Bondster Financial Analysis
- Written by
- Just P2P
- •
- Updated November 24, 2025
This financial analysis of Bondster covers all the key aspects identified as important for assessing peer-to-peer lending platforms. For that, we follow an approach that balances rigorous quantitative metrics with qualitative interpretation of the trends and context.
Obviously, any feedback from the platform as well comments from other investors are welcome. It is the right of the platforms to answer, complement and/or challenge the results of this financial analysis. And investors may complement with their own views and/or ask questions in the comments.
Table des matières
Bondster financial data
Bondster is the P2P platform of the company BONDSTER Marketplace s.r.o. founded in 2014 (Czech Republic) and managed by Petr Polenda. For this financial analysis, we rely on the last 5 annual reports : 2019, 2020, 2021, 2022 and 2023. To our knowledge, these reports have not been audited.
Based on this financial data, we have calculated the most pertinent components and ratios of the balance sheets for peer-to-peer lending platforms, as intermediaries between loan originators and investors. All metrics on which we based our financial analysis are gathered in the following tables and charts.
Annual financial statements
Let’s review Bondster financial statements starting with their yearly balance sheets and an analysis of them. Then we’ll switch to Bondster’s turnover, profit/loss and financial ratios.
Bondster Balance sheets
 | 2019 | 2020 | 2021 | 2022 | 2023 |
Total Assets | 1.56 M€ | 4.29 M€ | 1.69 M€ | 3.35 M€ | 2.87 M€ |
Current assets | 1.54 M€ | 4.28 M€ | 1.68 M€ | 3.01 M€ | 2.60 M€ |
Non-current assets | 0.02 M€ | 0.01 M€ | 0.01 M€ | 0.34 M€ | 0.27 M€ |
Total Equity | -0.54 M€ | 0.73 M€ | -2.29 M€ | -2.92 M€ | -3.25 M€ |
Total Liabilities | 2.06 M€ | 3.51 M€ | 3.91 M€ | 6.12 M€ | 5.95 M€ |
Current liabilities | 0.72 M€ | 2.27 M€ | 2.20 M€ | 2.85 M€ | 2.24 M€ |
Non-current liabilities | 1.34 M€ | 1.24 M€ | 1.71 M€ | 3.27 M€ | 3.72 M€ |
Looking at 2023, Bondster experienced a significant decline in total assets, dropping from 3.35 M€ to 2.87 M€ (-14.3%). This decrease was mainly driven by a reduction in current assets from 3.01 M€ to 2.60 M€. Non-current assets also decreased from 0.34 M€ to 0.27 M€, though they remain significantly higher than their pre-2022 levels (around 0.01-0.02 M€), suggesting substantial investments made in 2022 that are now being amortized.
Bondster’s equity position continues to deteriorate, declining from -2.92 M€ to -3.25 M€. This negative equity situation, which has been worsening since 2020 indicates serious concerns about the company’s financial sustainability. The accumulated losses suggest that the business model might need significant restructuring to return to profitability.
We can notice a marginal improvement in their overall debt position as total liabilities decreased from 6.12 M€ to 5.95 M€, but with a notable shift in their composition. While current liabilities decreased from 2.85 M€ to 2.24 M€ (-21.4%), non-current liabilities increased from 3.27 M€ to 3.72 M€ (+13.8%).Â
This restructuring of debt toward longer maturities provides temporary breathing room for cash flow management and reduces immediate payment pressures. However, the overall high level of debt compared to the negative equity position remains deeply concerning, especially considering that long-term liabilities now represent over 62% of total debt.
Bondster Profit & Loss
Bondster Financial Ratios
| 2019 | 2020 | 2021 | 2022 | 2023 |
Return on Assets | - | - | -64.5% | -14.9% | -8.71% |
Return on Equity | - | - | -136.2% | -19.2% | -8.10% |
Current Ratio | - | - | 0.76 | 1.05 | 1.17 |
Equity to Asset | - | - | -135.5% | -87.2% | -113.3% |
Operating Expense | - | - | - | - | - |
Revenue Growth | - | - | - | - | - |
Assets Growth | - | +175.1% | -60.6% | +97.9% | -14.2% |
Liabilities to Equity | N/A | N/A | N/A | N/A | N/A |
Cost Efficiency | - | - | - | - | - |
* Several ratios cannot be calculated due to missing income statement data in the financial documents.
