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The silent crisis of Slovak mid-market: what the filings of over 130,000 companies tell us about 2025
Revenue +0.5%. EBITDA −2.1%. Personnel costs +5.6%. One in three companies in a loss. This is the picture of 2025 — not from headlines, but read directly from the financial statements of over 130,000 Slovak companies.
- over 130,000 companies in the analysis — filings as of April 2026
- 33.5% of companies in a loss in 2025 — third consecutive year above 30%
- +10.5% growth in bank lending — companies are borrowing more
- −7.8% less corporate income tax paid — profits are shrinking
On the surface, 2025 looked flat
Revenue across Slovak companies grew by 0.5%. Net profit fell by 0.2%. These are not the kind of numbers that make headlines.
Look one layer deeper — into the filings of over 130,000 Slovak companies for 2025 — and the picture changes.
One in three companies ended the year in a loss. Corporate income tax paid fell by nearly 8%. Personnel costs jumped 5.6% while revenue inched up 0.5%. Companies borrowed 10.5% more than the year before.
This is an analysis of how Slovak businesses actually performed in 2025. With a focus on the mid-market — the companies that make up the vast majority of the market, but whose results rarely reach mainstream coverage.
The state of the market in 2025
Sample: over 130,000 companies that filed their 2025 financial statements by April 2026.
| Indicator | 2025 value | Year-on-year change |
|---|---|---|
| Total revenue | €96,941m | +0.5% |
| Net profit | €5,196m | −0.2% |
| EBITDA (earnings before interest, taxes, depreciation and amortisation) | €10,299m | −2.1% |
| Corporate income tax paid | €1,514m | −7.8% |
| Personnel costs | €14,598m | +5.6% |
| Bank loans, total | €10,314m | +10.5% |
| Long-term bank loans | €5,977m | +11.7% |
| Short-term bank loans | €4,337m | +8.9% |
Company size distribution
- Revenue up to €100k: 102,076 companies (69.8%)
- Revenue €100k – €500k: 27,842 (19.0%)
- Revenue €500k – €2m: 10,817 (7.4%)
- Revenue €2m – €10m: 4,255 (2.9%)
- Revenue over €10m: 1,182 (0.8%)
96.2% of all Slovak companies have revenue under €2m. The market this report describes is the mid-market. Not Slovenské elektrárne and the Korean carmakers.
Profit and loss split
- In profit: 93,175 companies (63.7%)
- Break-even: 4,097 (2.8%)
- In a loss: 48,900 companies (33.5%)
In 2024, 34.7% of companies were in a loss. In 2023, 31.1%. The share of loss-making companies has stayed above 30% for three consecutive years. In 2025, that translates to 48,900 individual companies in the red.
The wage scissors
Read the numbers together and the story is clear.
- Revenue +0.5% → the market is flat.
- Personnel costs +5.6% → wages and contributions are growing far faster than revenue.
- EBITDA −2.1% → margins are slipping.
- Corporate income tax −7.8% → companies are earning less.
- Bank loans +10.5% → companies are borrowing to bridge operations or fund growth.
That is why one in three companies ended 2025 in a loss.
Sector ranking 2025 — who is growing, who is slipping
The cleanest view of sector health comes from EBITDA. It strips out depreciation and interest. Below are the ten sectors with the highest EBITDA growth and the ten with the biggest decline in 2025 versus 2024.
Sectors with EBITDA growth in 2025
| # | Sector | EBITDA 2024 (€) | EBITDA 2025 (€) | Change |
|---|---|---|---|---|
| 1 | Services | 202,518,813 | 241,172,676 | +19.1% |
| 2 | Information technology | 511,706,303 | 584,959,392 | +14.3% |
| 3 | Education | 25,487,946 | 28,430,276 | +11.5% |
| 4 | Finance | 877,573,401 | 939,444,801 | +7.1% |
| 5 | Transport and logistics | 1,249,106,568 | 1,313,125,918 | +5.1% |
| 6 | Automotive | 220,558,085 | 230,338,521 | +4.4% |
| 7 | Legal, advisory, accounting | 285,228,989 | 297,580,070 | +4.3% |
| 8 | Metalworking and metallurgy | 311,141,966 | 323,740,356 | +4.0% |
| 9 | Engineering and design | 167,562,549 | 174,340,041 | +4.0% |
| 10 | Advertising | 71,789,899 | 74,256,500 | +3.4% |
Sectors with EBITDA decline in 2025
| # | Sector | EBITDA 2024 (€) | EBITDA 2025 (€) | Change |
|---|---|---|---|---|
| 1 | Apparel and footwear | 51,617,761 | 30,674,663 | −40.6% |
| 2 | Energy and mining | 1,280,014,442 | 1,013,646,178 | −20.8% |
| 3 | Electrical engineering | 426,134,037 | 354,819,382 | −16.7% |
| 4 | Gambling | 40,335,778 | 34,184,083 | −15.3% |
| 5 | Manufacturing — other | 78,585,830 | 69,201,987 | −11.9% |
| 6 | Brokerage | 117,827,701 | 103,792,557 | −11.9% |
| 7 | Tourism and hospitality | 232,954,707 | 207,676,841 | −10.9% |
| 8 | Real estate | 632,842,722 | 590,192,753 | −6.7% |
| 9 | Telecommunications | 58,525,093 | 54,881,952 | −6.2% |
| 10 | Mechanical engineering | 199,790,961 | 192,162,315 | −3.8% |
What is worth naming in this picture
- Information technology, legal and advisory, engineering, and advertising — all four knowledge-work sectors are in the top ten of growth. Working with information carried higher margins in 2025 than working with goods.
