EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth our ratio of earnings to fixed charges for the period presented under International Financial Reporting Standards.

	Year Ended December 31,
(Euro, in thousands)	2013			2014			2015			2016
Fixed charges
Interest expenses	€	1,595		€	41		€	236		€	207
Total fixed charges	€	1,595			41			236			207
Earnings available for fixed charges
Loss before taxes	€	(14,489	)		(16,453	)		(29,114	)		(23,612	)
Add: Fixed charges	€	1,595			41			236			207
Total earnings available for fixed charges	€	(12,894	)		(16,412	)		(28,878	)		(23,405	)
Ratio of earnings to fixed charges		*			*	*		*	**		*	***

As our continuing operations reported losses before income taxes for the periods presented, the ratio would indicate less than a one-to-one coverage. Therefore the Euro amount of the deficiency is disclosed for these periods.

* Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges by €14,489 thousand

** Earnings for the year ended December 31, 2014 were inadequate to cover fixed charges by €16,453 thousand

*** Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges by €29,114 thousand

**** Earnings for the year ended December 31, 2016 were inadequate to cover fixed charges by €23,612 thousand

For the purpose of the computation of the ratio of earnings to fixed charges, earnings include loss from continuing operations before income taxes, adjusted for fixed charges in the extent they affect current year earnings.