FY 2025 report
Spółka portująca gry wideo (Nintendo Switch, Xbox) w stanie istotnej niepewności co do kontynuacji działalności — kapitał własny ujemny (-1,04 mln zł), spełnione przesłanki art. 397 KSH.
Sentiment
Negative
No guidance change
BRP
FY 2025 report
Revenue
0.81 m PLN
— YoY
Net income
-3.42 m PLN
— YoY
EBITDA
-1.72 m PLN
— YoY
FCF
0.02 m PLN
— YoY
Summary
Investment thesis
- Kluczowy czynnik ryzyka: wezwanie NCBiR z 26.01.2026 do zwrotu 2,97 mln zł dofinansowania wraz z odsetkami (łącznie 3,95 mln zł = 89% sumy bilansowej), którego zasadność spółka kwestionuje.
- Przychody spadły o 44,4% r/r do 811,9 tys. zł, strata netto pogłębiła się do 3,42 mln zł (z 1,24 mln zł), głównie przez koszty i odsetki związane ze sprawą NCBiR oraz odpis WNiP 899,96 tys. zł.
- Płynność krytyczna: środki pieniężne 22,3 tys. zł wobec zobowiązań krótkoterminowych 5,46 mln zł; opóźnienia w płatnościach wobec dostawców, pracowników i instytucji publicznoprawnych.
- Zarząd wskazuje na aktywne kontrakty portowania i dwie własne produkcje (Spooky Lord, Dark Moonlight) jako podstawę zachowania płynności w 2026 r., wsparte pożyczką pomostową od LB Holding sp. z o.o. (160 tys. zł).
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Financials
BETA
BRP · FY 2025
| Metric | FY 2025 | FY 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 0.81 | — | — | reported | — | 1.00 |
| EBITDA | -1.72 | — | — | derived | — | 0.95 |
| EBIT | -2.44 | — | — | reported | — | 1.00 |
| EBT | -3.44 | — | — | reported | — | 1.00 |
| Net income | -3.42 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -1.57 | — | — | derived | — | 0.70 |
| D&A | 0.72 | — | — | reported | — | 1.00 |
| Interest expense | 1.01 | — | — | reported | — | 0.95 |
| Shares (basic) (m units) | 2.17 | — | — | reported | — | 0.90 |
| EBITDA margin | -211.68% | — | — | reported | — | 0.90 |
| EBIT margin | -300.24% | — | — | reported | — | 0.95 |
| EBT margin | -424.29% | — | — | reported | — | 0.95 |
| Net margin | -420.71% | — | — | reported | — | 0.95 |
| D&A margin | 88.53% | — | — | reported | — | 0.90 |
| Cash | 0.02 | — | — | reported | — | 1.00 |
| Total debt | 0.27 | — | — | reported | — | 0.90 |
| Net debt | 0.24 | — | — | derived | — | 0.85 |
| Equity | -1.04 | — | — | reported | — | 1.00 |
| Total assets | 4.46 | — | — | reported | — | 1.00 |
| Working capital | -2.3 | — | — | derived | — | 0.95 |
| Current assets | 3.16 | — | — | reported | — | 1.00 |
| Current liabilities | 5.46 | — | — | reported | — | 1.00 |
| Goodwill | 0 | — | — | reported | — | 1.00 |
| CFO | 0.02 | — | — | reported | — | 0.90 |
| CapEx | 0 | — | — | reported | — | 1.00 |
| FCF | 0.02 | — | — | derived | — | 0.85 |
| ROE | -512.05% | — | — | reported | — | 0.60 |
| ROA | -65.09% | — | — | reported | — | 0.85 |
| Current ratio | 0.58x | — | — | reported | — | 0.95 |
| Cash ratio | 0x | — | — | reported | — | 0.95 |
| Interest coverage | -2.42x | — | — | reported | — | 0.90 |
| Debt / assets | 0.06x | — | — | reported | — | 0.85 |
| Revenue growth (YoY) | -44.38% | — | — | reported | — | 0.95 |
| EBITDA growth (YoY) | -296.19% | — | — | reported | — | 0.80 |
| EBIT growth (YoY) | -120.23% | — | — | reported | — | 0.90 |
| Net income growth (YoY) | -176.27% | — | — | reported | — | 0.95 |
| FCF growth (YoY) | 102.67% | — | — | reported | — | 0.70 |
| EBITDA margin Δ (YoY) | -181.96 pp | — | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -224.41 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -336 pp | — | — | reported | — | 0.90 |
FY 2025 · Δ YoY
Revenue
0.81
—
0.81
—
- FY 2024
- —
EBITDA
-1.72
—
-1.72
—
- FY 2024
- —
EBIT
-2.44
—
-2.44
—
- FY 2024
- —
EBT
-3.44
—
-3.44
—
- FY 2024
- —
Net income
-3.42
—
-3.42
—
- FY 2024
- —
EPS (basic)
(PLN)
-1.57
—
-1.57
—
- FY 2024
- —
D&A
0.72
—
0.72
—
- FY 2024
- —
Interest expense
1.01
—
1.01
—
- FY 2024
- —
Shares (basic)
(m units)
2.17
—
2.17
—
- FY 2024
- —
EBITDA margin
-211.68%
—
-211.68%
—
- FY 2024
- —
EBIT margin
-300.24%
—
-300.24%
—
- FY 2024
- —
EBT margin
-424.29%
—
-424.29%
—
- FY 2024
- —
Net margin
-420.71%
—
-420.71%
—
- FY 2024
- —
D&A margin
88.53%
—
88.53%
—
- FY 2024
- —
Cash
0.02
—
0.02
—
- FY 2024
- —
Total debt
0.27
—
0.27
—
- FY 2024
- —
Net debt
0.24
—
0.24
—
- FY 2024
- —
Equity
-1.04
—
-1.04
—
- FY 2024
- —
Total assets
4.46
—
4.46
—
- FY 2024
- —
Working capital
-2.3
—
-2.3
—
- FY 2024
- —
Current assets
3.16
—
3.16
—
- FY 2024
- —
Current liabilities
5.46
—
5.46
—
- FY 2024
- —
Goodwill
0
—
0
—
- FY 2024
- —
CFO
0.02
—
0.02
—
- FY 2024
- —
CapEx
0
—
0
—
- FY 2024
- —
FCF
0.02
—
0.02
—
- FY 2024
- —
ROE
-512.05%
—
-512.05%
—
- FY 2024
- —
ROA
-65.09%
—
-65.09%
—
- FY 2024
- —
Current ratio
0.58x
—
0.58x
—
- FY 2024
- —
Cash ratio
0x
—
0x
—
- FY 2024
- —
Interest coverage
-2.42x
—
-2.42x
—
- FY 2024
- —
Debt / assets
0.06x
—
0.06x
—
- FY 2024
- —
Revenue growth (YoY)
-44.38%
—
-44.38%
—
- FY 2024
- —
EBITDA growth (YoY)
-296.19%
—
-296.19%
—
- FY 2024
- —
EBIT growth (YoY)
-120.23%
—
-120.23%
—
- FY 2024
- —
Net income growth (YoY)
-176.27%
—
-176.27%
—
- FY 2024
- —
FCF growth (YoY)
102.67%
—
102.67%
—
- FY 2024
- —
EBITDA margin Δ (YoY)
-181.96 pp
—
-181.96 pp
—
- FY 2024
- —
EBIT margin Δ (YoY)
-224.41 pp
—
-224.41 pp
—
- FY 2024
- —
Net margin Δ (YoY)
-336 pp
—
-336 pp
—
- FY 2024
- —