BSE Group Financials
Consolidated Group results: revenue, cost, profit and financial position
Revenue grew, but costs grew faster
Why did final profit rise while operating profit fell?
All figures are true at once: read as a sequence, not a contradiction
Higher finance income and a substantially lower tax charge turned an operating-profit decline into a higher final profit for the year. Presented as a sequence so the final-profit increase does not appear to contradict the operating-profit decline. (30.3% comes from exact audited amounts, R018; 30.4% arises from rounded headline figures and is not used.)
FY2022-FY2025 · P millions · all audited
All four years are audited, published figures; there are no illustrative or placeholder values. Revenue/operating profit/profit for the year: BSE Group financial statements (2022-2025 Annual/Integrated Reports). Operating expenses: FY2022 P41.5m (2022 AR), FY2023 P50.5m (restated: the 2023 Annual Report originally published P49.0m; the 2024 Annual Report restates the FY2023 comparative to P50.5m, which is the value used here, per the same "use the latest audited restatement" principle already governing FY2023 profit-after-tax, see Five-year history below), FY2024 P55.5m, FY2025 P69.3m (Note 20, 2025 Integrated Report).
Margins and ratios: FY2025
Where the money comes from, and where it goes
Liquid resources mix
Combined P152.3m is not unrestricted bank cash, see the cash caveat below.
Revenue composition: ranked, not a pie
Absolute figures are printed in Note 17 (Revenue), 2025 Integrated Report, p.167. Percentage shares and YoY changes are derived from those audited amounts, not separately printed.
Employee cost
Largest identifiable cost component; no full functional split is published. P35.7m/+40.8% computed from Note 20's exact audited amounts (P35,695,327 vs P25,355,512); BSE's own p.42 headline rounds this to +40.7%, same dual-rounding pattern as R018.
Financial position: equity vs liabilities, share of total assets
Financial position
Group financial position (P m): five-year trend
FY2021 points are provisional (later-comparative coverage only) and carry BSE's own placeholder basis; FY2022-FY2025 are governed, published audited figures.
Financial position: FY2025 vs FY2024
| Metric | FY2025 | FY2024 | Movement |
|---|---|---|---|
| Total assets | P213.4m | P194.2m | +9.9% |
| Total equity | P176.3m | P158.2m | +11.4% |
| Total liabilities | P37.1m | P36.0m | +3.1% |
| Cash and cash equivalents | P27.3m | P10.0m | +172.2% |
| Financial assets at amortised cost | P125.0m | P131.4m | −4.9% |
| Trade and other receivables | P26.5m | P22.2m | +19.5% |
Statement of Financial Position, 2025 Integrated Report, p.142. A narrower "Trade and other receivables" figure appears separately in Note 28 (categories of financial instruments: P18.8m FY2025 / P16.6m FY2024). That is a different, financial-instrument-scoped population and is not used here; this table uses the full balance-sheet figures.
PAT ÷ average opening/closing equity reproduces the reported 12.3% and is the resolved primary basis (R012). The 11.7% closing-equity figure is retained only as labelled supporting evidence; the two bases are never blended.
FY2022-FY2025 audited observations are fully published, including a disclosed FY2023 operating-expenses restatement (P49.0m originally published → P50.5m per the 2024 Annual Report). FY2021 appears only from a later comparative and stays provisional with BSE's own placeholder basis. The FY2023 profit-after-tax sequence follows the same rule, original P26,433,048 and restated P24,938,848 remain linked (R014); see Data Notes.
The cash caveat
The cash-flow statement reports P152.3m as "cash and cash equivalents," but this includes financial assets. The balance sheet separates true cash (P27.3m) from financial assets (P125.0m); never read the combined figure as unrestricted bank cash. FY2022 closing cash resources is P112,722,445 (R023); the P112,722,304 variant is a disclosed, immaterial P141 source inconsistency.
Related pages
Source: BSE audited consolidated financial statements FY2025 (Grant Thornton
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