Financial analysis 2023
Profitability metrics show some evolution in 2023, with ROA improving to -8.04% from -19.84% in 2022 and losses halving from -0.50 M€ to -0.25 M€. While these trends suggest management’s efforts to optimize operations and to reduce costs, these persistent and continued losses remain a concern for long-term sustainability.
Liquidity improved modestly with the current ratio reaching 1.16 in 2023 from 1.06 in 2022, driven by a larger reduction in current liabilities (-21.4%) than in current assets (-13.6%). This reflects active management of short-term obligations, but resulted in increased long-term liabilities, which rose to 3.72 M€.
Capital adequacy remains a critical concern, with equity to asset ratio deteriorating to -113.24% from -87.16% in 2022 due to accumulated losses. Despite this fragile situation, Bondster maintained significant investment in intangible assets at 6.07 M€, reflecting its commitment to technological infrastructure despite financial challenges.
Looking at growth metrics, total assets decreased by 14.33% in 2023, but this reduction, coupled with improved profitability and liquidity, suggests a consolidation strategy rather than financial distress. The significant reduction in current liabilities while maintaining operations and technological investments demonstrates effective balance sheet management.
The company’s financial stability remains challenged by negative equity, but successful debt restructuring from short to long-term obligations demonstrates creditor confidence. The reduced 2023 losses support this confidence, although achieving positive equity remains significant challenging.
Challenges for Bondster
1. Structural Loss-Making Position : Despite reducing losses in 2023, the company remains consistently unprofitable. While the trend shows improvement, reaching break-even appears distant and equity continues to deteriorate.
2. Critical Capital Structure : The negative equity situation severely hampers future financing options and regulatory compliance in the FinTech sector, while limiting growth potential and undermining business partner confidence.
3. Heavy Debt Burden : The unsustainable debt structure, despite recent restructuring from short to long-term obligations, creates significant interest burden and leaves the company vulnerable to interest rate changes.
Opportunities for Bondster
1. Proven Cost Control Capability : The reduction in losses shows management’s effective cost control, suggesting potential break-even if this positive trajectory continues.
2. Support from Parent Company : The continued backing from CEP Invest Private Equity (100% ownership) suggests potential access to additional capital, crucial for bridging the path to profitability.
Long-Term Tendency
Based on the analysis of Bondster’s financial statements from 2019 to 2023, the platform shows concerning structural weaknesses despite some operational improvements. The deterioration of key metrics over five years reveals fundamental challenges that appear increasingly difficult to overcome.
While losses have reduced from -1.09 M€ in 2021 to -0.25 M€ in 2023, this improvement in operational metrics appears insufficient given the platform’s critical financial structure and the persistent inability to generate profits over five consecutive years.
However, this limited operational improvement occurs against a backdrop of severely deteriorating equity, which has worsened from -0.54 M€ in 2019 to -3.25 M€ in 2023, creating a fundamental structural challenge that questions the platform’s viability despite reduced losses.
Bondster’s shift from growth to survival mode is evidenced by the reduction in assets (-14.33%) alongside maintained investment in technological infrastructure (6.07 M€ in intangible assets). This suggests a forced consolidation rather than a deliberate strategy, further burdened by increased financial leverage.
Looking forward, the platform’s survival appears increasingly challenging despite creditor and parent company support. While operational metrics show some improvement, the severe negative equity position and persistent losses suggest the business model might be fundamentally unsustainable.
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About the Author
Silvère is an economist and IT engineer with numerous years of experience in business management, FinTech investment and digital marketing. He invests mainly in crowdlending especially P2P lending, P2B lending, and real estate crowdfunding.