible Assets Classified As Investing Activities PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities	516684	eur
CY2022	ifrs-full	Purchase Of Intangible Assets Classified As Investing Activities PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities	261916	eur
CY2021	ifrs-full	Purchase Of Intangible Assets Classified As Investing Activities PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities	106789	eur
CY2023	ifrs-full	Cash Flows From Used In Investing Activities CashFlowsFromUsedInInvestingActivities	-2588759	eur
CY2022	ifrs-full	Cash Flows From Used In Investing Activities CashFlowsFromUsedInInvestingActivities	-395056	eur
CY2021	ifrs-full	Cash Flows From Used In Investing Activities CashFlowsFromUsedInInvestingActivities	-124660	eur
CY2022	ifrs-full	Proceeds From Issue Of Ordinary Shares ProceedsFromIssueOfOrdinaryShares	2500000	eur
CY2023	ifrs-full	Proceeds From Issuing Shares ProceedsFromIssuingShares	3354781	eur
CY2023	ifrs-full	Repayments Of Current Borrowings RepaymentsOfCurrentBorrowings	158150	eur
CY2022	ifrs-full	Repayments Of Current Borrowings RepaymentsOfCurrentBorrowings	248532	eur
CY2021	ifrs-full	Repayments Of Current Borrowings RepaymentsOfCurrentBorrowings	283259	eur
CY2023	turb	Net Proceeds From Lines Of Credit NetProceedsFromLinesOfCredit	-4186483	eur
CY2022	turb	Net Proceeds From Lines Of Credit NetProceedsFromLinesOfCredit	3820617	eur
CY2021	turb	Net Proceeds From Lines Of Credit NetProceedsFromLinesOfCredit	1004523	eur
CY2023	ifrs-full	Payments Of Lease Liabilities Classified As Financing Activities PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities	60523	eur
CY2022	ifrs-full	Payments Of Lease Liabilities Classified As Financing Activities PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities	37036	eur
CY2021	ifrs-full	Payments Of Lease Liabilities Classified As Financing Activities PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities	16240	eur
CY2022	ifrs-full	Dividends Paid Classified As Financing Activities DividendsPaidClassifiedAsFinancingActivities	72003	eur
CY2021	ifrs-full	Dividends Paid Classified As Financing Activities DividendsPaidClassifiedAsFinancingActivities	250000	eur
CY2023	turb	Payments To Related Parties PaymentsToRelatedParties	640332	eur
CY2022	turb	Payments To Related Parties PaymentsToRelatedParties	355586	eur
CY2021	turb	Payments To Related Parties PaymentsToRelatedParties	1015222	eur
CY2023	turb	Proceeds From Related Parties ProceedsFromRelatedParties	4214567	eur
CY2022	turb	Proceeds From Related Parties ProceedsFromRelatedParties	320769	eur
CY2021	turb	Proceeds From Related Parties ProceedsFromRelatedParties	927025	eur
CY2023	ifrs-full	Cash Flows From Used In Financing Activities CashFlowsFromUsedInFinancingActivities	2523860	eur
CY2022	ifrs-full	Cash Flows From Used In Financing Activities CashFlowsFromUsedInFinancingActivities	5928229	eur
CY2021	ifrs-full	Cash Flows From Used In Financing Activities CashFlowsFromUsedInFinancingActivities	366827	eur
CY2023	ifrs-full	Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges	117946	eur
CY2022	ifrs-full	Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges	-113860	eur
CY2021	ifrs-full	Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges	313771	eur
CY2022Q4	ifrs-full	Cash And Cash Equivalents CashAndCashEquivalents	502585	eur
CY2021Q4	ifrs-full	Cash And Cash Equivalents CashAndCashEquivalents	616445	eur
CY2020Q4	ifrs-full	Cash And Cash Equivalents CashAndCashEquivalents	302674	eur
CY2023Q4	ifrs-full	Cash And Cash Equivalents CashAndCashEquivalents	620531	eur
CY2022Q4	ifrs-full	Cash And Cash Equivalents CashAndCashEquivalents	502585	eur
CY2021Q4	ifrs-full	Cash And Cash Equivalents CashAndCashEquivalents	616445	eur
CY2023	ifrs-full	Information About How Entity Determined Risk Component Designated As Hedged Item Explanatory InformationAboutHowEntityDeterminedRiskComponentDesignatedAsHedgedItemExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 – ENTITY INFORMATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Turbo Energy, S.A. (the “Company), was incorporated under the name of Distritech Solutions S.L. on September 18, 2013 under the laws of the Kingdom of Spain. The company then changed its name to Solar Rocket S.L. on October 7, 2013. On April 8, 2021, Solar Rocket S.L. merged with a Spanish corporation Turbo Energy S.L.U. Turbo Energy S.L.U then became a wholly owned subsidiary of Solar Rocket S.L. This merger was approved by the Board of Directors of both companies. Following the merger, the company changed its name to Turbo Energy S.L. on April 8, 2021. On February 8, 2023, we transformed the company from a Spanish unipersonal limited company to a Spanish limited stock company. As such, our company’s name was changed to Turbo Energy S.A.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 107.85pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The corporate purpose of the Company, in accordance with its bylaws, consists of the acquisition, distribution and sale of electrical and electronic material for the development of renewable energy projects, such as solar panels, inverters, chargers, regulators, batteries and structures, among others. We design, develop, and distribute equipment for the generation, management, and storage of photovoltaic energy. Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, comparing to conventional battery storage systems, reduce electricity bill and protect the installation from power outages. Currently, we primarily sell inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers located in Spain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is part of the Umbrella Solar Investment Group, whose main shareholder is Crocodile Investment, S.L.U, (hereinafter, the ultimate partner), with registered office in Valencia. The majority shareholder of the Turbo Energy, S.A is Umbrella Solar Investment, S.A (hereinafter, the majority shareholder), which is part of the Umbrella Solar Investment Group.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 8, 2022, Turbo Energy S.A. with the purpose to develop a new business in the field of self-consumption of electricity, acquired the 100% of the ordinary shares for a total amount of €2,250 of IM2 Energía Solar Proyecto 35 S.L.U., a company under common control by our CEO and established under the laws of the Kingdom of Spain on August 1, 2019. Following the transaction, IM2 Energía Solar Proyecto 35 S.L.U. became our wholly owned subsidiary. On November 29, 2022 changed its name to Turbo Energy Solutions S.L.U. Since its incorporation this company has had a very insignificant activity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 21, 2023, Turbo Energy, S.A. entered into an Underwriting Agreement with Titan Partners Group, a division of American Capital Partners, LLC, and Boustead Securities, LLC as the as the representative (“Representative”) of the underwriters named on Schedule 1 thereto, relating to the Company’s firm commitment underwritten initial public offering (the “Offering”) of ADSs, each representing five ordinary shares of the Company, par value five cents of euro per share, of the Company. Pursuant to the Underwriting Agreement, the Company agreed to sell 1,000,000 ADSs to the underwriters at a public offering price of $5.00 per ADS (the “Offering Price”), before underwriting discounts and commissions, and granted the Representative a 45-day over-allotment option to purchase up to an additional 150,000 ADSs, equivalent to 15% of the ADSs sold in the Offering, at the Offering Price per ADS, pursuant to the Company’s registration statement on Form F-1, as amended (File No. 333-273198), that was filed with the SEC and became effective on September 21, 2023, under the Securities Act of 1933, as amended (the “Securities Act”). The Offering was closed on September 26, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Merger by absorption process</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 111.05pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 8, 2021, the merger of Solar Rocket, S.L. (absorbing company) and Turbo Energy, S.L.U. (absorbed company) was formalized in a public deed, being registered in the Mercantile Registry of Valencia on August 9, 2021. The merger process, approved by the respective shareholders’ meetings on June 30, 2020, consisted of the extinction without liquidation of the absorbed company, transferring its assets and liabilities en bloc to the absorbing company, which acquired, by universal succession, the rights and obligations of the absorbed company. The Company recorded the assets and liabilities contributed by the absorbed companies at the values established in the accounting regulations in force at that time. The consolidated financial statements for the year 2021 include the information required by the regulations in relation to the aforementioned merger process.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the same date of the merger described above, the absorbing company (Solar Rocket, S.L.) changed its corporate name to Turbo Energy, S.L.U. as described above.</p>
CY2022Q4	ifrs-full	Expected Dividend As Percentage Share Options Granted ExpectedDividendAsPercentageShareOptionsGranted	1	pure
CY2022Q4	ifrs-full	Energy Expense EnergyExpense	2250	eur
CY2023Q3	turb	Public Offering Price Per Shares PublicOfferingPricePerShares	5
CY2023Q3	turb	Purchase To Additional Ads PurchaseToAdditionalADS	150000	shares
CY2023Q3	turb	Percentage Of Equivalent Of Ads PercentageOfEquivalentOfAds	0.15	pure
CY2023	ifrs-full	Disclosure Of Changes In Accounting Policies Explanatory DisclosureOfChangesInAccountingPoliciesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 – MATERIAL ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Statement of compliance</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The consolidated financial statements of Turbo Energy, S.A. have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements were approved by the board of directors of the Company on April 16, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of presentation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the Company were prepared on a historical cost basis except where certain financial instruments that are required to be measured at fair value. These consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are presented in Euro, which is the Company’s functional currency. Transactions in currencies other than the functional currency are recorded in accordance with the policies stated under Foreign Currency Transaction in note 2.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reclassification</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts from prior period have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported operating and net loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue recognition</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company designs, develops, and distributes equipment for the generation, management, and storage of photovoltaic energy. Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, comparing to conventional battery storage systems, reduce electricity bill and protect the installation from power outages.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s revenue is primarily generated from sales of the inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes such revenue at the point in time when control of the products is transferred to the customer at the estimated net consideration for which collection is probable, taking into account the customer’s rights to unit rebates, and rights to return unsold product.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfer of control occurs either when products are shipped to or received by the distributor or direct customer, based on the terms of the specific agreement with the customer, if the Company has a present right to payment and transfer of legal title and the risks and rewards of ownership to the customer has occurred. For most of the Company’s product sales, transfer of control occurs upon shipment to the distributor or direct customer. In assessing whether collection of consideration from a customer is probable, the Company considers the customer’s ability and intention to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 to 60 days from the invoice date, which occurs on the date of transfer of control of the products to the customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since payment terms are less than a year, the Company has elected the practical expedient and does not assess whether a customer contract has a significant financing component.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A five-step approach is applied in the recognition of revenue: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Returns under the Company’s general assurance warranty of products have not been material historically and warranty-related services are not considered a separate performance obligation under the customer orders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized upon transfer of control of the products to the customer. The Company has also elected to record sales commissions when incurred, as the period over which the sales commission asset that would have been recognized is less than one year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentration of Revenue by Customer</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2023, 2022 and 2021, there was no customer, one customer and one customer who comprised greater than 10% of the Company’s revenue which represented 0%, 10% and 12% of the Company’s revenue, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and Cash Equivalents</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash consist of highly liquid instruments purchased with an original maturity of three months or less. As of December 31, 2023 and 2022, the Company had cash of €620,531 and €502,585, respectively. The Company does not have any cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. However, cash balances in excess of the Spanish government insured limit (Fondo de Garantía de Depósitos (FDG)) of €100,000 are at risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Accounts Receivable</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will run credit checks on all customers that request term payment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Inventory</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are valued at their acquisition cost, production cost or net realizable value, whichever is lower. Discounts for prompt payment are included as a lower price, whether or not they appear on the invoice and assigning value to its inventories. The Company adopts the weighted average price method.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net realizable value represents the estimated sales price less all estimated costs that will be incurred in the process of commercialization, sales and distribution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company makes the appropriate valuation adjustments, recording impairment expense when the net realizable value of the inventories is less than their acquisition cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Property and equipment</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment is recognized and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses, if any. When components of property and equipment have different useful lives they are accounted for separately. Depreciation is provided at rates which are calculated to write off the assets over their estimated useful lives as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years straight line</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Tools and machinery</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years straight line</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over term of the lease</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Intangible assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquired intangible assets are initially measured at cost. Following the initial recognition, intangible assets are measured at cost less any accumulated amortization and any impairment losses. The useful lives of intangible assets are either definite or indefinite. Intangible assets that have a finite useful life are amortized over the assessed useful economic life and are assessed for impairment when there are any indicators present that the intangible asset may be impaired. The Company reviews the amortization period and method at least annually, and any changes are treated as changes in accounting estimates and applied prospectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computer application and webpage are amortized over estimated useful lives of three years and Software is amortized over estimated useful lives of five years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leases</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of whether an arrangement is, or contains, a lease is based on the substance of the agreement on the inception date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a lessee, the Company recognizes a lease obligation and a right-of-use asset in the statements of financial position on a present-value basis at the date when the leased asset is available for use. Each lease payment is apportioned between a finance charge and a reduction of the lease obligation. Finance charges are recognized in finance cost in the statements of income and comprehensive income. The right of-use assets are depreciated over the shorter of its estimated useful life and the lease term on a straight-line basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease obligations are initially measured at the net present value of the following lease payments:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fixed payments (including in-substance fixed payments), less any lease incentives;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">variable lease payment that are based on an index or a rate;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amounts expected to be payable under residual value guarantees;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the exercise price of a purchase option if the Company is reasonably certain to exercise that option; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease payments are discounted using the interest rate implicit in the lease, or if this rate cannot be determined, the Company’s incremental borrowing rate. Right-of-use assets are initially measured at cost comprising the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of the initial measurement of the lease obligation;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any lease payments made at or before the commencement date less any lease incentives received; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any initial direct costs and rehabilitation costs.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Payments associated with short-term leases and leases of low-value assets are recognized on a straight-</span> <span style="font-family: Times New Roman, Times, Serif">line basis as an expense in the statements of income and comprehensive income. Short-term leases are leases with a lease term of 12 months or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Share capital</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary shares are classified as equity, net of transaction costs directly attributable to the issue of ordinary shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary shares issued for consideration other than cash are based on their market value at the date the ordinary shares are issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Liquidity</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has incurred, for the first time since its foundation, in losses and incurred a net loss of €2,013,788 during the year ended December 31, 2023. However, The Company successfully completed its IPO on the Nasdaq on September 2023, where it was able to raise up to €3.8M net of expenses related to the process, it still has a large portion of those funds as the day of this report. Also, the Company presents a €3.2 million positive working capital at the year ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company finds itself in a sector where all studies and forecasts predict a very large exponential growth in the coming years. Also, is a consolidated company, with more than 10 years of experience, and in recent years has been making a very significant investment in development and research, which will allow it to position itself as a differentiating value compared to other companies in the sector.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s existing cash resources are expected to provide sufficient funds to carry out the Company’s planned operations and expansion plan for more than 12 months. Also, The Company is part of the Umbrella Solar Investment Group, where its principal Company, the majority shareholder of Turbo Energy, has explicitly expressed its full support to carry out its operational development, in case such support is needed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are recognized when there is a present legal or constructive obligation as a result of a past event, for which it is probable that a transfer of economic benefits will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the liability, if material. Where discounting is used, the increase in the provision due to passage of time (“accretion expense”) is recognize as an expense on the statements of income and comprehensive income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income taxes</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense comprises current and deferred tax. Deferred tax is recognized in the statements of income and comprehensive income except to the extent that they relate to items recognized directly in equity or in other comprehensive income or loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current income tax is the expected tax payable or receivable in respect of the taxable income or loss for the period, using income tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their related tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business acquisition or affects tax or accounting profit. The deferred tax assets and liabilities have been measured using substantively enacted tax rates that will be in effect when the amounts are expected to settle. Deferred tax assets are only recognized to the extent that it is probable that they will be able to be utilized against future taxable income. The assessment of the probability of future taxable income in which deferred tax assets can be utilized is based on the Company’s latest approved forecast, which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be used without a time limit, that deferred tax asset is usually recognized in full. The recognition of deferred tax assets that are subject to economic limits or uncertainties are assessed individually by management based on the specific facts and circumstances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of income or expense in the statements of income and comprehensive income, except where they relate to items that are recognized in other comprehensive income or loss or directly in equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign currency transactions</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currency used by the Company is the euro. Consequently, operations in currencies other than the euro are considered to be denominated in foreign currency and are recorded at the exchange rates in force on the dates of the operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At year-end, monetary assets and liabilities denominated in foreign currency are converted by applying the exchange rate on the balance sheet date. The profits or losses revealed are charged directly to the profit and loss account for the year in which they occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On each balance sheet date, monetary assets and liabilities in foreign currency are converted at the rates in force on the closing date. Non-monetary items in foreign currency measured in terms of historical cost are converted at the exchange rate on the date of the transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange differences of the monetary items that arise both when liquidating them and when converting them at the closing exchange rate, are recognized in the results of the year, except those that are part of the investment of a business abroad, which are recognized directly in equity net of taxes until the time of its disposal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income per share</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic income per share is calculated by dividing the income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period. For all periods presented, the income attributable to ordinary shareholders equals the reported income attributable to owners of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted income per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of ordinary shares outstanding for the calculation of diluted income per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase ordinary shares at the average market price during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding, as of December 31, 2023 and 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impairment of non-financial assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication that the carrying amount is not recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Management assesses impairment of non-financial assets such as property and equipment and intangible assets. In assessing impairment, management estimates the recoverable amount of each asset or cash generating unit (“CGU”) based on expected future cash flows. The Company has applied judgment in its assessment of the appropriateness of the determination of CGU’s. When measuring expected future cash flows, management makes assumptions about future growth of profits which relate to future events and circumstances. Actual results could vary from these estimated future cash flows. Estimation uncertainty relates to assumptions about future operating results and the application of an appropriate discount rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial instruments</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets are classified as either financial assets at fair value through profit and loss (“FVTPL”), amortized cost, or fair value through other comprehensive income (“FVTOCI”). The Company determines the classification of its financial assets at initial recognition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Classification and measurement</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Classification determines how financial assets and financial liabilities are accounted for in financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9 <i>Financial Instruments </i>approach for the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. This single, principle-based approach replaces prior rule-based requirements. The model also results in a single impairment model being applied to all financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at FVTPL</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of income and comprehensive income. Realized and unrealized gains and income arising from changes in the fair value of the financial asset held at FVTPL are included in the statements of income and comprehensive income in the period in which they arise. The Company has classified cash as FVTPL.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at FVTOCI</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. There are no financial assets classified as FVTOCI.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at amortized cost</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at amortized cost are initially recognized at fair value, net of transaction costs, and subsequently carried at amortized cost less any impairment. They are classified as current assets or non- current assets based on their maturity date. The Company has classified accounts receivable and amounts due from related parties at amortized cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial liabilities</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Company determines the classification of its financial liabilities at initial recognition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt">Financial liabilities are classified as measured at amortized cost, net of transaction costs unless classified as FVTPL. The Company’s accounts payable and accrued liabilities, amounts due to related parties, lease liabilities and bank loans are classified as measured at amortized cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s bank loans were classified as measured at amortized cost at December 31, 2023 and 2022. During the year ended December 31, 2023,2022 and 2021, the Company incurred €245,706, €202,368 and €90,106 interest on bank loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair value measurement</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57.9pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"> </td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 – defined as observable inputs such as quoted prices in active markets;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. Fair value is based on estimated cash flows, discounted at interest rates for similar instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts shown of the Company’s financial instruments including cash, accounts receivable, inventories, accounts payable and accrued liabilities approximate their fair value (Level 1) due to the short-term maturities of these instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment of financial assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company assesses at each statement of financial position date whether there is objective evidence that a financial asset or group of financial assets is impaired.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes expected credit losses (“ECL”) for accounts receivable based on the simplified approach. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of the account receivable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. ECLs are a probability-weighted estimate of credit losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ECLs are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, and forward looking macro- economic factors in the measurement of the ECLs associated with its assets carried at amortized cost.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>New Accounting Pronouncements</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following accounting standards and amendments have been issued by the IASB or the International Financial Reporting Interpretations Committee that are not yet effective as of the date of the Company’s consolidated financial statements. The Company intends to adopt such standards upon the mandatory effective date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Classification of Liabilities as Current or Non-current (Amendments to IAS 1)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023. The Company is evaluating the impact of the above amendments on its consolidated financial statements.</p>
CY2023	turb	Description Of Accounting Policy For Statement Of Compliance DescriptionOfAccountingPolicyForStatementOfCompliance	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Statement of compliance</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The consolidated financial statements of Turbo Energy, S.A. have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements were approved by the board of directors of the Company on April 16, 2024.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Reclassification Of Financial Instruments Explanatory DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reclassification</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts from prior period have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported operating and net loss.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Recognition Of Revenue DescriptionOfAccountingPolicyForRecognitionOfRevenue	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue recognition</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company designs, develops, and distributes equipment for the generation, management, and storage of photovoltaic energy. Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, comparing to conventional battery storage systems, reduce electricity bill and protect the installation from power outages.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s revenue is primarily generated from sales of the inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes such revenue at the point in time when control of the products is transferred to the customer at the estimated net consideration for which collection is probable, taking into account the customer’s rights to unit rebates, and rights to return unsold product.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transfer of control occurs either when products are shipped to or received by the distributor or direct customer, based on the terms of the specific agreement with the customer, if the Company has a present right to payment and transfer of legal title and the risks and rewards of ownership to the customer has occurred. For most of the Company’s product sales, transfer of control occurs upon shipment to the distributor or direct customer. In assessing whether collection of consideration from a customer is probable, the Company considers the customer’s ability and intention to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 to 60 days from the invoice date, which occurs on the date of transfer of control of the products to the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since payment terms are less than a year, the Company has elected the practical expedient and does not assess whether a customer contract has a significant financing component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A five-step approach is applied in the recognition of revenue: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Returns under the Company’s general assurance warranty of products have not been material historically and warranty-related services are not considered a separate performance obligation under the customer orders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized upon transfer of control of the products to the customer. The Company has also elected to record sales commissions when incurred, as the period over which the sales commission asset that would have been recognized is less than one year.</p>
CY2023	turb	Description Of Accounting Policy For Concentration Of Revenue By Customer DescriptionOfAccountingPolicyForConcentrationOfRevenueByCustomer	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentration of Revenue by Customer</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2023, 2022 and 2021, there was no customer, one customer and one customer who comprised greater than 10% of the Company’s revenue which represented 0%, 10% and 12% of the Company’s revenue, respectively.</p>
CY2023	turb	Revenue Percentage RevenuePercentage	0.10	pure
CY2022	turb	Revenue Percentage RevenuePercentage	0.10	pure
CY2021	turb	Revenue Percentage RevenuePercentage	0.10	pure
CY2023	ifrs-full	Description Of Accounting Policy For Restricted Cash And Cash Equivalents Explanatory DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cash and Cash Equivalents</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash consist of highly liquid instruments purchased with an original maturity of three months or less. As of December 31, 2023 and 2022, the Company had cash of €620,531 and €502,585, respectively. The Company does not have any cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. However, cash balances in excess of the Spanish government insured limit (Fondo de Garantía de Depósitos (FDG)) of €100,000 are at risk.</p>
CY2023Q4	ifrs-full	Cash Cash	620531	eur
CY2022Q4	ifrs-full	Cash Cash	502585	eur
CY2023	ifrs-full	Description Of Accounting Policy For Trade And Other Receivables Explanatory DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Accounts Receivable</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will run credit checks on all customers that request term payment.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Measuring Inventories DescriptionOfAccountingPolicyForMeasuringInventories	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Inventory</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are valued at their acquisition cost, production cost or net realizable value, whichever is lower. Discounts for prompt payment are included as a lower price, whether or not they appear on the invoice and assigning value to its inventories. The Company adopts the weighted average price method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net realizable value represents the estimated sales price less all estimated costs that will be incurred in the process of commercialization, sales and distribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company makes the appropriate valuation adjustments, recording impairment expense when the net realizable value of the inventories is less than their acquisition cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023	ifrs-full	Description Of Accounting Policy For Property Plant And Equipment Explanatory DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Property and equipment</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment is recognized and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses, if any. When components of property and equipment have different useful lives they are accounted for separately. Depreciation is provided at rates which are calculated to write off the assets over their estimated useful lives as follows:</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years straight line</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Tools and machinery</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years straight line</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over term of the lease</span></td><td style="text-align: left"> </td></tr> </table>
CY2023	ifrs-full	Disclosure Of Intangible Assets With Indefinite Useful Life Explanatory DisclosureOfIntangibleAssetsWithIndefiniteUsefulLifeExplanatory	Depreciation is provided at rates which are calculated to write off the assets over their estimated useful lives as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years straight line</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Tools and machinery</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years straight line</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over term of the lease</span></td><td style="text-align: left"> </td></tr> </table>
CY2023	ifrs-full	Description Of Accounting Policy For Intangible Assets Other Than Goodwill Explanatory DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Intangible assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquired intangible assets are initially measured at cost. Following the initial recognition, intangible assets are measured at cost less any accumulated amortization and any impairment losses. The useful lives of intangible assets are either definite or indefinite. Intangible assets that have a finite useful life are amortized over the assessed useful economic life and are assessed for impairment when there are any indicators present that the intangible asset may be impaired. The Company reviews the amortization period and method at least annually, and any changes are treated as changes in accounting estimates and applied prospectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computer application and webpage are amortized over estimated useful lives of three years and Software is amortized over estimated useful lives of five years.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Leases Explanatory DescriptionOfAccountingPolicyForLeasesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leases</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of whether an arrangement is, or contains, a lease is based on the substance of the agreement on the inception date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a lessee, the Company recognizes a lease obligation and a right-of-use asset in the statements of financial position on a present-value basis at the date when the leased asset is available for use. Each lease payment is apportioned between a finance charge and a reduction of the lease obligation. Finance charges are recognized in finance cost in the statements of income and comprehensive income. The right of-use assets are depreciated over the shorter of its estimated useful life and the lease term on a straight-line basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease obligations are initially measured at the net present value of the following lease payments:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fixed payments (including in-substance fixed payments), less any lease incentives;</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">variable lease payment that are based on an index or a rate;</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amounts expected to be payable under residual value guarantees;</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the exercise price of a purchase option if the Company is reasonably certain to exercise that option; and</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease payments are discounted using the interest rate implicit in the lease, or if this rate cannot be determined, the Company’s incremental borrowing rate. Right-of-use assets are initially measured at cost comprising the following:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of the initial measurement of the lease obligation;</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any lease payments made at or before the commencement date less any lease incentives received; and</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any initial direct costs and rehabilitation costs.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Payments associated with short-term leases and leases of low-value assets are recognized on a straight-</span> <span style="font-family: Times New Roman, Times, Serif">line basis as an expense in the statements of income and comprehensive income. Short-term leases are leases with a lease term of 12 months or less.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023	turb	Incurred Net Loss IncurredNetLoss	2013788	usd
