Financial Data — Capitol Group Entities
Data source: Czech public registries (detail.cz, rejstrik-firem.kurzy.cz, ARES).
Many detailed figures are behind paywalls; ranges and 2018 detailed data are from free tiers.
All amounts in thousands CZK (tis. Kč) unless stated otherwise.
1. Capitol Development s.r.o. (ICO: 45307156) — THE TARGET
Revenue History
| Year |
Revenue Range |
Employees |
Note |
| 2024 |
not yet published |
— |
|
| 2023 |
10–30 mil. CZK |
10–19 |
|
| 2022 |
10–30 mil. CZK |
10–19 |
|
| 2021 |
10–30 mil. CZK |
10–19 |
|
| 2020 |
10–30 mil. CZK |
10–19 |
|
| 2019 |
10–30 mil. CZK |
— |
|
| 2018 |
10–30 mil. CZK |
10–19 |
Detailed data available (below) |
| 2017 |
10–30 mil. CZK |
10–19 |
|
| 2016 |
10–30 mil. CZK |
10–19 |
|
| 2015 |
10–30 mil. CZK |
10–19 |
|
| 2014 |
1–3 mil. CZK |
— |
Pre-merger, small year |
| 2013 |
30–60 mil. CZK |
— |
Outlier — possibly pre-restructure |
Detailed Financials (2018) — Best Available Year
Profit & Loss
| Item |
2018 (tis. Kč) |
2017 (tis. Kč) |
2016 (tis. Kč) |
| Revenue (tržby) |
~20,000 est. |
~20,000 est. |
~20,000 est. |
| Gross Profit |
40,088 |
— |
— |
| EBITDA |
186,504 |
— |
— |
| EBT (pre-tax profit) |
37,829 |
94,359 |
103,354 |
| EAT (net profit) |
34,302 |
74,403 |
236,195 |
Warning: The EBITDA of 186M vs revenue of ~20M is contradictory. The 2018 detailed data from aggregators likely mixes in parent/group data (Benefity era). The actual software P&L is likely:
- Revenue: 15–25M CZK
- Net profit: 2–5M CZK (estimated, based on 10–30M revenue range and small team)
Balance Sheet (2018)
| Item |
tis. Kč |
Note |
| Total Assets |
~2,379,191 |
Likely includes group data |
| Working Capital |
1,027,682 |
|
| Total Liabilities |
2,379,191 |
|
| Debt Ratio |
53.8% |
|
| Current Debt Ratio |
38.1% |
|
| Financial Leverage |
2.33x |
|
Liquidity (2018)
| Ratio |
Value |
Assessment |
| Current Ratio (L3) |
1.759 |
Adequate |
| Quick Ratio (L2) |
1.706 |
Adequate |
| Cash Ratio (L1) |
0.102 |
Low cash position |
Profitability (2018)
| Ratio |
Value |
Assessment |
| ROE |
1.8% |
Low |
| ROA |
0.8% |
Low |
| ROS |
1.3% |
Low for SaaS |
| Margin |
63.8% |
High (if real, good sign) |
Activity / Efficiency (2018)
| Metric |
Value |
Assessment |
| Inventory Turnover |
11.3 days |
Fast |
| Receivables Turnover |
344.9 days |
Very slow — 11+ months |
| Payables Turnover |
215.0 days |
Slow — 7 months |
| Asset Turnover |
0.58x/year |
Low |
Red flag: 345-day receivables suggests either long payment terms (government/healthcare contracts), related-party receivables, or data pollution from Benefity business.
Credit Rating
| Source |
Score |
Rating |
Description |
| detail.cz |
85.63/100 |
A+ |
Excellent |
| Z-Score |
~1.41 |
Gray zone |
Borderline |
Filed Financial Statements (Sbírka Listin)
Available at justice.cz under C 7938/MSPH:
| Document |
Period |
Filed |
| Účetní závěrka |
2013 |
Nov 2014 |
| Účetní závěrka |
2012 |
Nov 2013 |
| Účetní závěrka |
2011 |
Nov 2013 |
| Účetní závěrka |
2010 |
Nov 2013 |
| Účetní závěrka |
2009 |
Nov 2013 |
| Účetní závěrka |
2008 |
Mar 2010 |
| Účetní závěrka |
2007 |
Oct 2008 |
| Zahajovací rozvaha |
1.1.2014 |
Nov 2014 |
| Projekt fúze |
Dec 2014 |
Feb 2015 |
Critical gap: No financial statements filed after 2013 in the public sbírka listin. The 2014 merger project is the last significant filing. Post-2014 filings are missing or not yet uploaded.
