TXN TAX-NET NewConnect · Annual · publ. May 19, 2026

FY 2025 report

Niszowe biuro rachunkowo-podatkowe na NewConnect z ok. 1000 klientów i 80 pracownikami, rosnące głównie przez przejmowanie portfeli klientów mniejszych kancelarii.

Sentiment

Cautious No guidance change

Website

TXN FY 2025 report

Revenue

13,573,745 PLN

— YoY

Net income

159,301 PLN

— YoY

EBITDA

445,928 PLN

— YoY

Net debt / EBITDA

-2.69x

— YoY

Summary

Investment thesis

Przychody rosną dwucyfrowo (+10,25% r/r) dzięki akwizycji portfela klientów kancelarii „Urzędnik”, ale marże operacyjne skurczyły się o połowę pod presją kosztów pracy.
Model biznesowy oparty na pracy ludzkiej ma z natury ograniczoną skalowalność kosztową — presja płacowa przenosi się na wynik szybciej niż da się podnieść ceny usług.
Bilans bez zadłużenia kredytowego i z nadwyżką gotówki nad zobowiązaniami finansowymi daje spółce bufor bezpieczeństwa mimo straty netto w 2025 r.
Silna koncentracja własności i powiązań rodzinnych w Zarządzie i Radzie Nadzorczej ogranicza niezależny nadzór korporacyjny — sama spółka to przyznaje w oświadczeniu o ładzie korporacyjnym.

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Financials

BETA

FY 2025

TXN · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	13,573,745	—	—	reported	—	1.00
EBITDA	445,928	—	—	derived	—	0.90
EBIT	209,041	—	—	reported	—	1.00
EBT	10,328	—	—	reported	—	1.00
Net income	159,301	—	—	reported	—	1.00
EPS (basic)	-0.01	—	—	derived	—	0.90
D&A	275,163	—	—	reported	—	1.00
Interest expense	18,657	—	—	reported	—	1.00
Shares (basic) (units)	2,345,265	—	—	reported	—	1.00

EBITDA margin	3.29%	—	—	reported	—	0.90
EBIT margin	1.54%	—	—	reported	—	1.00
Net margin	1.17%	—	—	reported	—	1.00

Cash	1,003,003	—	—	reported	—	1.00
Total debt	148,174	—	—	derived	—	0.90
Equity	2,862,610	—	—	reported	—	1.00
Total assets	4,671,767	—	—	reported	—	1.00
Current assets	2,988,440	—	—	reported	—	1.00
Current liabilities	1,495,738	—	—	reported	—	1.00
Goodwill	1,271,823	—	—	reported	—	1.00

CFO	379,252	—	—	reported	—	1.00
CapEx	32,342	—	—	reported	—	1.00
FCF	356,621	—	—	derived	—	0.90
FCF conversion	79.98%	—	—	reported	—	0.85
CFO conversion	28.33%	—	—	reported	—	0.85
Dividends paid	0	—	—	reported	—	1.00

ROE	5.51%	—	—	reported	—	1.00
ROA	3.65%	—	—	reported	—	1.00

Current ratio	2.08x	—	—	reported	—	1.00
Quick ratio	1.91x	—	—	reported	—	1.00
Cash ratio	0.67x	—	—	reported	—	0.90
Interest coverage	2.28x	—	—	reported	—	0.90

Net debt / EBITDA	-2.69x	—	—	reported	—	0.80
Debt / equity	0.05x	—	—	reported	—	0.90

Revenue growth (YoY)	10.25%	—	—	reported	—	1.00
EBITDA growth (YoY)	-28.74%	—	—	reported	—	0.90
EBIT growth (YoY)	-79.61%	—	—	reported	—	1.00
Net income growth (YoY)	-118.38%	—	—	reported	—	1.00
EPS growth (YoY)	-118.38%	—	—	reported	—	0.90
EBITDA margin Δ (YoY)	-1.16 pp	—	—	reported	—	0.90
EBIT margin Δ (YoY)	-1.26 pp	—	—	reported	—	1.00
Net margin Δ (YoY)	-1.37 pp	—	—	reported	—	1.00

FY 2025 · Δ YoY

Revenue

13,573,745 —

FY 2024: —

EBITDA

445,928 —

FY 2024: —

EBIT

209,041 —

FY 2024: —

EBT

10,328 —

FY 2024: —

Net income

159,301 —

FY 2024: —

EPS (basic)

-0.01 —

FY 2024: —

D&A

275,163 —

FY 2024: —

Interest expense

18,657 —

FY 2024: —

Shares (basic) (units)

2,345,265 —

FY 2024: —

EBITDA margin

3.29% —

FY 2024: —

EBIT margin

1.54% —

FY 2024: —

Net margin

1.17% —

FY 2024: —

Cash

1,003,003 —

FY 2024: —

Total debt

148,174 —

FY 2024: —

Equity

2,862,610 —

FY 2024: —

Total assets

4,671,767 —

FY 2024: —

Current assets

2,988,440 —

FY 2024: —

Current liabilities

1,495,738 —

FY 2024: —

Goodwill

1,271,823 —

FY 2024: —

CFO

379,252 —

FY 2024: —

CapEx

32,342 —

FY 2024: —

FCF

356,621 —

FY 2024: —

FCF conversion

79.98% —

FY 2024: —

CFO conversion

28.33% —

FY 2024: —

Dividends paid

0 —

FY 2024: —

ROE

5.51% —

FY 2024: —

ROA

3.65% —

FY 2024: —

Current ratio

2.08x —

FY 2024: —

Quick ratio

1.91x —

FY 2024: —

Cash ratio

0.67x —

FY 2024: —

Interest coverage

2.28x —

FY 2024: —

Net debt / EBITDA

-2.69x —

FY 2024: —

Debt / equity

0.05x —

FY 2024: —

Revenue growth (YoY)

10.25% —

FY 2024: —

EBITDA growth (YoY)

-28.74% —

FY 2024: —

EBIT growth (YoY)

-79.61% —

FY 2024: —

Net income growth (YoY)

-118.38% —

FY 2024: —

EPS growth (YoY)

-118.38% —

FY 2024: —

EBITDA margin Δ (YoY)

-1.16 pp —

FY 2024: —

EBIT margin Δ (YoY)

-1.26 pp —

FY 2024: —

Net margin Δ (YoY)

-1.37 pp —

FY 2024: —