CY2023	turb	Other Expense OtherExpense	3800000	usd
CY2023	turb	Working Capital WorkingCapital	3200000	usd
CY2023	ifrs-full	Description Of Accounting Policy For Provisions Explanatory DescriptionOfAccountingPolicyForProvisionsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are recognized when there is a present legal or constructive obligation as a result of a past event, for which it is probable that a transfer of economic benefits will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the liability, if material. Where discounting is used, the increase in the provision due to passage of time (“accretion expense”) is recognize as an expense on the statements of income and comprehensive income.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Income Tax Explanatory DescriptionOfAccountingPolicyForIncomeTaxExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income taxes</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income tax expense comprises current and deferred tax. Deferred tax is recognized in the statements of income and comprehensive income except to the extent that they relate to items recognized directly in equity or in other comprehensive income or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current income tax is the expected tax payable or receivable in respect of the taxable income or loss for the period, using income tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their related tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business acquisition or affects tax or accounting profit. The deferred tax assets and liabilities have been measured using substantively enacted tax rates that will be in effect when the amounts are expected to settle. Deferred tax assets are only recognized to the extent that it is probable that they will be able to be utilized against future taxable income. The assessment of the probability of future taxable income in which deferred tax assets can be utilized is based on the Company’s latest approved forecast, which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be used without a time limit, that deferred tax asset is usually recognized in full. The recognition of deferred tax assets that are subject to economic limits or uncertainties are assessed individually by management based on the specific facts and circumstances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of income or expense in the statements of income and comprehensive income, except where they relate to items that are recognized in other comprehensive income or loss or directly in equity.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Foreign Currency Translation Explanatory DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign currency transactions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currency used by the Company is the euro. Consequently, operations in currencies other than the euro are considered to be denominated in foreign currency and are recorded at the exchange rates in force on the dates of the operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At year-end, monetary assets and liabilities denominated in foreign currency are converted by applying the exchange rate on the balance sheet date. The profits or losses revealed are charged directly to the profit and loss account for the year in which they occur.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On each balance sheet date, monetary assets and liabilities in foreign currency are converted at the rates in force on the closing date. Non-monetary items in foreign currency measured in terms of historical cost are converted at the exchange rate on the date of the transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exchange differences of the monetary items that arise both when liquidating them and when converting them at the closing exchange rate, are recognized in the results of the year, except those that are part of the investment of a business abroad, which are recognized directly in equity net of taxes until the time of its disposal.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Earnings Per Share Explanatory DescriptionOfAccountingPolicyForEarningsPerShareExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income per share</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic income per share is calculated by dividing the income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period. For all periods presented, the income attributable to ordinary shareholders equals the reported income attributable to owners of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted income per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of ordinary shares outstanding for the calculation of diluted income per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase ordinary shares at the average market price during the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding, as of December 31, 2023 and 2022.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Impairment Of Nonfinancial Assets Explanatory DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impairment of non-financial assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication that the carrying amount is not recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Management assesses impairment of non-financial assets such as property and equipment and intangible assets. In assessing impairment, management estimates the recoverable amount of each asset or cash generating unit (“CGU”) based on expected future cash flows. The Company has applied judgment in its assessment of the appropriateness of the determination of CGU’s. When measuring expected future cash flows, management makes assumptions about future growth of profits which relate to future events and circumstances. Actual results could vary from these estimated future cash flows. Estimation uncertainty relates to assumptions about future operating results and the application of an appropriate discount rate.</p>
CY2023	ifrs-full	Description Of Accounting Policy For Financial Instruments Explanatory DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial instruments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets are classified as either financial assets at fair value through profit and loss (“FVTPL”), amortized cost, or fair value through other comprehensive income (“FVTOCI”). The Company determines the classification of its financial assets at initial recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Classification and measurement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Classification determines how financial assets and financial liabilities are accounted for in financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9 <i>Financial Instruments </i>approach for the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. This single, principle-based approach replaces prior rule-based requirements. The model also results in a single impairment model being applied to all financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at FVTPL</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of income and comprehensive income. Realized and unrealized gains and income arising from changes in the fair value of the financial asset held at FVTPL are included in the statements of income and comprehensive income in the period in which they arise. The Company has classified cash as FVTPL.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at FVTOCI</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. There are no financial assets classified as FVTOCI.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at amortized cost</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at amortized cost are initially recognized at fair value, net of transaction costs, and subsequently carried at amortized cost less any impairment. They are classified as current assets or non- current assets based on their maturity date. The Company has classified accounts receivable and amounts due from related parties at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financial liabilities</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Company determines the classification of its financial liabilities at initial recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt">Financial liabilities are classified as measured at amortized cost, net of transaction costs unless classified as FVTPL. The Company’s accounts payable and accrued liabilities, amounts due to related parties, lease liabilities and bank loans are classified as measured at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s bank loans were classified as measured at amortized cost at December 31, 2023 and 2022. During the year ended December 31, 2023,2022 and 2021, the Company incurred €245,706, €202,368 and €90,106 interest on bank loans.</p>
CY2023	ifrs-full	Interest Expense On Bank Loans And Overdrafts InterestExpenseOnBankLoansAndOverdrafts	245706	eur
CY2022	ifrs-full	Interest Expense On Bank Loans And Overdrafts InterestExpenseOnBankLoansAndOverdrafts	202368	eur
CY2021	ifrs-full	Interest Expense On Bank Loans And Overdrafts InterestExpenseOnBankLoansAndOverdrafts	90106	eur
CY2023	ifrs-full	Description Of Accounting Policy For Fair Value Measurement Explanatory DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fair value measurement</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"> </td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 – defined as observable inputs such as quoted prices in active markets;</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</span></td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. Fair value is based on estimated cash flows, discounted at interest rates for similar instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts shown of the Company’s financial instruments including cash, accounts receivable, inventories, accounts payable and accrued liabilities approximate their fair value (Level 1) due to the short-term maturities of these instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2023	ifrs-full	Description Of Accounting Policy For Impairment Of Financial Assets Explanatory DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment of financial assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company assesses at each statement of financial position date whether there is objective evidence that a financial asset or group of financial assets is impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes expected credit losses (“ECL”) for accounts receivable based on the simplified approach. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of the account receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. ECLs are a probability-weighted estimate of credit losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ECLs are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, and forward looking macro- economic factors in the measurement of the ECLs associated with its assets carried at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</p>
CY2023	turb	Description Of Reasons Why Applying New Accounting Policy Provides Reliable And More Relevant Informations DescriptionOfReasonsWhyApplyingNewAccountingPolicyProvidesReliableAndMoreRelevantInformations	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>New Accounting Pronouncements</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following accounting standards and amendments have been issued by the IASB or the International Financial Reporting Interpretations Committee that are not yet effective as of the date of the Company’s consolidated financial statements. The Company intends to adopt such standards upon the mandatory effective date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Classification of Liabilities as Current or Non-current (Amendments to IAS 1)</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023. The Company is evaluating the impact of the above amendments on its consolidated financial statements.</p>
CY2023	ifrs-full	Disclosure Of Accounting Judgements And Estimates Explanatory DisclosureOfAccountingJudgementsAndEstimatesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of these consolidated financial statements in accordance with IFRS requires management to make estimates and judgments that affect the recognition, measurement and disclosure of amounts reported in these consolidated financial statements and accompanying notes. The reported amounts and note disclosures are determined using management’s best estimates based on assumptions that reflect the most probable set of economic conditions and planned courses of action. Actual results may differ from such estimates. These judgments, estimates and assumptions are reviewed regularly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are significant management judgments, estimates and assumptions used in applying the accounting policies of the Company that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Leases</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company exercises judgment in determining the approximate lease term on a lease by lease basis. The Company considers all facts and circumstances that may create an economic incentive to exercise renewal options and also evaluated the economic incentive related to continuation of existing leaseholds. The Company is also required to estimate specific criteria in order to estimate the carrying amount of right-of-use assets and lease liabilities including the incremental borrowing rate and effective interest rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Valuation of accounts receivable</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management monitors the financial stability of its customers and the environment in which they operate to make estimates regarding the likelihood that the individual trade balances will be paid. Credit risks for outstanding customer receivables are regularly assessed and allowances are recorded for estimated losses, if required.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Valuation of inventory</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management makes estimates of future customer demand for products when establishing appropriate provisions for inventory obsolescence. In making these estimates, management considers the aged of inventory and profitability of recent sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recoverability of income taxes</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The measurement and assessment of income tax assets and liabilities requires management to make judgments in the interpretation and application of the relevant tax laws and estimates of the Company’s abilities to utilize losses carried forward to offset taxes payable on future taxable income. The actual amount of income taxes only becomes final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Useful life of property and equipment</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in the intended use of property and equipment as well as changes in technology or economic conditions may cause the estimated useful life of these assets to change. The change in useful lives could impact the depreciation expense and carrying value of property and equipment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Useful life of intangible assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in the intended use of intangible assets with determinable useful lives as well as changes in technology or economic conditions may cause the estimated useful life of these assets to change. The change in useful lives could impact the amortization expense and carrying value of intangible assets.</p>
CY2023	ifrs-full	Disclosure Of Trade And Other Receivables Explanatory DisclosureOfTradeAndOtherReceivablesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE 4 – ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 107.85pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accounts receivable and other receivables as of December 31, 2023 and 2022 are summarized as below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2023</b></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Customers by sales provision of services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,505,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">3,429,596</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">87,702</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,541</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">2,639,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">3,471,137</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(417,922</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(333,528</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">2,221,080</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">3,137,609</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31 2023 and 2022, the allowance for doubtful accounts was €417,922 and €333,528, respectively. During the year ended December 31, 2023,2022 and 2021, the Company recorded bad debt expense of €84,394, €19,454 and €102,966, respectively.</p>
CY2023Q4	ifrs-full	Receivables From Contracts With Customers ReceivablesFromContractsWithCustomers	2505194	eur
CY2022Q4	ifrs-full	Receivables From Contracts With Customers ReceivablesFromContractsWithCustomers	3429596	eur
CY2023Q4	ifrs-full	Value Added Tax Receivables ValueAddedTaxReceivables	46106	eur
CY2023Q4	ifrs-full	Other Receivables OtherReceivables	87702	eur
CY2022Q4	ifrs-full	Other Receivables OtherReceivables	41541	eur
CY2023Q4	turb	Trade And Other Current Receivables Gross TradeAndOtherCurrentReceivablesGross	2639002	eur
CY2022Q4	turb	Trade And Other Current Receivables Gross TradeAndOtherCurrentReceivablesGross	3471137	eur
CY2023Q4	turb	Allowance For Doubtful Accounts AllowanceForDoubtfulAccounts	417922	eur
CY2022Q4	turb	Allowance For Doubtful Accounts AllowanceForDoubtfulAccounts	333528	eur
CY2023Q4	ifrs-full	Trade And Other Current Receivables TradeAndOtherCurrentReceivables	2221080	eur
CY2022Q4	ifrs-full	Trade And Other Current Receivables TradeAndOtherCurrentReceivables	3137609	eur
CY2023Q4	turb	Allowance For Doubtful Accounts AllowanceForDoubtfulAccounts	417922	eur
CY2022Q4	turb	Allowance For Doubtful Accounts AllowanceForDoubtfulAccounts	333528	eur
CY2023	turb	Bad Debt Expense BadDebtExpense	84394	eur
CY2022	turb	Bad Debt Expense BadDebtExpense	19454	eur
CY2021	turb	Bad Debt Expense BadDebtExpense	102966	eur
CY2023	ifrs-full	Disclosure Of Inventories Explanatory DisclosureOfInventoriesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 5 – INVENTORIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2023 and 2022, the Company had finished goods of €5,585,959 and €10,106,216, respectively. During the year ended December 31, 2023,2022 and 2021, the Company recorded provision on slowing moving inventory in the statements of operations of €312,563</span>,<span style="font-family: Times New Roman, Times, Serif">€0 and €53,434, respectively. As of December 31, 2023 and 2022, there was provision for obsolescence of €402,908 and €90,345, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company outsourced the management of inventories to a third party with all the inventories located in warehouse owned by the third parties. The Company pays a monthly fee to the warehouse company for insurance coverage of the inventories, as stated in the agreement between both parties.</p>
CY2023Q4	ifrs-full	Finished Goods FinishedGoods	5585959	eur
CY2022Q4	ifrs-full	Finished Goods FinishedGoods	10106216	eur
CY2023	ifrs-full	Inventory Writedown2011 InventoryWritedown2011	312563	eur
CY2022	ifrs-full	Inventory Writedown2011 InventoryWritedown2011	0	eur
CY2021	ifrs-full	Inventory Writedown2011 InventoryWritedown2011	53434	eur
CY2023	turb	Provision For Obsolescence ProvisionForObsolescence	402908	eur
CY2022	turb	Provision For Obsolescence ProvisionForObsolescence	90345	eur
CY2023	ifrs-full	Disclosure Of Prepayments And Other Assets Explanatory DisclosureOfPrepaymentsAndOtherAssetsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6 – PREPAID EXPENSE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prepaid expense as of December 31, 2023 and 2022 are summarized as below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2023</b></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Advancement to suppliers for inventory</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">788,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">632,185</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advancement for PP&E under construction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,727</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Conference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,036</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Security deposits and others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,822</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,658</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">1,048,154</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">735,606</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q4	ifrs-full	Current Advances To Suppliers CurrentAdvancesToSuppliers	788622	eur
CY2022Q4	ifrs-full	Current Advances To Suppliers CurrentAdvancesToSuppliers	632185	eur
CY2023Q4	turb	Advancement For Property And Equipment Under Construction AdvancementForPropertyAndEquipmentUnderConstruction	11683	eur
CY2022Q4	turb	Advancement For Property And Equipment Under Construction AdvancementForPropertyAndEquipmentUnderConstruction	26727	eur
CY2023Q4	turb	Conference Conference	230027	eur
CY2022Q4	turb	Conference Conference	61036	eur
CY2023Q4	ifrs-full	Other Current Receivables OtherCurrentReceivables	17822	eur
CY2022Q4	ifrs-full	Other Current Receivables OtherCurrentReceivables	15658	eur
CY2023Q4	ifrs-full	Current Prepaid Expenses CurrentPrepaidExpenses	1048154	eur
CY2022Q4	ifrs-full	Current Prepaid Expenses CurrentPrepaidExpenses	735606	eur
CY2023	ifrs-full	Disclosure Of Investments Accounted For Using Equity Method Explanatory DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 7 – INVESTMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2023, the Company had short-term investment of €2,044,050, comprised of two short-term investments in the bank for aggregate amount of €2,000,000 with repayment term ranged from 6-7 months and annual interest rate ranged from 3.54%-3.37% and a short-term commercial deposit of €44,050 with an assembling vendor. During the year ended December 31, 2023, the Company recognized interest income of €444 from the investments.</span></p>
CY2023Q4	ifrs-full	Current Investments CurrentInvestments	2044050	eur
CY2023	turb	Bank Aggregate Amount BankAggregateAmount	2000000	eur
CY2023Q4	ifrs-full	Shortterm Deposits Classified As Cash Equivalents ShorttermDepositsClassifiedAsCashEquivalents	44050	eur
CY2023	ifrs-full	Revenue From Interest RevenueFromInterest	444	eur
CY2023	ifrs-full	Disclosure Of Property Plant And Equipment Explanatory DisclosureOfPropertyPlantAndEquipmentExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 8 – PROPERTY AND EQUIPMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment as of December 31, 2023 and 2022 are summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2023</b></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">56,232</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">49,063</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory Photovoltaic Installation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,792</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and Machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Computer</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,915</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,747</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,085</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,577</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">159,084</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">150,483</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023, 2022 and 2021, the Company acquired property and equipment of €28,026, €133,140 and €17,871, respectively. During the year ended December 31, 2023, 2022 and 2021, the Company recorded depreciation expense of €19,425, €5,069 and €2,998, respectively.</p>
CY2023	ifrs-full	Disclosure Of Detailed Information About Property Plant And Equipment Explanatory DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory	Property and equipment as of December 31, 2023 and 2022 are summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2023</b></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">56,232</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">49,063</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory Photovoltaic Installation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,792</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and Machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Computer</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,915</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,747</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,085</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,577</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">159,084</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">150,483</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q4	turb	Property And Equipment Gross PropertyAndEquipmentGross	194085	eur
CY2022Q4	turb	Property And Equipment Gross PropertyAndEquipmentGross	166060	eur
CY2023Q4	turb	Accumulated Depreciation AccumulatedDepreciation	35001	eur
CY2022Q4	turb	Accumulated Depreciation AccumulatedDepreciation	15577	eur
CY2023Q4	ifrs-full	Property Plant And Equipment PropertyPlantAndEquipment	159084	eur
CY2022Q4	ifrs-full	Property Plant And Equipment PropertyPlantAndEquipment	150483	eur
CY2023	ifrs-full	Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets	28026	eur
CY2022	ifrs-full	Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets	133140	eur
CY2021	ifrs-full	Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets	17871	eur
CY2023	ifrs-full	Depreciation Property Plant And Equipment DepreciationPropertyPlantAndEquipment	19425	eur
CY2022	ifrs-full	Depreciation Property Plant And Equipment DepreciationPropertyPlantAndEquipment	5069	eur
CY2021	ifrs-full	Depreciation Property Plant And Equipment DepreciationPropertyPlantAndEquipment	2998	eur
CY2023	ifrs-full	Disclosure Of Intangible Assets Explanatory DisclosureOfIntangibleAssetsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 9 – INTANGIBLE ASSETS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Intangible assets as of December 31, 2023 and 2022 are summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>December 31, <br/> 2023</b></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>December 31, <br/> 2022</b></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Software development</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">636,970</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">368,705</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Software SKN1</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">248,419</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer application</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Web page</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">925,154</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">408,470</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(89,448</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(39,464</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">835,706</td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">369,006</td> <td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2023, 2022 and 2021, the Company acquired software development and software of €516,684, €261,916, and €106,789, respectively</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023, 2022 and 2021, the Company recorded amortization expense of €49,984, €858 and €0, respectively, and no impairment loss was incurred on the intangible assets.</p>
CY2023	ifrs-full	Disclosure Of Intangible Assets Material To Entity Explanatory DisclosureOfIntangibleAssetsMaterialToEntityExplanatory	Intangible assets as of December 31, 2023 and 2022 are summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>December 31, <br/> 2023</b></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>December 31, <br/> 2022</b></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Software development</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">636,970</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">368,705</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Software SKN1</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">248,419</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer application</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Web page</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">925,154</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">408,470</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(89,448</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(39,464</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">835,706</td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">369,006</td> <td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q4	ifrs-full	Other Intangible Assets OtherIntangibleAssets	925154	eur
CY2022Q4	ifrs-full	Other Intangible Assets OtherIntangibleAssets	408470	eur
CY2023	ifrs-full	Amortisation Intangible Assets Other Than Goodwill AmortisationIntangibleAssetsOtherThanGoodwill	89448	eur
CY2022	ifrs-full	Amortisation Intangible Assets Other Than Goodwill AmortisationIntangibleAssetsOtherThanGoodwill	39464	eur
CY2023Q4	ifrs-full	Intangible Assets Other Than Goodwill IntangibleAssetsOtherThanGoodwill	835706	eur
CY2022Q4	ifrs-full	Intangible Assets Other Than Goodwill IntangibleAssetsOtherThanGoodwill	369006	eur
CY2023	ifrs-full	Amortisation Expense AmortisationExpense	49984	eur
CY2022	ifrs-full	Amortisation Expense AmortisationExpense	858	eur
CY2021	ifrs-full	Amortisation Expense AmortisationExpense	0	eur
CY2023Q4	ifrs-full	Trade And Other Current Payables TradeAndOtherCurrentPayables	1847575	eur
CY2022Q4	ifrs-full	Trade And Other Current Payables TradeAndOtherCurrentPayables	2412588	eur
CY2023Q4	ifrs-full	Current Value Added Tax Payables CurrentValueAddedTaxPayables	69426	eur
CY2022Q4	ifrs-full	Current Value Added Tax Payables CurrentValueAddedTaxPayables	37127	eur
CY2023Q4	ifrs-full	Other Current Payables OtherCurrentPayables	56419	eur
CY2022Q4	ifrs-full	Other Current Payables OtherCurrentPayables	46268	eur
CY2023Q4	ifrs-full	Current Deposits From Customers CurrentDepositsFromCustomers	70139	eur
CY2022Q4	ifrs-full	Current Deposits From Customers CurrentDepositsFromCustomers	156886	eur
CY2023Q4	ifrs-full	Current Accrued Expenses And Other Current Liabilities CurrentAccruedExpensesAndOtherCurrentLiabilities	2043559	eur
CY2022Q4	ifrs-full	Current Accrued Expenses And Other Current Liabilities CurrentAccruedExpensesAndOtherCurrentLiabilities	2652869	eur
CY2023	ifrs-full	Disclosure Of Related Party Explanatory DisclosureOfRelatedPartyExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11 – RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount due from (to) as of December 31, 2023 are summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due from related parties:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Credits pending collection</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-57"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">175,771</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">175,771</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Long-term investment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Trade receivables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,422,952</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,422,952</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,601,273</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,601,273</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to related parties:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Credits pending to pay</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"> -</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,800,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,800,000</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Credits pending collection</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(784</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,660</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Trade payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(119,610</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(119,610</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3,847,166</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(784</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3,847,950</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">All the amount due to and from related parties are unsecured, non-interest bearing and due on demand, except for the loan agreement from Umbrella Solar of €3,800,000. This loan was formalized and signed on June 30 for a period of 5 years, with a market interest rate of 6.25% per year, payable bi-annually. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December 31, 2023, a total amount of €118,750 has been paid for interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amount due from (to) as of December 31, 2022 are summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due from related parties:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0.125in">Credits pending collection</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-64"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-65"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">21,693</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">21,693</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Long-term investment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Trade receivable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">264</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">115,757</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">116,021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">264</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">140,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">140,264</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to related parties:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Credits pending collection</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-74"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(85</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(85</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Trade payable to related party</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(237,200</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(237,200</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(237,200</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(85</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(237,285</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount due to and from related parties are unsecured, non-interest bearing and due on demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transactions with related parties during the year ended December 31, 2023, 2022 and 2021 were summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Year Ended December 31, 2023</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,349,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,380,547</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,434</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,005,434</span></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,003,016</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">148,466</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(826,131</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"></td><td style="text-align: justify">Comprised of selling and administrative – related parties of €995,435 and salaries and benefits – related parties of €9,999</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year Ended December 31, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(547,912</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">806,108</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">258,196</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year Ended December 31, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,161</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,403</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(226,222</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(244,216</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(225,980</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,093,644</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,319,624</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our related party transactions during the fiscal year ended December 31, 2023, include sales of products or services made to or purchases of products or services from affiliated group companies that are under common control and to associates of such group companies. These transactions include income accrued from the commercial activities of our company. The purchases relate to merchandise that we sell in its normal course of commercial operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Umbrella Solar Investment, as the holding company of the group, assumes all structural costs such as those related to the human resources, licenses, legal, tax, labor, marketing, and other generic structural costs. A margin of 13% is applied to these costs and the resulting amount is distributed to the four most significant companies in the group based on their estimated revenue in the monthly management fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023,2022 and 2021, the Company incurred management fees to Umbrella Solar Investment, S.A, of €1,005,434, €547,912 and €226,222, respectively. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No compensation has been paid to the executives under Crocodile Investment SLU. The company expects to continue with the same allocation structure in the future.</p>
CY2023Q4	ifrs-full	Amounts Receivable Related Party Transactions AmountsReceivableRelatedPartyTransactions	1601273	eur
CY2023Q4	ifrs-full	Amounts Payable Related Party Transactions AmountsPayableRelatedPartyTransactions	3847950	eur
CY2023Q4	turb	Due From Related Party DueFromRelatedParty	3800000	eur
CY2023	turb	Term Of Loan TermOfLoan	P5Y
CY2023Q4	ifrs-full	Borrowings Interest Rate BorrowingsInterestRate	0.0625	pure
CY2023Q4	ifrs-full	Interest Payable InterestPayable	118750	eur
CY2022Q4	ifrs-full	Amounts Receivable Related Party Transactions AmountsReceivableRelatedPartyTransactions	140264	eur
CY2022Q4	ifrs-full	Amounts Payable Related Party Transactions AmountsPayableRelatedPartyTransactions	237285	eur
