ZVS Holding, a state-linked munitions company in Slovakia, experienced a significant profit increase last year, but this growth is largely attributable to substantial asset sales. While the company initially saw slower growth after the start of the war in Ukraine, its profits tripled due to these sales; without them, it would have faced losses. Despite this, ZVS Holding doubled its workforce to one thousand employees within the year. The company, controlled by the state and the Strnad family, is positioned for further expansion and could potentially surpass other major players in the defense industry. This raises questions about the sustainability of its profitability beyond asset liquidation. The firm’s fortunes highlight the complexities of state-owned enterprises within the broader geopolitical context.