~~Table~~FORM ~~of Contents~~6-K

~~FORM~~SECURITIES ~~6-K~~AND EXCHANGE COMMISSION

~~SECURITIES~~Washington, ~~AND~~D.C. ~~EXCHANGE COMMISSION~~20549

~~Washington,~~Report ~~D.C.~~of ~~20549~~Foreign Private Issuer

~~Report~~Pursuant ofto ~~Foreign~~Rule 13a-16 ~~Private~~or ~~Issuer~~15d-16 under the Securities Exchange Act of 1934

~~Pursuant to Rule~~July ~~13a-16~~25, ~~or 15d-16~~2005 ~~under the Securities Exchange Act of 1934~~

~~July 6,~~Commission ~~2005~~File Number 000-30838

~~Commission~~InfoVista ~~File~~S.A. (Translation ~~Number~~of ~~000-30838~~registrant’s name into English)

~~InfoVista~~6, ~~S.A.~~rue de la Terre de Feu 91940 Les Ulis, France (Address of principal executive offices)

~~(Translation~~Indicate ofby check mark whether the registrant’s ~~name~~files ~~into~~or ~~English)~~will file annual reports under cover of Form 20-F or Form 40-F:

6,Form ~~rue~~20-F deþ laForm ~~Terre~~40-F ~~de Feu 91940 Les Ulis, France (Address of principal executive offices)~~ o

Indicate by check mark ~~whether~~if the registrant ~~files~~is orsubmitting ~~will~~the ~~file~~Form ~~annual~~6-K ~~reports~~in ~~under~~paper ~~cover~~as ~~of Form~~permitted 20by Regulation S-FT ~~or Form 40-F~~Rule 101(b)(1):

~~Form 20-F~~Yes: þo ~~Form 40-F~~No: oþ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(17):


Yes: o		No: þ

Indicate by check mark ifwhether by furnishing the information contained in this Form, the registrant is ~~submitting~~also ~~the~~thereby ~~Form~~furnishing ~~6-K~~the ininformation ~~paper~~to asthe ~~permitted~~Commission ~~by Regulation S-T~~pursuant to Rule ~~101~~12g3-2(b)~~(7):~~ under the Securities Exchange Act of 1934.


Yes: o		No: þ

~~Indicate~~If by“Yes” ~~check~~is ~~mark~~marked, ~~whether~~indicate bybelow ~~furnishing~~ the ~~information~~file ~~contained~~number inassigned ~~this Form, the registrant is also thereby furnishing the information~~ to the ~~Commission~~registrant ~~pursuant~~in toconnection with Rule 12g3-2(b) ~~under~~: ~~the Securities Exchange Act of 1934.~~82-_______________

~~Yes~~Enclosures: oInfoVista ~~No:~~Announces þRecord Fourth Quarter and Fiscal Year Results

~~If “Yes” is marked, indicate below the file number assigned to the registrant in connection~~SIGNATURES ~~with Rule 12g3-2(b): 82-_________________~~

~~Enclosures:~~ Pursuant to the requirements of the Securities Exchange Act of 1934, InfoVista ~~Fourth~~S.A. ~~Quarter~~has ~~Revenue~~duly caused ~~Expected~~this report to ~~Exceed~~be ~~Guidance~~signed on its behalf by the undersigned, thereunto duly authorized.

TABLE OF CONTENTS


	InfoVista S.A.
Date: July 25, 2005	By:	/s/ Philippe Ozanian
		Name:	Philippe Ozanian
		Title:	Chief Financial Officer

~~SIGNATURES~~FOR ~~INFOVISTA~~IMMEDIATE ~~FOURTH~~RELEASE ~~QUARTER~~Contact: ~~REVENUE~~Karena ~~EXPECTED~~D’Arcy TOInvestor ~~EXCEED~~Relations ~~GUIDANCE~~Manager, InfoVista +33 1 64 86 85 65 kdarcy@infovista.com - or - Kirsten Hendrie Cubitt Consulting (London) +44 (0)20 7367 5100 kirsten.hendrie@cubitt.com - or - Tom Rozycki Cubitt (New York) +1 212 279 3115 tom@cjpcom.com

~~Table~~INFOVISTA ofANNOUNCES ~~Contents~~RECORD FOURTH QUARTER AND FISCAL YEAR RESULTS

~~SIGNATURES~~Momentum in North America and Further Success among Enterprise Customers in the Financial Sector Propel Growth

