Tag

#estonian business register

3 posts tagged.

MRR journey

Scoro Turned Its First Profit in 2025. Its Cash Fell 64% in the Same Year.

Scoro's filed revenue ran EUR 10.43M (2022) to EUR 16.62M (2025) and the group booked its first ever profit in 2025, EUR 374,000. The Estonian and UK filings reconcile to the euro, the register leaves the profit cell blank, the UK copy is an unreadable scan, and both aggregators on page one are high by 20% to 30%.

11 min read157
MRR journey

Pipedrive's Profit Fell 45% in the Year It Generated EUR 52M of Cash

Pipedrive OU's audited revenue ran EUR 160.42M (2022) to EUR 236.80M (2025) while net profit fell from EUR 46.53M to EUR 25.62M. The Estonian filings show the profit drop is mostly a first-ever dividend tax, that 2024's record profit year burned EUR 28.9M of cash, and that the famous 2022 growth spike was a transfer pricing change.

11 min read138
MRR journey

Toggl Has Grown Revenue for 18 Straight Years. Its Profit Just Fell 57%.

Toggl OU's audited revenue ran EUR 14.99M (2022) to EUR 18.03M (2025) while net profit fell from EUR 3.25M to EUR 1.39M. The Estonian filings show why that profit drop is an accounting artefact, why all of 2025's growth came from a line that is not the app, and why the three aggregators on page one are out by up to 17x.

10 min read166