FY 2025 report
Zysk operacyjny (EBIT) dodatni (3,52 mln zł) i rosnąca marża brutto na sprzedaży dzięki przejściu na model franczyzowy (97,1% sieci), ale koszty finansowe (8,92 mln zł) ponad dwukrotnie przewyższają EBIT.
Sentiment
Cautious
No guidance change
SFS
FY 2025 report
Revenue
75.57 m PLN
— YoY
Net income
-5.05 m PLN
— YoY
EBITDA
14.64 m PLN
— YoY
Gross margin
32.78%
— YoY
Summary
Investment thesis
- Kapitał własny głęboko ujemny i pogłębiający się r/r: -83,1 mln zł wobec -76,1 mln zł — sytuacja formalnie wymagająca zwołania WZA wg art. 397 KSH.
- Biegły rewident wydał opinię z zastrzeżeniem drugi rok z rzędu z powodu istotnej niepewności co do kontynuacji działalności — ujawnienia w SSF ocenione jako niekompletne.
- Płynność krytyczna: wskaźnik bieżącej płynności 0,3x, zobowiązania krótkoterminowe przewyższają aktywa obrotowe o 27 mln zł, kowenanty kredytu BOŚ niespełnione na dzień bilansowy.
- Kluczowa niepewność na 2026 r.: sprzedaż zorganizowanej części przedsiębiorstwa SPHINX (jedynie niewiążąca oferta od funduszu maltańskiego) ma sfinansować spłatę zadłużenia — brak pewności co do realizacji i warunków transakcji.
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Financials
BETA
SFS · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 75.57 | — | — | reported | — | 1.00 |
| Gross profit | 24.77 | — | — | reported | — | 1.00 |
| EBITDA | 14.64 | — | — | reported | — | 1.00 |
| EBIT | 5.42 | — | — | reported | — | 1.00 |
| EBT | -4.17 | — | — | reported | — | 1.00 |
| Net income | -5.05 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.13 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.13 | — | — | reported | — | 1.00 |
| Interest expense | 9.59 | — | — | reported | — | 1.00 |
| Income tax | 0.88 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 37.94 | — | — | reported | — | 1.00 |
| Gross margin | 32.78% | — | — | derived | — | 0.95 |
| EBITDA margin | 19.37% | — | — | derived | — | 0.95 |
| EBIT margin | 7.17% | — | — | derived | — | 0.95 |
| Net margin | -6.68% | — | — | derived | — | 0.95 |
| Total debt | 84.61 | — | — | reported | — | 1.00 |
| Equity | -76.08 | — | — | reported | — | 1.00 |
| Total assets | 105.62 | — | — | reported | — | 1.00 |
| Working capital | -21.61 | — | — | derived | — | 0.95 |
| Current assets | 26.3 | — | — | reported | — | 1.00 |
| Current liabilities | 47.91 | — | — | reported | — | 1.00 |
| Non-current liabilities | 133.79 | — | — | reported | — | 1.00 |
| Inventory | 0.96 | — | — | reported | — | 1.00 |
| Trade receivables | 12.31 | — | — | reported | — | 0.90 |
| Trade payables | 16.68 | — | — | reported | — | 0.90 |
| Goodwill | 4.97 | — | — | reported | — | 0.90 |
| CFO | 15.56 | — | — | reported | — | 1.00 |
| CFO conversion | 91.09% | — | — | derived | — | 0.85 |
| ROA | -8.3% | — | — | derived | — | 0.85 |
| ROCE | 20.45% | — | — | derived | — | 0.80 |