CY2023	ifrs-full	Disclosure Of Transactions Between Related Parties Explanatory DisclosureOfTransactionsBetweenRelatedPartiesExplanatory	Transactions with related parties during the year ended December 31, 2023, 2022 and 2021 were summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,349,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,380,547</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,434</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,005,434</span></td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,003,016</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">148,466</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(826,131</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"></td><td style="text-align: justify">Comprised of selling and administrative – related parties of €995,435 and salaries and benefits – related parties of €9,999</td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(547,912</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">806,108</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">258,196</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other <br/> group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,161</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,403</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(226,222</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(244,216</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(225,980</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,093,644</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,319,624</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>
CY2023	turb	Transactions With Related Parties TransactionsWithRelatedParties	-826131	eur
CY2022	turb	Transactions With Related Parties TransactionsWithRelatedParties	258196	eur
CY2021	turb	Transactions With Related Parties TransactionsWithRelatedParties	-1319624	eur
CY2023	turb	Percentage Of Margin Applied PercentageOfMarginApplied	0.13	pure
CY2023	ifrs-full	Services Received Related Party Transactions ServicesReceivedRelatedPartyTransactions	1005434	eur
CY2022	ifrs-full	Services Received Related Party Transactions ServicesReceivedRelatedPartyTransactions	547912	eur
CY2021	ifrs-full	Services Received Related Party Transactions ServicesReceivedRelatedPartyTransactions	226222	eur
CY2023	ifrs-full	Disclosure Of Borrowings Explanatory DisclosureOfBorrowingsExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 12 – BANK LOANS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bank loans as of December 31, 2023 and 2022 are summarized as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2023</b></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bank loans</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">328,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">556,386</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Lines of credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,661,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">7,778,14</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,989,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">8,334,53</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,895,585</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,010,239</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">94,313</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">324,292</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms and conditions of outstanding bank loans are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Nominal</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank Loans</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Currency</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">interest<br/> rate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year of<br/> maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Face<br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Face<br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: justify; text-indent: -9pt; padding-left: 9pt">Bankia SA</td><td style="width: 1%"> </td> <td style="width: 8%; text-align: center">EUR</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">1.50</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 8%; text-align: center">2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">400,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">136,379</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">400,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">236,243</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Targobank SA</td><td> </td> <td style="text-align: center">EUR</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.87</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,322</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,317</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Banco de Sabadell SA</td><td> </td> <td style="text-align: center">EUR</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,366</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Liberbank</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">EUR</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">1.55</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,532</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">107,460</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">920,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">328,236</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">920,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">556,386</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023,2022 and 2021, the Company incurred bank loan interest expense of €12,618, €9,977 and €15,702, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s obligations are secured by substantially all of the assets of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principal repayments to maturity by fiscal year are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Year ended December 31,</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; text-indent: -9pt; padding-left: 9pt">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">233,926</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94,31</span><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">0</span></span></div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">328,236</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company maintains the following lines of credit:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">‘December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td colspan="2" style="text-align: center"><b>2023</b></td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Line of credit</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Credit<br/> Limit</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nominal<br/> interest rate</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying<br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Caixabank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 20%; text-align: center">2.00% + Euribor</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">4/25/2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,308,058</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sabadell</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.75% + Euribor</td><td> </td> <td style="text-align: center">5/28/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BBVA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.65% + Euribor</td><td> </td> <td style="text-align: center">12/22/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,866</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Santander</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.65% + Euribor</td><td> </td> <td style="text-align: center">6/28/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,012,738</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Abanca</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.00% + Euribor</td><td> </td> <td style="text-align: center">11/30/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Bankinter ICO</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">700,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">1.40% + Euribor</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">6/21/2024</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">70,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">12,100,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">3,661,662</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Line of credit</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Credit<br/> Limit</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nominal<br/> interest rate</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying<br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; text-indent: -9pt; padding-left: 9pt">Caixabank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 20%; text-align: center">2.00% + Euribor</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">3/25/2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,108,807</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Sabadell</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.75% + Euribor</td><td> </td> <td style="text-align: center">2/28/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,623,953</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">BBVA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">650,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.90% + Euribor</td><td> </td> <td style="text-align: center">12/22/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">381,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">BBVA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">650,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.90% + Euribor</td><td> </td> <td style="text-align: center">12/22/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">628,951</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Santander</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.25% + Euribor</td><td> </td> <td style="text-align: center">2/28/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,928,786</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Abanca ICO</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.40% + Euribor</td><td> </td> <td style="text-align: center">10/31/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Abanca</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.00% + Euribor</td><td> </td> <td style="text-align: center">11/30/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">319,103</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Bankinter ICO</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.40% + Euribor</td><td> </td> <td style="text-align: center">6/21/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">485,830</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Bankinter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">1.50% + Euribor</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">6/6/2023</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">151,715</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">9,350,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">7,778,145</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company has €<span style="-sec-ix-hidden: hidden-fact-90">3,6</span> million</span> <span style="font-family: Times New Roman, Times, Serif">facility that is unsecured and can be drawn down to meet short-term financing needs. The facility has a maturity of one to three years for the ICO credit lines that renews automatically at the option of the Company. Interest is payable at an average rate of Euribor plus 2.11 basis points. During the year ended December 31, 2023,2022 and 2021 the Company incurred interest expense from line of credit of €133,977,€192,391 and €74,404 , respectively.</span></p>
CY2023	ifrs-full	Disclosure Of Detailed Information About Borrowings Explanatory DisclosureOfDetailedInformationAboutBorrowingsExplanatory	Bank loans as of December 31, 2023 and 2022 are summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2023</b></p></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31, </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2022</b></p></td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bank loans</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">328,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">556,386</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Lines of credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,661,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">7,778,14</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,989,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">8,334,53</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,895,585</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,010,239</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">94,313</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">324,292</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q4	ifrs-full	Bank Debt Instruments Held BankDebtInstrumentsHeld	3989898	eur
CY2023Q4	ifrs-full	Current Portion Of Longterm Borrowings CurrentPortionOfLongtermBorrowings	3895585	eur
CY2022Q4	ifrs-full	Current Portion Of Longterm Borrowings CurrentPortionOfLongtermBorrowings	8010239	eur
CY2023Q4	ifrs-full	Borrowings Borrowings	94313	eur
CY2022Q4	ifrs-full	Borrowings Borrowings	324292	eur
CY2023Q4	ifrs-full	Notional Amount NotionalAmount	920000	eur
CY2023Q4	ifrs-full	Amount By Which Units Recoverable Amount Exceeds Its Carrying Amount AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount	328236	eur
CY2022Q4	ifrs-full	Notional Amount NotionalAmount	920000	eur
CY2022Q4	ifrs-full	Amount By Which Units Recoverable Amount Exceeds Its Carrying Amount AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount	556386	eur
CY2023	turb	Schedule Of Principal Repayments To Maturity By Fiscal Year ScheduleOfPrincipalRepaymentsToMaturityByFiscalYear	Principal repayments to maturity by fiscal year are as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Year ended December 31,</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; text-indent: -9pt; padding-left: 9pt">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">233,926</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94,31</span><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">0</span></span></div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">328,236</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q4	turb	Debt Maturities Repayments Of Principal In Next Twelve Months DebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths	233926	eur
CY2023	turb	Principal Repayments Maturity Total PrincipalRepaymentsMaturityTotal	328236	eur
CY2023Q4	ifrs-full	Credit Derivative Nominal Amount CreditDerivativeNominalAmount	12100000	eur
CY2023Q4	turb	Carrying Value CarryingValue	3661662	eur
CY2022Q4	ifrs-full	Credit Derivative Nominal Amount CreditDerivativeNominalAmount	9350000	eur
CY2022Q4	turb	Carrying Value CarryingValue	7778145	eur
CY2023Q4	turb	Interest Payable Average Rate InterestPayableAverageRate	0.0211	pure
CY2023Q4	ifrs-full	Credit Exposure CreditExposure	133977	eur
CY2022Q4	ifrs-full	Credit Exposure CreditExposure	192391	eur
CY2021Q4	ifrs-full	Credit Exposure CreditExposure	74404	eur
CY2023	ifrs-full	Disclosure Of Classes Of Share Capital Explanatory DisclosureOfClassesOfShareCapitalExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 13 – SHARE CAPITAL</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Authorized</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company has authorized 75,085,700 ordinary shares with a par value of €0.05.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Issuances</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 22, 2023, the Company announced initial public offering of 1,000,000 American Depositary Shares (“ADSs”), representing 5,000,000 ordinary shares, at a price of $5.00 per ADS to the public for a total of $5,000,000 of gross proceeds to the Company, before deducting underwriting discounts and offering expenses (the “Offering”). The American Depositary Shares began trading on the Nasdaq Capital Market under the symbol “TURB.” During the December 2023, the Company issued 5,000,000 shares of common from the initial public offering for proceeds of €3,354,781, net of share offering costs and underwriting cost of €1,350,200.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During December 2022, we issued 50,000,000 ordinary shares (pre-stock split: 2,500,000 shares) for proceeds of €2,500,000, to our parent company, who is also our sole shareholder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has reflected this issuance of ordinary shares for all periods presented due to their nominal value, relative to the planned Initial Public Offering. The Company accounted for the proceeds as share capital in the year ended December 31, 2022. Earnings per share and ordinary shares outstanding have been retroactively reflected to show this issuance from the earliest period reported.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock Split</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2023, the Company approved a forward stock split of the issued and outstanding ordinary shares on a 20-for-1 basis. We increased our issued and outstanding share capital from 2,504,285 ordinary shares to 50,085,700 ordinary shares. The approval, from the Commercial Registry of Valencia, for the forward stock split has been approved on February 1, 2023. The consolidated financial statements retrospectively reflected the forward stock split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Issued and outstanding</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2023, and 2022, the total issued and outstanding share capital consist of 55,085,700 shares at €2,754,285 and 50,085,700 shares at €2,504,285, all subscribed and paid up, respectively.</p>
CY2023Q4	ifrs-full	Number Of Shares Authorised NumberOfSharesAuthorised	75085700	shares
CY2023Q4	ifrs-full	Par Value Per Share ParValuePerShare	0.05
CY2023Q3	ifrs-full	Increase Decrease In Number Of Ordinary Shares Issued IncreaseDecreaseInNumberOfOrdinarySharesIssued	5000000	shares
CY2023Q3	ifrs-full	Par Value Per Share ParValuePerShare	5
CY2023Q3	ifrs-full	Proceeds From Issuing Shares ProceedsFromIssuingShares	5000000	usd
CY2023	ifrs-full	Increase Decrease Through Insurance Acquisition Cash Flows Insurance Contracts Liability Asset IncreaseDecreaseThroughInsuranceAcquisitionCashFlowsInsuranceContractsLiabilityAsset	1350200	eur
CY2023Q1	ifrs-full	Number Of Shares Outstanding NumberOfSharesOutstanding	50085700	shares
CY2023Q4	ifrs-full	Capital Reserve CapitalReserve	1411846	eur
CY2022Q4	ifrs-full	Capital Reserve CapitalReserve	383268	eur
CY2023	turb	Percentage Of Legal Reserve PercentageOfLegalReserve	0.10	pure
CY2023	turb	Percentage Of Share Capital PercentageOfShareCapital	0.20	pure
CY2023	turb	Percentage Of Exceeds Share Capital PercentageOfExceedsShareCapital	0.20	pure
CY2023	turb	Legal Reserve LegalReserve	500857	eur
CY2022	turb	Legal Reserve LegalReserve	857	eur
CY2023	ifrs-full	Disclosure Of Leases Explanatory DisclosureOfLeasesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE 15 – LEASES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2023 and 2022, the Company had the following lease obligations:</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Discount</td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Rate</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.5 % - 3.0%</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">2024-2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">37,579</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">55,961</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Current</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: right; padding-bottom: 1.5pt">1.5 % - 3.0%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2024-2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,098</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Non-current</td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">56,066</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">95,059</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance - December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">56,743</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease liability additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liability termination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(35,668</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of Lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37,036</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance - December 31, 2022</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">95,059</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liability additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,353</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of Lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(60,523</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,177</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">Balance - December 31, 2023</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">56,066</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2020, the Company entered into a vehicle lease agreement under a four-year term and monthly lease payment of €527.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2021, the Company entered into an office lease agreement under a five-year term and monthly lease payment of €827 for the first year with an escalation rate of Consumer Price Index (CPI) plus 2% per annum. On June 30, 2022, the Company terminated the office lease contract.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 1, 2022, the Company entered into an office lease agreement under a two-year term extensible for three years upon expiry and monthly lease payment of €3,384 during the first year and €3,483 during the second year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 26, 2022, the Company entered into a vehicle lease agreement under a three-year term and monthly lease payment of €420.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 15, 2022, the Company entered into a vehicle lease agreement under a three-year term and monthly lease payment of €417.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 17, 2023, the Company entered into a vehicle lease agreement under a three-year term and monthly lease payment of €572.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the maturity of our lease liabilities as of December 31, 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">38,653</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,930</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2026</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,583</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: financing cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,517</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Lease liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">56,066</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2023 and 2022, the Company has right-of-use assets as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance - December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">55,730</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Termination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(34,777</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(36,353</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance - December 31, 2022</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">94,106</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,353</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(58,524</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">Balance - December 31, 2023</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">54,935</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
CY2023Q4	ifrs-full	Current Lease Liabilities CurrentLeaseLiabilities	37579	eur
CY2022Q4	ifrs-full	Current Lease Liabilities CurrentLeaseLiabilities	55961	eur
CY2023Q4	ifrs-full	Noncurrent Lease Liabilities NoncurrentLeaseLiabilities	18487	eur
CY2022Q4	ifrs-full	Noncurrent Lease Liabilities NoncurrentLeaseLiabilities	39098	eur
CY2023Q4	ifrs-full	Lease Liabilities LeaseLiabilities	56066	eur
CY2022Q4	ifrs-full	Lease Liabilities LeaseLiabilities	95059	eur
CY2021Q4	turb	Leaseliabilities Leaseliabilities	56743	eur
CY2022	turb	Lease Liability Addition LeaseLiabilityAddition	109506	eur
CY2022	turb	Lease Liability Termination LeaseLiabilityTermination	-35668	eur
CY2022	turb	Repayment Of Lease Liability RepaymentOfLeaseLiability	-37036	eur
CY2022	ifrs-full	Interest Expense On Lease Liabilities InterestExpenseOnLeaseLiabilities	1514	eur
CY2022Q4	turb	Leaseliabilities Leaseliabilities	95059	eur
CY2023	turb	Lease Liability Addition LeaseLiabilityAddition	19353	eur
CY2023	turb	Repayment Of Lease Liability RepaymentOfLeaseLiability	-60523	eur
CY2023	ifrs-full	Interest Expense On Lease Liabilities InterestExpenseOnLeaseLiabilities	2177	eur
CY2023Q4	turb	Leaseliabilities Leaseliabilities	56066	eur
CY2020Q3	turb	Monthly Lease Payment MonthlyLeasePayment	527	eur
CY2021Q1	turb	Monthly Lease Payment MonthlyLeasePayment	827	eur
CY2021Q1	turb	Percentage Of Customer Price Index PercentageOfCustomerPriceIndex	0.02	pure
CY2022Q2	turb	Lease Agreement Term LeaseAgreementTerm	P3Y
CY2022Q3	turb	Monthly Lease Payment MonthlyLeasePayment	420	eur
CY2022Q4	turb	Monthly Lease Payment MonthlyLeasePayment	417	eur
CY2023Q3	turb	Monthly Lease Payment MonthlyLeasePayment	572	eur
CY2023Q4	turb	Financing Maturity Of Our Lease Liabilities Year Two FinancingMaturityOfOurLeaseLiabilitiesYearTwo	38653	eur
CY2023Q4	turb	Financing Maturity Of Our Lease Liabilities Year Three FinancingMaturityOfOurLeaseLiabilitiesYearThree	14930	eur
CY2023Q4	turb	Financing Maturity Of Our Lease Liabilities Year Four FinancingMaturityOfOurLeaseLiabilitiesYearFour	4000	eur
CY2023Q4	turb	Financing Maturity Of Our Lease Liabilities Total FinancingMaturityOfOurLeaseLiabilitiesTotal	57583	eur
CY2023	ifrs-full	Finance Costs FinanceCosts	1517	eur
CY2023Q4	ifrs-full	Lease Liabilities LeaseLiabilities	56066	eur
CY2021Q4	ifrs-full	Rightofuse Assets RightofuseAssets	55730	eur
CY2022	ifrs-full	Additions To Rightofuse Assets AdditionsToRightofuseAssets	109506	eur
CY2022	ifrs-full	Termination Benefits Expense TerminationBenefitsExpense	34777	eur
CY2022	ifrs-full	Depreciation Expense DepreciationExpense	36353	eur
CY2022Q4	ifrs-full	Rightofuse Assets RightofuseAssets	94106	eur
CY2023	ifrs-full	Additions To Rightofuse Assets AdditionsToRightofuseAssets	19353	eur
CY2023	ifrs-full	Depreciation Expense DepreciationExpense	58524	eur
CY2023Q4	ifrs-full	Rightofuse Assets RightofuseAssets	54935	eur
CY2023	ifrs-full	Disclosure Of Income Tax Explanatory DisclosureOfIncomeTaxExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>NOTE 17 – INCOME TAX</b></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company conducts its major businesses in Spain and is subject to tax in this jurisdiction. During the years ended December 31, 2023, 2022 and 2021, all taxable income of the Company is generated in Spain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2023, 2022 and 2021, the general tax rate to which the company is subject is 25%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The below table summarizes the computation of income tax expense for the year ended December 31, 2023, 2022 and 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net income (loss) before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,130,635</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,395,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">348,222</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Add: permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,660</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Add (less): temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,819</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: cancellation of negative tax base</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,713</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxable income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,313,276</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,456,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">403,503</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax rate at 25%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93,022</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">364,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: R&D deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,876</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Add (less): deferred income tax expenses (recovery)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,023,789</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,428</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax expense (recovery)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,116,847</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">366,514</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">81,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides a reconciliation between the statutory rate and the effective income tax rate, expressed as a percentage of income before income taxes:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Tax at the statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Penalties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cancellation of negative tax basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.7</span></td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Tax Credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5.7</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">25.6</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">26.1</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">23.3</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>
CY2023	ifrs-full	Applicable Tax Rate ApplicableTaxRate	0.25	pure
CY2022	ifrs-full	Applicable Tax Rate ApplicableTaxRate	0.25	pure
CY2021	ifrs-full	Applicable Tax Rate ApplicableTaxRate	0.25	pure
CY2023	ifrs-full	Disclosure Of Interest Income Expense Explanatory DisclosureOfInterestIncomeExpenseExplanatory	The below table summarizes the computation of income tax expense for the year ended December 31, 2023, 2022 and 2021:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net income (loss) before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,130,635</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,395,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">348,222</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Add: permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,660</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Add (less): temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,819</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: cancellation of negative tax base</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,713</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxable income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,313,276</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,456,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">403,503</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax rate at 25%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93,022</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">364,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: R&D deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,876</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Add (less): deferred income tax expenses (recovery)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,023,789</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,428</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax expense (recovery)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,116,847</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">366,514</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">81,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	-3130635	eur
CY2022	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	1395092	eur
CY2021	ifrs-full	Profit Loss Before Tax ProfitLossBeforeTax	348222	eur
CY2023	ifrs-full	Tax Effect Of Foreign Tax Rates TaxEffectOfForeignTaxRates	886178	eur
CY2022	ifrs-full	Tax Effect Of Foreign Tax Rates TaxEffectOfForeignTaxRates	59930	eur
CY2021	ifrs-full	Tax Effect Of Foreign Tax Rates TaxEffectOfForeignTaxRates	10660	eur
CY2023	ifrs-full	Deferred Tax Expense Income Relating To Origination And Reversal Of Temporary Differences DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences	-68819	eur
CY2022	ifrs-full	Deferred Tax Expense Income Relating To Origination And Reversal Of Temporary Differences DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences	1321	eur
CY2021	ifrs-full	Deferred Tax Expense Income Relating To Origination And Reversal Of Temporary Differences DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences	54334	eur
CY2021	ifrs-full	Deferred Tax Expense Income Recognised In Profit Or Loss DeferredTaxExpenseIncomeRecognisedInProfitOrLoss	-9713	eur
CY2023	turb	Taxable Incomeloss TaxableIncomeloss	-2313276	eur
CY2022	turb	Taxable Incomeloss TaxableIncomeloss	1456343	eur
CY2021	turb	Taxable Incomeloss TaxableIncomeloss	403503	eur
CY2023	turb	Tax Rate TaxRate	0.25	pure
CY2022	turb	Tax Rate TaxRate	0.25	pure
CY2021	turb	Tax Rate TaxRate	0.25	pure
CY2023	ifrs-full	Tax Effect From Change In Tax Rate TaxEffectFromChangeInTaxRate	-93022	eur
CY2022	ifrs-full	Tax Effect From Change In Tax Rate TaxEffectFromChangeInTaxRate	364086	eur
CY2021	ifrs-full	Tax Effect From Change In Tax Rate TaxEffectFromChangeInTaxRate	100876	eur
CY2021	ifrs-full	Research And Development Expense ResearchAndDevelopmentExpense	19876	eur
CY2023	ifrs-full	Deferred Tax Relating To Items Charged Or Credited Directly To Equity DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity	-1023789	eur
CY2022	ifrs-full	Deferred Tax Relating To Items Charged Or Credited Directly To Equity DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity	2428	eur
CY2023	ifrs-full	Income Tax Expense Continuing Operations IncomeTaxExpenseContinuingOperations	-1116847	eur
CY2022	ifrs-full	Income Tax Expense Continuing Operations IncomeTaxExpenseContinuingOperations	366514	eur
CY2021	ifrs-full	Income Tax Expense Continuing Operations IncomeTaxExpenseContinuingOperations	81000	eur
CY2023	ifrs-full	Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Explanatory DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory	The following table provides a reconciliation between the statutory rate and the effective income tax rate, expressed as a percentage of income before income taxes:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Tax at the statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Penalties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cancellation of negative tax basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.7</span></td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Tax Credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5.7</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">25.6</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">26.1</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">23.3</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>
CY2023	ifrs-full	Applicable Tax Rate ApplicableTaxRate	0.25	pure
CY2022	ifrs-full	Applicable Tax Rate ApplicableTaxRate	0.25	pure
CY2021	ifrs-full	Applicable Tax Rate ApplicableTaxRate	0.25	pure
CY2023	turb	Penaltiesin Shares PenaltiesinShares	0	pure
CY2022	turb	Penaltiesin Shares PenaltiesinShares	0.011	pure
CY2021	turb	Penaltiesin Shares PenaltiesinShares	0.008	pure
CY2023	ifrs-full	Tax Rate Effect Of Tax Losses TaxRateEffectOfTaxLosses	0	pure
CY2022	ifrs-full	Tax Rate Effect Of Tax Losses TaxRateEffectOfTaxLosses	0	pure
CY2021	ifrs-full	Tax Rate Effect Of Tax Losses TaxRateEffectOfTaxLosses	-0.007	pure
CY2023	turb	Temporary Differences TemporaryDifferences	0.005	pure
CY2022	turb	Temporary Differences TemporaryDifferences	0	pure
CY2021	turb	Temporary Differences TemporaryDifferences	0.039	pure
CY2023	ifrs-full	Tax Rate Effect Of Adjustments For Current Tax Of Prior Periods TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods	0	pure
CY2022	ifrs-full	Tax Rate Effect Of Adjustments For Current Tax Of Prior Periods TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods	0	pure
CY2021	ifrs-full	Tax Rate Effect Of Adjustments For Current Tax Of Prior Periods TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods	-0.057	pure
CY2023	ifrs-full	Average Effective Tax Rate AverageEffectiveTaxRate	0.256	pure
CY2022	ifrs-full	Average Effective Tax Rate AverageEffectiveTaxRate	0.261	pure
CY2021	ifrs-full	Average Effective Tax Rate AverageEffectiveTaxRate	0.233	pure
CY2023	ifrs-full	Disclosure Of Revenue Explanatory DisclosureOfRevenueExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 18 – REVENUE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s sales derived from sales of electrical and electronic material. The following is the Company’s revenue by geographical markets during the year ended December 31, 2023, 2022 and 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><b> </b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Year Ended December 31,</b></td><td style="padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom"> <td><b> </b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2023</b></td><td style="padding-bottom: 1.5pt"><b> </b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2022</b></td><td style="padding-bottom: 1.5pt"><b> </b></td><td style="padding-bottom: 1.5pt"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>2021</b></td><td style="padding-bottom: 1.5pt"><b> </b></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Spain</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">10,886,713</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">26,566,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">15,246,597</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Europe</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,679,395</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,609,252</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,388,624</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Rest of the world</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">537,571</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">970,575</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">518,852</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">13,103,679</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">31,146,377</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">17,154,073</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023,2022 and 2021, the Company recognized revenue of €13,103,679, €31,146,377 and €17,154,073, of which €1,380,547, €836,804 and €149,403 derived from related parties, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consider related parties those Companies that are part of the Umbrella Solar Investment holding group.</p>
CY2023	turb	Revenue Recognized RevenueRecognized	13103679	eur
CY2022	turb	Revenue Recognized RevenueRecognized	31146377	eur
CY2021	turb	Revenue Recognized RevenueRecognized	17154073	eur
CY2023	ifrs-full	Revenue From Sale Of Goods Related Party Transactions RevenueFromSaleOfGoodsRelatedPartyTransactions	1380547	eur
CY2022	ifrs-full	Revenue From Sale Of Goods Related Party Transactions RevenueFromSaleOfGoodsRelatedPartyTransactions	836804	eur
CY2021	ifrs-full	Revenue From Sale Of Goods Related Party Transactions RevenueFromSaleOfGoodsRelatedPartyTransactions	149403	eur
CY2023	ifrs-full	Disclosure Of Cost Of Sales Explanatory DisclosureOfCostOfSalesExplanatory	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 19 – COST OF REVENUE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Purchase of finished goods</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">18,804,222</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">33,306,036</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">14,985,191</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of raw materials</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outsourcing service</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,655</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Inventory adjustment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,784,373</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,784,373</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(92,896</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">12,043,563</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">26,545,377</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">14,899,345</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2023,2022 and 2021, the Company incurred cost of sales of €12,043,563, €26,545,377 and €14,899,345, of which €1,201,244, €30,696 and €1,224,811 derived from related parties, respectively.</p>
CY2023	turb	Purchase Of Finished Goods PurchaseOfFinishedGoods	18804222	eur
CY2022	turb	Purchase Of Finished Goods PurchaseOfFinishedGoods	33306036	eur
CY2021	turb	Purchase Of Finished Goods PurchaseOfFinishedGoods	14985191	eur