~~Pursuant~~Paris, toFrance ~~the~~and ~~requirements~~Herndon, Virginia — July 25, 2005 — InfoVista (Compartment C of Eurolist by Euronext — ISIN Code: FR0004031649, NASDAQ: IVTA), the ~~Securities~~leading ~~Exchange~~service-centric ~~Act~~performance management ofsoftware ~~1934~~company, today announced financial results for the quarter and full year ended June 30, 2005. Total revenues for the quarter increased to €9.6 million, up 19% over the comparable period last year. InfoVista Sachieved positive net income in the quarter, totaling €0.A4 million as compared to a loss of €0.4 million ~~has~~in ~~duly~~the comparable quarter last year. For the fiscal year ended ~~caused~~June 30, ~~this~~2005, ~~report~~total revenues amounted to be€34.3 million, ~~signed~~a on20% ~~its~~increase ~~behalf~~over bythe previous year. For the ~~undersigned~~first time ever, ~~thereunto~~InfoVista ~~duly~~also ~~authorized~~achieved positive net income, totaling €0.1 million, in fiscal year 2005 as compared to a net loss of €6.2 million in fiscal year 2004.

	InfoVista S.A.
Date: July 6, 2005	By:	/S/ Philippe Ozanian
		Name:	Philippe Ozanian
		Title:	Chief Financial Officer

Commenting on the quarter, Gad Tobaly, Chief Executive Officer of InfoVista, said: “Q4 marks the best quarter ever in the history of InfoVista. For the second quarter in a row, we have closed a significant deal of over €1 million, this time with one of the largest financial institutions in the world. Once again, our American revenues far outperformed other markets’, leading the Company’s growth. This quarter completes a year of remarkable turnaround for InfoVista. We have realized significant top-line growth for the full fiscal year and more importantly, delivered on our promise to achieve our first ever fiscal year of net profitability.”

~~Table~~Financial ~~of Contents~~Highlights

~~FOR~~• ~~IMMEDIATE~~Total ~~RELEASE~~revenues for the fourth quarter increased 19% to €9.6 million. License revenues for the quarter increased 22% to €5.6 million. • Revenues for fiscal year 2005 increased 20% to €34.3 million. License revenues for fiscal year 2005 increased 18% to €19.0 million. • Net profit for the fourth quarter was €0.4 million, or €0.02 per share. • Net profit for fiscal year 2005 was €0.12 million or €0.01 per share. • For the fourth quarter, the gross margin was 79% of revenues. Gross margin for the fiscal year improved to 80% from 78% in fiscal year 2004.

~~INFOVISTA~~• ~~FOURTH~~Days ~~QUARTER~~Sales ~~REVENUE~~Outstanding ~~EXPECTED~~(DSOs) TOrose ~~EXCEED~~to ~~GUIDANCE~~ 106 days, primarily reflecting a sharp sequential increase in deferred revenues. • As of June 30, 2005, the Company’s balance sheet remained completely debt-free. • As of June 30, 2005, the Company had a total of 17,372,867 shares outstanding. • As of June 30, 2005, cash and marketable securities increased to €33.7 million, or €1.94 per outstanding share. The Company’s cash and marketable securities position increased €1.3 million during the fourth quarter and operations were cash flow positive for the fiscal year.

~~Paris,~~The ~~France~~Best ~~and~~Quarter ~~Herndon,~~Ever ~~Virginia — July 6, 2005 — InfoVista (Compartment C of Eurolist by~~Yet Euronext — ISIN Code: FR0004031649, NASDAQ: IVTA), the leading service-centric performance management software company, today announced that its preliminary results for the fourth quarter ended June 30, 2005 should exceed the company’s earlier guidance.

OnInfoVista’s ~~July 25~~two ~~2005~~main regions, ~~InfoVista~~Europe ~~expects~~and toNorth ~~report~~America, ~~that~~produced record fourth quarter ~~total~~ revenues ~~will be~~ ~~approximately~~resulting ~~€9.5 million,~~in ~~against~~strong ~~the~~top-line ~~original~~growth ~~guidance~~for ofboth ~~€8.5 million.~~the ~~This~~quarter ~~will~~and be the ~~highest quarterly~~full ~~revenue~~fiscal ~~ever~~year. ~~reported~~Despite by the weaker ~~Company. As a result~~dollar, InfoVista’s ~~now~~American ~~anticipates~~operations ~~total revenues~~generated ~~for~~impressive ~~the fiscal~~ year-on-year ~~ended~~sales ~~June 30~~growth ~~2005,~~in euro ~~to be above the €34 million mark~~terms, ~~representing~~ ~~20%~~with ~~growth~~large ~~over~~contracts ~~the~~won ~~previous~~in ~~fiscal~~a ~~year.~~highly ~~InfoVista~~competitive ~~also expects its quarterly net results to be positive~~environment.

