An increase in EBITDA can be observed (up 7.02%), while net profit recorded a decrease of 10.33%, with the net profit margin declining to 4.53% (down 17.35%). This can be partly explained by an increase in depreciation costs, resulting from the growth in the value of fixed assets held by companies (up 9.06%) — a trend also confirmed by the increase in CAPEX (up 7.65%) — as well as a likely increase in interest expenses on borrowings, given that the Debt Leverage Ratio rose to 5.46 (up 3.79%), indicating a rise in indebtedness despite the growth in EBITDA.

ROE declined to 8.48% (down 16.28%), confirming that the decrease in net profit was more pronounced than the growth in companies’ capital (up 7.10%).

Despite investments in fixed assets, which contribute to long-term productivity, a decline in research and development (R&D) investment — which supports long-term competitiveness — can also be observed (down 3.48%).

Regarding liquidity, the situation appears less concerning, as the current liquidity ratio remains at a healthy level of 1.27, despite a slight decline of 0.44% compared to 2023.

In this section, we examine how much a single employee contributes, on average, to a company’s financial performance, shifting our focus from the aggregate indicators reviewed so far to an “individual” perspective (assuming all employees are equally productive).

To begin, we observe an increase in the number of employees (up 1.79%), which further contributes to the decline in net profit per employee (down 11.91%) — the primary cause of which, as shown earlier, is the decline in total net profit, while the slight increase in the number of employees further reduces the amount of profit attributable to each individual employee. This decline is observed despite growth in turnover and exports per employee (up 6.57% and 7.46%, respectively). Research and development investment per employee has also declined (down 5.18%), confirming the earlier conclusion regarding reduced corporate investment in long-term competitiveness.

Furthermore, fixed assets per employee show an increase (up 7.13%), as does CAPEX per employee (up 5.75%), consistent with the earlier conclusion that companies are investing in long-term productivity. Had this growth in fixed assets not been accompanied by a similar increase in current assets, there would have been a risk of declining liquidity — however, this is not the case here, since total assets per employee grew at the same rate (7.13%) as fixed assets, indicating that current assets also grew at a comparable pace.

The CORE group includes three reports that form the foundation of the BizMap analysis, offering a concise yet comprehensive overview of the state of the economy. They are designed for users who need a quick insight into key business, financial, and workforce indicators, without breaking the data down by company type or size. Data is presented at the level of the entire observed business population, showing the three-year trend and the change compared to the previous year.

3.1.1 Key Indicators

The Key Indicators report serves as the starting point of the analysis, providing a summary snapshot of the most important business indicators – from the number of employees and total turnover, to exports, profitability, and debt levels. The goal of this report is to give users a clear picture of the size, dynamics, and overall health of the economy within seconds, before moving on to a more detailed analysis in the other reports.

3.1.2 Financial Indicators

The Financial Indicators report expands the analysis to cover financial performance – net profit, EBITDA, return on equity (ROE), investments, liquidity, and debt levels. It is intended for users who want a more detailed view of financial stability and profitability, with the option to further customize the display by selecting additional relevant indicators from a dropdown menu.

3.1.3 Indicators per Employee

The Indicators per Employee report examines business performance through the lens of productivity – that is, indicators expressed per employee (turnover, exports, profit, investments, fixed assets). This report is particularly useful for assessing workforce efficiency and comparing productivity independent of overall company size.

The In Focus group does not follow the same breakdown as the CORE group (key, financial, per employee), but is instead organized according to the type of indicator being analyzed – general business indicators, financial ratios, and margins. Each report includes a dropdown menu (“Select Indicator”) that allows users to choose a specific indicator from the given category, after which all charts and tables update automatically based on the selected indicator. Unlike the CORE group, this group allows data to be broken down across multiple dimensions – ownership type, company size, district and municipality, region, business sector, and legal form – making it well suited for benchmarking and deeper comparative analysis.

3.2.1 Indicators

The Indicators report covers general business and financial indicators that are not expressed as ratios or percentages, but rather as absolute values or values per employee. Users can choose between the following indicators:

• Turnover – Total revenue from sales and services over a period. Shows business scale and market performance. A fundamental indicator of growth.
• CAPEX – Capital expenditures for acquiring or upgrading fixed assets. Represents long-term investment in growth and capacity. Important for future productivity.
• EBITDA – Earnings before interest, taxes, depreciation, and amortization. Measures operational profitability. Useful for comparing companies regardless of financing structure
• EBITDA per Employee – EBITDA divided by the number of employees; formula: EBITDA / Number of Employees.
• Export – Value of goods or services sold abroad. Indicates international competitiveness and market diversification.
• GVA per Employee – A productivity indicator that measures the economic value each employee generates. Higher GVA per employee usually signals stronger competitiveness, better processes, or higher-skilled labor; formula: Gross Value Added / Number of Employees.
• Net Profit – Final financial result after all expenses and taxes. Shows whether the business is profitable. A core measure of financial sustainability.
• Net Salary per Employee – Aproximation based on company financial statements. Average take-home pay per employee after taxes and deductions. Reflects labor costs and wage competitiveness; formula: Total Net Salaries / Number of Employees.
• R&D Investments – Funds allocated to research and development. Indicates innovation efforts and long-term competitiveness. Often linked to new products or process improvements.

3.2.2 Ratios

The Ratios report presents financial ratios that indicate a company’s financial stability, liquidity, and debt levels. Available indicators are:

• Current Liquidity Ratio – Current assets divided by current liabilities (short term liabilities). Indicates the firm’s ability to meet short-term obligations. Ratios above 1 typically signal healthy liquidity; formula: Current Assets / Current Liabilities.
• Debt Leverage Ratio – Measures how many years it would take to repay total financial debt using EBITDA. A lower ratio indicates stronger ability to service debt and lower financial risk; formula: Total Liabilities / EBITDA.
• Debt/Equity – Ratio of total debt to shareholders’ equity. Measures financial leverage and risk exposure. Higher values indicate greater reliance on borrowing; formula: Total Liabilities / Equity.

3.2.3 Margins

The Margins report presents company profitability expressed through different types of margins and returns. Available indicators are:

• EBITDA Margin – Measures operational profitability and cost control. Higher margins show stronger core business performance; formula: EBITDA / Total Revenue × 100%.
• Net Profit Margin – Share of revenue that becomes net profit. Shows cost efficiency and profitability. Higher margins indicate stronger financial performance; formula: Net Profit / Total Revenue × 100%.
• ROA (Return on Assets) – measures how efficiently assets are used to generate profit; formula: Net Profit / Total Assets × 100%.
• ROE (Return on Equity) – Measures profit generated from shareholders’ equity. Shows how efficiently capital is used. Higher ROE signals strong management performance; formula: Net Profit / Equity × 100%.