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Pamkutya brothers' 2025 filings show prepayment-heavy concert bet
Osbáth brothers' 2025 filings reveal Márkopédia Kft.'s 50% net margin on 102.6M HUF revenue and Pama Studio Kft.'s 140M HUF in concert prepayments. The 2026 MVM Dome shows will determine the real earnings.
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Separate Filings, First Time
The Osbáth brothers, Norbert and Márk, filed separate corporate reports for 2025. It was the first year the duo behind the Pamkutya brand split their financial disclosures. Márk founded Márkopédia Kft. in late 2024 to handle his growing offline business. The two entities now tell different stories. One shows a lean, high-margin side operation. The other reveals a company sitting on 140 million forint in customer prepayments for concerts that haven't happened yet.
For 16 years the brothers built Pamkutya under Pama Studio Kft., owned 100% by Norbert. Márk's offline presence pushed him to spin off his own revenue stream. In a Forbes interview he said 70% of his income now comes from books and board games. The Márkopédia Kft. filing backs that up.
The 2025 numbers are the first clean look at how the brothers' economics split.
Márkopédia Kft.: 50% Net Margin on 102.6 Million HUF
Márkopédia Kft. booked 102.6 million HUF in revenue for 2025. Over 95% came from domestic sales. The standout number is net profit: 51.7 million HUF, a 50% net margin. That is unusually high for a content-adjacent business. The cost structure explains it.
The company spent 50.9 million HUF on services and purchased goods. Employee costs were just 1.7 million HUF – the company has one employee (Márk himself). No long-term debt. Year-end cash stood at 69.7 million HUF, and equity reached 54.7 million HUF. Short-term liabilities were 31.5 million HUF. Márk decided not to take a dividend.
The margin suggests Márk's products carry low marginal cost once the content is created. The 50% net margin is closer to a software company than a typical influencer merchandising operation. The question is whether that margin is sustainable as the product line scales.
Pama Studio Kft.: Revenue Up, Profit Down, Prepayments Surge
Pama Studio Kft., still 100% owned by Norbert, reported 188.4 million HUF in revenue, up from 150.9 million HUF in 2024. Net profit fell from 13.5 million HUF to 6.1 million HUF. The company employs two people – Norbert and Márk – yet personnel costs doubled to 124.8 million HUF (from 67.6 million). That jump likely reflects contractor payments tied to concert preparation.
The balance sheet tells a more dramatic story. Total assets more than doubled, from 87 million HUF to 201 million HUF. Short-term liabilities surged from 36 million HUF to 144 million HUF. The notes reveal the reason: 140 million HUF in customer prepayments.
Practical rule: Prepayments are not revenue. They are liabilities until the service is delivered.