~~InfoVista~~• ~~cautioned~~In ~~that~~ the ~~results~~fourth ~~are~~quarter, ~~unaudited.~~North ~~The~~America, ~~Company~~Europe ~~will~~and ~~report~~Asia ~~its~~contributed ~~full~~50%, ~~fourth~~42% ~~quarter~~ and ~~fiscal~~8%, ~~year~~respectively, ~~2005~~to ~~results~~total onrevenues. ~~July 25~~American and European operations achieved quarterly revenue growth of 30% and 14%, ~~2005~~year-on-year respectively. ItThe ~~will~~growth ~~also~~in ~~host~~Asia-Pacific anrevenues ~~investor~~picked ~~conference~~up ~~call~~pace onin the ~~same~~ ~~day~~quarter, atwith ~~9:00~~sales aof €0.m7 million. ~~(EST)~~Two /large ~~2:00~~deals ptotaling US$1.m.0 ~~(UK)~~million /were ~~3:00~~won ~~p.m.~~in ~~(Continental~~India ~~Europe)~~with the two major local Service Providers, one of whom is Bharti Tele-Ventures Ltd. ~~The~~Revenue ~~call~~for ~~will~~these ~~be available~~two bydeals ~~dialing~~is ~~+44~~expected ~~(0)20~~to ~~7365~~be ~~1834~~recognized in fiscal year 2006. • InfoVista made deep inroads into the ~~UK/Europe~~Enterprise arena, orwith +revenues significantly increasing to €4.1 ~~718~~million, ~~354~~and ~~1171~~contributing in43% ~~North~~to ~~America~~total revenues for the quarter. ~~A replay~~The Company closed a deal of over €1 million with one of the ~~teleconference~~world’s ~~will~~largest befinancial ~~available~~institutions. ~~shortly~~Service ~~after~~Provider revenues stood at €5.5 million, representing 57% of total revenues for the ~~end~~quarter with business from American, Spanish and Singaporean incumbents. New Service Provider customers included Jazz Telecom and Spirit Telecom. • Q4 repeat business from existing customers represented 72% of total revenues. Repeat customers during the ~~conference~~quarter ~~call~~included atMCI Worldcom in the ~~following~~ ~~numbers:~~US, ~~UK/~~Telefonica and France Télécom in Europe:, ~~+44~~and (Optus in Australia. • Revenues from Software Licenses for the fourth quarter grew by 22% year-on-year and represent 58% of total revenues. Service Revenues increased by 15% to €4.0~~)20~~ ~~7784~~million. ~~1024~~• Revenues from indirect sales channels contributed 34% of total revenues for the fourth quarter, ~~North America:~~while ~~+1 718 354 1112~~direct sales channels, ~~Passcode: 4002622~~including revenues from referral partners, contributed the remaining 66% or €6. 3 million.

Contact:		Karena D’Arcy Investor Relations Manager, InfoVista+33 1 64 86 85 65 kdarcy@infovista.com
		- or -
		Kirsten Hendrie Cubitt Consulting (London) +44 (0)20 7367 5100 kirsten.hendrie@cubitt.com
		- or -
		Tom Rozycki Cubitt (New York) +1 212 279 3115 tom@cjpcom.com

Remarkable Year of Turnaround and Achievements

~~About~~Mr. Tobaly ~~InfoVista~~said: “IP convergence of voice, data and video is driving tremendous opportunities and challenges for our customers. We are ideally positioned to capitalize on this exciting market transformation, helping our clients harness the power that these next-generation communication services can offer.”

