Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax [Abstract]

Schedule of Income Tax Expense

The below table summarizes the computation of income tax expense for the year ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
	2023			2022		2021
Net income (loss) before taxes	€	(3,130,635	)	€	1,395,092		348,222
Add: permanent differences		886,178			59,930		10,660
Add (less): temporary differences		(68,819	)		1,321		54,334
Less: cancellation of negative tax base		-			-		(9,713	)
Taxable income (loss)		(2,313,276	)		1,456,343		403,503
Tax rate at 25%		(93,022	)		364,086		100,876
Less: R&D deduction		-			-		(19,876	)
Add (less): deferred income tax expenses (recovery)		(1,023,789	)		2,428		-
Income tax expense (recovery)	€	(1,116,847	)	€	366,514		81,000

Schedule of Statutory Rate and Effective Income Tax Rate, Expressed as a Percentage

The following table provides a reconciliation between the statutory rate and the effective income tax rate, expressed as a percentage of income before income taxes:

	Year Ended December 31,
	2023			2022			2021
Tax at the statutory rate		25.0	%		25.0	%		25.0	%
Penalties		0.0	%		1.1	%		0.8	%
Cancellation of negative tax basis		0.0	%		0.0	%		(0.7	)%
Temporary differences		0.5	%		0.0	%		3.9	%
Tax Credit		0.0	%		0.0	%		(5.7	)%
Effective tax rate		25.6	%		26.1	%		23.3	%