VARSAV Game Studios Balance Sheet

Financials in millions PLN. Fiscal year is January - December.

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	-	0.45	0.18	0.19	-	0.77
Short-Term Investments	0.79	0.43	1.3	1.11	1.36	5.03
Cash & Short-Term Investments	0.79	0.89	1.48	1.3	1.36	5.8
Cash Growth	28.43%	-40.16%	13.76%	-4.38%	-76.50%	-27.98%
Accounts Receivable	0.66	1.17	0.52	0.26	0.14	0.18
Other Receivables	0.02	0.09	0.16	0.16	0.25	0.2
Receivables	0.68	1.26	0.68	0.42	0.39	0.38
Inventory	8.9	8.02	7.76	5.54	8.93	6.82
Prepaid Expenses	-	0	-	0	-	0
Other Current Assets	-	0.02	-	0.02	-	0
Total Current Assets	10.37	10.19	9.92	7.29	10.68	13.01
Property, Plant & Equipment	0.29	0.31	0	0	0	0.01
Long-Term Investments	7.88	7.42	6.78	6.6	0.16	0.17
Long-Term Deferred Tax Assets	0.65	0.63	0.08	0.03	0.06	-
Long-Term Deferred Charges	-	0.01	0.01	-	-	-
Other Long-Term Assets	0.07	0.06	0.06	-	-	0.15
Total Assets	19.25	18.62	16.85	13.92	10.9	13.35
Accounts Payable	-	0.25	0.38	0.25	0.17	0.19
Accrued Expenses	-	0.36	0.36	0.3	0.28	0.41
Short-Term Debt	-	1.27	1.28	0.62	-	-
Current Portion of Leases	-	-	-	-	-	0.1
Current Income Taxes Payable	-	0.45	0.29	0.21	0.18	0.73
Other Current Liabilities	7.2	2.54	4.69	1	1.92	1.77
Total Current Liabilities	7.2	4.87	7	2.38	2.54	3.2
Long-Term Debt	0.02	0.02	0.02	1.27	1.18	0.18
Pension & Post-Retirement Benefits	0.07	0	0	0	0.09	0
Long-Term Deferred Tax Liabilities	1.03	1.08	1.15	0.62	0.04	0.4
Other Long-Term Liabilities	0.02	2.43	-	-	0.04	0.04
Total Liabilities	8.34	8.41	8.18	4.27	3.9	3.83
Common Stock	2	2	2	2	2	2
Additional Paid-In Capital	10.64	10.64	10.64	10.64	10.64	10.64
Retained Earnings	-11.56	-11.81	-10.54	-11.02	-5.64	-3.14
Comprehensive Income & Other	9.83	9.37	6.57	8.02	0	0.02
Shareholders' Equity	10.91	10.21	8.67	9.65	7.01	9.52
Total Liabilities & Equity	19.25	18.62	16.85	13.92	10.9	13.35
Total Debt	0.02	1.29	1.3	1.89	1.18	0.28
Net Cash (Debt)	0.76	-0.4	0.18	-0.59	0.18	5.52
Net Cash Growth	29.62%	-	-	-	-96.68%	-31.09%
Net Cash Per Share	0.03	-0.02	0.01	-0.03	0.01	0.28
Filing Date Shares Outstanding	25.05	25.05	22.69	20.05	20.05	20.05
Total Common Shares Outstanding	25.05	25.05	22.69	20.05	20.05	20.05
Working Capital	3.17	5.33	2.92	4.91	8.14	9.81
Book Value Per Share	0.44	0.41	0.38	0.48	0.35	0.47
Tangible Book Value	10.91	10.21	8.67	9.65	7.01	9.52
Tangible Book Value Per Share	0.44	0.41	0.38	0.48	0.35	0.47
Machinery	-	0.46	0.31	0.31	0.31	0.43