~~InfoVista~~During is the ~~Service-Centric~~fiscal ~~Performance~~year, ~~Management~~the ~~Software~~ Company ~~that~~launched ~~assures~~three ~~the optimal~~major ~~delivery of business-critical IT services. Driven by a uniquely adaptive and real-time technology foundation, InfoVista~~ solutions ~~improve business effectiveness, reduce operating risk,~~: lower cost of operations, increase agility and create competitive advantage. Eighty percent of the world’s largest service providers as ranked by Fortune®, as well as leading Global 2000 enterprises, rely on InfoVista to enhance the business value of their technology assets. Representative customers include Allstream, Banques Populaires, Banque de France, Broadwing Communications, Defense Information Systems Agency (DISA), Deloitte & Touche, Deutsche Telecom, France Telecom, Savvis Corporation, SingTel, US Cellular and Verio Inc. InfoVista stock is traded on the NASDAQ (IVTA) and the Eurolist by Euronext (FR0004031649). For more information about the company, please visit www.infovista.com

~~Cautionary~~• ~~Statement~~VistaInsight for ~~Purposes~~IP ofTelephony ~~the~~allows ~~“Safe~~customers ~~Harbor”~~to ~~Provisions~~manage of the ~~Private~~complexity ~~Securities Litigation~~and ~~Reform~~reap ~~Act of 1995: Except for historical information contained herein,~~ the ~~matters discussed~~promised inbenefits ~~this~~of ~~news~~telephony ~~release~~services ~~are~~delivered ~~“forward~~over ~~looking statements~~IP.” ~~These~~The ~~statements~~solution ~~involve~~was ~~risks~~launched ~~and uncertainties which could cause actual results to differ materially from those~~ in ~~such forward-looking~~February ~~statements;~~2005 ~~including, without limitation, risks~~ and ~~uncertainties~~has ~~arising~~been ~~from~~recognized ~~the rapid~~by ~~evolution of our markets, competition,~~ market ~~acceptance~~experts ofas ~~our~~far ~~products,~~surpassing ~~our~~competitive ~~dependence~~offerings. ~~upon spending~~• byVistaInsight ~~the~~for ~~telecommunications~~Networks ~~industry~~empowers ~~and~~Service ~~our~~Providers ~~ability~~ to ~~develop~~maximize ~~and~~the ~~protect~~performance ~~new technologies. For a description~~ of ~~other~~their ~~factors~~MPLS-based ~~which~~networks ~~might affect our actual results, please see the “Risk Factors” section~~ and ~~other~~offer ~~disclosures~~highly indifferentiated ~~InfoVista’s~~web-based ~~public~~customer ~~filings with the US Securities & Exchange Commission and French Autorité des Marchés Financiers~~reporting. ~~Readers~~• ofVistaInsight ~~this~~for ~~news~~Server ~~release~~Management ~~are~~helps ~~cautioned not~~large tocustomers ~~put~~better ~~undue~~manage ~~reliance~~their onsystem ~~any~~resources ~~forward-looking~~providing ~~statement.~~advanced ~~The~~performance ~~Company~~and ~~undertakes~~capacity noplanning ~~obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise~~capabilities.

~~InfoVista~~The isCompany aalso ~~registered~~announced ~~trademark~~major innovations of ~~InfoVista~~its technical platform, ~~S.A.~~VistaFoundation, which dramatically reduces cost of ownership of the communications infrastructure especially in very large and distributed environments. All these technical breakthroughs accentuate InfoVista’s position as the leading provider of solutions for the management of next-generation communication services.

During the fiscal year, the Company cemented its leadership position in the Service Provider segment, becoming the performance management standard in the telecommunications industry. Additionally, InfoVista made great strides in the Enterprise segment, securing large wins particularly in the financial industry.

	•		Europe, North America and Asia contributed 48%, 44% and 8% of total fiscal year revenues, respectively. European revenues were up 20% over last year to €16.5 million. Revenues in North America amounted to €15.2 million, representing 26% year-on-year growth.

	•		For the fiscal year, Enterprise revenues amounted to €9.7 million or 28% of total revenues, with Service Providers generating the remaining 72% of the year’s revenues.

	•		Repeat business from existing customers represented 80% of the fiscal year’s total revenues.

	•		Revenues from Software Licenses contributed 55% of the year’s revenues, up 18%. Service Revenues grew by 21%.

	•		Revenues from indirect channels contributed 38% to total revenues for fiscal year 2005, while direct channels including revenues from referral partners contributed the remaining 62%.

Outlook

Looking ahead, Mr. Tobaly commented: “I am confident that the momentum will continue into the new fiscal year and we anticipate organic growth of approximately 20% for fiscal year 2006. For the first quarter, despite traditional unfavorable seasonality, particularly in Europe, we expect total revenues of between €8.7 million and €9.2 million, a revenue growth of about 20% over the same period last year.”

