The film is as ambiguous as its title, and in giving no definite ending, it leaves plenty to contemplate. Claus Worm, an architect, finds himself in a desperate and embarrassing position, concerning both his professional and his personal life.

When he is being offered a tempting deal that would solve his economic problems, he begins to mistrust first the people who are involved in the deal, then nearly everyone else around him. Slowly, he investigates - and finds evidence of goings-on he can't approve of. But are his assumptions correct? Can he prove what he saw?