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TURBO ENERGY, S.A.

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CY2023Q4

ifrs-full

Current Liabilities

CurrentLiabilities

9824673

eur

CY2022Q4

ifrs-full

Current Liabilities

CurrentLiabilities

10956354

eur

CY2023Q4

ifrs-full

Noncurrent Lease Liabilities

NoncurrentLeaseLiabilities

18487

eur

CY2022Q4

ifrs-full

Noncurrent Lease Liabilities

NoncurrentLeaseLiabilities

39098

eur

CY2023Q4

ifrs-full

Loans Payable In Default

LoansPayableInDefault

94313

eur

CY2022Q4

ifrs-full

Loans Payable In Default

LoansPayableInDefault

324292

eur

CY2023Q4

ifrs-full

Deferred Tax Liabilities

DeferredTaxLiabilities

32783

eur

CY2023Q4

ifrs-full

Liabilities

9970256

eur

CY2022Q4

ifrs-full

Liabilities

11319744

eur

CY2023Q4

ifrs-full

Issued Capital

IssuedCapital

2754285

eur

CY2022Q4

ifrs-full

Issued Capital

IssuedCapital

2504285

eur

CY2023Q4

ifrs-full

Additional Paidin Capital

AdditionalPaidinCapital

3104781

eur

CY2023Q4

ifrs-full

Capital Reserve

CapitalReserve

1411846

eur

CY2022Q4

ifrs-full

Capital Reserve

CapitalReserve

383268

eur

CY2023Q4

ifrs-full

Retained Earnings

RetainedEarnings

-2013788

eur

CY2022Q4

ifrs-full

Retained Earnings

RetainedEarnings

1028578

eur

CY2023Q4

ifrs-full

Equity

5257124

eur

CY2022Q4

ifrs-full

Equity

3916131

eur

CY2023Q4

ifrs-full

Equity And Liabilities

EquityAndLiabilities

15227380

eur

CY2022Q4

ifrs-full

Equity And Liabilities

EquityAndLiabilities

15235875

eur

CY2023

ifrs-full

Revenue

13140771

eur

CY2022

ifrs-full

Revenue

31148676

eur

CY2021

ifrs-full

Revenue

17154621

eur

CY2023

ifrs-full

Cost Of Sales

CostOfSales

10842319

eur

CY2022

ifrs-full

Cost Of Sales

CostOfSales

26514681

eur

CY2021

ifrs-full

Cost Of Sales

CostOfSales

13674534

eur

CY2023

turb

Cost Of Revenues Related Parties

CostOfRevenuesRelatedParties

1201244

eur

CY2022

turb

Cost Of Revenues Related Parties

CostOfRevenuesRelatedParties

30696

eur

CY2021

turb

Cost Of Revenues Related Parties

CostOfRevenuesRelatedParties

1224811

eur

CY2023

ifrs-full

Selling General And Administrative Expense

SellingGeneralAndAdministrativeExpense

1544419

eur

CY2022

ifrs-full

Selling General And Administrative Expense

SellingGeneralAndAdministrativeExpense

1498499

eur

CY2021

ifrs-full

Selling General And Administrative Expense

SellingGeneralAndAdministrativeExpense

883319

eur

CY2023

turb

Selling And Administrative Related Parties

SellingAndAdministrativeRelatedParties

995435

eur

CY2022

turb

Selling And Administrative Related Parties

SellingAndAdministrativeRelatedParties

547912

eur

CY2021

turb

Selling And Administrative Related Parties

SellingAndAdministrativeRelatedParties

244216

eur

CY2023

ifrs-full

Employee Benefits Expense

EmployeeBenefitsExpense

1105128

eur

CY2022

ifrs-full

Employee Benefits Expense

EmployeeBenefitsExpense

866634

eur

CY2021

ifrs-full

Employee Benefits Expense

EmployeeBenefitsExpense

547280

eur

CY2023

turb

Salaries And Benefits Related Parties

SalariesAndBenefitsRelatedParties

9999

eur

CY2023

turb

Bad Debt Expenses

BadDebtExpenses

84394

eur

CY2022

turb

Bad Debt Expenses

BadDebtExpenses

19454

eur

CY2021

turb

Bad Debt Expenses

BadDebtExpenses

102966

eur

CY2023

ifrs-full

Operating Expense

OperatingExpense

15782938

eur

CY2022

ifrs-full

Operating Expense

OperatingExpense

29477876

eur

CY2021

ifrs-full

Operating Expense

OperatingExpense

16677126

eur

CY2023

ifrs-full

Profit Loss From Operating Activities

ProfitLossFromOperatingActivities

-2642167

eur

CY2022

ifrs-full

Profit Loss From Operating Activities

ProfitLossFromOperatingActivities

1670800

eur

CY2021

ifrs-full

Profit Loss From Operating Activities

ProfitLossFromOperatingActivities

477495

eur

CY2022

ifrs-full

Other Income

OtherIncome

890

eur

CY2023

ifrs-full

Interest Revenue Expense

InterestRevenueExpense

444

eur

CY2023

ifrs-full

Interest Expense

InterestExpense

406031

eur

CY2022

ifrs-full

Interest Expense

InterestExpense

308982

eur

CY2021

ifrs-full

Interest Expense

InterestExpense

138212

eur

CY2023

ifrs-full

Gains Losses On Exchange Differences On Translation Recognised In Profit Or Loss

GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss

-82881

eur

CY2022

ifrs-full

Gains Losses On Exchange Differences On Translation Recognised In Profit Or Loss

GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss

32384

eur

CY2021

ifrs-full

Gains Losses On Exchange Differences On Translation Recognised In Profit Or Loss

GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss

8939

eur

CY2023

ifrs-full

Other Operating Income Expense

OtherOperatingIncomeExpense

-488468

eur

CY2022

ifrs-full

Other Operating Income Expense

OtherOperatingIncomeExpense

-275708

eur

CY2021

ifrs-full

Other Operating Income Expense

OtherOperatingIncomeExpense

-129273

eur

CY2023

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

-3130635

eur

CY2022

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

1395092

eur

CY2021

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

348222

eur

CY2023

ifrs-full

Current Tax Expense Income

CurrentTaxExpenseIncome

-93022

eur

CY2022

ifrs-full

Current Tax Expense Income

CurrentTaxExpenseIncome

364086

eur

CY2021

ifrs-full

Current Tax Expense Income

CurrentTaxExpenseIncome

81000

eur

CY2023

ifrs-full

Deferred Tax Expense Income

DeferredTaxExpenseIncome

-1023826

eur

CY2022

ifrs-full

Deferred Tax Expense Income

DeferredTaxExpenseIncome

2428

eur

CY2023

ifrs-full

Profit Loss

ProfitLoss

-2013788

eur

CY2022

ifrs-full

Profit Loss

ProfitLoss

1028578

eur

CY2021

ifrs-full

Profit Loss

ProfitLoss

267222

eur

CY2023

ifrs-full

Basic Earnings Loss Per Share

BasicEarningsLossPerShare

-0.04

CY2022

ifrs-full

Basic Earnings Loss Per Share

BasicEarningsLossPerShare

0.02

CY2021

ifrs-full

Basic Earnings Loss Per Share

BasicEarningsLossPerShare

0.01

CY2023

ifrs-full

Weighted Average Shares

WeightedAverageShares

51469262

shares

CY2022

ifrs-full

Weighted Average Shares

WeightedAverageShares

50085700

shares

CY2021

ifrs-full

Weighted Average Shares

WeightedAverageShares

50085700

shares

CY2020Q4

ifrs-full

Equity

120331

eur

CY2021

ifrs-full

Profit Loss

ProfitLoss

267222

eur

CY2021Q4

ifrs-full

Equity

387553

eur

CY2022

ifrs-full

Issue Of Equity

IssueOfEquity

2500000

eur

CY2022

ifrs-full

Profit Loss

ProfitLoss

1028578

eur

CY2022Q4

ifrs-full

Equity

3916131

eur

CY2023

turb

Issuance Of Common Stock From Initial Public Offering For Cash

IssuanceOfCommonStockFromInitialPublicOfferingForCash

3354781

eur

CY2023

ifrs-full

Profit Loss

ProfitLoss

-2013788

eur

CY2023Q4

ifrs-full

Equity

5257124

eur

CY2023

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

-3130635

eur

CY2022

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

1395092

eur

CY2021

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

348222

eur

CY2023

turb

Adjustments For Bad Debt Expense

AdjustmentsForBadDebtExpense

84394

eur

CY2022

turb

Adjustments For Bad Debt Expense

AdjustmentsForBadDebtExpense

19456

eur

CY2021

turb

Adjustments For Bad Debt Expense

AdjustmentsForBadDebtExpense

102966

eur

CY2023

ifrs-full

Adjustments For Depreciation Expense

AdjustmentsForDepreciationExpense

19424

eur

CY2022

ifrs-full

Adjustments For Depreciation Expense

AdjustmentsForDepreciationExpense

5069

eur

CY2021

ifrs-full

Adjustments For Depreciation Expense

AdjustmentsForDepreciationExpense

2998

eur

CY2023

ifrs-full

Adjustments For Amortisation Expense

AdjustmentsForAmortisationExpense

49984

eur

CY2022

ifrs-full

Adjustments For Amortisation Expense

AdjustmentsForAmortisationExpense

858

eur

CY2023

ifrs-full

Depreciation Rightofuse Assets

DepreciationRightofuseAssets

58524

eur

CY2022

ifrs-full

Depreciation Rightofuse Assets

DepreciationRightofuseAssets

36353

eur

CY2021

ifrs-full

Depreciation Rightofuse Assets

DepreciationRightofuseAssets

15888

eur

CY2023

turb

Adjustmentsfor Gainon Lease Modification

AdjustmentsforGainonLeaseModification

2177

eur

CY2022

turb

Adjustmentsfor Gainon Lease Modification

AdjustmentsforGainonLeaseModification

1514

eur

CY2021

turb

Adjustmentsfor Gainon Lease Modification

AdjustmentsforGainonLeaseModification

1252

eur

CY2023

ifrs-full

Adjustments For Provisions

AdjustmentsForProvisions

312563

eur

CY2021

ifrs-full

Adjustments For Provisions

AdjustmentsForProvisions

53434

eur

CY2022

ifrs-full

Adjustments For Fair Value Gains Losses

AdjustmentsForFairValueGainsLosses

-891

eur

CY2023

ifrs-full

Adjustments For Decrease Increase In Inventories

AdjustmentsForDecreaseIncreaseInInventories

4207694

eur

CY2022

ifrs-full

Adjustments For Decrease Increase In Inventories

AdjustmentsForDecreaseIncreaseInInventories

-6784372

eur

CY2021

ifrs-full

Adjustments For Decrease Increase In Inventories

AdjustmentsForDecreaseIncreaseInInventories

95605

eur

CY2023

ifrs-full

Adjustments For Decrease Increase In Trade Account Receivable

AdjustmentsForDecreaseIncreaseInTradeAccountReceivable

832135

eur

CY2022

ifrs-full

Adjustments For Decrease Increase In Trade Account Receivable

AdjustmentsForDecreaseIncreaseInTradeAccountReceivable

-56128

eur

CY2021

ifrs-full

Adjustments For Decrease Increase In Trade Account Receivable

AdjustmentsForDecreaseIncreaseInTradeAccountReceivable

-1795548

eur

CY2023

ifrs-full

Adjustments For Decrease Increase In Other Assets

AdjustmentsForDecreaseIncreaseInOtherAssets

-518080

eur

CY2023

ifrs-full

Adjustments For Decrease Increase In Other Operating Receivables

AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables

-1306861

eur

CY2022

ifrs-full

Adjustments For Decrease Increase In Other Operating Receivables

AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables

-61043

eur

CY2021

ifrs-full

Adjustments For Decrease Increase In Other Operating Receivables

AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables

26926

eur

CY2023

ifrs-full

Adjustments For Increase Decrease In Other Operating Payables

AdjustmentsForIncreaseDecreaseInOtherOperatingPayables

-117718

eur

CY2022

ifrs-full

Adjustments For Increase Decrease In Other Operating Payables

AdjustmentsForIncreaseDecreaseInOtherOperatingPayables

-239557

eur

CY2021

ifrs-full

Adjustments For Increase Decrease In Other Operating Payables

AdjustmentsForIncreaseDecreaseInOtherOperatingPayables

451249

eur

CY2023

ifrs-full

Adjustments For Decrease Increase In Prepaid Expenses

AdjustmentsForDecreaseIncreaseInPrepaidExpenses

-312548

eur

CY2022

ifrs-full

Adjustments For Decrease Increase In Prepaid Expenses

AdjustmentsForDecreaseIncreaseInPrepaidExpenses

1119506

eur

CY2021

ifrs-full

Adjustments For Decrease Increase In Prepaid Expenses

AdjustmentsForDecreaseIncreaseInPrepaidExpenses

-1846486

eur

CY2023

ifrs-full

Adjustments For Increase Decrease In Trade And Other Payables

AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables

-609310

eur

CY2022

ifrs-full

Adjustments For Increase Decrease In Trade And Other Payables

AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables

-718804

eur

CY2021

ifrs-full

Adjustments For Increase Decrease In Trade And Other Payables

AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables

2696098

eur

CY2023

ifrs-full

Increase Decrease In Deferred Tax Liability Asset

IncreaseDecreaseInDeferredTaxLiabilityAsset

32783

eur

CY2023

ifrs-full

Adjustments For Income Tax Expense

AdjustmentsForIncomeTaxExpense

578319

eur

CY2022

ifrs-full

Adjustments For Income Tax Expense

AdjustmentsForIncomeTaxExpense

-364086

eur

CY2021

ifrs-full

Adjustments For Income Tax Expense

AdjustmentsForIncomeTaxExpense

-81000

eur

CY2023

ifrs-full

Cash Flows From Used In Operating Activities

CashFlowsFromUsedInOperatingActivities

182845

eur

CY2022

ifrs-full

Cash Flows From Used In Operating Activities

CashFlowsFromUsedInOperatingActivities

-5647033

eur

CY2021

ifrs-full

Cash Flows From Used In Operating Activities

CashFlowsFromUsedInOperatingActivities

71604

eur

CY2023

ifrs-full

Cash Flows From Used In Decrease Increase In Shortterm Deposits And Investments

CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments

-2044050

eur

CY2023

ifrs-full

Purchase Of Property Plant And Equipment Classified As Investing Activities

PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities

28025

eur

CY2022

ifrs-full

Purchase Of Property Plant And Equipment Classified As Investing Activities

PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities

133140

eur

CY2021

ifrs-full

Purchase Of Property Plant And Equipment Classified As Investing Activities

PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities

17871

eur

CY2023

ifrs-full

Purchase Of Intangible Assets Classified As Investing Activities

PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities

516684

eur

CY2022

ifrs-full

Purchase Of Intangible Assets Classified As Investing Activities

PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities

261916

eur

CY2021

ifrs-full

Purchase Of Intangible Assets Classified As Investing Activities

PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities

106789

eur

CY2023

ifrs-full

Cash Flows From Used In Investing Activities

CashFlowsFromUsedInInvestingActivities

-2588759

eur

CY2022

ifrs-full

Cash Flows From Used In Investing Activities

CashFlowsFromUsedInInvestingActivities

-395056

eur

CY2021

ifrs-full

Cash Flows From Used In Investing Activities

CashFlowsFromUsedInInvestingActivities

-124660

eur

CY2022

ifrs-full

Proceeds From Issue Of Ordinary Shares

ProceedsFromIssueOfOrdinaryShares

2500000

eur

CY2023

ifrs-full

Proceeds From Issuing Shares

ProceedsFromIssuingShares

3354781

eur

CY2023

ifrs-full

Repayments Of Current Borrowings

RepaymentsOfCurrentBorrowings

158150

eur

CY2022

ifrs-full

Repayments Of Current Borrowings

RepaymentsOfCurrentBorrowings

248532

eur

CY2021

ifrs-full

Repayments Of Current Borrowings

RepaymentsOfCurrentBorrowings

283259

eur

CY2023

turb

Net Proceeds From Lines Of Credit

NetProceedsFromLinesOfCredit

-4186483

eur

CY2022

turb

Net Proceeds From Lines Of Credit

NetProceedsFromLinesOfCredit

3820617

eur

CY2021

turb

Net Proceeds From Lines Of Credit

NetProceedsFromLinesOfCredit

1004523

eur

CY2023

ifrs-full

Payments Of Lease Liabilities Classified As Financing Activities

PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities

60523

eur

CY2022

ifrs-full

Payments Of Lease Liabilities Classified As Financing Activities

PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities

37036

eur

CY2021

ifrs-full

Payments Of Lease Liabilities Classified As Financing Activities

PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities

16240

eur

CY2022

ifrs-full

Dividends Paid Classified As Financing Activities

DividendsPaidClassifiedAsFinancingActivities

72003

eur

CY2021

ifrs-full

Dividends Paid Classified As Financing Activities

DividendsPaidClassifiedAsFinancingActivities

250000

eur

CY2023

turb

Payments To Related Parties

PaymentsToRelatedParties

640332

eur

CY2022

turb

Payments To Related Parties

PaymentsToRelatedParties

355586

eur

CY2021

turb

Payments To Related Parties

PaymentsToRelatedParties

1015222

eur

CY2023

turb

Proceeds From Related Parties

ProceedsFromRelatedParties

4214567

eur

CY2022

turb

Proceeds From Related Parties

ProceedsFromRelatedParties

320769

eur

CY2021

turb

Proceeds From Related Parties

ProceedsFromRelatedParties

927025

eur

CY2023

ifrs-full

Cash Flows From Used In Financing Activities

CashFlowsFromUsedInFinancingActivities

2523860

eur

CY2022

ifrs-full

Cash Flows From Used In Financing Activities

CashFlowsFromUsedInFinancingActivities

5928229

eur

CY2021

ifrs-full

Cash Flows From Used In Financing Activities

CashFlowsFromUsedInFinancingActivities

366827

eur

CY2023

ifrs-full

Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes

IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges

117946

eur

CY2022

ifrs-full

Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes

IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges

-113860

eur

CY2021

ifrs-full

Increase Decrease In Cash And Cash Equivalents Before Effect Of Exchange Rate Changes

IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges

313771

eur

CY2022Q4

ifrs-full

Cash And Cash Equivalents

CashAndCashEquivalents

502585

eur

CY2021Q4

ifrs-full

Cash And Cash Equivalents

CashAndCashEquivalents

616445

eur

CY2020Q4

ifrs-full

Cash And Cash Equivalents

CashAndCashEquivalents

302674

eur

CY2023Q4

ifrs-full

Cash And Cash Equivalents

CashAndCashEquivalents

620531

eur

CY2022Q4

ifrs-full

Cash And Cash Equivalents

CashAndCashEquivalents

502585

eur

CY2021Q4

ifrs-full

Cash And Cash Equivalents

CashAndCashEquivalents

616445

eur

CY2023

ifrs-full

Information About How Entity Determined Risk Component Designated As Hedged Item Explanatory

InformationAboutHowEntityDeterminedRiskComponentDesignatedAsHedgedItemExplanatory

NOTE 1 – ENTITY INFORMATION Turbo Energy, S.A. (the “Company), was incorporated under the name of Distritech Solutions S.L. on September 18, 2013 under the laws of the Kingdom of Spain. The company then changed its name to Solar Rocket S.L. on October 7, 2013. On April 8, 2021, Solar Rocket S.L. merged with a Spanish corporation Turbo Energy S.L.U. Turbo Energy S.L.U then became a wholly owned subsidiary of Solar Rocket S.L. This merger was approved by the Board of Directors of both companies. Following the merger, the company changed its name to Turbo Energy S.L. on April 8, 2021. On February 8, 2023, we transformed the company from a Spanish unipersonal limited company to a Spanish limited stock company. As such, our company’s name was changed to Turbo Energy S.A. The corporate purpose of the Company, in accordance with its bylaws, consists of the acquisition, distribution and sale of electrical and electronic material for the development of renewable energy projects, such as solar panels, inverters, chargers, regulators, batteries and structures, among others. We design, develop, and distribute equipment for the generation, management, and storage of photovoltaic energy. Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, comparing to conventional battery storage systems, reduce electricity bill and protect the installation from power outages. Currently, we primarily sell inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers located in Spain. The Company is part of the Umbrella Solar Investment Group, whose main shareholder is Crocodile Investment, S.L.U, (hereinafter, the ultimate partner), with registered office in Valencia. The majority shareholder of the Turbo Energy, S.A is Umbrella Solar Investment, S.A (hereinafter, the majority shareholder), which is part of the Umbrella Solar Investment Group. On November 8, 2022, Turbo Energy S.A. with the purpose to develop a new business in the field of self-consumption of electricity, acquired the 100% of the ordinary shares for a total amount of €2,250 of IM2 Energía Solar Proyecto 35 S.L.U., a company under common control by our CEO and established under the laws of the Kingdom of Spain on August 1, 2019. Following the transaction, IM2 Energía Solar Proyecto 35 S.L.U. became our wholly owned subsidiary. On November 29, 2022 changed its name to Turbo Energy Solutions S.L.U. Since its incorporation this company has had a very insignificant activity. On September 21, 2023, Turbo Energy, S.A. entered into an Underwriting Agreement with Titan Partners Group, a division of American Capital Partners, LLC, and Boustead Securities, LLC as the as the representative (“Representative”) of the underwriters named on Schedule 1 thereto, relating to the Company’s firm commitment underwritten initial public offering (the “Offering”) of ADSs, each representing five ordinary shares of the Company, par value five cents of euro per share, of the Company. Pursuant to the Underwriting Agreement, the Company agreed to sell 1,000,000 ADSs to the underwriters at a public offering price of $5.00 per ADS (the “Offering Price”), before underwriting discounts and commissions, and granted the Representative a 45-day over-allotment option to purchase up to an additional 150,000 ADSs, equivalent to 15% of the ADSs sold in the Offering, at the Offering Price per ADS, pursuant to the Company’s registration statement on Form F-1, as amended (File No. 333-273198), that was filed with the SEC and became effective on September 21, 2023, under the Securities Act of 1933, as amended (the “Securities Act”). The Offering was closed on September 26, 2023. Merger by absorption process On April 8, 2021, the merger of Solar Rocket, S.L. (absorbing company) and Turbo Energy, S.L.U. (absorbed company) was formalized in a public deed, being registered in the Mercantile Registry of Valencia on August 9, 2021. The merger process, approved by the respective shareholders’ meetings on June 30, 2020, consisted of the extinction without liquidation of the absorbed company, transferring its assets and liabilities en bloc to the absorbing company, which acquired, by universal succession, the rights and obligations of the absorbed company. The Company recorded the assets and liabilities contributed by the absorbed companies at the values established in the accounting regulations in force at that time. The consolidated financial statements for the year 2021 include the information required by the regulations in relation to the aforementioned merger process. On the same date of the merger described above, the absorbing company (Solar Rocket, S.L.) changed its corporate name to Turbo Energy, S.L.U. as described above.

CY2022Q4

ifrs-full

Expected Dividend As Percentage Share Options Granted

ExpectedDividendAsPercentageShareOptionsGranted

1

pure

CY2022Q4

ifrs-full

Energy Expense

EnergyExpense

2250

eur

CY2023Q3

turb

Public Offering Price Per Shares

PublicOfferingPricePerShares

5

CY2023Q3

turb

Purchase To Additional Ads

PurchaseToAdditionalADS

150000

shares

CY2023Q3

turb

Percentage Of Equivalent Of Ads

PercentageOfEquivalentOfAds

0.15

pure

CY2023

ifrs-full

Disclosure Of Changes In Accounting Policies Explanatory

DisclosureOfChangesInAccountingPoliciesExplanatory

NOTE 2 – MATERIAL ACCOUNTING POLICIES Statement of compliance The consolidated financial statements of Turbo Energy, S.A. have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were approved by the board of directors of the Company on April 16, 2024. Basis of presentation The consolidated financial statements of the Company were prepared on a historical cost basis except where certain financial instruments that are required to be measured at fair value. These consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The consolidated financial statements are presented in Euro, which is the Company’s functional currency. Transactions in currencies other than the functional currency are recorded in accordance with the policies stated under Foreign Currency Transaction in note 2. Reclassification Certain amounts from prior period have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported operating and net loss. Revenue recognition The Company designs, develops, and distributes equipment for the generation, management, and storage of photovoltaic energy. Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, comparing to conventional battery storage systems, reduce electricity bill and protect the installation from power outages. The Company’s revenue is primarily generated from sales of the inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. The Company recognizes such revenue at the point in time when control of the products is transferred to the customer at the estimated net consideration for which collection is probable, taking into account the customer’s rights to unit rebates, and rights to return unsold product. Transfer of control occurs either when products are shipped to or received by the distributor or direct customer, based on the terms of the specific agreement with the customer, if the Company has a present right to payment and transfer of legal title and the risks and rewards of ownership to the customer has occurred. For most of the Company’s product sales, transfer of control occurs upon shipment to the distributor or direct customer. In assessing whether collection of consideration from a customer is probable, the Company considers the customer’s ability and intention to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 to 60 days from the invoice date, which occurs on the date of transfer of control of the products to the customer. Since payment terms are less than a year, the Company has elected the practical expedient and does not assess whether a customer contract has a significant financing component. A five-step approach is applied in the recognition of revenue: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach. Returns under the Company’s general assurance warranty of products have not been material historically and warranty-related services are not considered a separate performance obligation under the customer orders. Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized upon transfer of control of the products to the customer. The Company has also elected to record sales commissions when incurred, as the period over which the sales commission asset that would have been recognized is less than one year. Concentration of Revenue by Customer For the year ended December 31, 2023, 2022 and 2021, there was no customer, one customer and one customer who comprised greater than 10% of the Company’s revenue which represented 0%, 10% and 12% of the Company’s revenue, respectively. Cash and Cash Equivalents Cash consist of highly liquid instruments purchased with an original maturity of three months or less. As of December 31, 2023 and 2022, the Company had cash of €620,531 and €502,585, respectively. The Company does not have any cash equivalents. The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. However, cash balances in excess of the Spanish government insured limit (Fondo de Garantía de Depósitos (FDG)) of €100,000 are at risk. Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company will run credit checks on all customers that request term payment. Inventory Inventories are valued at their acquisition cost, production cost or net realizable value, whichever is lower. Discounts for prompt payment are included as a lower price, whether or not they appear on the invoice and assigning value to its inventories. The Company adopts the weighted average price method. Net realizable value represents the estimated sales price less all estimated costs that will be incurred in the process of commercialization, sales and distribution. The Company makes the appropriate valuation adjustments, recording impairment expense when the net realizable value of the inventories is less than their acquisition cost. Property and equipment Property and equipment is recognized and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses, if any. When components of property and equipment have different useful lives they are accounted for separately. Depreciation is provided at rates which are calculated to write off the assets over their estimated useful lives as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 20%; text-align: center">10 years straight line</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Tools and machinery</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center">4 years straight line</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center">Over term of the lease</td><td style="text-align: left"> </td></tr> </table> Intangible assets Acquired intangible assets are initially measured at cost. Following the initial recognition, intangible assets are measured at cost less any accumulated amortization and any impairment losses. The useful lives of intangible assets are either definite or indefinite. Intangible assets that have a finite useful life are amortized over the assessed useful economic life and are assessed for impairment when there are any indicators present that the intangible asset may be impaired. The Company reviews the amortization period and method at least annually, and any changes are treated as changes in accounting estimates and applied prospectively. Computer application and webpage are amortized over estimated useful lives of three years and Software is amortized over estimated useful lives of five years. Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the agreement on the inception date. As a lessee, the Company recognizes a lease obligation and a right-of-use asset in the statements of financial position on a present-value basis at the date when the leased asset is available for use. Each lease payment is apportioned between a finance charge and a reduction of the lease obligation. Finance charges are recognized in finance cost in the statements of income and comprehensive income. The right of-use assets are depreciated over the shorter of its estimated useful life and the lease term on a straight-line basis. Lease obligations are initially measured at the net present value of the following lease payments: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">fixed payments (including in-substance fixed payments), less any lease incentives;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">variable lease payment that are based on an index or a rate;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">amounts expected to be payable under residual value guarantees;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">the exercise price of a purchase option if the Company is reasonably certain to exercise that option; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.</td></tr> </table> Lease payments are discounted using the interest rate implicit in the lease, or if this rate cannot be determined, the Company’s incremental borrowing rate. Right-of-use assets are initially measured at cost comprising the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">the amount of the initial measurement of the lease obligation;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">any lease payments made at or before the commencement date less any lease incentives received; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">any initial direct costs and rehabilitation costs.</td></tr> </table> Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the statements of income and comprehensive income. Short-term leases are leases with a lease term of 12 months or less. Share capital Ordinary shares are classified as equity, net of transaction costs directly attributable to the issue of ordinary shares. Ordinary shares issued for consideration other than cash are based on their market value at the date the ordinary shares are issued. Liquidity The Company has incurred, for the first time since its foundation, in losses and incurred a net loss of €2,013,788 during the year ended December 31, 2023. However, The Company successfully completed its IPO on the Nasdaq on September 2023, where it was able to raise up to €3.8M net of expenses related to the process, it still has a large portion of those funds as the day of this report. Also, the Company presents a €3.2 million positive working capital at the year ended December 31, 2023. The Company finds itself in a sector where all studies and forecasts predict a very large exponential growth in the coming years. Also, is a consolidated company, with more than 10 years of experience, and in recent years has been making a very significant investment in development and research, which will allow it to position itself as a differentiating value compared to other companies in the sector. The Company’s existing cash resources are expected to provide sufficient funds to carry out the Company’s planned operations and expansion plan for more than 12 months. Also, The Company is part of the Umbrella Solar Investment Group, where its principal Company, the majority shareholder of Turbo Energy, has explicitly expressed its full support to carry out its operational development, in case such support is needed. Provisions Provisions are recognized when there is a present legal or constructive obligation as a result of a past event, for which it is probable that a transfer of economic benefits will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the liability, if material. Where discounting is used, the increase in the provision due to passage of time (“accretion expense”) is recognize as an expense on the statements of income and comprehensive income. Income taxes Income tax expense comprises current and deferred tax. Deferred tax is recognized in the statements of income and comprehensive income except to the extent that they relate to items recognized directly in equity or in other comprehensive income or loss. Current income tax is the expected tax payable or receivable in respect of the taxable income or loss for the period, using income tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous periods. Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their related tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business acquisition or affects tax or accounting profit. The deferred tax assets and liabilities have been measured using substantively enacted tax rates that will be in effect when the amounts are expected to settle. Deferred tax assets are only recognized to the extent that it is probable that they will be able to be utilized against future taxable income. The assessment of the probability of future taxable income in which deferred tax assets can be utilized is based on the Company’s latest approved forecast, which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be used without a time limit, that deferred tax asset is usually recognized in full. The recognition of deferred tax assets that are subject to economic limits or uncertainties are assessed individually by management based on the specific facts and circumstances. Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of income or expense in the statements of income and comprehensive income, except where they relate to items that are recognized in other comprehensive income or loss or directly in equity. Foreign currency transactions The functional currency used by the Company is the euro. Consequently, operations in currencies other than the euro are considered to be denominated in foreign currency and are recorded at the exchange rates in force on the dates of the operations. At year-end, monetary assets and liabilities denominated in foreign currency are converted by applying the exchange rate on the balance sheet date. The profits or losses revealed are charged directly to the profit and loss account for the year in which they occur. On each balance sheet date, monetary assets and liabilities in foreign currency are converted at the rates in force on the closing date. Non-monetary items in foreign currency measured in terms of historical cost are converted at the exchange rate on the date of the transaction. The exchange differences of the monetary items that arise both when liquidating them and when converting them at the closing exchange rate, are recognized in the results of the year, except those that are part of the investment of a business abroad, which are recognized directly in equity net of taxes until the time of its disposal. Income per share Basic income per share is calculated by dividing the income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period. For all periods presented, the income attributable to ordinary shareholders equals the reported income attributable to owners of the Company. Diluted income per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of ordinary shares outstanding for the calculation of diluted income per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase ordinary shares at the average market price during the period. The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding, as of December 31, 2023 and 2022. Impairment of non-financial assets At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication that the carrying amount is not recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Management assesses impairment of non-financial assets such as property and equipment and intangible assets. In assessing impairment, management estimates the recoverable amount of each asset or cash generating unit (“CGU”) based on expected future cash flows. The Company has applied judgment in its assessment of the appropriateness of the determination of CGU’s. When measuring expected future cash flows, management makes assumptions about future growth of profits which relate to future events and circumstances. Actual results could vary from these estimated future cash flows. Estimation uncertainty relates to assumptions about future operating results and the application of an appropriate discount rate. Financial instruments Financial assets Financial assets are classified as either financial assets at fair value through profit and loss (“FVTPL”), amortized cost, or fair value through other comprehensive income (“FVTOCI”). The Company determines the classification of its financial assets at initial recognition. Classification and measurement Classification determines how financial assets and financial liabilities are accounted for in financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9 Financial Instruments approach for the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. This single, principle-based approach replaces prior rule-based requirements. The model also results in a single impairment model being applied to all financial instruments. Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of income and comprehensive income. Realized and unrealized gains and income arising from changes in the fair value of the financial asset held at FVTPL are included in the statements of income and comprehensive income in the period in which they arise. The Company has classified cash as FVTPL. Financial assets at FVTOCI Financial assets at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. There are no financial assets classified as FVTOCI. Financial assets at amortized cost Financial assets at amortized cost are initially recognized at fair value, net of transaction costs, and subsequently carried at amortized cost less any impairment. They are classified as current assets or non- current assets based on their maturity date. The Company has classified accounts receivable and amounts due from related parties at amortized cost. Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Financial liabilities Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Company determines the classification of its financial liabilities at initial recognition. Financial liabilities are classified as measured at amortized cost, net of transaction costs unless classified as FVTPL. The Company’s accounts payable and accrued liabilities, amounts due to related parties, lease liabilities and bank loans are classified as measured at amortized cost. The Company’s bank loans were classified as measured at amortized cost at December 31, 2023 and 2022. During the year ended December 31, 2023,2022 and 2021, the Company incurred €245,706, €202,368 and €90,106 interest on bank loans. Fair value measurement Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="font-size: 10pt">Level 1 – defined as observable inputs such as quoted prices in active markets;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="font-size: 10pt">Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</td></tr> </table> The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. Fair value is based on estimated cash flows, discounted at interest rates for similar instruments. The carrying amounts shown of the Company’s financial instruments including cash, accounts receivable, inventories, accounts payable and accrued liabilities approximate their fair value (Level 1) due to the short-term maturities of these instruments. Impairment of financial assets The Company assesses at each statement of financial position date whether there is objective evidence that a financial asset or group of financial assets is impaired. The Company recognizes expected credit losses (“ECL”) for accounts receivable based on the simplified approach. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of the account receivable. The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. ECLs are a probability-weighted estimate of credit losses. ECLs are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, and forward looking macro- economic factors in the measurement of the ECLs associated with its assets carried at amortized cost. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. New Accounting Pronouncements The following accounting standards and amendments have been issued by the IASB or the International Financial Reporting Interpretations Committee that are not yet effective as of the date of the Company’s consolidated financial statements. The Company intends to adopt such standards upon the mandatory effective date. Classification of Liabilities as Current or Non-current (Amendments to IAS 1) The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023. The Company is evaluating the impact of the above amendments on its consolidated financial statements.

CY2023

turb

Description Of Accounting Policy For Statement Of Compliance

DescriptionOfAccountingPolicyForStatementOfCompliance

Statement of complianceThe consolidated financial statements of Turbo Energy, S.A. have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”).These consolidated financial statements were approved by the board of directors of the Company on April 16, 2024.

CY2023

ifrs-full

Description Of Accounting Policy For Reclassification Of Financial Instruments Explanatory

DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory

ReclassificationCertain amounts from prior period have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported operating and net loss.

CY2023

ifrs-full

Description Of Accounting Policy For Recognition Of Revenue

DescriptionOfAccountingPolicyForRecognitionOfRevenue

Revenue recognitionThe Company designs, develops, and distributes equipment for the generation, management, and storage of photovoltaic energy. Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, comparing to conventional battery storage systems, reduce electricity bill and protect the installation from power outages.The Company’s revenue is primarily generated from sales of the inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales.The Company recognizes such revenue at the point in time when control of the products is transferred to the customer at the estimated net consideration for which collection is probable, taking into account the customer’s rights to unit rebates, and rights to return unsold product. Transfer of control occurs either when products are shipped to or received by the distributor or direct customer, based on the terms of the specific agreement with the customer, if the Company has a present right to payment and transfer of legal title and the risks and rewards of ownership to the customer has occurred. For most of the Company’s product sales, transfer of control occurs upon shipment to the distributor or direct customer. In assessing whether collection of consideration from a customer is probable, the Company considers the customer’s ability and intention to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 to 60 days from the invoice date, which occurs on the date of transfer of control of the products to the customer.Since payment terms are less than a year, the Company has elected the practical expedient and does not assess whether a customer contract has a significant financing component.A five-step approach is applied in the recognition of revenue: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the Company satisfies a performance obligation. Customer purchase orders plus the underlying master sales agreements are considered to be contracts with the customer for purposes of applying the five-step approach.Returns under the Company’s general assurance warranty of products have not been material historically and warranty-related services are not considered a separate performance obligation under the customer orders.Each distinct promise to transfer products is considered to be an identified performance obligation for which revenue is recognized upon transfer of control of the products to the customer. The Company has also elected to record sales commissions when incurred, as the period over which the sales commission asset that would have been recognized is less than one year.

CY2023

turb

Description Of Accounting Policy For Concentration Of Revenue By Customer

DescriptionOfAccountingPolicyForConcentrationOfRevenueByCustomer

Concentration of Revenue by CustomerFor the year ended December 31, 2023, 2022 and 2021, there was no customer, one customer and one customer who comprised greater than 10% of the Company’s revenue which represented 0%, 10% and 12% of the Company’s revenue, respectively.

CY2023

turb

Revenue Percentage

RevenuePercentage

0.10

pure

CY2022

turb

Revenue Percentage

RevenuePercentage

0.10

pure

CY2021

turb

Revenue Percentage

RevenuePercentage

0.10

pure

CY2023

ifrs-full

Description Of Accounting Policy For Restricted Cash And Cash Equivalents Explanatory

DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory

Cash and Cash EquivalentsCash consist of highly liquid instruments purchased with an original maturity of three months or less. As of December 31, 2023 and 2022, the Company had cash of €620,531 and €502,585, respectively. The Company does not have any cash equivalents.The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high-quality insured financial institutions. However, cash balances in excess of the Spanish government insured limit (Fondo de Garantía de Depósitos (FDG)) of €100,000 are at risk.

CY2023Q4

ifrs-full

Cash

620531

eur

CY2022Q4

ifrs-full

Cash

502585

eur

CY2023

ifrs-full

Description Of Accounting Policy For Trade And Other Receivables Explanatory

DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory

Accounts ReceivableAccounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable.The Company will run credit checks on all customers that request term payment.

CY2023

ifrs-full

Description Of Accounting Policy For Measuring Inventories

DescriptionOfAccountingPolicyForMeasuringInventories

InventoryInventories are valued at their acquisition cost, production cost or net realizable value, whichever is lower. Discounts for prompt payment are included as a lower price, whether or not they appear on the invoice and assigning value to its inventories. The Company adopts the weighted average price method.Net realizable value represents the estimated sales price less all estimated costs that will be incurred in the process of commercialization, sales and distribution.The Company makes the appropriate valuation adjustments, recording impairment expense when the net realizable value of the inventories is less than their acquisition cost.

CY2023

ifrs-full

Description Of Accounting Policy For Property Plant And Equipment Explanatory

DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory

Property and equipmentProperty and equipment is recognized and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses, if any. When components of property and equipment have different useful lives they are accounted for separately. Depreciation is provided at rates which are calculated to write off the assets over their estimated useful lives as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 20%; text-align: center">10 years straight line</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Tools and machinery</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center">4 years straight line</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center">Over term of the lease</td><td style="text-align: left"> </td></tr> </table>

CY2023

ifrs-full

Disclosure Of Intangible Assets With Indefinite Useful Life Explanatory

DisclosureOfIntangibleAssetsWithIndefiniteUsefulLifeExplanatory

Depreciation is provided at rates which are calculated to write off the assets over their estimated useful lives as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 20%; text-align: center">10 years straight line</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Tools and machinery</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center">4 years straight line</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: center">Over term of the lease</td><td style="text-align: left"> </td></tr> </table>

CY2023

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Description Of Accounting Policy For Intangible Assets Other Than Goodwill Explanatory

DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory

Intangible assetsAcquired intangible assets are initially measured at cost. Following the initial recognition, intangible assets are measured at cost less any accumulated amortization and any impairment losses. The useful lives of intangible assets are either definite or indefinite. Intangible assets that have a finite useful life are amortized over the assessed useful economic life and are assessed for impairment when there are any indicators present that the intangible asset may be impaired. The Company reviews the amortization period and method at least annually, and any changes are treated as changes in accounting estimates and applied prospectively.Computer application and webpage are amortized over estimated useful lives of three years and Software is amortized over estimated useful lives of five years.

CY2023

ifrs-full

Description Of Accounting Policy For Leases Explanatory

DescriptionOfAccountingPolicyForLeasesExplanatory

LeasesThe determination of whether an arrangement is, or contains, a lease is based on the substance of the agreement on the inception date.As a lessee, the Company recognizes a lease obligation and a right-of-use asset in the statements of financial position on a present-value basis at the date when the leased asset is available for use. Each lease payment is apportioned between a finance charge and a reduction of the lease obligation. Finance charges are recognized in finance cost in the statements of income and comprehensive income. The right of-use assets are depreciated over the shorter of its estimated useful life and the lease term on a straight-line basis.Lease obligations are initially measured at the net present value of the following lease payments:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">fixed payments (including in-substance fixed payments), less any lease incentives;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">variable lease payment that are based on an index or a rate;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">amounts expected to be payable under residual value guarantees;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">the exercise price of a purchase option if the Company is reasonably certain to exercise that option; and</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.</td></tr> </table>Lease payments are discounted using the interest rate implicit in the lease, or if this rate cannot be determined, the Company’s incremental borrowing rate. Right-of-use assets are initially measured at cost comprising the following:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">the amount of the initial measurement of the lease obligation;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">any lease payments made at or before the commencement date less any lease incentives received; and</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">any initial direct costs and rehabilitation costs.</td></tr> </table>Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the statements of income and comprehensive income. Short-term leases are leases with a lease term of 12 months or less.

