Lower revenue, better gross margin, but less cash available. This is the picture left behind by 2025 for Market In, as the chain of 261 stores attempts to reorganize its network and continue its growth in a market that is concentrating around ever larger players.
Market In's sales decreased by 3.05% to 405.85 million euros, a development that management links to the restructuring of the network.
The decline in sales did not drag down gross profit. On the contrary, it increased by 1.5% to 118.1 million euros, the gross margin strengthened to 29.1% from 27.8%, while operating profits before interest and taxes decreased by 15.9% to 1.766 million euros. Pre-tax profits fell to 1.229 million euros (-17.62%), while net profits decreased by 38.24%, to 589 thousand euros. That is, for every 100 euros in sales, 15 cents of net profit remained on the bottom line.
The biggest change is recorded in liquidity. From positive operating cash flows of 14 million euros in 2024, Market In moved in 2025 to negative flows of 10.12 million euros, with the most significant impact coming from the reduction of liabilities excluding banks, which absorbed 15.81 million euros. At the same time, the company allocated 5.67 million euros for investments in fixed assets.
Thus, cash available decreased by almost half, to 17.73 million euros from 32.77 million euros, while the company shows no bank borrowing. Trade liabilities amounted to 126.17 million euros, of which 88.65 million euros concerned payable checks and 37.4 million euros suppliers in Greece and abroad.
As regards the certified auditor, he expresses a qualified opinion, identifying three issues which, according to his report, affect the presentation of equity.
The first concerns a holding in a subsidiary, for which the auditor estimates that an impairment of 2.477 million euros should have been recognized. The second concerns the absence of a provision for employee compensation due to departure from service, which he estimates at approximately 3.849 million euros.
The third qualification concerns disputed receivables and overdue receivables from previous years, totaling 6.169 million euros. For these, the auditor estimates that an impairment of 3.648 million euros should have been recognized, which has not been recorded.
The document does not clarify which part of the 6.169 million euros concerns disputed receivables and which overdue receivables, nor does it provide details on specific court cases.
The amounts associated with the auditor's three qualifications add up to approximately 9.97 million euros.