In accordance with SFAS (Statement of Financial Accounting Standards) 123(R), the Company will commence accounting for stock based compensation in its results of operations in fiscal year 2006. InfoVista anticipates a charge of approximately €1.1 million for stock compensation in fiscal year 2006 and approximately €310,000 for its first quarter. As such, InfoVista expects negative net results for the first quarter but positive net income for the entire fiscal year.

InfoVista will host an investor conference call today at 9:00 a.m. (EST) / 2:00 p.m. (UK) / 3:00 p.m. (Continental Europe). The call will be available by dialing +44 (0)20 7365 1834 in the UK/Europe, or +1 718 354 1171 in North America. A replay will be available shortly after the end

of the call at the following numbers: UK/Europe: +44(0)20 7784 1024, North America: +1 718 354 1112, Passcode: 4002622.

As of July 1, 2005, InfoVista will no longer publish its French results under French GAAP, and instead will report its French financial results in accordance with International Financial Reporting Standards (IFRS).

About InfoVista

InfoVista is the Service-Centric Performance Management Software Company that assures the optimal delivery of business-critical IT services. Driven by a uniquely adaptive and real-time technology foundation, InfoVista solutions improve business effectiveness, reduce operating risk, lower cost of operations, increase agility and create competitive advantage. Eighty percent of the world’s largest service providers as ranked by Fortune®, as well as leading Global 2000 enterprises, rely on InfoVista to enhance the business value of their technology assets. Representative customers include Allstream, Banques Populaires, Banque de France, Broadwing Communications, Defense Information Systems Agency (DISA), Deloitte & Touche, Deutsche Telecom, France Telecom, Savvis Corporation, SingTel, US Cellular and Verio Inc. InfoVista stock is traded on the NASDAQ (IVTA) and the Eurolist by Euronext (FR0004031649). For more information about the company, please visit www.infovista.com

Cautionary Statement for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this news release are “forward looking statements.” These statements involve risks and uncertainties which could cause actual results to differ materially from those in such forward-looking statements; including, without limitation, risks and uncertainties arising from the rapid evolution of our markets, competition, market acceptance of our products, our dependence upon spending by the telecommunications industry and our ability to develop and protect new technologies. For a description of other factors which might affect our actual results, please see the “Risk Factors” section and other disclosures in InfoVista’s public filings with the US Securities & Exchange Commission and French Autorité des Marchés Financiers. Readers of this news release are cautioned not to put undue reliance on any forward-looking statement. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

InfoVista is a registered trademark of InfoVista, S.A.

INFOVISTA
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share and per share data)


	For the twelve months ended						For the three months ended
	June 30,						June 30,
	2005			2004			2005			2004
	(unaudited)						(unaudited)			(unaudited)
Revenues
License revenues	€	19,049		€	16,076		€	5,584		€	4,564
Service revenues		15,292			12,611			3,987			3,481

Total revenues		34,341			28,687			9,571			8,045

Cost of revenues
Cost of licenses		857			681			290			152
Cost of services		5,917			5,722			1,703			1,392

Total cost of revenues		6,774			6,403			1,993			1,544


Gross profit		27,567			22,284			7,578			6,501

Operating expenses
Sales and marketing expenses		15,396			14,802			4,233			4,041
Research and development expenses		6,651			6,081			1,734			1,589
General and administrative expenses		5,574			4,346			1,450			1,150

Stock compensation expense					44			—			44
Restructuring costs		—			2,495			—			—
Impairment of fixed assets		4			608			—			37
Amortization of intangible assets		158			380			—			95

Total operating expenses		27,783			28,756			7,417			6,956


Operating (loss) income		(216	)		(6,472	)		161			(455	)

Other income (expense):
Interest income		484			631			124			132
Net foreign currency transaction (losses) gains		(46	)		(109	)		217			57
Other		(62	)		—			(62	)		—


Income (Loss) before income taxes		160			(5,950	)		440			(266	)

Income tax expense		(36	)		(254	)		(26	)		(127	)


Net income (loss)	€	124		€	(6,204	)	€	414		€	(393	)

EBITDA	€	1,541		€	(4,275	)	€	741		€	143

Adjusted net income (loss)	€	332		€	(2,568	)	€	197		€	(274	)


