Bankruptcies, delistings, empty promises: The Black Book Stock Exchange 2025 lists the biggest capital destroyers of the year.
The SdK protection association of investors has published its Black Book Stock Exchange 2025. In it, the investor protection organization lists nine capital market cases in which private investors have suffered particularly high losses in the current year – in many cases even total losses.
According to SdK, what is striking is a recurring pattern of high return promises, non-transparent structures, aggressive external financing and weak control. The Stock Exchange Black Book is published annually and is intended to sensitize investors to typical risk constellations on the capital market.
Editorial team finanzen.net
10th place: The ranking
The black book on the stock exchange of the SdK protective association of investors once again shows clear patterns: high returns promises, non-transparent structures, aggressive financing and a lack of control. For private investors, the ranking is less of a hindsight than a warning signal. The data is as of December 19, 2025.
Source: sdk.org, Image: interstid / Shutterstock.com
9th place: Soravia
The real estate group Soravia and its financing via the Hamburg-based One Group take ninth place. Around 11,000 investors invested around 410 million euros in subordinated loans. As a result of the restructuring of One Group, private investors are legally at the end of the creditor chain. While banks are collateralized, for many investors it is unclear how much of their capital they will ever see again.
Source: sdk.org, Image: Tim Reckmann / pixelio.de
8th place: Degag
Degag Deutsche Immobilien Holding comes in eighth place. Up to 6,300 investors invested a total of at least 282 million euros via subordinated profit participation rights. After filing for insolvency, it emerged that the holding company was over-indebted to the tune of around 1.1 billion euros. The damage is estimated at at least 430 million euros. A significant portion is likely to be lost for private investors.
Source: sdk.org, Image: Jirsak / Shutterstock.com
7th place: Sympatex
Seventh place goes to Sympatex Holding. After issuing a corporate bond, there was a drastic restructuring in 2017 with a capital cut, waiver of interest and unclear changes of ownership. In 2025, criminal proceedings against several people involved for attempted fraud ended with probation and fines. For bondholders, the prospects of significant repayments remain extremely low.
Source: sdk.org, Image: Dean Drobot / Shutterstock.com
6th place: BayWa
The traditional group BayWa follows in sixth place. After years of credit-financed expansion, the company ran into a serious crisis in 2024. Rising interest rates, operational problems and questionable personnel decisions put a massive strain on the company. Within a year, the share lost around 73 percent of its value. The SdK particularly criticizes the lack of personnel consequences on the supervisory board.
Source: sdk.org, Image: BayWa AG
5th place: EV Digital Invest
EV Digital Invest takes fifth place. The share has fallen from around 12 euros to around 1 cent since the IPO in 2022. In July 2025, the company filed for bankruptcy. Even before the bankruptcy, a court found that investors had been deceived in several cases. The investment volume of the affected investors amounts to high double-digit millions. The chances of repayment are considered low.
Source: sdk.org, Image: Miha Creative / Shutterstock.com
4th place: Northern Data
Northern Data ranks fourth. The company announced AI deals and IPOs worth billions for years, but these were not realized. The market capitalization at the end of 2025 was only around 1.5 billion euros – almost four times lower than at the beginning of the year. The planned entry of Rumble has not yet brought any clarity, but rather new uncertainty for investors.
Source: sdk.org, Image: Stock-Asso / Shutterstock.com
3rd place: Elaris
Third place goes to the electric car importer Elaris. The stock market launched in March 2024, and the bankruptcy filing followed in January 2025. Originally announced sales of 60 to 90 million euros for 2024 were reduced to 8 to 10 million euros shortly before the bankruptcy. According to SdK, revenue from car sales was recorded even though vehicles had not yet been delivered. For investors, the investment ended in an almost complete loss of capital.
Source: sdk.org, Image: Summit Art Creations / Shutterstock.com
2nd place: Cliq Digital
Cliq Digital follows in second place. After prices of up to 40 euros in 2021 and over 20 euros at the beginning of 2024, the share fell to around 1.35 euros by the end of 2025. This corresponds to a loss in value of more than 90 percent. Announced delisting and buyback plans were stopped and forecasts were withdrawn several times. At the same time, executive compensation increased significantly, while shareholders only received a dividend of 4 cents per share.
Source: sdk.org, Image: Gaurav Paswan / Shutterstock.com
1st place: CR Energy
CR Energy AG takes the top spot in the negative ranking. At the beginning of 2025, the share was still trading at around 5 euros, but the price is now around 5 cents. At the end of May 2025, the company filed for bankruptcy. Particularly explosive: According to the 2024 half-year report, liabilities of around 6 million euros were offset by equity of around 394 million euros – mathematically an equity ratio of around 98 percent. It is unclear where the capital went. For shareholders, the bankruptcy effectively meant a total loss.
Source: sdk.org, Image: Kmpzzz / Shutterstock.com
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