FY 2025 report
Spółka windykacyjna w fazie pasywnej — portfel wierzytelności kurczy się z 11,6 mln do 7,2 mln PLN (−38%), bez sygnałów reinwestycji w nowe portfele
Sentiment
Neutral
No guidance change
ONE
FY 2025 report
Revenue
1.55 m PLN
— YoY
Net income
-2.86 m PLN
— YoY
EBITDA
-0.73 m PLN
— YoY
Gross margin
9.82%
— YoY
Summary
Investment thesis
- Strata netto FY2025 (−2,86 mln PLN) zdominowana przez jednorazowe zdarzenia: sprzedaż spornego portfela do FF S.A. (−2,27 mln) i strata na akcjach FF S.A. (−0,25 mln) — łącznie −2,53 mln PLN one-off
- CFO pozostaje pozytywny (+743K PLN) — model biznesowy generuje gotówkę poprzez windykację, pomimo straty rachunkowej
- Bilans solidny: brak zadłużenia finansowego, net cash 1,81 mln PLN, equity ratio 83,7% — bezpieczeństwo bilansowe wysokie
- Brak strategii odbudowy przychodów — kluczowe ryzyko egzystencjalne dla modelu biznesowego w horyzoncie 2-3 lat
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Financials
BETA
ONE · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1.55 | — | — | reported | — | 1.00 |
| Gross profit | 0.15 | — | — | reported | — | 1.00 |
| EBITDA | -0.73 | — | — | derived | — | 0.95 |
| EBIT | -0.76 | — | — | reported | — | 1.00 |
| Net income | -2.86 | — | — | reported | — | 1.00 |
| D&A | 0.03 | — | — | reported | — | 1.00 |
| Interest expense | 0.05 | — | — | reported | — | 1.00 |
| Gross margin | 19.09 | — | — | reported | — | — |
| EBITDA margin | 165 | — | — | reported | — | — |
| EBIT margin | 164 | — | — | reported | — | — |
| Net margin | -58.7 | — | — | reported | — | — |
| Cash | 1.83 | — | — | reported | — | 1.00 |
| Total debt | 0.02 | — | — | reported | — | 1.00 |
| Net debt | -1.81 | — | — | derived | — | 1.00 |
| Equity | 8.29 | — | — | reported | — | 1.00 |
| Total assets | 9.91 | — | — | reported | — | 1.00 |
| Working capital | 8.97 | — | — | derived | — | 1.00 |
| Current assets | 9.17 | — | — | reported | — | 1.00 |
| Current liabilities | 0.2 | — | — | reported | — | 1.00 |
| CFO | 0.74 | — | — | reported | — | 1.00 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 0.74 | — | — | derived | — | 1.00 |
| ROE | -29.4% | — | — | derived | — | 0.90 |
| ROA | -24.9% | — | — | derived | — | 0.90 |
| Current ratio | 82 | — | — | reported | — | — |
| Interest coverage | 49.1 | — | — | reported | — | — |
| Net debt / EBITDA | -0.56 | — | — | reported | — | — |
| Debt / equity | 0 | — | — | reported | — | — |
| Revenue growth (YoY) | -56.9 | — | — | reported | — | — |
| Net income growth (YoY) | -474.3% | — | — | derived | — | 1.00 |
FY 2025 · Δ YoY
Revenue
1.55
—
1.55
—
- FY 2024
- —
Gross profit
0.15
—
0.15
—
- FY 2024
- —
EBITDA
-0.73
—
-0.73
—
- FY 2024
- —
EBIT
-0.76
—
-0.76
—
- FY 2024
- —
Net income
-2.86
—
-2.86
—
- FY 2024
- —
D&A
0.03
—
0.03
—
- FY 2024
- —
Interest expense
0.05
—
0.05
—
- FY 2024
- —
Gross margin
19.09
—
19.09
—
- FY 2024
- —
EBITDA margin
165
—
165
—
- FY 2024
- —
EBIT margin
164
—
164
—
- FY 2024
- —
Net margin
-58.7
—
-58.7
—
- FY 2024
- —
Cash
1.83
—
1.83
—
- FY 2024
- —
Total debt
0.02
—
0.02
—
- FY 2024
- —
Net debt
-1.81
—
-1.81
—
- FY 2024
- —
Equity
8.29
—
8.29
—
- FY 2024
- —
Total assets
9.91
—
9.91
—
- FY 2024
- —
Working capital
8.97
—
8.97
—
- FY 2024
- —
Current assets
9.17
—
9.17
—
- FY 2024
- —
Current liabilities
0.2
—
0.2
—
- FY 2024
- —
CFO
0.74
—
0.74
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
0.74
—
0.74
—
- FY 2024
- —
ROE
-29.4%
—
-29.4%
—
- FY 2024
- —
ROA
-24.9%
—
-24.9%
—
- FY 2024
- —
Current ratio
82
—
82
—
- FY 2024
- —
Interest coverage
49.1
—
49.1
—
- FY 2024
- —
Net debt / EBITDA
-0.56
—
-0.56
—
- FY 2024
- —
Debt / equity
0
—
0
—
- FY 2024
- —
Revenue growth (YoY)
-56.9
—
-56.9
—
- FY 2024
- —
Net income growth (YoY)
-474.3%
—
-474.3%
—
- FY 2024
- —