Basic net income (loss) per share	€	0.01		€	(0.35	)	€	0.02		€	(0.02	)
Diluted net income (loss) per share	€	0.01		€	(0.35	)	€	0.02		€	(0.02	)

Adjusted basic net income (loss) per share	€	0.02		€	(0.14	)	€	0.01		€	(0.02	)
Adjusted diluted net income (loss) per share	€	0.02		€	(0.14	)	€	0.01		€	(0.02	)

Basic weighted average shares outstanding		17,271,717			17,778,929			17,371,645			17,083,002
Diluted weighted average shares outstanding		20,936,182			17,778,929			21,074,410			17,083,002

INFOVISTA
RECONCILIATION BETWEEN NET INCOME (LOSS) AND EBITDA
(In thousands, except for share and per share data)

The Company provides EBITDA data to assist investors in their analysis of our operating results. These adjustments are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of Americas (US GAAP) and may be different from the presentation of financial information provided by other companies. EBITDA as well as US GAAP net income are presented in the consolidated statements of operations that accompany this press release. EBITDA is calculated as net income (loss) less depreciation and amortization, interest expense and income tax expense.


	For the twelve months ended					For the three months ended
	June 30,					June 30,
	2005		2004			2005		2004
	(unaudited)		(unaudited)			(unaudited)		(unaudited)


Net income (loss)	€	124	€	(6,204	)	€	414	€	(393	)


EBITDA is exclusive of the following items:
Income tax expense		36		254			26		127
Depreciation and amortization		1,381		1,664			301		403
Interest expense		—		11			—		6


EBITDA	€	1,541	€	(4,275	)	€	741	€	143

RECONCILIATION BETWEEN NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS)
(In thousands, except for share and per share data)

The Company provides adjusted net income (loss) and adjusted net income (loss) per share data to assist investors in their analysis of our operating results. These adjustments are not in accordance with, or an alternative for, generally accepted accounting principles in the United States of Americas (US GAAP) and may be different from the presentation of financial information provided by other companies. Adjusted net income and earnings per share as well as US GAAP net income and earnings per share are presented in the consolidated statements of operations that accompany this press release.


	For the twelve months ended					For the three months ended
	June 30,					June 30,
	2005		2004			2005			2004
	(unaudited)		(unaudited)			(unaudited)			(unaudited)


Net income (loss)	€	124	€	(6,204	)	€	414		€	(393	)


As adjusted net income (loss) is exclusive of the following charges:
Restructuring costs		—		2,495			—			—
Stock compensation expense		—		44			—			44
Amortization of intangible assets		158		380			—			95
Net foreign currency transaction losses		46		109			(217	)		(57	)
Impairment of fixed assets		4		608			—			37


Adjusted net income (loss)	€	332	€	(2,568	)	€	197		€	(274	)

INFOVISTA
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)


	As of
	June 30,			June 30,
	2005			2004
	(unaudited)
ASSETS

Cash and marketable securities	€	33,746		€	32,676
Trade receivables, net of allowance of €253 and €387, respectively		11,310			8,367
Prepaid expenses and other current assets		2,071			2,399

Total current assets		47,127			43,442


Fixed assets, net		2,200			2,449
Licensed technology and advances, net		908			850
Investment		1,027			1,027
Deposits and other assets		967			1,085

Total non current assets		5,102			5,411


Total assets	€	52,229		€	48,853


LIABILITIES & STOCKHOLDERS’ EQUITY
Trade payables	€	2,465		€	2,614
Accrued salaries and commissions		2,523			1,680
Accrued social security and other payroll taxes		1,026			818
Deferred revenue		7,202			5,453
Accrued VAT		1,541			1,384
Other current liabilities		363			537

Total current liabilities		15,120			12,486


Other long term liabilities		113			113

Total non-current liabilities		113			113


Stockholders’ equity
Common stock (18,524,721 and 18,950,920 shares authorized and issued, and 17,372,867 and 17,115,466 shares outstanding)		10,003			10,233
Capital in excess of par value of stock		84,893			84,982
Accumulated deficit		(52,189	)		(52,313	)
Unrealized losses on available for sale securities		(33	)		(96	)
Cumulative translation adjustment		(1,200	)		(1,236	)
Less common stock in treasury, at cost		(4,478	)		(5,316	)

Total stockholders’ equity		36,996			36,254


Total liabilities and stockholders’ equity	€	52,229		€	48,853

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