In December 2024, less than 6 months after the fundraising, a court-appointed administrator is brought in to renegotiate the debt with the banks. And two months later, on 27 February 2025, the company officially declares itself insolvent and asks to be placed in receivership. Who could have predicted that the bridge would turn out to be useless?
The ruling handed down on 5 March 2025 by the commercial court reveals the scale of the crisis:
The court placed the company in receivership, setting an observation period of two months to assess its viability.
In its submission to the court, Daan identifies five main causes of its difficulties.
This official diagnosis contrasts sharply with what the company was saying less than a year earlier, when it presented retail investors with a bright future: revenue tripling, headcount doubling, new markets opening and an 8,000 m² factory being built.
But this admission raises major ethical questions about the June 2024 crowdfunding campaign. How do you justify asking 821 individuals for their savings, mostly enthusiastic customers rather than seasoned investors, with such rosy growth prospects, when less than a year later the company is insolvent with €6.15M of liabilities? The contrast between the detailed but complex documentation mentioning the risks and the public communication focused on success and a bright future raises questions about the transparency of the operation.
Faced with this critical situation, Daan presents a recovery plan built around three main pillars.
Enough to convince the judge, who felt the company still had a chance of recovery, but clearly warned that without a viable solution, compulsory liquidation could be considered at the next hearing, set for 7 May 2025.