- Apparel and footwear lost more than 40% of EBITDA. The largest drop of any sector.
- Tourism and hospitality lost nearly 11% of EBITDA year-on-year.
- Real estate fell 6.7%. Given the size of the sector (€590m EBITDA), that is a real decline of roughly €43m year-on-year.
- Energy and mining lost 20.8%. The context behind that number: in 2025, electricity prices for Slovak businesses were among the five highest in the EU, and gas prices for businesses were higher than in most comparable countries.
A sector is not a destiny. In each of these ten declining sectors, there are companies that grew in 2025. And in each of the ten growing ones, there are companies that ended in a loss. What separates one from the other is called management.
The paradox of the top twenty: four in the red despite billions in revenue
A common assumption among mid-market owners is that "larger companies have it easier." The 2025 data says otherwise.
Of the twenty largest Slovak companies by revenue, four (20%) ended the year in a loss.
Top 20 Slovak companies by revenue 2025
| # | Company | Sector | Revenue 2025 (€) | Profit 2025 (€) | Margin |
|---|---|---|---|---|---|
| 1 | Slovenské elektrárne, a.s. | Energy and mining | 3,756,416,000 | 979,032,000 | 26.1% |
| 2 | U. S. Steel Košice, s.r.o. | Metalworking | 2,396,751,000 | −56,364,000 | −2.4% |
| 3 | SAMSUNG Electronics Slovakia | Electrical engineering | 1,733,469,000 | 59,629,000 | 3.4% |
| 4 | Slovenská sporiteľňa, a.s. | Finance | 1,241,569,000 | 299,278,000 | 24.1% |
| 5 | Všeobecná úverová banka (VÚB) | Finance | 1,180,250,000 | 268,576,000 | 22.8% |
| 6 | OMV Slovensko, s.r.o. | Retail | 1,014,185,289 | 13,869,717 | 1.4% |
| 7 | Tatra banka, a.s. | Finance | 981,385,000 | 240,070,000 | 24.5% |
| 8 | GGT a.s. | Wholesale | 833,284,366 | 3,699,801 | 0.4% |
| 9 | ZSE Energia, a.s. (dissolved) | Energy and mining | 784,373,000 | 26,741,000 | 3.4% |
| 10 | HELLA Slovakia Lighting | Electrical engineering | 712,502,000 | −11,549,000 | −1.6% |
| 11 | IKEA Components s.r.o. | Wholesale | 700,997,000 | 7,551,000 | 1.1% |
| 12 | Porsche Slovakia | Vehicle sales | 642,829,810 | 12,628,295 | 2.0% |
| 13 | KOOPERATIVA Insurance, VIG | Finance | 620,031,000 | 65,097,000 | 10.5% |
| 14 | PETROLTRANS, a.s. | Wholesale | 619,305,604 | 1,509,405 | 0.2% |
| 15 | Panasonic Industrial Devices | Electrical engineering | 566,828,903 | 15,816,896 | 2.8% |
| 16 | METRO Cash & Carry SR | Wholesale | 555,384,706 | −1,763,834 | −0.3% |
| 17 | Československá obchodná banka (ČSOB) | Finance | 544,767,000 | 72,782,000 | 13.4% |
| 18 | Škoda Auto Slovensko | Vehicle sales | 543,267,484 | 4,380,285 | 0.8% |
| 19 | YURA Corporation Slovakia | Automotive | 532,232,247 | −18,956,104 | −3.6% |
| 20 | dm drogerie markt, s.r.o. | Retail | 491,654,897 | 9,870,148 | 2.0% |
ZSE Energia is listed as "dissolved". In 2025 it merged with Východoslovenská energetika to form the successor entity Energetika Slovensko, a.s. The 2025 figures cover the fiscal period before the merger.
What follows from it
- U. S. Steel Košice generated the second-largest revenue in Slovakia (€2.4bn) and lost €56m. Revenue did not protect it.