CY2023

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Incurred Net Loss

IncurredNetLoss

2013788

usd

CY2023

turb

Other Expense

OtherExpense

3800000

usd

CY2023

turb

Working Capital

WorkingCapital

3200000

usd

CY2023

ifrs-full

Description Of Accounting Policy For Provisions Explanatory

DescriptionOfAccountingPolicyForProvisionsExplanatory

ProvisionsProvisions are recognized when there is a present legal or constructive obligation as a result of a past event, for which it is probable that a transfer of economic benefits will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. Provisions are discounted using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the liability, if material. Where discounting is used, the increase in the provision due to passage of time (“accretion expense”) is recognize as an expense on the statements of income and comprehensive income.

CY2023

ifrs-full

Description Of Accounting Policy For Income Tax Explanatory

DescriptionOfAccountingPolicyForIncomeTaxExplanatory

Income taxesIncome tax expense comprises current and deferred tax. Deferred tax is recognized in the statements of income and comprehensive income except to the extent that they relate to items recognized directly in equity or in other comprehensive income or loss.Current income tax is the expected tax payable or receivable in respect of the taxable income or loss for the period, using income tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous periods.Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their related tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business acquisition or affects tax or accounting profit. The deferred tax assets and liabilities have been measured using substantively enacted tax rates that will be in effect when the amounts are expected to settle. Deferred tax assets are only recognized to the extent that it is probable that they will be able to be utilized against future taxable income. The assessment of the probability of future taxable income in which deferred tax assets can be utilized is based on the Company’s latest approved forecast, which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be used without a time limit, that deferred tax asset is usually recognized in full. The recognition of deferred tax assets that are subject to economic limits or uncertainties are assessed individually by management based on the specific facts and circumstances.Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of income or expense in the statements of income and comprehensive income, except where they relate to items that are recognized in other comprehensive income or loss or directly in equity.

CY2023

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Description Of Accounting Policy For Foreign Currency Translation Explanatory

DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory

Foreign currency transactionsThe functional currency used by the Company is the euro. Consequently, operations in currencies other than the euro are considered to be denominated in foreign currency and are recorded at the exchange rates in force on the dates of the operations. At year-end, monetary assets and liabilities denominated in foreign currency are converted by applying the exchange rate on the balance sheet date. The profits or losses revealed are charged directly to the profit and loss account for the year in which they occur.On each balance sheet date, monetary assets and liabilities in foreign currency are converted at the rates in force on the closing date. Non-monetary items in foreign currency measured in terms of historical cost are converted at the exchange rate on the date of the transaction.The exchange differences of the monetary items that arise both when liquidating them and when converting them at the closing exchange rate, are recognized in the results of the year, except those that are part of the investment of a business abroad, which are recognized directly in equity net of taxes until the time of its disposal.

CY2023

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Description Of Accounting Policy For Earnings Per Share Explanatory

DescriptionOfAccountingPolicyForEarningsPerShareExplanatory

Income per shareBasic income per share is calculated by dividing the income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding in the period. For all periods presented, the income attributable to ordinary shareholders equals the reported income attributable to owners of the Company.Diluted income per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of ordinary shares outstanding for the calculation of diluted income per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase ordinary shares at the average market price during the period.The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding, as of December 31, 2023 and 2022.

CY2023

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Description Of Accounting Policy For Impairment Of Nonfinancial Assets Explanatory

DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory

Impairment of non-financial assetsAt the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication that the carrying amount is not recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Management assesses impairment of non-financial assets such as property and equipment and intangible assets. In assessing impairment, management estimates the recoverable amount of each asset or cash generating unit (“CGU”) based on expected future cash flows. The Company has applied judgment in its assessment of the appropriateness of the determination of CGU’s. When measuring expected future cash flows, management makes assumptions about future growth of profits which relate to future events and circumstances. Actual results could vary from these estimated future cash flows. Estimation uncertainty relates to assumptions about future operating results and the application of an appropriate discount rate.

CY2023

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Description Of Accounting Policy For Financial Instruments Explanatory

DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory

Financial instrumentsFinancial assetsFinancial assets are classified as either financial assets at fair value through profit and loss (“FVTPL”), amortized cost, or fair value through other comprehensive income (“FVTOCI”). The Company determines the classification of its financial assets at initial recognition.Classification and measurementClassification determines how financial assets and financial liabilities are accounted for in financial statements and, in particular, how they are measured on an ongoing basis. IFRS 9 Financial Instruments approach for the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. This single, principle-based approach replaces prior rule-based requirements. The model also results in a single impairment model being applied to all financial instruments. Financial assets at FVTPLFinancial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of income and comprehensive income. Realized and unrealized gains and income arising from changes in the fair value of the financial asset held at FVTPL are included in the statements of income and comprehensive income in the period in which they arise. The Company has classified cash as FVTPL.Financial assets at FVTOCIFinancial assets at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. There are no financial assets classified as FVTOCI.Financial assets at amortized costFinancial assets at amortized cost are initially recognized at fair value, net of transaction costs, and subsequently carried at amortized cost less any impairment. They are classified as current assets or non- current assets based on their maturity date. The Company has classified accounts receivable and amounts due from related parties at amortized cost.Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred.Financial liabilitiesFinancial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Company determines the classification of its financial liabilities at initial recognition.Financial liabilities are classified as measured at amortized cost, net of transaction costs unless classified as FVTPL. The Company’s accounts payable and accrued liabilities, amounts due to related parties, lease liabilities and bank loans are classified as measured at amortized cost.The Company’s bank loans were classified as measured at amortized cost at December 31, 2023 and 2022. During the year ended December 31, 2023,2022 and 2021, the Company incurred €245,706, €202,368 and €90,106 interest on bank loans.

CY2023

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Interest Expense On Bank Loans And Overdrafts

InterestExpenseOnBankLoansAndOverdrafts

245706

eur

CY2022

ifrs-full

Interest Expense On Bank Loans And Overdrafts

InterestExpenseOnBankLoansAndOverdrafts

202368

eur

CY2021

ifrs-full

Interest Expense On Bank Loans And Overdrafts

InterestExpenseOnBankLoansAndOverdrafts

90106

eur

CY2023

ifrs-full

Description Of Accounting Policy For Fair Value Measurement Explanatory

DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory

Fair value measurementFair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="font-size: 10pt">Level 1 – defined as observable inputs such as quoted prices in active markets;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="font-size: 10pt">Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</td></tr> </table>The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. Fair value is based on estimated cash flows, discounted at interest rates for similar instruments.The carrying amounts shown of the Company’s financial instruments including cash, accounts receivable, inventories, accounts payable and accrued liabilities approximate their fair value (Level 1) due to the short-term maturities of these instruments.

CY2023

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Description Of Accounting Policy For Impairment Of Financial Assets Explanatory

DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory

Impairment of financial assetsThe Company assesses at each statement of financial position date whether there is objective evidence that a financial asset or group of financial assets is impaired.The Company recognizes expected credit losses (“ECL”) for accounts receivable based on the simplified approach. The simplified approach to the recognition of expected losses does not require the Company to track the changes in credit risk; rather, the Company recognizes a loss allowance based on lifetime expected credit losses at each reporting date from the date of the account receivable.The Company measures expected credit loss by considering the risk of default over the contract period and incorporates forward-looking information into its measurement. ECLs are a probability-weighted estimate of credit losses.ECLs are measured as the difference in the present value of the contractual cash flows that are due to the Company under the contract, and the cash flows that the Company expects to receive. The Company assesses all information available, including past due status, and forward looking macro- economic factors in the measurement of the ECLs associated with its assets carried at amortized cost.The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.

CY2023

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Description Of Reasons Why Applying New Accounting Policy Provides Reliable And More Relevant Informations

DescriptionOfReasonsWhyApplyingNewAccountingPolicyProvidesReliableAndMoreRelevantInformations

New Accounting PronouncementsThe following accounting standards and amendments have been issued by the IASB or the International Financial Reporting Interpretations Committee that are not yet effective as of the date of the Company’s consolidated financial statements. The Company intends to adopt such standards upon the mandatory effective date.Classification of Liabilities as Current or Non-current (Amendments to IAS 1)The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023. The Company is evaluating the impact of the above amendments on its consolidated financial statements.

CY2023

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Disclosure Of Accounting Judgements And Estimates Explanatory

DisclosureOfAccountingJudgementsAndEstimatesExplanatory

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of these consolidated financial statements in accordance with IFRS requires management to make estimates and judgments that affect the recognition, measurement and disclosure of amounts reported in these consolidated financial statements and accompanying notes. The reported amounts and note disclosures are determined using management’s best estimates based on assumptions that reflect the most probable set of economic conditions and planned courses of action. Actual results may differ from such estimates. These judgments, estimates and assumptions are reviewed regularly. The following are significant management judgments, estimates and assumptions used in applying the accounting policies of the Company that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses: Leases The Company exercises judgment in determining the approximate lease term on a lease by lease basis. The Company considers all facts and circumstances that may create an economic incentive to exercise renewal options and also evaluated the economic incentive related to continuation of existing leaseholds. The Company is also required to estimate specific criteria in order to estimate the carrying amount of right-of-use assets and lease liabilities including the incremental borrowing rate and effective interest rate. Valuation of accounts receivable Management monitors the financial stability of its customers and the environment in which they operate to make estimates regarding the likelihood that the individual trade balances will be paid. Credit risks for outstanding customer receivables are regularly assessed and allowances are recorded for estimated losses, if required. Valuation of inventory Management makes estimates of future customer demand for products when establishing appropriate provisions for inventory obsolescence. In making these estimates, management considers the aged of inventory and profitability of recent sales. Recoverability of income taxes The measurement and assessment of income tax assets and liabilities requires management to make judgments in the interpretation and application of the relevant tax laws and estimates of the Company’s abilities to utilize losses carried forward to offset taxes payable on future taxable income. The actual amount of income taxes only becomes final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the financial statements. Useful life of property and equipment Changes in the intended use of property and equipment as well as changes in technology or economic conditions may cause the estimated useful life of these assets to change. The change in useful lives could impact the depreciation expense and carrying value of property and equipment. Useful life of intangible assets Changes in the intended use of intangible assets with determinable useful lives as well as changes in technology or economic conditions may cause the estimated useful life of these assets to change. The change in useful lives could impact the amortization expense and carrying value of intangible assets.

CY2023

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Disclosure Of Trade And Other Receivables Explanatory

DisclosureOfTradeAndOtherReceivablesExplanatory

NOTE 4 – ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES, NET Accounts receivable and other receivables as of December 31, 2023 and 2022 are summarized as below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Customers by sales provision of services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,505,194</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">3,429,596</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">VAT receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">87,702</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,541</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">2,639,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">3,471,137</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(417,922</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(333,528</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">2,221,080</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">3,137,609</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> As of December 31 2023 and 2022, the allowance for doubtful accounts was €417,922 and €333,528, respectively. During the year ended December 31, 2023,2022 and 2021, the Company recorded bad debt expense of €84,394, €19,454 and €102,966, respectively.

CY2023Q4

ifrs-full

Receivables From Contracts With Customers

ReceivablesFromContractsWithCustomers

2505194

eur

CY2022Q4

ifrs-full

Receivables From Contracts With Customers

ReceivablesFromContractsWithCustomers

3429596

eur

CY2023Q4

ifrs-full

Value Added Tax Receivables

ValueAddedTaxReceivables

46106

eur

CY2023Q4

ifrs-full

Other Receivables

OtherReceivables

87702

eur

CY2022Q4

ifrs-full

Other Receivables

OtherReceivables

41541

eur

CY2023Q4

turb

Trade And Other Current Receivables Gross

TradeAndOtherCurrentReceivablesGross

2639002

eur

CY2022Q4

turb

Trade And Other Current Receivables Gross

TradeAndOtherCurrentReceivablesGross

3471137

eur

CY2023Q4

turb

Allowance For Doubtful Accounts

AllowanceForDoubtfulAccounts

417922

eur

CY2022Q4

turb

Allowance For Doubtful Accounts

AllowanceForDoubtfulAccounts

333528

eur

CY2023Q4

ifrs-full

Trade And Other Current Receivables

TradeAndOtherCurrentReceivables

2221080

eur

CY2022Q4

ifrs-full

Trade And Other Current Receivables

TradeAndOtherCurrentReceivables

3137609

eur

CY2023Q4

turb

Allowance For Doubtful Accounts

AllowanceForDoubtfulAccounts

417922

eur

CY2022Q4

turb

Allowance For Doubtful Accounts

AllowanceForDoubtfulAccounts

333528

eur

CY2023

turb

Bad Debt Expense

BadDebtExpense

84394

eur

CY2022

turb

Bad Debt Expense

BadDebtExpense

19454

eur

CY2021

turb

Bad Debt Expense

BadDebtExpense

102966

eur

CY2023

ifrs-full

Disclosure Of Inventories Explanatory

DisclosureOfInventoriesExplanatory

NOTE 5 – INVENTORIES As of December 31, 2023 and 2022, the Company had finished goods of €5,585,959 and €10,106,216, respectively. During the year ended December 31, 2023,2022 and 2021, the Company recorded provision on slowing moving inventory in the statements of operations of €312,563,€0 and €53,434, respectively. As of December 31, 2023 and 2022, there was provision for obsolescence of €402,908 and €90,345, respectively. The Company outsourced the management of inventories to a third party with all the inventories located in warehouse owned by the third parties. The Company pays a monthly fee to the warehouse company for insurance coverage of the inventories, as stated in the agreement between both parties.

CY2023Q4

ifrs-full

Finished Goods

FinishedGoods

5585959

eur

CY2022Q4

ifrs-full

Finished Goods

FinishedGoods

10106216

eur

CY2023

ifrs-full

Inventory Writedown2011

InventoryWritedown2011

312563

eur

CY2022

ifrs-full

Inventory Writedown2011

InventoryWritedown2011

0

eur

CY2021

ifrs-full

Inventory Writedown2011

InventoryWritedown2011

53434

eur

CY2023

turb

Provision For Obsolescence

ProvisionForObsolescence

402908

eur

CY2022

turb

Provision For Obsolescence

ProvisionForObsolescence

90345

eur

CY2023

ifrs-full

Disclosure Of Prepayments And Other Assets Explanatory

DisclosureOfPrepaymentsAndOtherAssetsExplanatory

NOTE 6 – PREPAID EXPENSE Prepaid expense as of December 31, 2023 and 2022 are summarized as below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Advancement to suppliers for inventory</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">788,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">632,185</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advancement for PP&E under construction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,727</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Conference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,036</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Security deposits and others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,822</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,658</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">1,048,154</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">735,606</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023Q4

ifrs-full

Current Advances To Suppliers

CurrentAdvancesToSuppliers

788622

eur

CY2022Q4

ifrs-full

Current Advances To Suppliers

CurrentAdvancesToSuppliers

632185

eur

CY2023Q4

turb

Advancement For Property And Equipment Under Construction

AdvancementForPropertyAndEquipmentUnderConstruction

11683

eur

CY2022Q4

turb

Advancement For Property And Equipment Under Construction

AdvancementForPropertyAndEquipmentUnderConstruction

26727

eur

CY2023Q4

turb

Conference

230027

eur

CY2022Q4

turb

Conference

61036

eur

CY2023Q4

ifrs-full

Other Current Receivables

OtherCurrentReceivables

17822

eur

CY2022Q4

ifrs-full

Other Current Receivables

OtherCurrentReceivables

15658

eur

CY2023Q4

ifrs-full

Current Prepaid Expenses

CurrentPrepaidExpenses

1048154

eur

CY2022Q4

ifrs-full

Current Prepaid Expenses

CurrentPrepaidExpenses

735606

eur

CY2023

ifrs-full

Disclosure Of Investments Accounted For Using Equity Method Explanatory

DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory

NOTE 7 – INVESTMENTS As of December 31, 2023, the Company had short-term investment of €2,044,050, comprised of two short-term investments in the bank for aggregate amount of €2,000,000 with repayment term ranged from 6-7 months and annual interest rate ranged from 3.54%-3.37% and a short-term commercial deposit of €44,050 with an assembling vendor. During the year ended December 31, 2023, the Company recognized interest income of €444 from the investments.

CY2023Q4

ifrs-full

Current Investments

CurrentInvestments

2044050

eur

CY2023

turb

Bank Aggregate Amount

BankAggregateAmount

2000000

eur

CY2023Q4

ifrs-full

Shortterm Deposits Classified As Cash Equivalents

ShorttermDepositsClassifiedAsCashEquivalents

44050

eur

CY2023

ifrs-full

Revenue From Interest

RevenueFromInterest

444

eur

CY2023

ifrs-full

Disclosure Of Property Plant And Equipment Explanatory

DisclosureOfPropertyPlantAndEquipmentExplanatory

NOTE 8 – PROPERTY AND EQUIPMENT Property and equipment as of December 31, 2023 and 2022 are summarized as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">56,232</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">49,063</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory Photovoltaic Installation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,792</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and Machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Computer</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,915</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,747</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,085</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,577</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">159,084</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">150,483</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> During the years ended December 31, 2023, 2022 and 2021, the Company acquired property and equipment of €28,026, €133,140 and €17,871, respectively. During the year ended December 31, 2023, 2022 and 2021, the Company recorded depreciation expense of €19,425, €5,069 and €2,998, respectively.

CY2023

ifrs-full

Disclosure Of Detailed Information About Property Plant And Equipment Explanatory

DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory

Property and equipment as of December 31, 2023 and 2022 are summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Furniture</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">56,232</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">49,063</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Laboratory Photovoltaic Installation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,792</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tools and Machinery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,026</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,458</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Computer</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,915</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,747</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,085</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">166,060</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,577</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">159,084</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">150,483</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023Q4

turb

Property And Equipment Gross

PropertyAndEquipmentGross

194085

eur

CY2022Q4

turb

Property And Equipment Gross

PropertyAndEquipmentGross

166060

eur

CY2023Q4

turb

Accumulated Depreciation

AccumulatedDepreciation

35001

eur

CY2022Q4

turb

Accumulated Depreciation

AccumulatedDepreciation

15577

eur

CY2023Q4

ifrs-full

Property Plant And Equipment

PropertyPlantAndEquipment

159084

eur

CY2022Q4

ifrs-full

Property Plant And Equipment

PropertyPlantAndEquipment

150483

eur

CY2023

ifrs-full

Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets

PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets

28026

eur

CY2022

ifrs-full

Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets

PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets

133140

eur

CY2021

ifrs-full

Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets

PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets

17871

eur

CY2023

ifrs-full

Depreciation Property Plant And Equipment

DepreciationPropertyPlantAndEquipment

19425

eur

CY2022

ifrs-full

Depreciation Property Plant And Equipment

DepreciationPropertyPlantAndEquipment

5069

eur

CY2021

ifrs-full

Depreciation Property Plant And Equipment

DepreciationPropertyPlantAndEquipment

2998

eur

CY2023

ifrs-full

Disclosure Of Intangible Assets Explanatory

DisclosureOfIntangibleAssetsExplanatory

NOTE 9 – INTANGIBLE ASSETS Intangible assets as of December 31, 2023 and 2022 are summarized as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Software development</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">636,970</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">368,705</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Software SKN1</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">248,419</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer application</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Web page</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">925,154</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">408,470</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(89,448</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(39,464</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">835,706</td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">369,006</td> <td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> During the years ended December 31, 2023, 2022 and 2021, the Company acquired software development and software of €516,684, €261,916, and €106,789, respectively During the year ended December 31, 2023, 2022 and 2021, the Company recorded amortization expense of €49,984, €858 and €0, respectively, and no impairment loss was incurred on the intangible assets.

CY2023

ifrs-full

Disclosure Of Intangible Assets Material To Entity Explanatory

DisclosureOfIntangibleAssetsMaterialToEntityExplanatory

Intangible assets as of December 31, 2023 and 2022 are summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Software development</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">636,970</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td> <td style="width: 9%; text-align: right">368,705</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Software SKN1</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">248,419</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer application</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">33,755</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Web page</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">6,010</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">925,154</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">408,470</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Amortization</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(89,448</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(39,464</td> <td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">835,706</td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td> <td style="border-bottom: Black 4pt double; text-align: right">369,006</td> <td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023Q4

ifrs-full

Other Intangible Assets

OtherIntangibleAssets

925154

eur

CY2022Q4

ifrs-full

Other Intangible Assets

OtherIntangibleAssets

408470

eur

CY2023

ifrs-full

Amortisation Intangible Assets Other Than Goodwill

AmortisationIntangibleAssetsOtherThanGoodwill

89448

eur

CY2022

ifrs-full

Amortisation Intangible Assets Other Than Goodwill

AmortisationIntangibleAssetsOtherThanGoodwill

39464

eur

CY2023Q4

ifrs-full

Intangible Assets Other Than Goodwill

IntangibleAssetsOtherThanGoodwill

835706

eur

CY2022Q4

ifrs-full

Intangible Assets Other Than Goodwill

IntangibleAssetsOtherThanGoodwill

369006

eur

CY2023

ifrs-full

Amortisation Expense

AmortisationExpense

49984

eur

CY2022

ifrs-full

Amortisation Expense

AmortisationExpense

858

eur

CY2021

ifrs-full

Amortisation Expense

AmortisationExpense

0

eur

CY2023Q4

ifrs-full

Trade And Other Current Payables

TradeAndOtherCurrentPayables

1847575

eur

CY2022Q4

ifrs-full

Trade And Other Current Payables

TradeAndOtherCurrentPayables

2412588

eur

CY2023Q4

ifrs-full

Current Value Added Tax Payables

CurrentValueAddedTaxPayables

69426

eur

CY2022Q4

ifrs-full

Current Value Added Tax Payables

CurrentValueAddedTaxPayables

37127

eur

CY2023Q4

ifrs-full

Other Current Payables

OtherCurrentPayables

56419

eur

CY2022Q4

ifrs-full

Other Current Payables

OtherCurrentPayables

46268

eur

CY2023Q4

ifrs-full

Current Deposits From Customers

CurrentDepositsFromCustomers

70139

eur

CY2022Q4

ifrs-full

Current Deposits From Customers

CurrentDepositsFromCustomers

156886

eur

CY2023Q4

ifrs-full

Current Accrued Expenses And Other Current Liabilities

CurrentAccruedExpensesAndOtherCurrentLiabilities

2043559

eur

CY2022Q4

ifrs-full

Current Accrued Expenses And Other Current Liabilities

CurrentAccruedExpensesAndOtherCurrentLiabilities

2652869

eur

CY2023

ifrs-full

Disclosure Of Related Party Explanatory

DisclosureOfRelatedPartyExplanatory

NOTE 11 – RELATED PARTY TRANSACTIONS Amount due from (to) as of December 31, 2023 are summarized as follows: Due from related parties: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Credits pending collection</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-57"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">175,771</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">175,771</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Long-term investment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Trade receivables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,422,952</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,422,952</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,601,273</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,601,273</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> Due to related parties: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Credits pending to pay</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"> -</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,800,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,800,000</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Credits pending collection</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72,444</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(784</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,660</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Trade payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(119,610</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(119,610</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3,847,166</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(784</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3,847,950</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> </table> All the amount due to and from related parties are unsecured, non-interest bearing and due on demand, except for the loan agreement from Umbrella Solar of €3,800,000. This loan was formalized and signed on June 30 for a period of 5 years, with a market interest rate of 6.25% per year, payable bi-annually. During the year ended December 31, 2023, a total amount of €118,750 has been paid for interest. Amount due from (to) as of December 31, 2022 are summarized as follows: Due from related parties: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 0.125in">Credits pending collection</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-64"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-65"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">21,693</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">21,693</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.125in">Long-term investment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Trade receivable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">264</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">115,757</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">116,021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">264</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">140,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">140,264</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> Due to related parties: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Ultimate</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">Credits pending collection</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-74"> -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(85</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(85</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Trade payable to related party</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(237,200</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(237,200</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(237,200</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(85</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">€</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(237,285</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> Amount due to and from related parties are unsecured, non-interest bearing and due on demand. Transactions with related parties during the year ended December 31, 2023, 2022 and 2021 were summarized as follows: Year Ended December 31, 2023 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,349,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,380,547</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">*Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,434</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,434</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,003,016</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">148,466</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(826,131</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Comprised of selling and administrative – related parties of €995,435 and salaries and benefits – related parties of €9,999</td> </tr></table> Year Ended December 31, 2022 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(547,912</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">806,108</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">258,196</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Year Ended December 31, 2021 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,161</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,403</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(226,222</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(244,216</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(225,980</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,093,644</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,319,624</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Our related party transactions during the fiscal year ended December 31, 2023, include sales of products or services made to or purchases of products or services from affiliated group companies that are under common control and to associates of such group companies. These transactions include income accrued from the commercial activities of our company. The purchases relate to merchandise that we sell in its normal course of commercial operations. Umbrella Solar Investment, as the holding company of the group, assumes all structural costs such as those related to the human resources, licenses, legal, tax, labor, marketing, and other generic structural costs. A margin of 13% is applied to these costs and the resulting amount is distributed to the four most significant companies in the group based on their estimated revenue in the monthly management fees. During the year ended December 31, 2023,2022 and 2021, the Company incurred management fees to Umbrella Solar Investment, S.A, of €1,005,434, €547,912 and €226,222, respectively. No compensation has been paid to the executives under Crocodile Investment SLU. The company expects to continue with the same allocation structure in the future.