This is a compliance red flag — Czech law requires annual filing.
Bank Accounts
- UniCredit Bank: 2113733090/2700
2. Capitol Dev Services s.r.o. (ICO: 28527402) — PARENT
Revenue History
| Year |
Revenue (tis. Kč) |
Employees |
Note |
| 2023 |
encrypted |
— |
|
| 2022 |
encrypted |
— |
|
| 2021 |
encrypted |
— |
|
| 2018 |
2,618,206 |
1–5 |
Benefity era |
| 2017 |
2,672,101 |
1–5 |
Benefity era |
| 2016 |
2,588,431 |
1–5 |
Benefity era |
| 2014 |
2,488,305 |
— |
Benefity era |
Key Metrics (2018)
| Metric |
Value |
| Net Profit (EAT) |
34,302 tis. Kč |
| EBT |
37,829 tis. Kč |
| ROE |
1.8% |
| ROA |
0.8% |
| Quick Ratio |
0.102 |
| Working Capital |
1,027,682 tis. |
| Debt Ratio |
53.8% |
Note: The financial figures for Capitol Dev Services and Capitol Development are suspiciously identical for 2018 (same EAT, ROE, ROA, working capital). This confirms the data is either consolidated or from the same filing being attributed to both entities by the aggregator.
Filed Financial Statements (Sbírka Listin)
Available at justice.cz under C 148096/MSPH:
| Document |
Period |
Pages |
| Účetní závěrka |
2023 |
5 |
| Účetní závěrka |
2022 |
5 |
| Účetní závěrka |
2021 |
5 |
| Účetní závěrka + CF |
2017 |
6 |
| Účetní závěrka + CF |
2016 |
6 |
| Účetní závěrka |
2015 |
6 |
| Účetní závěrka + CF |
2014 |
8 |
Parent company has more recent filings (through 2023) than the operating subsidiary. These PDFs at justice.cz contain the actual rozvaha + VZZ numbers we need.
Bank Accounts
- UniCredit: 1387675508/2700
- MONETA Money Bank: 191176710/0600
Credit Rating
3. Other Entities — Summary
MEDTEMPL s.r.o. (ICO: 28198140)
- Capital: 200,000 CZK
- Baránek: 50% owner
- No public financial data found
- Medical practice (ortho/rehab) — likely small revenue
Ahwa a.s. (ICO: 23907941)
- Capital: 2,000,000 CZK
- Founded Oct 2025 — no financials yet
- Asset management / real estate vehicle
Hydrak s.r.o. (ICO: 25776827) — in liquidation
- Capital: 102,000 CZK
- Being wound down — no material financial relevance
BENEFITY a.s. (ICO: 27095231) — DISSOLVED
- Capital: 2,250,000 CZK
- Former parent of the group
- Revenue was in billions (employee benefits/Sodexo ecosystem)
- No longer relevant except for liability tail risk
Summary & Valuation Implications
Estimated Actual Software Business Metrics
| Metric |
Estimate |
Confidence |
| Annual Revenue |
15–30M CZK (€600K–1.2M) |
Medium |
| Employees |
10–19 |
High |
| Revenue per employee |
~1–2M CZK |
Medium |
| Net margin |
10–20% (est.) |
Low |
| Annual profit |
2–5M CZK (est.) |
Low |
| Products |
3 (MediFlow, ProCES, MAX) |
High |
| Patient records |
1,067,500+ |
High |
| ProCES users |
23,471+ |
High |
Valuation Range (rough)
Assuming 15–30M CZK revenue, healthcare SaaS in Czech market:
| Method |
Multiple |
Low (CZK) |
High (CZK) |
| Revenue (3–5x) |
3–5x ARR |
45M |
150M |
| Profit (10–15x) |
10–15x |
20M |
75M |
| Per patient record |
— |
— |
— |
Rough range: 45–150M CZK (€1.8M–6M)
All estimates are speculative without audited financials. The actual filing PDFs at justice.cz for the parent company (2021–2023) would provide definitive numbers.
Data We Still Need
- Access the parent's 2021–2023 účetní závěrky (5 pages each, filed at justice.cz C 148096/MSPH)
- Capitol Development's post-2013 filings (missing from sbírka listin — red flag)
- Revenue split between MediFlow, ProCES, and MAX
- Customer count and contract terms (not in public data)
- The missing 10% shareholder of Capitol Development
- Reason for management change (Jun 2025)