Financial statements of the Global Estonia companies: revenue, profit, staff

Summary (latest report)

Source: ariregister.rik.ee (annual reports) and Äripäev Radar; accessed 12 Sep 2026.

Assessment: neither profit nor loss. Where does the money go?

The figures are from the register; the commentary is ours and marked as opinion.

Four companies, near-zero profit. In the latest reports the four active companies had a combined revenue of about € 110,000 (JusTrust 21,748, Sazara 31,860, Adelianz 39,312, Trendclothing 17,944). Combined operating profit: about € 5,200, i.e. 5 % of revenue. The year before, three of them were at a loss or at zero: JusTrust −1,213 €, Sazara −74 €, Adelianz −2,716 € (2023). For a brand that claims 200+ companies formed and to be a licensed provider serving in Turkish, operating at near-zero profit for years is striking. (Opinion: it is contrary to the ordinary course of business.)

Revenue is falling. JusTrust € 58,212 (2023) → € 37,495 (2024) → € 21,748 (2025): a 63 % drop in two years. Sazara € 64,737 (2022) → € 31,860 (2025): more than halved. Customer loss can be read straight off the table.

Income melts into labour costs. Adelianz 2024: revenue € 39,312, labour costs € 38,903, profit € 153. JusTrust 2023: revenue € 58,212, labour € 35,542. Sazara 2022: revenue € 64,737, labour € 32,602. In Estonia retained profit is not taxed; there is no tax advantage in driving profit to zero. Yet at Adelianz (2024: 99 %) and Trendclothing (2024: 90 %) almost all income goes to labour costs; at JusTrust the share was 49 % in 2025, at Sazara 17 %. (Opinion: where the customers’ money goes cannot be traced from these statements, and in a structure spread over nine companies it cannot be traced at all.)

Zero employees at the company selling accounting. Sazara OÜ, introduced in e-mails as the group’s accounting firm, reports an average of 0 full-time-equivalent employees and € 5,260 in labour costs for 2025. Who prepares the customers’ reports is not visible in the register.

The accounting company’s own report is late. Quintum OÜ (shown on globalestonia.com as the accounting company and issuing the accounting invoices) and Companify OÜ (issuing the contact-person invoices) had to file their first annual reports by 30 June 2026; as of 11 Sep 2026 the register shows “Esitamata” (not filed). Companies that, in the reported cases, reminded customers of late-filing penalties are late with their own reports. (Opinion: not a picture you would see at a professional accounting office.)

Five companies with € 1 in capital. Quintum, Companify, Omtechpro, Applianz and Nexrion OÜ were founded with € 1 in capital (since 2023 the legal floor is € 0.01 per shareholder); none of them has any financial data in the register. A customer paying one of these companies faces, in a dispute, a legal entity with € 1 in capital.

(Opinion: falling revenue, near-zero profit, most income converted into labour costs, an accounting company late with its own report and customers made to pay companies with € 1 in capital: this is not the picture of a professional, reliable service provider. One should not work with these companies.)

Suspicious points in the financial statements

Figures from the reports in the register; every point can be verified in the tables. Comments are marked as opinion.

• Income leaves almost entirely as labour costs. Adelianz 2024: € 39,312 revenue, € 38,903 labour costs, € 153 profit. Trendclothing 2024: € 17,944 revenue against € 16,228 labour. (Opinion: a company paying out as much in wages as it earns looks aimed at expense, not profit.)
• Neither profit nor loss for years. The four active companies’ combined profit is ≈€ 5,200 (under 5 % of ≈€ 110,000 revenue); margins range between −21 % and +11 %, mostly near zero.
• Revenues fall, the number of companies grows. JusTrust € 58,212 (2023) → € 21,748 (2025); Sazara € 64,737 (2022) → € 31,860 (2025). Five new companies were founded in the same period. (Opinion: multiplying legal entities while income falls looks more like spreading a business than growing it.)
• Accounting revenue with zero employees. Sazara 2025: 0 full-time employees, € 5,260 labour costs, € 31,860 revenue. (Opinion: who does the accounting cannot be seen from the statements.)
• Five years with one employee. JusTrust reported 1 employee throughout 2021–2025; the website says 200+ companies formed.
• Equity of a few hundred to a few thousand euros. Adelianz € 350, Trendclothing € 1,096, Sazara € 2,113; five companies have € 1 in capital and no data. (Opinion: nothing to collect if a claim succeeds.)
• Six reports unfiled, and past delays. The 2025 reports are missing at six companies; in earlier years reports were filed three months to a year and a half late.
• No group total appears anywhere. With revenue spread over nine companies, the brand’s real size and where customers’ money goes cannot be traced from any single report.

(Opinion: taken together, these points describe a structure that cannot be considered reliable on the basis of its financial statements; that is what looks suspicious, and a customer should know it before paying.)

ADELIANZ OÜ (14527107)

JUSTRUST OÜ (16093920)

SAZARA OÜ (16293205)

TRENDCLOTHING OÜ (16436484)

COMPANIFY OÜ (17034960)

QUINTUM OÜ (17024619)

OMTECHPRO OÜ (17208986)

APPLIANZ OÜ (17221194)

NEXRION OÜ (17360949)