CY2023Q4

ifrs-full

Amounts Receivable Related Party Transactions

AmountsReceivableRelatedPartyTransactions

1601273

eur

CY2023Q4

ifrs-full

Amounts Payable Related Party Transactions

AmountsPayableRelatedPartyTransactions

3847950

eur

CY2023Q4

turb

Due From Related Party

DueFromRelatedParty

3800000

eur

CY2023

turb

Term Of Loan

TermOfLoan

P5Y

CY2023Q4

ifrs-full

Borrowings Interest Rate

BorrowingsInterestRate

0.0625

pure

CY2023Q4

ifrs-full

Interest Payable

InterestPayable

118750

eur

CY2022Q4

ifrs-full

Amounts Receivable Related Party Transactions

AmountsReceivableRelatedPartyTransactions

140264

eur

CY2022Q4

ifrs-full

Amounts Payable Related Party Transactions

AmountsPayableRelatedPartyTransactions

237285

eur

CY2023

ifrs-full

Disclosure Of Transactions Between Related Parties Explanatory

DisclosureOfTransactionsBetweenRelatedPartiesExplanatory

Transactions with related parties during the year ended December 31, 2023, 2022 and 2021 were summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,418</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,349,710</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,380,547</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">*Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,434</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,005,434</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,201,244</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,003,016</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">148,466</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(826,131</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Comprised of selling and administrative – related parties of €995,435 and salaries and benefits – related parties of €9,999</td> </tr></table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">836,804</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(547,912</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,696</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(547,912</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">806,108</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">258,196</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Senior</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Other group</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">partner</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">companies</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Sales</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">242</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,161</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">149,403</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Services received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(226,222</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(244,216</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Purchases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,224,811</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(225,980</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,093,644</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,319,624</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

CY2023

turb

Transactions With Related Parties

TransactionsWithRelatedParties

-826131

eur

CY2022

turb

Transactions With Related Parties

TransactionsWithRelatedParties

258196

eur

CY2021

turb

Transactions With Related Parties

TransactionsWithRelatedParties

-1319624

eur

CY2023

turb

Percentage Of Margin Applied

PercentageOfMarginApplied

0.13

pure

CY2023

ifrs-full

Services Received Related Party Transactions

ServicesReceivedRelatedPartyTransactions

1005434

eur

CY2022

ifrs-full

Services Received Related Party Transactions

ServicesReceivedRelatedPartyTransactions

547912

eur

CY2021

ifrs-full

Services Received Related Party Transactions

ServicesReceivedRelatedPartyTransactions

226222

eur

CY2023

ifrs-full

Disclosure Of Borrowings Explanatory

DisclosureOfBorrowingsExplanatory

NOTE 12 – BANK LOANS Bank loans as of December 31, 2023 and 2022 are summarized as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bank loans</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">328,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">556,386</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Lines of credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,661,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">7,778,14</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,989,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">8,334,53</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,895,585</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,010,239</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">94,313</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">324,292</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The terms and conditions of outstanding bank loans are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Nominal</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank Loans</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Currency</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">interest rate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year of maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Face Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Face Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: justify; text-indent: -9pt; padding-left: 9pt">Bankia SA</td><td style="width: 1%"> </td> <td style="width: 8%; text-align: center">EUR</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">1.50</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 8%; text-align: center">2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">400,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">136,379</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">400,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">236,243</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Targobank SA</td><td> </td> <td style="text-align: center">EUR</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.87</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,322</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,317</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Banco de Sabadell SA</td><td> </td> <td style="text-align: center">EUR</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">85,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149,366</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Liberbank</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">EUR</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">1.55</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">68,532</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">170,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">107,460</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">920,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">328,236</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">920,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">556,386</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> During the year ended December 31, 2023,2022 and 2021, the Company incurred bank loan interest expense of €12,618, €9,977 and €15,702, respectively. The Company’s obligations are secured by substantially all of the assets of the Company. Principal repayments to maturity by fiscal year are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Year ended December 31,</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; text-indent: -9pt; padding-left: 9pt">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">233,926</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">94,310</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">328,236</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> In addition, the Company maintains the following lines of credit: As of December 31, 2023 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">‘December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td colspan="2" style="text-align: center">2023</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Line of credit</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Credit Limit</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nominal interest rate</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Caixabank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 20%; text-align: center">2.00% + Euribor</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">4/25/2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,308,058</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sabadell</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.75% + Euribor</td><td> </td> <td style="text-align: center">5/28/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>BBVA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.65% + Euribor</td><td> </td> <td style="text-align: center">12/22/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">270,866</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Santander</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.65% + Euribor</td><td> </td> <td style="text-align: center">6/28/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,012,738</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Abanca</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.00% + Euribor</td><td> </td> <td style="text-align: center">11/30/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Bankinter ICO</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">700,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">1.40% + Euribor</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">6/21/2024</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">70,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">12,100,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">3,661,662</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> As of December 31, 2022 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Line of credit</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Credit Limit</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nominal interest rate</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; text-indent: -9pt; padding-left: 9pt">Caixabank</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 20%; text-align: center">2.00% + Euribor</td><td style="width: 1%"> </td> <td style="width: 14%; text-align: center">3/25/2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">2,108,807</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Sabadell</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.75% + Euribor</td><td> </td> <td style="text-align: center">2/28/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,623,953</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">BBVA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">650,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.90% + Euribor</td><td> </td> <td style="text-align: center">12/22/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">381,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">BBVA</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">650,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.90% + Euribor</td><td> </td> <td style="text-align: center">12/22/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">628,951</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Santander</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.25% + Euribor</td><td> </td> <td style="text-align: center">2/28/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,928,786</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Abanca ICO</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.40% + Euribor</td><td> </td> <td style="text-align: center">10/31/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Abanca</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">2.00% + Euribor</td><td> </td> <td style="text-align: center">11/30/2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">319,103</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Bankinter ICO</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">1.40% + Euribor</td><td> </td> <td style="text-align: center">6/21/2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">485,830</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Bankinter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">1.50% + Euribor</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">6/6/2023</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">151,715</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">9,350,000</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">7,778,145</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The Company has €3,6 million facility that is unsecured and can be drawn down to meet short-term financing needs. The facility has a maturity of one to three years for the ICO credit lines that renews automatically at the option of the Company. Interest is payable at an average rate of Euribor plus 2.11 basis points. During the year ended December 31, 2023,2022 and 2021 the Company incurred interest expense from line of credit of €133,977,€192,391 and €74,404 , respectively.

CY2023

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Disclosure Of Detailed Information About Borrowings Explanatory

DisclosureOfDetailedInformationAboutBorrowingsExplanatory

Bank loans as of December 31, 2023 and 2022 are summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Bank loans</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">328,236</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">556,386</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Lines of credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,661,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">7,778,14</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,989,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">8,334,53</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">less: current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,895,585</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,010,239</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">94,313</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">324,292</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023Q4

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Bank Debt Instruments Held

BankDebtInstrumentsHeld

3989898

eur

CY2023Q4

ifrs-full

Current Portion Of Longterm Borrowings

CurrentPortionOfLongtermBorrowings

3895585

eur

CY2022Q4

ifrs-full

Current Portion Of Longterm Borrowings

CurrentPortionOfLongtermBorrowings

8010239

eur

CY2023Q4

ifrs-full

Borrowings

94313

eur

CY2022Q4

ifrs-full

Borrowings

324292

eur

CY2023Q4

ifrs-full

Notional Amount

NotionalAmount

920000

eur

CY2023Q4

ifrs-full

Amount By Which Units Recoverable Amount Exceeds Its Carrying Amount

AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount

328236

eur

CY2022Q4

ifrs-full

Notional Amount

NotionalAmount

920000

eur

CY2022Q4

ifrs-full

Amount By Which Units Recoverable Amount Exceeds Its Carrying Amount

AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount

556386

eur

CY2023

turb

Schedule Of Principal Repayments To Maturity By Fiscal Year

ScheduleOfPrincipalRepaymentsToMaturityByFiscalYear

Principal repayments to maturity by fiscal year are as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Year ended December 31,</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; text-indent: -9pt; padding-left: 9pt">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">233,926</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">94,310</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">328,236</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023Q4

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Debt Maturities Repayments Of Principal In Next Twelve Months

DebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths

233926

eur

CY2023

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Principal Repayments Maturity Total

PrincipalRepaymentsMaturityTotal

328236

eur

CY2023Q4

ifrs-full

Credit Derivative Nominal Amount

CreditDerivativeNominalAmount

12100000

eur

CY2023Q4

turb

Carrying Value

CarryingValue

3661662

eur

CY2022Q4

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Credit Derivative Nominal Amount

CreditDerivativeNominalAmount

9350000

eur

CY2022Q4

turb

Carrying Value

CarryingValue

7778145

eur

CY2023Q4

turb

Interest Payable Average Rate

InterestPayableAverageRate

0.0211

pure

CY2023Q4

ifrs-full

Credit Exposure

CreditExposure

133977

eur

CY2022Q4

ifrs-full

Credit Exposure

CreditExposure

192391

eur

CY2021Q4

ifrs-full

Credit Exposure

CreditExposure

74404

eur

CY2023

ifrs-full

Disclosure Of Classes Of Share Capital Explanatory

DisclosureOfClassesOfShareCapitalExplanatory

NOTE 13 – SHARE CAPITAL Authorized The Company has authorized 75,085,700 ordinary shares with a par value of €0.05. Issuances On September 22, 2023, the Company announced initial public offering of 1,000,000 American Depositary Shares (“ADSs”), representing 5,000,000 ordinary shares, at a price of $5.00 per ADS to the public for a total of $5,000,000 of gross proceeds to the Company, before deducting underwriting discounts and offering expenses (the “Offering”). The American Depositary Shares began trading on the Nasdaq Capital Market under the symbol “TURB.” During the December 2023, the Company issued 5,000,000 shares of common from the initial public offering for proceeds of €3,354,781, net of share offering costs and underwriting cost of €1,350,200. During December 2022, we issued 50,000,000 ordinary shares (pre-stock split: 2,500,000 shares) for proceeds of €2,500,000, to our parent company, who is also our sole shareholder. The Company has reflected this issuance of ordinary shares for all periods presented due to their nominal value, relative to the planned Initial Public Offering. The Company accounted for the proceeds as share capital in the year ended December 31, 2022. Earnings per share and ordinary shares outstanding have been retroactively reflected to show this issuance from the earliest period reported. Stock Split In February 2023, the Company approved a forward stock split of the issued and outstanding ordinary shares on a 20-for-1 basis. We increased our issued and outstanding share capital from 2,504,285 ordinary shares to 50,085,700 ordinary shares. The approval, from the Commercial Registry of Valencia, for the forward stock split has been approved on February 1, 2023. The consolidated financial statements retrospectively reflected the forward stock split. Issued and outstanding As of December 31, 2023, and 2022, the total issued and outstanding share capital consist of 55,085,700 shares at €2,754,285 and 50,085,700 shares at €2,504,285, all subscribed and paid up, respectively.

CY2023Q4

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Number Of Shares Authorised

NumberOfSharesAuthorised

75085700

shares

CY2023Q4

ifrs-full

Par Value Per Share

ParValuePerShare

0.05

CY2023Q3

ifrs-full

Increase Decrease In Number Of Ordinary Shares Issued

IncreaseDecreaseInNumberOfOrdinarySharesIssued

5000000

shares

CY2023Q3

ifrs-full

Par Value Per Share

ParValuePerShare

5

CY2023Q3

ifrs-full

Proceeds From Issuing Shares

ProceedsFromIssuingShares

5000000

usd

CY2023

ifrs-full

Increase Decrease Through Insurance Acquisition Cash Flows Insurance Contracts Liability Asset

IncreaseDecreaseThroughInsuranceAcquisitionCashFlowsInsuranceContractsLiabilityAsset

1350200

eur

CY2023Q1

ifrs-full

Number Of Shares Outstanding

NumberOfSharesOutstanding

50085700

shares

CY2023Q4

ifrs-full

Capital Reserve

CapitalReserve

1411846

eur

CY2022Q4

ifrs-full

Capital Reserve

CapitalReserve

383268

eur

CY2023

turb

Percentage Of Legal Reserve

PercentageOfLegalReserve

0.10

pure

CY2023

turb

Percentage Of Share Capital

PercentageOfShareCapital

0.20

pure

CY2023

turb

Percentage Of Exceeds Share Capital

PercentageOfExceedsShareCapital

0.20

pure

CY2023

turb

Legal Reserve

LegalReserve

500857

eur

CY2022

turb

Legal Reserve

LegalReserve

857

eur

CY2023

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Disclosure Of Leases Explanatory

DisclosureOfLeasesExplanatory

NOTE 15 – LEASES As of December 31, 2023 and 2022, the Company had the following lease obligations: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Discount</td><td> </td> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Rate</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%"> </td><td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.5 % - 3.0%</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">2024-2025</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">37,579</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">55,961</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Current</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: right; padding-bottom: 1.5pt">1.5 % - 3.0%</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">2024-2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,098</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Non-current</td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">56,066</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">95,059</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance - December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">56,743</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease liability additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liability termination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(35,668</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of Lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37,036</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,514</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance - December 31, 2022</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">95,059</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liability additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,353</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repayment of Lease liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(60,523</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,177</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">Balance - December 31, 2023</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">56,066</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> On September 8, 2020, the Company entered into a vehicle lease agreement under a four-year term and monthly lease payment of €527. On January 1, 2021, the Company entered into an office lease agreement under a five-year term and monthly lease payment of €827 for the first year with an escalation rate of Consumer Price Index (CPI) plus 2% per annum. On June 30, 2022, the Company terminated the office lease contract. On June 1, 2022, the Company entered into an office lease agreement under a two-year term extensible for three years upon expiry and monthly lease payment of €3,384 during the first year and €3,483 during the second year. On September 26, 2022, the Company entered into a vehicle lease agreement under a three-year term and monthly lease payment of €420. On November 15, 2022, the Company entered into a vehicle lease agreement under a three-year term and monthly lease payment of €417. On August 17, 2023, the Company entered into a vehicle lease agreement under a three-year term and monthly lease payment of €572. The following table summarizes the maturity of our lease liabilities as of December 31, 2023: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">38,653</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,930</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2026</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,583</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: financing cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,517</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Lease liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">56,066</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> As of December 31, 2023 and 2022, the Company has right-of-use assets as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance - December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">55,730</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Termination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(34,777</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(36,353</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance - December 31, 2022</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">94,106</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,353</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(58,524</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">Balance - December 31, 2023</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">54,935</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023Q4

ifrs-full

Current Lease Liabilities

CurrentLeaseLiabilities

37579

eur

CY2022Q4

ifrs-full

Current Lease Liabilities

CurrentLeaseLiabilities

55961

eur

CY2023Q4

ifrs-full

Noncurrent Lease Liabilities

NoncurrentLeaseLiabilities

18487

eur

CY2022Q4

ifrs-full

Noncurrent Lease Liabilities

NoncurrentLeaseLiabilities

39098

eur

CY2023Q4

ifrs-full

Lease Liabilities

LeaseLiabilities

56066

eur

CY2022Q4

ifrs-full

Lease Liabilities

LeaseLiabilities

95059

eur

CY2021Q4

turb

Leaseliabilities

56743

eur

CY2022

turb

Lease Liability Addition

LeaseLiabilityAddition

109506

eur

CY2022

turb

Lease Liability Termination

LeaseLiabilityTermination

-35668

eur

CY2022

turb

Repayment Of Lease Liability

RepaymentOfLeaseLiability

-37036

eur

CY2022

ifrs-full

Interest Expense On Lease Liabilities

InterestExpenseOnLeaseLiabilities

1514

eur

CY2022Q4

turb

Leaseliabilities

95059

eur

CY2023

turb

Lease Liability Addition

LeaseLiabilityAddition

19353

eur

CY2023

turb

Repayment Of Lease Liability

RepaymentOfLeaseLiability

-60523

eur

CY2023

ifrs-full

Interest Expense On Lease Liabilities

InterestExpenseOnLeaseLiabilities

2177

eur

CY2023Q4

turb

Leaseliabilities

56066

eur

CY2020Q3

turb

Monthly Lease Payment

MonthlyLeasePayment

527

eur

CY2021Q1

turb

Monthly Lease Payment

MonthlyLeasePayment

827

eur

CY2021Q1

turb

Percentage Of Customer Price Index

PercentageOfCustomerPriceIndex

0.02

pure

CY2022Q2

turb

Lease Agreement Term

LeaseAgreementTerm

P3Y

CY2022Q3

turb

Monthly Lease Payment

MonthlyLeasePayment

420

eur

CY2022Q4

turb

Monthly Lease Payment

MonthlyLeasePayment

417

eur

CY2023Q3

turb

Monthly Lease Payment

MonthlyLeasePayment

572

eur

CY2023Q4

turb

Financing Maturity Of Our Lease Liabilities Year Two

FinancingMaturityOfOurLeaseLiabilitiesYearTwo

38653

eur

CY2023Q4

turb

Financing Maturity Of Our Lease Liabilities Year Three

FinancingMaturityOfOurLeaseLiabilitiesYearThree

14930

eur

CY2023Q4

turb

Financing Maturity Of Our Lease Liabilities Year Four

FinancingMaturityOfOurLeaseLiabilitiesYearFour

4000

eur

CY2023Q4

turb

Financing Maturity Of Our Lease Liabilities Total

FinancingMaturityOfOurLeaseLiabilitiesTotal

57583

eur

CY2023

ifrs-full

Finance Costs

FinanceCosts

1517

eur

CY2023Q4

ifrs-full

Lease Liabilities

LeaseLiabilities

56066

eur

CY2021Q4

ifrs-full

Rightofuse Assets

RightofuseAssets

55730

eur

CY2022

ifrs-full

Additions To Rightofuse Assets

AdditionsToRightofuseAssets

109506

eur

CY2022

ifrs-full

Termination Benefits Expense

TerminationBenefitsExpense

34777

eur

CY2022

ifrs-full

Depreciation Expense

DepreciationExpense

36353

eur

CY2022Q4

ifrs-full

Rightofuse Assets

RightofuseAssets

94106

eur

CY2023

ifrs-full

Additions To Rightofuse Assets

AdditionsToRightofuseAssets

19353

eur

CY2023

ifrs-full

Depreciation Expense

DepreciationExpense

58524

eur

CY2023Q4

ifrs-full

Rightofuse Assets

RightofuseAssets

54935

eur

CY2023

ifrs-full

Disclosure Of Income Tax Explanatory

DisclosureOfIncomeTaxExplanatory

NOTE 17 – INCOME TAX The Company conducts its major businesses in Spain and is subject to tax in this jurisdiction. During the years ended December 31, 2023, 2022 and 2021, all taxable income of the Company is generated in Spain. During 2023, 2022 and 2021, the general tax rate to which the company is subject is 25%. The below table summarizes the computation of income tax expense for the year ended December 31, 2023, 2022 and 2021: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net income (loss) before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,130,635</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,395,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">348,222</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Add: permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,660</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Add (less): temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,819</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: cancellation of negative tax base</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,713</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxable income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,313,276</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,456,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">403,503</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax rate at 25%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93,022</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">364,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: R&D deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,876</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Add (less): deferred income tax expenses (recovery)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,023,789</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,428</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax expense (recovery)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,116,847</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">366,514</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">81,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The following table provides a reconciliation between the statutory rate and the effective income tax rate, expressed as a percentage of income before income taxes: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Tax at the statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Penalties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cancellation of negative tax basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Tax Credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5.7</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">25.6</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">26.1</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">23.3</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>

CY2023

ifrs-full

Applicable Tax Rate

ApplicableTaxRate

0.25

pure

CY2022

ifrs-full

Applicable Tax Rate

ApplicableTaxRate

0.25

pure

CY2021

ifrs-full

Applicable Tax Rate

ApplicableTaxRate

0.25

pure

CY2023

ifrs-full

Disclosure Of Interest Income Expense Explanatory

DisclosureOfInterestIncomeExpenseExplanatory

The below table summarizes the computation of income tax expense for the year ended December 31, 2023, 2022 and 2021:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net income (loss) before taxes</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(3,130,635</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,395,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">348,222</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Add: permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">886,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,660</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Add (less): temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68,819</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,321</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,334</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: cancellation of negative tax base</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,713</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Taxable income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,313,276</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,456,343</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">403,503</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax rate at 25%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(93,022</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">364,086</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: R&D deduction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,876</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Add (less): deferred income tax expenses (recovery)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,023,789</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,428</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Income tax expense (recovery)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">(1,116,847</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">366,514</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">81,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

CY2023

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

-3130635

eur

CY2022

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

1395092

eur

CY2021

ifrs-full

Profit Loss Before Tax

ProfitLossBeforeTax

348222

eur

CY2023

ifrs-full

Tax Effect Of Foreign Tax Rates

TaxEffectOfForeignTaxRates

886178

eur

CY2022

ifrs-full

Tax Effect Of Foreign Tax Rates

TaxEffectOfForeignTaxRates

59930

eur

CY2021

ifrs-full

Tax Effect Of Foreign Tax Rates

TaxEffectOfForeignTaxRates

10660

eur

CY2023

ifrs-full

Deferred Tax Expense Income Relating To Origination And Reversal Of Temporary Differences

DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences

-68819

eur

CY2022

ifrs-full

Deferred Tax Expense Income Relating To Origination And Reversal Of Temporary Differences

DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences

1321

eur

CY2021

ifrs-full

Deferred Tax Expense Income Relating To Origination And Reversal Of Temporary Differences

DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences

54334

eur

CY2021

ifrs-full

Deferred Tax Expense Income Recognised In Profit Or Loss

DeferredTaxExpenseIncomeRecognisedInProfitOrLoss

-9713

eur

CY2023

turb

Taxable Incomeloss

TaxableIncomeloss

-2313276

eur

CY2022

turb

Taxable Incomeloss

TaxableIncomeloss

1456343

eur

CY2021

turb

Taxable Incomeloss

TaxableIncomeloss

403503

eur

CY2023

turb

Tax Rate

TaxRate

0.25

pure

CY2022

turb

Tax Rate

TaxRate

0.25

pure

CY2021

turb

Tax Rate

TaxRate

0.25

pure

CY2023

ifrs-full

Tax Effect From Change In Tax Rate

TaxEffectFromChangeInTaxRate

-93022

eur

CY2022

ifrs-full

Tax Effect From Change In Tax Rate

TaxEffectFromChangeInTaxRate

364086

eur

CY2021

ifrs-full

Tax Effect From Change In Tax Rate

TaxEffectFromChangeInTaxRate

100876

eur

CY2021

ifrs-full

Research And Development Expense

ResearchAndDevelopmentExpense

19876

eur

CY2023

ifrs-full

Deferred Tax Relating To Items Charged Or Credited Directly To Equity

DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity

-1023789

eur

CY2022

ifrs-full

Deferred Tax Relating To Items Charged Or Credited Directly To Equity

DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity

2428

eur

CY2023

ifrs-full

Income Tax Expense Continuing Operations

IncomeTaxExpenseContinuingOperations

-1116847

eur

CY2022

ifrs-full

Income Tax Expense Continuing Operations

IncomeTaxExpenseContinuingOperations

366514

eur

CY2021

ifrs-full

Income Tax Expense Continuing Operations

IncomeTaxExpenseContinuingOperations

81000

eur

CY2023

ifrs-full

Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Explanatory

DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory

The following table provides a reconciliation between the statutory rate and the effective income tax rate, expressed as a percentage of income before income taxes:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Tax at the statutory rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Penalties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cancellation of negative tax basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Temporary differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Tax Credit</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5.7</td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">25.6</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">26.1</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">23.3</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>

CY2023

ifrs-full

Applicable Tax Rate

ApplicableTaxRate

0.25

pure

CY2022

ifrs-full

Applicable Tax Rate

ApplicableTaxRate

0.25

pure

CY2021

ifrs-full

Applicable Tax Rate

ApplicableTaxRate

0.25

pure

CY2023

turb

Penaltiesin Shares

PenaltiesinShares

0

pure

CY2022

turb

Penaltiesin Shares

PenaltiesinShares

0.011

pure

CY2021

turb

Penaltiesin Shares

PenaltiesinShares

0.008

pure

CY2023

ifrs-full

Tax Rate Effect Of Tax Losses

TaxRateEffectOfTaxLosses

0

pure

CY2022

ifrs-full

Tax Rate Effect Of Tax Losses

TaxRateEffectOfTaxLosses

0

pure

CY2021

ifrs-full

Tax Rate Effect Of Tax Losses

TaxRateEffectOfTaxLosses

-0.007

pure

CY2023

turb

Temporary Differences

TemporaryDifferences

0.005

pure

CY2022

turb

Temporary Differences

TemporaryDifferences

0

pure

CY2021

turb

Temporary Differences

TemporaryDifferences

0.039

pure

CY2023

ifrs-full

Tax Rate Effect Of Adjustments For Current Tax Of Prior Periods

TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods

0

pure

CY2022

ifrs-full

Tax Rate Effect Of Adjustments For Current Tax Of Prior Periods

TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods

0

pure

CY2021

ifrs-full

Tax Rate Effect Of Adjustments For Current Tax Of Prior Periods

TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods

-0.057

pure

CY2023

ifrs-full

Average Effective Tax Rate

AverageEffectiveTaxRate

0.256

pure

CY2022

ifrs-full

Average Effective Tax Rate

AverageEffectiveTaxRate

0.261

pure

CY2021

ifrs-full

Average Effective Tax Rate

AverageEffectiveTaxRate

0.233

pure

CY2023

ifrs-full

Disclosure Of Revenue Explanatory

DisclosureOfRevenueExplanatory

NOTE 18 – REVENUE The Company’s sales derived from sales of electrical and electronic material. The following is the Company’s revenue by geographical markets during the year ended December 31, 2023, 2022 and 2021: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Spain</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">10,886,713</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">26,566,550</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">15,246,597</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Europe</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,679,395</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,609,252</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,388,624</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Rest of the world</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">537,571</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">970,575</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">518,852</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">13,103,679</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">31,146,377</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">17,154,073</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> During the year ended December 31, 2023,2022 and 2021, the Company recognized revenue of €13,103,679, €31,146,377 and €17,154,073, of which €1,380,547, €836,804 and €149,403 derived from related parties, respectively. We consider related parties those Companies that are part of the Umbrella Solar Investment holding group.

CY2023

turb

Revenue Recognized

RevenueRecognized

13103679

eur

CY2022

turb

Revenue Recognized

RevenueRecognized

31146377

eur

CY2021

turb

Revenue Recognized

RevenueRecognized

17154073

eur

CY2023

ifrs-full

Revenue From Sale Of Goods Related Party Transactions

RevenueFromSaleOfGoodsRelatedPartyTransactions

1380547

eur

CY2022

ifrs-full

Revenue From Sale Of Goods Related Party Transactions

RevenueFromSaleOfGoodsRelatedPartyTransactions

836804

eur

CY2021

ifrs-full

Revenue From Sale Of Goods Related Party Transactions

RevenueFromSaleOfGoodsRelatedPartyTransactions

149403

eur

CY2023

ifrs-full

Disclosure Of Cost Of Sales Explanatory

DisclosureOfCostOfSalesExplanatory

NOTE 19 – COST OF REVENUE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Purchase of finished goods</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">18,804,222</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">33,306,036</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">14,985,191</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of raw materials</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outsourcing service</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,184</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,655</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Inventory adjustment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,784,373</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,784,373</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(92,896</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">12,043,563</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">26,545,377</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">14,899,345</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> During the year ended December 31, 2023,2022 and 2021, the Company incurred cost of sales of €12,043,563, €26,545,377 and €14,899,345, of which €1,201,244, €30,696 and €1,224,811 derived from related parties, respectively.

CY2023

turb

Purchase Of Finished Goods

PurchaseOfFinishedGoods

18804222

eur

CY2022

turb

Purchase Of Finished Goods

PurchaseOfFinishedGoods

33306036

eur

CY2021

turb

Purchase Of Finished Goods

PurchaseOfFinishedGoods

14985191

eur

CY2023

ifrs-full

Raw Materials And Consumables Used

RawMaterialsAndConsumablesUsed

1530

eur

CY2022

ifrs-full

Raw Materials And Consumables Used

RawMaterialsAndConsumablesUsed

1530

eur

CY2021

ifrs-full

Raw Materials And Consumables Used

RawMaterialsAndConsumablesUsed

2395

eur

CY2023

turb

Outsourcing Service

OutsourcingService

22184

eur

CY2022

turb

Outsourcing Service

OutsourcingService

22184

eur

CY2021

turb

Outsourcing Service

OutsourcingService

4655

eur

CY2023

turb

Inventory Adjustmentin Dollars

InventoryAdjustmentinDollars

-6784373

eur

CY2022

turb

Inventory Adjustmentin Dollars

InventoryAdjustmentinDollars

-6784373

eur

CY2021

turb

Inventory Adjustmentin Dollars

InventoryAdjustmentinDollars

-92896

eur

CY2023

turb

Related Party Amount In Cost Of Sales

RelatedPartyAmountInCostOfSales

12043563

eur

CY2022

turb

Related Party Amount In Cost Of Sales

RelatedPartyAmountInCostOfSales

26545377

eur

CY2021

turb

Related Party Amount In Cost Of Sales

RelatedPartyAmountInCostOfSales

14899345

eur

CY2023

ifrs-full

Disclosure Of General And Administrative Expense Explanatory

DisclosureOfGeneralAndAdministrativeExpenseExplanatory

NOTE 20 – SELLING AND ADMINISTRATIVE EXPENSES The Company incurred the following selling and administrative expenses during the year ended December 31, 2023, 2022 and 2021. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Professional fees</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">1,247,866</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">992,118</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">426,299</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shipping and handling expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">417,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">312,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warehouse handling</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,762</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83,243</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Miscellaneous operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">242,827</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,049</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,064</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketing and advertising</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335,303</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leases and royalties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,339</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Insurance premiums</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,726</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,412</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,724</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Repair and conservation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,510</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,022</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Supplies</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,908</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,245</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other management expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fines and penalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation of property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,984</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">858</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Amortization of right-of-use assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,524</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">36,353</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,888</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">2,539,854</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">2,046,411</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">€</td><td style="border-bottom: Black 4pt double; text-align: right">1,127,535</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> During the year ended December 31, 2023, 2022 and 2021, the Company incurred selling and administrative expenses of €2,539,854, €2,046,411 and €1,127,535, of which €995,435, €547,912 and €244,216 derived from related parties, respectively.

CY2023

ifrs-full

Professional Fees Expense

ProfessionalFeesExpense

1247866

eur

CY2022

ifrs-full

Professional Fees Expense

ProfessionalFeesExpense

992118

eur

CY2021

ifrs-full

Professional Fees Expense

ProfessionalFeesExpense

426299

eur

CY2023

ifrs-full

Transportation Expense

TransportationExpense

290787

eur

CY2022

ifrs-full

Transportation Expense

TransportationExpense

417739

eur

CY2021

ifrs-full

Transportation Expense

TransportationExpense

312805

eur

CY2023

turb

Warehouse Handling

WarehouseHandling

78095

eur

CY2022

turb

Warehouse Handling

WarehouseHandling

136762

eur

CY2021

turb

Warehouse Handling

WarehouseHandling

83243

eur

CY2023

ifrs-full

Miscellaneous Other Operating Expense

MiscellaneousOtherOperatingExpense

242827

eur

CY2022

ifrs-full

Miscellaneous Other Operating Expense

MiscellaneousOtherOperatingExpense

59049

eur

CY2021

ifrs-full

Miscellaneous Other Operating Expense

MiscellaneousOtherOperatingExpense

60064

eur

CY2023

ifrs-full

Advertising Expense

AdvertisingExpense

335303

eur

CY2022

ifrs-full

Advertising Expense

AdvertisingExpense

127989

eur

CY2021

ifrs-full

Advertising Expense

AdvertisingExpense

80560

eur

CY2023

ifrs-full

Royalty Expense

RoyaltyExpense

142503

eur

CY2022

ifrs-full

Royalty Expense

RoyaltyExpense

120046

eur

CY2021

ifrs-full

Royalty Expense

RoyaltyExpense

61339

eur

CY2023

ifrs-full

Insurance Expense

InsuranceExpense

52726

eur

CY2022

ifrs-full

Insurance Expense

InsuranceExpense

65412

eur

CY2021

ifrs-full

Insurance Expense

InsuranceExpense

64724

eur

CY2023

ifrs-full

Repairs And Maintenance Expense

RepairsAndMaintenanceExpense

15510

eur

CY2022

ifrs-full

Repairs And Maintenance Expense

RepairsAndMaintenanceExpense

21493

eur

CY2021

ifrs-full

Repairs And Maintenance Expense

RepairsAndMaintenanceExpense

6022

eur

CY2023

turb

Supplie

3908

eur

CY2022

turb

Supplie

3593

eur

CY2021

turb

Supplie

306

eur

CY2021

ifrs-full

Property Tax Expense

PropertyTaxExpense

13245

eur

CY2021

ifrs-full

Other Employee Expense

OtherEmployeeExpense

42

eur

CY2023

ifrs-full

Income From Fines And Penalties

IncomeFromFinesAndPenalties

2396

eur

CY2022

ifrs-full

Income From Fines And Penalties

IncomeFromFinesAndPenalties

59930

eur

CY2023

ifrs-full

Depreciation And Amortisation Expense

DepreciationAndAmortisationExpense

19425

eur

CY2022

ifrs-full

Depreciation And Amortisation Expense

DepreciationAndAmortisationExpense

5069

eur

CY2021

ifrs-full

Depreciation And Amortisation Expense

DepreciationAndAmortisationExpense

2998

eur

CY2023

ifrs-full

Disposals Intangible Assets And Goodwill

DisposalsIntangibleAssetsAndGoodwill

49984

eur

CY2022

ifrs-full

Disposals Intangible Assets And Goodwill

DisposalsIntangibleAssetsAndGoodwill

858

eur

CY2023

turb

Amortization Of Rightofuse Assets

AmortizationOfRightofuseAssets

58524

eur

CY2022

turb

Amortization Of Rightofuse Assets

AmortizationOfRightofuseAssets

36353

eur

CY2021

turb

Amortization Of Rightofuse Assets

AmortizationOfRightofuseAssets

15888

eur

CY2023

ifrs-full

General And Administrative Expense

GeneralAndAdministrativeExpense

2539854

eur

CY2022

ifrs-full

General And Administrative Expense

GeneralAndAdministrativeExpense

2046411

eur

CY2021

ifrs-full

General And Administrative Expense

GeneralAndAdministrativeExpense

1127535

eur

CY2023

ifrs-full

General And Administrative Expense

GeneralAndAdministrativeExpense

2539854

eur

CY2023

turb

Selling And Administrative Expenses Related Party

SellingAndAdministrativeExpensesRelatedParty

995435

eur

CY2022

turb

Selling And Administrative Expenses Related Party

SellingAndAdministrativeExpensesRelatedParty

547912

eur

CY2021

turb

Selling And Administrative Expenses Related Party

SellingAndAdministrativeExpensesRelatedParty

244216

eur

CY2023

ifrs-full

Disclosure Of Cash Flow Statement Explanatory

DisclosureOfCashFlowStatementExplanatory

NOTE 21 – SUPPLEMENTAL CASH FLOW INFORMATION Set out below are non-cash investing and financing activities during the year ended December 31, 2023,2022 and 2021: Non-cash investing and financing activities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Reallocation of opening deficit to reserve</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(1,028,578</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">(267,222</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">€</td><td style="width: 9%; text-align: right">53,947</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Recognition of right-of-use assets</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">19,353</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">109,506</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">49,682</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Derecognition of right-of-use assets</td><td> </td> <td style="text-align: left">€</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right">34,777</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">€</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="text-align: left"> </td></tr> </table> During the year ended December 31, 2023, 2022 and 2021, the Company paid interest of €404,093,€202,368 and €90,106 and income taxes of €0, €405,347 and €116,924, respectively.

CY2023

turb

Reallocation Of Opening Deficit To Reserve

ReallocationOfOpeningDeficitToReserve

-1028578

eur

CY2022

turb

Reallocation Of Opening Deficit To Reserve

ReallocationOfOpeningDeficitToReserve

-267222

eur

CY2021

turb

Reallocation Of Opening Deficit To Reserve

ReallocationOfOpeningDeficitToReserve

53947

eur

CY2023

turb

Recognition Of Rightofuse Assets

RecognitionOfRightofuseAssets

19353

eur

CY2022

turb

Recognition Of Rightofuse Assets

RecognitionOfRightofuseAssets

109506

eur

CY2021

turb

Recognition Of Rightofuse Assets

RecognitionOfRightofuseAssets

49682

eur

CY2022

turb

Derecognition Of Rightofuse Assets

DerecognitionOfRightofuseAssets

34777

eur

CY2023

ifrs-full

Interest Paid Classified As Financing Activities

InterestPaidClassifiedAsFinancingActivities

404093

eur

CY2022

ifrs-full

Interest Paid Classified As Financing Activities

InterestPaidClassifiedAsFinancingActivities

202368

eur

CY2021

ifrs-full

Interest Paid Classified As Financing Activities

InterestPaidClassifiedAsFinancingActivities

90106

eur

CY2023

ifrs-full

Income Taxes Paid Refund

IncomeTaxesPaidRefund

0

eur

CY2022

ifrs-full

Income Taxes Paid Refund

IncomeTaxesPaidRefund

405347

eur

CY2021

ifrs-full

Income Taxes Paid Refund

IncomeTaxesPaidRefund

116924

eur

CY2023

ifrs-full

Disclosure Of Events After Reporting Period Explanatory

DisclosureOfEventsAfterReportingPeriodExplanatory

NOTE 22 – SUBSEQUENT EVENTS As of the date of the date of preparation of these consolidated financial statements, a total of 1,806,620 Restricted Share Units (as defined in the Equity Incentive Plan approved in August 2023 by the Board of Director), which can be converted into 361,324 American Depositary Shares of the Company, representing 1,806,620 Ordinary Shares of the Company, were granted to certain officers, directors, and employees of the Company. On April 5, 2024, both the compensation committee and the board of directors of the Company approved the grant of such Restricted Share Units.

CY2023Q4

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Depositary Shares

DepositaryShares

361324

shares

CY2022

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Salaries And Benefits Related Parties

SalariesAndBenefitsRelatedParties

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CY2021

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Salaries And Benefits Related Parties

SalariesAndBenefitsRelatedParties

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CY2023

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Other Income

OtherIncome

eur

CY2021

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Other Income

OtherIncome

eur

CY2022

ifrs-full

Interest Revenue Expense

InterestRevenueExpense

eur

CY2021

ifrs-full

Interest Revenue Expense

InterestRevenueExpense

eur

CY2021

ifrs-full

Deferred Tax Expense Income

DeferredTaxExpenseIncome

eur

CY2021

ifrs-full

Diluted Earnings Loss Per Share

DilutedEarningsLossPerShare

0.01

CY2022

ifrs-full

Diluted Earnings Loss Per Share

DilutedEarningsLossPerShare

0.02

CY2023

ifrs-full

Diluted Earnings Loss Per Share

DilutedEarningsLossPerShare

-0.04

CY2022

ifrs-full

Adjusted Weighted Average Shares

AdjustedWeightedAverageShares

50085700

shares

CY2021

ifrs-full

Adjusted Weighted Average Shares

AdjustedWeightedAverageShares

50085700

shares

CY2023

ifrs-full

Adjusted Weighted Average Shares

AdjustedWeightedAverageShares

51469262

shares

CY2021

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Transfer From Reserve To Retained Earnings

TransferFromReserveToRetainedEarnings

eur

CY2022

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Increase Decrease Through Transfer Between Revaluation Reserve And Retained Earnings

IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings

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CY2023

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Increase Decrease Through Transfer Between Revaluation Reserve And Retained Earnings

IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings

eur

CY2021

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Adjustments For Amortisation Expense

AdjustmentsForAmortisationExpense

eur

CY2022

ifrs-full

Adjustments For Provisions

AdjustmentsForProvisions

eur

CY2023

ifrs-full

Adjustments For Fair Value Gains Losses

AdjustmentsForFairValueGainsLosses

eur

CY2021

ifrs-full

Adjustments For Fair Value Gains Losses

AdjustmentsForFairValueGainsLosses

eur

CY2022

ifrs-full

Adjustments For Decrease Increase In Other Assets

AdjustmentsForDecreaseIncreaseInOtherAssets

eur

CY2021

ifrs-full

Adjustments For Decrease Increase In Other Assets

AdjustmentsForDecreaseIncreaseInOtherAssets

eur

CY2022

ifrs-full

Increase Decrease In Deferred Tax Liability Asset

IncreaseDecreaseInDeferredTaxLiabilityAsset

eur

CY2021

ifrs-full

Increase Decrease In Deferred Tax Liability Asset

IncreaseDecreaseInDeferredTaxLiabilityAsset

eur

CY2022

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Cash Flows From Used In Decrease Increase In Shortterm Deposits And Investments

CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments

eur

CY2021

ifrs-full

Cash Flows From Used In Decrease Increase In Shortterm Deposits And Investments

CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments

eur

CY2023

ifrs-full

Proceeds From Issue Of Ordinary Shares

ProceedsFromIssueOfOrdinaryShares

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CY2021

ifrs-full

Proceeds From Issue Of Ordinary Shares

ProceedsFromIssueOfOrdinaryShares

eur

CY2022

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Proceeds From Issuing Shares

ProceedsFromIssuingShares

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CY2021

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Proceeds From Issuing Shares

ProceedsFromIssuingShares

eur

CY2023

ifrs-full

Dividends Paid Classified As Financing Activities

DividendsPaidClassifiedAsFinancingActivities

eur

CY2022Q4

ifrs-full

Value Added Tax Receivables

ValueAddedTaxReceivables

eur

CY2022Q4

ifrs-full

Bank Debt Instruments Held

BankDebtInstrumentsHeld

833453

eur

CY2023Q4

turb

Debt Maturities Repayments Of Principal In Year Two

DebtMaturitiesRepaymentsOfPrincipalInYearTwo

94310

eur

CY2023

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Principal Repayments Maturity Thereafter

PrincipalRepaymentsMaturityThereafter

eur

CY2023Q4

ifrs-full

Unsecured Bank Loans Received

UnsecuredBankLoansReceived

36000000

eur

CY2023

ifrs-full

Deferred Tax Expense Income Recognised In Profit Or Loss

DeferredTaxExpenseIncomeRecognisedInProfitOrLoss

eur

CY2022

ifrs-full

Deferred Tax Expense Income Recognised In Profit Or Loss

DeferredTaxExpenseIncomeRecognisedInProfitOrLoss

eur

CY2023

ifrs-full

Research And Development Expense

ResearchAndDevelopmentExpense

eur

CY2022

ifrs-full

Research And Development Expense

ResearchAndDevelopmentExpense

eur

CY2021

ifrs-full

Deferred Tax Relating To Items Charged Or Credited Directly To Equity

DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity

eur

CY2023

ifrs-full

Property Tax Expense

PropertyTaxExpense

eur

CY2022

ifrs-full

Property Tax Expense

PropertyTaxExpense

eur

CY2023

ifrs-full

Other Employee Expense

OtherEmployeeExpense

eur

CY2022

ifrs-full

Other Employee Expense

OtherEmployeeExpense

eur

CY2021

ifrs-full

Income From Fines And Penalties

IncomeFromFinesAndPenalties

eur

CY2021

ifrs-full

Disposals Intangible Assets And Goodwill

DisposalsIntangibleAssetsAndGoodwill

eur

CY2023

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Derecognition Of Rightofuse Assets

DerecognitionOfRightofuseAssets

eur

CY2021

turb

Derecognition Of Rightofuse Assets

DerecognitionOfRightofuseAssets

eur

CY2023

dei

Amendment Flag

AmendmentFlag

false

CY2023

dei

Document Fiscal Period Focus

DocumentFiscalPeriodFocus

FY

CY2023

dei

Entity Central Index Key

EntityCentralIndexKey

0001963439

Concept	2023 Q4	2023	2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$2.665M	$2.665M
YoY Change		432.92%
Cash & Equivalents
Short-Term Investments	$2.044M	$2.044M
Other Short-Term Assets	$259.5K	$259.5K
YoY Change		135.94%
Inventory	$6.375M	$6.375M
Prepaid Expenses
Receivables	$2.087M	$2.087M
Other Receivables	$1.735M	$1.735M
Total Short-Term Assets	$13.12M	$13.12M
YoY Change		-10.25%
LONG-TERM ASSETS
Property, Plant & Equipment	$214.0K	$214.0K
YoY Change		-10.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$1.057M	$1.057M
YoY Change
Total Long-Term Assets	€2.106M	$2.106M
YoY Change		239.73%
TOTAL ASSETS
Total Short-Term Assets	$13.12M	$13.12M
Total Long-Term Assets	€2.106M	$2.106M
Total Assets	€15.23M	$15.23M	€15.24M
YoY Change	-0.06%	-0.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.848M	$1.848M
YoY Change		-23.34%
Accrued Expenses	$56.42K	$56.42K
YoY Change		12.84%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$3.933M	$3.933M
YoY Change		-51.26%
Total Short-Term Liabilities	$9.825M	$9.825M
YoY Change		-10.36%
LONG-TERM LIABILITIES
Long-Term Debt	$112.8K	$112.8K
YoY Change		-68.67%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$112.8K	$112.8K
YoY Change		-68.67%
TOTAL LIABILITIES
Total Short-Term Liabilities	$9.825M	$9.825M
Total Long-Term Liabilities	$112.8K	$112.8K
Total Liabilities	€9.970M	$9.970M	€11.32M
YoY Change	-11.92%	-11.92%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$5.257M	$5.257M
YoY Change
Total Liabilities & Shareholders Equity	$15.23M	$15.23M
YoY Change		-0.08%

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Turbo Energy, S.A. Stock $turb

2023 Q4 Form 20-F Financial Statement

#000121390024033958 Filed on April 18, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$TURB Turbo Energy, S.A. Stock $turb

2023 Q4 Form 20-F Financial Statement

#000121390024033958 Filed on April 18, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$TURB
Turbo Energy, S.A. Stock $turb