| Current ratio | 0.34x | — | — | derived | — | 0.95 |
| Quick ratio | 0.33x | — | — | derived | — | 0.95 |
| Interest coverage | 0.4x | — | — | derived | — | 0.90 |
| Debt / equity | -1.07x | — | — | derived | — | 0.70 |
| Debt / assets | 1.41x | — | — | derived | — | 0.90 |
| Revenue growth (YoY) | -38.23% | — | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -34.13% | — | — | derived | — | 0.90 |
| EBIT growth (YoY) | -35.01% | — | — | derived | — | 0.95 |
| Net income growth (YoY) | -38.68% | — | — | derived | — | 0.95 |
| EPS growth (YoY) | -38.46% | — | — | derived | — | 0.95 |
| Gross margin Δ (YoY) | 22.39 pp | — | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 1.29 pp | — | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 0.37 pp | — | — | derived | — | 0.90 |
| Net margin Δ (YoY) | -8.32 pp | — | — | derived | — | 0.90 |
FY 2025 · Δ YoY
Revenue
75.57
—
75.57
—
- FY 2024
- —
Gross profit
24.77
—
24.77
—
- FY 2024
- —
EBITDA
14.64
—
14.64
—
- FY 2024
- —
EBIT
5.42
—
5.42
—
- FY 2024
- —
EBT
-4.17
—
-4.17
—
- FY 2024
- —
Net income
-5.05
—
-5.05
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.13
—
-0.13
—
- FY 2024
- —
EPS (diluted)
(PLN)
-0.13
—
-0.13
—
- FY 2024
- —
Interest expense
9.59
—
9.59
—
- FY 2024
- —
Income tax
0.88
—
0.88
—
- FY 2024
- —
Shares (basic)
(m units)
37.94
—
37.94
—
- FY 2024
- —
Gross margin
32.78%
—
32.78%
—
- FY 2024
- —
EBITDA margin
19.37%
—
19.37%
—
- FY 2024
- —
EBIT margin
7.17%
—
7.17%
—
- FY 2024
- —
Net margin
-6.68%
—
-6.68%
—
- FY 2024
- —
Total debt
84.61
—
84.61
—
- FY 2024
- —
Equity
-76.08
—
-76.08
—
- FY 2024
- —
Total assets
105.62
—
105.62
—
- FY 2024
- —
Working capital
-21.61
—
-21.61
—
- FY 2024
- —
Current assets
26.3
—
26.3
—
- FY 2024
- —
Current liabilities
47.91
—
47.91
—
- FY 2024
- —
Non-current liabilities
133.79
—
133.79
—
- FY 2024
- —
Inventory
0.96
—
0.96
—
- FY 2024
- —
Trade receivables
12.31
—
12.31
—
- FY 2024
- —
Trade payables
16.68
—
16.68
—
- FY 2024
- —
Goodwill
4.97
—
4.97
—
- FY 2024
- —
CFO
15.56
—
15.56
—
- FY 2024
- —
CFO conversion
91.09%
—
91.09%
—
- FY 2024
- —
ROA
-8.3%
—
-8.3%
—
- FY 2024
- —
ROCE
20.45%
—
20.45%
—
- FY 2024
- —
Current ratio
0.34x
—
0.34x
—
- FY 2024
- —
Quick ratio
0.33x
—
0.33x
—
- FY 2024
- —
Interest coverage
0.4x
—
0.4x
—
- FY 2024
- —
Debt / equity
-1.07x
—
-1.07x
—
- FY 2024
- —
Debt / assets
1.41x
—
1.41x
—
- FY 2024
- —
Revenue growth (YoY)
-38.23%
—
-38.23%
—
- FY 2024
- —
EBITDA growth (YoY)
-34.13%
—
-34.13%
—
- FY 2024
- —
EBIT growth (YoY)
-35.01%
—
-35.01%
—
- FY 2024
- —
Net income growth (YoY)
-38.68%
—
-38.68%
—
- FY 2024
- —
EPS growth (YoY)
-38.46%
—
-38.46%
—
- FY 2024
- —
Gross margin Δ (YoY)
22.39 pp
—
22.39 pp
—
- FY 2024
- —
EBITDA margin Δ (YoY)
1.29 pp
—
1.29 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
0.37 pp
—
0.37 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-8.32 pp
—
-8.32 pp
—
- FY 2024
- —