Advance Create Co. (TSE: 8798), an Osaka-based insurance agency and comparison-site operator, filed five amended annual securities reports plus one amended interim report on the same day, covering every fiscal year from the one ended September 2021 through the one ended September 2025. The trigger was a third-party committee investigation into improper accounting in a portion of past advertising transactions and in how the company capitalized software assets, spanning both Advance Create and its wholly owned advertising subsidiary that runs the group's Hoken Ichiba insurance-comparison website. The committee delivered its findings on July 31, 2026.
For four of the five annual filings, this is the second correction: Advance Create already amended its results for the years to September 2021 through September 2024 once before, in February 2025, and is now correcting those corrections. The interim report for the six months to March 2025 and the full annual report for the year to September 2025 are being amended for the first time.
| Fiscal year | Net sales | Ordinary profit/loss | Net profit/loss | Net assets |
|---|---|---|---|---|
| Year to Sept 2021 | ¥9.42bn | ¥780.7mn | ¥103.0mn | ¥2.50bn |
| Year to Sept 2022 | ¥8.99bn | -¥367.3mn | -¥1.63bn | -¥13.3mn |
| Year to Sept 2023 | ¥10.00bn | -¥1.56bn | -¥2.49bn | -¥3.23bn |
| Year to Sept 2024 | ¥8.14bn | -¥453.2mn | -¥1.81bn | -¥5.44bn |
| Year to Sept 2025 | ¥6.92bn | -¥568.8mn | -¥1.18bn | ¥449.6mn |
The restated consolidated figures show a company that made money in the year to September 2021, then lost money for four straight years. Net assets turned negative that same year and kept sliding, reaching negative ¥5.44bn by September 2024 and negative ¥6.56bn six months later, at the March 2025 interim mark. That level of deficit breached the net-worth listing standard on the Tokyo Stock Exchange's Prime Market and on the Fukuoka and Sapporo exchanges, with a cure deadline of September 2025 and a warning that the shares would be delisted on April 1, 2026 if the shortfall persisted.
By the close of the year to September 2025, restated net assets had turned positive again, at ¥449.6mn, an equity ratio of 4.4%. The turnaround coincides with the issuance of 37.19 million Class A preferred shares during that fiscal year, financing inflows of ¥8.42bn, and the first appearance of SBI Holdings in the filing as an affiliated company. The filing does not spell out the exact terms of the preferred-share sale or SBI's stake.
The restated statements carry a new auditor's signature. Aoi Audit Corporation has replaced Sakurabashi Audit Corporation, which had audited Advance Create for 12 years before the accounting probe began. Sorting out the paper trail took a committee investigation, five refiled annual reports, one refiled interim report and a capital raise, spread across more than a year.