- Four of the top twenty (20%) ended in a loss despite revenues above €490m each. They are U. S. Steel, HELLA Slovakia Lighting, METRO Cash & Carry and YURA Corporation.
- The highest margins: Slovenské elektrárne hit 26.1% net profit on revenue. The largest banks in the top twenty — SLSP, VÚB, Tatra — carry margins of 22 – 25%. They run the most profitable businesses in the country.
- The goods traders in the top twenty — GGT, PETROLTRANS, METRO as wholesalers, OMV and dm as retailers — operate at margins under 2% or at a loss. Large turnover does not equal large profit.
The key takeaway for owners
Company size does not decide profitability. Margin does.
And margin is only visible to a company with regular, high-quality reporting. The kind that catches a weak spot before it tips into a year-end loss.
A company that notices the difference between a 2% margin and a 0.5% margin only in March of the following year has nothing left to fix. Only something left to explain.
Financing 2025 — companies borrowed 10.5% more
After several years of stagnation or decline, Slovak companies returned to banks in 2025.
Bank loans to companies (analysed sample)
| Year | Total loans (€) | Long-term (€) | Short-term (€) |
|---|---|---|---|
| 2023 | 9,509,572,896 | 5,242,032,799 | 4,267,540,097 |
| 2024 | 9,335,010,291 | 5,351,817,260 | 3,983,193,031 |
| 2025 | 10,314,203,428 | 5,977,464,624 | 4,336,738,804 |
| Change 2025 vs 2024 | +10.5% | +11.7% | +8.9% |
What this means
- Long-term loans are growing faster than short-term ones (+11.7% vs +8.9%). Companies are not only bridging operations — they are funding investments.
- Short-term loans recovered after the 2024 dip and are back to 2023 levels.
- When deciding on a loan, banks ask for up-to-date statements, management reporting and cash flow documentation. A company whose books are not prepared to the standard the bank expects starts the approval process at a disadvantage.
Company formation and dissolution 2025
In 2025, more companies were dissolved than in any year over the past six. Fewer sole traderships were created in 2025 than in any of the previous six years. Dissolutions hit a historical high. For the second year in a row, more sole traderships shut down than were created — the same direction as 2024.
| Indicator | 2025 | 2024 |
|---|---|---|
| New companies | ~24,000 | 20,576 |
| Dissolved companies | 7,708 | 5,923 |
| New sole traderships | ~42,000 | — |
| Dissolved sole traderships | ~66,000 | — |
Sectors with the most new companies in 2025
| # | Sector | 2025 | 2024 | Year-on-year |
|---|---|---|---|---|
| 1 | Services | 8,239 | 4,324 | +90.5% |
| 2 | Construction | 3,050 | 3,081 | −1% |
| 3 | Information technology | 2,454 | 1,767 | +38.9% |
| 4 | Legal, advisory, accounting | 2,420 | 2,002 | +20.9% |
| 5 | Real estate | 1,319 | 1,092 | +20.8% |
| 6 | Tourism and hospitality | 1,119 | 1,135 | −1.4% |
| 7 | Advertising | 787 | 418 | +88.3% |
| 8 | Transport and logistics | 771 | 811 | −4.9% |
| 9 | Media, publishing, culture | 768 | 479 | +60.3% |
| 10 | Finance | 505 | 565 | −10.6% |
Sectors with the most dissolutions in 2025
| # | Sector | 2025 | 2024 | Year-on-year |
|---|---|---|---|---|
| 1 | Construction | 956 | 775 | +23.4% |
| 2 | Retail | 766 | 584 | +31.2% |
| 3 | Services | 675 | 516 | +30.8% |
| 4 | Wholesale | 662 | 554 | +19.5% |
| 5 | Legal, advisory, accounting | 621 | 469 | +32.4% |
| 6 | Tourism and hospitality | 547 | 453 | +20.8% |
| 7 | Real estate | 527 | 349 | +51% |
| 8 | Transport and logistics | 401 | 334 | +20.1% |
| 9 | Brokerage | 386 | 352 | +9.7% |
| 10 | Information technology | 294 | 194 | +51.5% |
Minimum tax 2025
In 2025, 67,260 companies paid the minimum corporate tax.
| Tax amount (€) | Number of companies | Total 2025 (€) |
|---|---|---|
| less than 340 | 3,987 | −4,534,332 |
| 340 | 44,869 | 15,255,460 |
| 340 – 960 | 13,067 | 7,080,675 |
| 960 | 14,568 | 13,985,280 |
| 960 – 1,920 | 12,121 | 16,083,423 |
| 1,920 | 3,419 | 6,564,480 |
| 1,920 – 3,840 | 11,361 | 30,726,643 |
| 3,840 | 4,404 | 16,911,360 |
| more than 3,840 | 27,465 | 1,406,665,321 |
The lowest minimum tax band (€340) was paid by 44,869 companies. The lowest band is reserved by law for companies in the lowest revenue tier. The specific revenue thresholds tied to the minimum tax brackets are set out in the Income Tax Act.
