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NewsMacro

Berenberg flags accounting manipulation as net profit falls to €20.2mn from €81.6mn in delayed 2025 accounts

Berenberg has identified deliberate accounting manipulation at a company whose delayed 2025 accounts an auditor has now formally signed off on. The restated net profit stands at €20.2mn, against €81.6mn in the figures previously reported. The manipulation was designed to flatter profits.

By Renata OstrowskiMacro DeskJuly 23, 20262 min read
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Key takeaways

  • Berenberg identified deliberate accounting manipulation designed to flatter profits at a company whose delayed 2025 accounts have now been formally signed off by an auditor.
  • The restated net profit is €20.2mn, down from the €81.6mn previously reported.
  • The auditor's sign-off gives the €20.2mn figure formal standing, meaning investors who priced the stock against the original €81.6mn figure now hold a position built on numbers the auditor has rejected.
  • Berenberg's finding attributes the restatement to a named source and a named cause, describing the manipulation as purposeful rather than a matter of close judgment calls.
  • The company is unlikely to avoid further scrutiny, with the next confirmable milestone being any regulatory or investigative response.

Berenberg has identified deliberate accounting manipulation at a company whose delayed 2025 accounts an auditor has now formally signed off on. The restated net profit stands at €20.2mn, against €81.6mn in the figures previously reported. The manipulation was designed to flatter profits.

The audited print

The auditor's sign-off on the delayed 2025 accounts gives the €20.2mn figure its formal standing. Berenberg's finding is not about close judgment calls that went one way. The manipulation was purposeful. Built to make the profit line look better than the business delivered.

The delay in the 2025 accounts is a detail worth holding. Filings that arrive late in circumstances like these seldom carry the numbers the market was working from.

What it means for the setup

Investors who priced the stock against the original €81.6mn profit figure are now holding a position built on numbers the auditor has rejected. Berenberg's finding gives the restatement a named source and a named cause. The restated net profit of €20.2mn is the print that now carries formal weight.

The tape will need to work through whether the manipulation Berenberg identified is contained within what the auditor signed off on, or whether the delayed 2025 accounts are the opening act of a longer process of revision.

What to watch

The auditor's sign-off on the delayed 2025 accounts closes one chapter. The next confirmable milestone is any regulatory or investigative response to the accounting manipulation Berenberg found. A company that has seen its reported net profit fall from €81.6mn to €20.2mn because of deliberate manipulation is unlikely to avoid further scrutiny.

Related reading

About this story

Filed by the macro desk of MarketPR on July 23, 2026. Source: ft.com. Indicative figures are not investment advice.

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Frequently asked

How much did the company's net profit fall after the restatement?

Net profit was restated to €20.2mn from the €81.6mn previously reported, a fall driven by deliberate accounting manipulation.

Who identified the accounting manipulation?

Berenberg identified the deliberate accounting manipulation, which it says was designed to flatter profits.

Has the restated figure been officially confirmed?

Yes, an auditor has formally signed off on the delayed 2025 accounts, giving the €20.2mn restated net profit its formal standing.

Why does the delay in the 2025 accounts matter?

Late filings in circumstances like these seldom carry the numbers the market was working from, and the delay signals the accounts may differ from prior figures.

What should investors watch next?

The next confirmable milestone is any regulatory or investigative response to the manipulation, and whether the delayed 2025 accounts begin a longer process of revision.