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Simplified income statement

🔗 [French] Statutory auditor's report on the 2025 financial statements (PDF)

Annual recurring revenue (ARR) up by 20%

100% of our revenue comes from subscriptions — no advertising, no sponsored events. This independence allows us to build an information product that we are proud of, focused solely on the needs of our users. Our largest subscriber accounts for just 1% of our total revenue, ensuring no single client holds undue influence.

This year, growth was driven by three key factors:

• The launch of the EU Energy vertical: This inaugural vertical of our English-language edition covering EU policies has seen the fastest commercial start in our history
• New subscriber acquisition across the 8 French verticals (+€1.9m)
• Upselling and price adjustments: A significant proportion of our clients chose to upgrade to our Advanced and Enterprise plans to benefit from our automated monitoring features

Our retention rate improved in 2025, stabilising at 92% (in value, annual rate).

€1m in operating cash flow

After 10 years of “bootstrapped” management, in 2023, we decided to prioritise our cash flow to increase our resilience and enable stronger future investments. This strategy continues to bear fruit: our operations generated €1 million in additional cash in 2025. Our reserves have now reached a secure level of €2.5m.

Net profit (excluding subsidies)

To achieve its mission, Contexte aims to grow while remaining independent. This requires achieving “organic” profitability, independent of subsidies (to avoid any economic dependence on the political sphere we cover). For the first time ever, Contexte recorded a net profit of €268k, excluding subsidies.

In the interests of transparency, the following subsidies were received in 2025: €287k from the Media Pluralism Fund, €6k in apprenticeship grants and €80k in Innovation Tax Credits (CIR/CII) for the development of our automated monitoring tools.

16,000 paying readers

Our readers are spread across 1,700 subscribing organisations. Two-thirds are from the private sector (corporations, consultancies, professional federations, NGOs, media) and one-third from the public sector (local authorities, institutions or educational establishments).

121 employees at the end of 2025

Following a stabilisation phase in 2024, the team grew by 25 people in 2025 across our two hubs: +14 in Paris and +11 in Brussels. Having reached capacity in our Paris office, we are now preparing to move to a new space that will double our surface area.

At the end of 2025, the team consisted of:

• 62 journalists (+10): 42 in Paris, 20 in Brussels, supported by a network of 13 freelancers
• 15 tech, product, design and insight (+4)
• 23 sales (+4)
• 10 marketing (+3)
• 11 HR, finance and project management (+4)
• 1 CEO (author of this summary)

What’s next

This successful year allows Contexte to pursue its ambitious mission: informing all stakeholders in a democracy. As they have every year for the past 13 years, our shareholders (all of whom are employees) have chosen to reinvest 100% of the profits back into the company’s development. There is still so much to do.