Fina analyzed the operations of more than 166,000 entrepreneurs. Although revenues and profit per employee increased, the decline in profitability and efficiency is concerning, and liquidity levels are alarming.
Croatian entrepreneurs in 2025 are recording growth in revenues and profit per employee, but at the same time, key indicators such as profitability, efficiency, and liquidity are weakening. This is shown by the latest business analysis conducted by Fina, covering 166,052 entrepreneurs subject to profit tax, excluding financial institutions.
Total revenues per employee reached 170,116 euros last year, which is 9,535 euros or 5.9 percent more compared to the previous year. Operating revenues per employee also increased, from 157,698 to 167,212 euros.
The growth in revenues was accompanied by an increase in expenses, albeit at a slightly faster pace. Total expenses per employee rose by 6.3 percent, from 149,253 to 158,643 euros. It is precisely this faster growth in expenses that has put pressure on profitability indicators.
Despite this, profit for the period per employee saw a slight increase of 0.9 percent, from 9,447 to 9,532 euros, an increase of only 85 euros. At the same time, the value of assets per employee rose from 208,469 to 219,789 euros.
Although revenues are nominally higher, most profitability indicators in 2025 were worse than the previous year. The gross profit margin on turnover decreased to 6.74 percent, down from 7.05 percent; net profit margin on turnover also fell, from 5.88 to 5.60 percent.
A similar trend is visible in return on assets. Gross return on total assets recorded a decline from 5.43 to 5.22 percent, while net return decreased from 4.53 to 4.34 percent. Return on equity also saw a decline, from 10.42 to 10.04 percent.
The efficiency of overall operations also deteriorated, falling from 107.59 to 107.23 percent. This means that in 2025, entrepreneurs generated 107.23 euros of revenue for every 100 euros of total expenses, which is less than the year before. The efficiency of regular operations fell from 107.87 to 107.51 percent.
Particularly concerning are the liquidity data, where all observed indicators recorded a decline. The current liquidity ratio decreased from 0.22 to 0.21, while the quick liquidity ratio fell from 0.86 to 0.85, and the current ratio from 1.15 to 1.14.
Since the current ratio is significantly below the reference value of 2.00, Fina explicitly warns of questionable liquidity among entrepreneurs. The data on overdue liabilities of legal entities at the end of 2025, which reached 540 million euros, indicates serious difficulties in mutual payments.
Debt indicators did not undergo significant changes. The debt ratio slightly increased from 0.56 to 0.57, while the equity financing ratio fell from 0.44 to 0.43. The debt index, which roughly indicates the time needed to repay existing debts, saw slight improvement, dropping from 3.10 to 2.98 years.
The total asset turnover ratio remained at 0.77, still below the reference value of 1.00. According to Fina's analysis, this means that available assets are not being used efficiently enough. The current asset turnover ratio slightly declined from 2.05 to 2.04.
