Sławomir Mentzen (40) For years it has been building its public image as a man from counting money, taxes and the economy. He advises entrepreneurs, comments on public finances, talks about how the state should look and how business should be conducted.
This raises the natural question: what are the numbers of his own company? due to the fact that if individual convinces others how to manage money, it's worth checking their own profit and failure account.
Mentzen S.A., which conducts advisory and accounting activities, is listed on the NewConnect market. It is simply a tiny law firm dealing with taxation consulting, legal support and subscription accounting.
The company debuted on the marketplace on July 2, 2024. In the public offering the shares were sold after 36 PLN per piece. The value of the offer amounted to PLN 12.6 million and 350 1000 shares were sold, or 35 percent of the company's capital. It was so an offer in which investors bought primarily existing shares alternatively than financing the large improvement of the company with fresh capital.
Debut and first weeks of listing. Source: stooq.pl. Click to enlarge.At the beginning of the first session the course was 44.10 PLN, which is 22.5 percent more than the price from the offer. During the day the quotations grew even stronger, the course temporarily reached up to PLN 66.15 to yet close at 57.39. Even more interesting was what happened a day later – the course reached a maximum of almost PLN 72 per share.
This meant almost doubling the price to the public offering. The capitalization of the entity was then over PLN 75 million, which was absurd. After these 2 spectacular days, there were drops.
Currently, the stock exchange rate is around PLN 30–31. This means that the investor who bought shares in IPO after PLN 36 is after 2 years on failure of about 15–17%. If individual bought in euphoria after 60–70 PLN, the failure is much higher – even more than 50 percent.
Who bought shares in the offer after 36 PLN and sold them during the first days of listing could make a very good profit: about 22 percent already at the beginning and even 70–90 percent at the sale close to the summit. However, a long-term investor who believed in the communicative of sustainable business growth and holds stock to this day, does not see specified success.
According to the financial data of the company in 2023, the revenues amounted to PLN 21.6 million and the net profit amounted to PLN 3.0 million. In 2024, revenues fell to about PLN 19 million and net profit decreased to about PLN 1 million. In 2025, revenues again decreased – to PLN 18.1 million – while net profit improved to about PLN 1.85 million.
The illustration shows symbolic interest in shares since its debut, while indicators show that the company is overvalued. Source: stooq.pl. Click to enlarge.The company improved its financial performance mainly by reducing costs alternatively than by dynamically expanding its business scale. For an investor, that's an crucial difference. You can cut costs erstwhile or twice. The increase in gross is much more hard and valuable.
In 2025 Mentzen S.A. achieved PLN 18.1 million of revenues, around PLN 2.0 million of EBIT and about PLN 1.85 million of net profit, which gives a net margin of around 11%.
These are not bad results for a consulting and accounting firm, but they are besides not parameters of a growth company that would justify the stock exchange enthusiasm of the business dynamics itself. simply put, this looks more like a well run firm than a financial locomotive.
At the share rate, about PLN 30–38, the company was listed in 2025 at a profit per share (EPS) of about PLN 1,81 and a price to profit index (C/Z) of over 20. This means that the investor pays the equivalent of over 20 years of current profit.
Even more interesting is the price to book value index (C/WK). The book value per share was about PLN 2.33, which meant that the marketplace price was more than sixteen times higher than the book value. This is simply a very advanced valuation for a tiny service company with NewConnect.
Even more curious is the decrease in book value. The company's equity amounted to about PLN 10.75 million in 2023, about PLN 9.6 million in 2024 and only about PLN 2.4 million in 2025. It's a very powerful inheritance. In practice, this means that despite the improvement of the net result, the company's balance sheet base has become importantly weaker. For a long-term investor it is more crucial information than a single better year.
According to the interim study of the company, the employment rate is much lower than it might seem after the brand's media recognition. At the end of the first 4th of 2026, 5 people were employed on employment contracts, 25 on contract, 17 on B2B. A full of 47 people, with only 12 in Mentzen S.A.
Number of persons employed at the end of the first 4th of 2026 Source: Mentzen S.A. Click to enlarge.Mentzen S.A. is simply a company from NewConnect, a marketplace with much little liquidity than the main level of the Warsaw Stock Exchange. regular rotations can be symbolic. There are sessions where the turnover is respective 1000 zlotys, and the volume is respective twelve or a 100 twelve shares. At the time of writing this text, only 31 shares worth PLN 922,40 have passed through the market. This means that even if individual on paper has shares worth respective 100 1000 zlotys, their fast sale without a strong influence on the course is almost impossible This is not a liquid company of the kind Orlen or CD Project. frequently the problem here is not buying, but exiting investment.
The ownership structure is very mediocre and boils down to 1 shareholder holding more than 5% of the shares. Source: stooq.pl. Click to enlarge.The shareholders besides show that it is simply a company very powerfully connected with 1 person. The Mentzen household Foundation controls about 64% of shares and over 72 percent of votes at the general meeting, which is actually full control of the company. There is no entity or natural individual that has at least 5% of the shares.
So can we talk about the success of an entrepreneur? Yes – but not as the enthusiasts effort to portray. Mentzen built a profitable service business and was able to put it on the market. It's not enough. Many economical commentators have not even built this. But on the another hand, there is no spectacular example of an entrepreneurial advantage that confirms the communicative of superior economical efficiency.
If individual talks about how money should be managed over the years, it is worth asking: why is his own entity listed at decreasing incomes, weakening book values and advanced valuation based mainly on trust in his name?
→ M. Barrel
29.04.2026
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