FY 2025 report
Przychody wzrosły z 3,9 do 36,0 mln zł dzięki wyprzedaży gruntów i lokali, a marża brutto wróciła na poziom +29,4% (rok wcześniej −25,3%).
Sentiment
Cautious
No guidance change
CZT
FY 2025 report
Revenue
36.05 m PLN
— YoY
Net income
-15.02 m PLN
— YoY
EBITDA
-13 m PLN
— YoY
Gross margin
29.35%
— YoY
Summary
Investment thesis
- Mimo poprawy marży grupa pozostaje nierentowna: EBIT −13,3 mln zł, wynik netto −17,0 mln zł (−15,0 mln zł dla akcjonariuszy jednostki dominującej).
- Gotówka operacyjna jest ujemna drugi rok z rzędu (−9,9 mln zł po −29,3 mln zł); wzrost gotówki do 38,7 mln zł pochodzi ze sprzedaży nieruchomości inwestycyjnych i nowego długu.
- Zapasy 199,5 mln zł stanowią 67% aktywów, a zobowiązania krótkoterminowe wzrosły o 79% do 160,7 mln zł — wycena i tempo sprzedaży zapasów decydują o losie spółki.
- Bank ziemi ok. 140 ha daje opcję na kolejne transakcje, ale koncentracja akcjonariatu w rodzinie Świtalskich i brak szczegółów o odpisach ograniczają przejrzystość.
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Financials
BETA
CZT · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 36,045 | — | — | reported | — | 1.00 |
| Gross profit | 10,579 | — | — | reported | — | 1.00 |
| EBITDA | -12,998 | — | — | reported | — | 1.00 |
| EBIT | -13,317 | — | — | reported | — | 1.00 |
| EBT | -20,052 | — | — | reported | — | 1.00 |
| Net income | -15,015 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -0.2 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | -0.2 | — | — | reported | — | 1.00 |
| Interest expense | 8,684 | — | — | reported | — | 0.90 |
| Income tax | -3,041 | — | — | reported | — | 0.90 |
| Gross margin | 29.35% | — | — | derived | — | 0.95 |
| EBITDA margin | -36.06% | — | — | derived | — | 0.95 |
| EBIT margin | -36.95% | — | — | derived | — | 0.95 |
| EBT margin | -55.63% | — | — | derived | — | 0.70 |
| Net margin | -41.66% | — | — | derived | — | 0.70 |
| Cash | 38,702 | — | — | reported | — | 1.00 |
| Total debt | 43,000 | — | — | derived | — | 0.60 |
| Net debt | 4,298 | — | — | derived | — | 0.55 |
| Equity | 89,100 | — | — | reported | — | 1.00 |
| Total assets | 297,249 | — | — | reported | — | 1.00 |
| Current assets | 250,841 | — | — | reported | — | 1.00 |
| Current liabilities | 160,650 | — | — | reported | — | 1.00 |
| Non-current liabilities | 47,499 | — | — | reported | — | 1.00 |
| Inventory | 199,451 | — | — | reported | — | 1.00 |
| Trade receivables | 7,893 | — | — | reported | — | 0.80 |
| CFO | -9,896 | — | — | reported | — | 1.00 |
| ROE | -17.43% | — | — | derived | — | 0.70 |
| ROA | -6.45% | — | — | derived | — | 0.70 |
| Current ratio | 1.56x | — | — | derived | — | 0.95 |
| Quick ratio | 0.32x | — | — | derived | — | 0.80 |
| Cash ratio | 0.24x | — | — | derived | — | 0.70 |
| Debt / equity | 0.48x | — | — | derived | — | 0.60 |
| Debt / assets | 0.14x | — | — | derived | — | 0.60 |
| Net debt / equity | 0.05x | — | — | derived | — | 0.55 |
| Revenue growth (YoY) | 814.2% | — | — | derived | — | 0.70 |
| EBIT growth (YoY) | 37.94% | — | — | derived | — | 0.70 |
| Net income growth (YoY) | -17.02% | — | — | derived | — | 0.70 |
FY 2025 · Δ YoY
Revenue
36,045
—
36,045
—
- FY 2024
- —
Gross profit
10,579
—
10,579
—
- FY 2024
- —
EBITDA
-12,998
—
-12,998
—
- FY 2024
- —
EBIT
-13,317
—
-13,317
—
- FY 2024
- —
EBT
-20,052
—
-20,052
—
- FY 2024
- —
Net income
-15,015
—
-15,015
—
- FY 2024
- —
EPS (basic)
(PLN)
-0.2
—
-0.2
—
- FY 2024
- —
EPS (diluted)
(PLN)
-0.2
—
-0.2
—
- FY 2024
- —
Interest expense
8,684
—
8,684
—
- FY 2024
- —
Income tax
-3,041
—
-3,041
—
- FY 2024
- —
Gross margin
29.35%
—
29.35%
—
- FY 2024
- —
EBITDA margin
-36.06%
—
-36.06%
—
- FY 2024
- —
EBIT margin
-36.95%
—
-36.95%
—
- FY 2024
- —
EBT margin
-55.63%
—
-55.63%
—
- FY 2024
- —
Net margin
-41.66%
—
-41.66%
—
- FY 2024
- —
Cash
38,702
—
38,702
—
- FY 2024
- —
Total debt
43,000
—
43,000
—
- FY 2024
- —
Net debt
4,298
—
4,298
—
- FY 2024
- —
Equity
89,100
—
89,100
—
- FY 2024
- —
Total assets
297,249
—
297,249
—
- FY 2024
- —
Current assets
250,841
—
250,841
—
- FY 2024
- —
Current liabilities
160,650
—
160,650
—
- FY 2024
- —
Non-current liabilities
47,499
—
47,499
—
- FY 2024
- —
Inventory
199,451
—
199,451
—
- FY 2024
- —
Trade receivables
7,893
—
7,893
—
- FY 2024
- —
CFO
-9,896
—
-9,896
—
- FY 2024
- —
ROE
-17.43%
—
-17.43%
—
- FY 2024
- —
ROA
-6.45%
—
-6.45%
—
- FY 2024
- —
Current ratio
1.56x
—
1.56x
—
- FY 2024
- —
Quick ratio
0.32x
—
0.32x
—
- FY 2024
- —
Cash ratio
0.24x
—
0.24x
—
- FY 2024
- —
Debt / equity
0.48x
—
0.48x
—
- FY 2024
- —
Debt / assets
0.14x
—
0.14x
—
- FY 2024
- —
Net debt / equity
0.05x
—
0.05x
—
- FY 2024
- —
Revenue growth (YoY)
814.2%
—
814.2%
—
- FY 2024
- —
EBIT growth (YoY)
37.94%
—
37.94%
—
- FY 2024
- —
Net income growth (YoY)
-17.02%
—
-17.02%
—
- FY 2024
- —