BNET.RO · BVB
Bittnet Systems: financial statements
Financially weak · see the checkFigures in RON, fiscal years
Revenue and net income
Operating and free cash flow
Margins
Returns
Income statement
| RON | 2021 | 2022 | 2023 | 2024 | 2025 | Last year |
|---|---|---|---|---|---|---|
| Revenue | 110M RON | 192M RON | 359M RON | 404M RON | 394M RON | -2% |
| Gross profit | 24.4M RON | 42.7M RON | 63.0M RON | 74.1M RON | 61.0M RON | -18% |
| Operating income | 17.6M RON | 2.2M RON | 6.2M RON | 6.2M RON | 2.8M RON | -54% |
| EBITDA | 20.0M RON | 6.7M RON | 15.2M RON | 16.9M RON | 13.0M RON | -23% |
| Interest expense | 3.0M RON | 4.3M RON | 6.9M RON | 7.0M RON | 8.7M RON | +24% |
| Profit before tax | 14.6M RON | -2.1M RON | -776K RON | -854K RON | -5.9M RON | -587% |
| Income tax | 1.6M RON | 123K RON | 615K RON | 1.5M RON | -716K RON | -147% |
| Net income | 12.3M RON | -5.4M RON | -6.3M RON | 5.3M RON | -6.1M RON | -214% |
Cash flow
| RON | 2021 | 2022 | 2023 | 2024 | 2025 | Last year |
|---|---|---|---|---|---|---|
| Operating cash flow | 3.8M RON | 18.0M RON | 60.8M RON | 21.9M RON | 62.5M RON | +185% |
| Capital expenditure | 1.6M RON | 4.1M RON | 1.7M RON | 2.0M RON | 1.8M RON | -11% |
| Free cash flow | 2.2M RON | 13.9M RON | 59.1M RON | 19.9M RON | 60.8M RON | +205% |
| Depreciation & amortization | 2.4M RON | 4.4M RON | 9.0M RON | 10.7M RON | 10.1M RON | -6% |
Balance sheet
| RON | 2021 | 2022 | 2023 | 2024 | 2025 | Last year |
|---|---|---|---|---|---|---|
| Cash | 23.4M RON | 42.3M RON | 70.0M RON | 73.4M RON | 116M RON | +59% |
| Inventory | — | — | 4.2M RON | 4.8M RON | 3.6M RON | -24% |
| Current assets | 74.5M RON | 120M RON | 165M RON | 223M RON | 274M RON | +23% |
| Total assets | 131M RON | 221M RON | 294M RON | 335M RON | 385M RON | +15% |
| Current liabilities | 46.9M RON | 123M RON | 145M RON | 197M RON | 269M RON | +36% |
| Total liabilities | 78.6M RON | 163M RON | 213M RON | 258M RON | 318M RON | +23% |
| Shareholders' equity | 51.3M RON | 53.7M RON | 72.8M RON | 70.4M RON | 61.0M RON | -13% |
| Net debt | -23.4M RON | -42.3M RON | -70.0M RON | -73.4M RON | -116M RON | -59% |
Ratios
| 2021 | 2022 | 2023 | 2024 | 2025 | Last year | |
|---|---|---|---|---|---|---|
| Gross margin | 22.2% | 22.2% | 17.5% | 18.3% | 15.5% | |
| Operating margin | 16.0% | 1.2% | 1.7% | 1.5% | 0.7% | |
| Net margin | 11.2% | -2.8% | -1.8% | 1.3% | -1.5% | |
| Return on equity | 24.0% | -10.0% | -8.6% | 7.6% | -9.9% | |
| Return on assets | 9.4% | -2.4% | -2.1% | 1.6% | -1.6% | |
| Return on invested capital | 56.2% | 9.0% | 68.5% | — | — | |
| Net debt / EBITDA | -1.2x | -6.3x | -4.6x | -4.3x | -9.0x | |
| Interest coverage | 5.9x | 0.5x | 0.9x | 0.9x | 0.3x | |
| Current ratio | 1.59 | 0.97 | 1.14 | 1.13 | 1.02 | |
| Quick ratio | 1.59 | 0.97 | 1.11 | 1.11 | 1.01 |
Data source: Bucharest Stock Exchange (ESEF), company annual reports. Lines a company does not report are left empty. Free cash flow is operating cash flow minus capital expenditure. Ratios use the same formulas as the EdgeScore check.
For information and education only. Not investment advice. Data may contain errors.