Posted by Creditstar Group AS, the company behind Lendermarket and Monefit SmartSaver, has published its audited consolidated financial statements for 2025. The report was audited by KPMG and prepared in accordance with IFRS standards. The group generated a net profit of EUR 13.5 million in 2025. Following a slight decline in 2024, profitability has now reached a new all-time high.
At the same time, the net loan portfolio increased to EUR 482 million, while the share of P2P funding almost doubled from EUR 145 million to EUR 285 million. The company did not disclose how much of this funding is attributable to Monefit SmartSaver.
The balance sheet presents a mixed picture. Return on assets improved from 2.2% to 3.0%, while the impairment ratio declined from 15.2% to 9.7%. However, this improvement was mainly driven by substantially higher write-offs of non-performing loans, which increased to EUR 25.9 million compared with just EUR 1.8 million in 2024. On the other hand, the equity ratio declined from 19.2% to 15.6%, while the debt ratio increased from 4.2 to 5.4.
The most noteworthy aspect is the group’s net debt-to-equity covenant. Under its financing agreements, this ratio must not exceed 5.0. At year-end 2025, it already stood at 4.86. If the balance sheet continues to expand in 2026 without a proportional increase in equity, the company could breach this covenant. According to Note 17 of the financial statements, such a breach would give bondholders the right to demand immediate repayment of the outstanding bonds.
With approximately EUR 90 million of bonds outstanding, this could trigger a significant liquidity shock and put the company’s refinancing capabilities under considerable pressure. Given the already low liquidity ratio of 0.4, further stress could materially increase the risk of withdrawal delays or withdrawal limits for Monefit SmartSaver investors.
What ultimately strengthened Creditstar’s position was its cash balance of EUR 46.8 million, which increased significantly from EUR 6.6 million at the end of 2024, partly as a result of a new bond issuance.
Overall, investors with a conservative investment approach should monitor these developments closely and carefully assess whether potential liquidity restrictions would be acceptable within their own portfolios.