What 2025 means for a mid-market owner
The 2025 data points to three trends that directly concern any owner of a company with revenue between €1m and €30m.
1. Revenue is flat, margins are thinning
Revenue grew 0.5%, EBITDA declined 2.1%, corporate income tax fell by nearly 8%. In other words: the market as a whole produced the same revenue but less profit. For a specific company, this does not mean it cannot grow — some sectors grew, and in every sector there are companies that grew faster than the market. What it does mean is that the assumption "we grew because the market grew" did not hold in 2025. And the context heading into 2026 is not improving.
The context the data alone does not show, but which helps explain it:
- Public finance consolidation from 1 January 2025. Slovakia's consolidation package raised the standard VAT rate from 20% to 23%, introduced a new reduced rate of 19%, and brought in a financial transaction tax on debit operations (0.4%, max €40 per transaction) effective from 1 April 2025. For companies, this means direct cost increases on inputs, on money movement, and on administrative workload.
- Energy prices in Slovakia remain among the highest in the EU. In 2025, electricity prices for businesses ranked among the five highest in the European Union. Gas prices for businesses were higher than in most comparable countries. Companies in energy-intensive sectors — apparel, electrical engineering, other manufacturing, energy and mining — felt this most directly.
- The external environment stays weak. The eurozone grew by roughly 1.4% in 2025; Germany by only 0.4%. Slovakia, closely tied to German industry, grew by approximately 0.8% according to the National Bank of Slovakia. For 2026 and 2027, the NBS expects further slowing (growth of around 0.5 – 0.6% in 2026), with a return to 2.5% only in 2027.
- Geopolitical conditions continue to keep input and energy prices above pre-2022 levels and to weigh on export demand. This is a factor an individual company cannot influence, but one it has to plan around.
2. Wages and contributions grow independently of revenue
Personnel costs rose 5.6%, revenue rose 0.5%. Wages are growing eleven times faster than market revenue overall. A company that does not watch its personnel-cost-to-revenue ratio on a monthly basis can slip into a loss without noticing.
3. Without current statements, a company is at a disadvantage
Bank lending grew 10.5% in 2025. Banks have decisions to make and they expect quality documentation.
At the same time, the number of company dissolutions hit a six-year high. A company that sees its numbers once a year reacts too late.
These are not forecasts or opinions. They are read directly from the financial statements of over 130,000 Slovak companies for 2025.
What to do if you are an owner or CFO
If you run a company with revenue between €1m and €30m, multiple entities, cross-border operations or a bank loan with reporting covenants, the 2025 data concerns you specifically. Three questions worth asking ahead of your H1 2026 close:
- When did you last see a monthly profit-and-loss statement by the fifth day of the following month? At a 2% margin, the ability to catch a deviation 14 days after month-end matters far more than 14 weeks later.
- What is your personnel-cost-to-revenue ratio? And how has it moved over the past 12 months? If you cannot see the curve, you cannot see the risk.
- Do you have the documentation a bank will ask for in a 48-hour window during covenant review? Without it, your negotiating position drops.
If you do not have a direct answer to any of these, that is a signal. Not for panic, but for a structured conversation with your accountant or finance team.
If you want to see what 2025 actually looks like in your own books — and where the weak spots are before they become losses — get in touch.
Thirty minutes. Your calendar. No sales pressure.
Methodology and sources
All figures in this report come from publicly available sources and refer exclusively to the 2025 accounting year.
Primary sources
- The Slovak register of financial statements — aggregate statistics of financial results of Slovak companies for 2025, data as of April 2026 (sample of over 130,000 companies).
- Public analyses of company formation and dissolution in 2025 (January 2026).
- Eurostat — eurozone and EU GDP developments for 2025.
- National Bank of Slovakia — Economic and Monetary Developments, autumn 2025 and winter 2025.
- Regulatory Office for Network Industries (URSO) and publicly available comparisons of electricity and gas prices for businesses across the EU in 2025.
Limitations
- The sample of over 130,000 companies is not complete. As of the data cut-off (April 2026), some companies had not yet filed or had requested an extension. A fuller picture will be available in July or August 2026, when the annual analysis of non-financial enterprises for 2025 is published.
- Sector classification follows the standard categorisation. Some year-on-year changes may be affected by changes in sample composition.
Prepared by
This report was prepared by the Capila team on the basis of publicly available data from the Slovak register of financial statements. Date of preparation: May 2026. After a full factual review of all numbers and claims against the original sources.