22 million deviation: Barça's numbers, uncovered

BarcelonaBarça has closed the 2025/26 season with net losses of 18 million euros, moving away from the net profit of 4 million that had been originally budgeted. This result represents a final deviation of 22 million. The numbers audited by Crowe are now available for consultation, less than three weeks before the assembly in which the delegate members must approve the management of Joan Laporta's board of directors and give the green lightto the increase in debt to finish the Camp Nou works, among other things.

Despite this negative result for the year, the entity has recorded a significant increase in ordinary activity that has placed operating revenues at 1.060 billion euros, surpassing the 1 billion barrier for the first time. This momentum is explained by the gradual return to the Camp Nou starting November 22, 2025 (partial opening of stands), and also by the historic figures for sponsorships and recurring merchandising from the subsidiary BLM. Even so, the forecast from a year ago fell short, as the club recorded 15 million less in ordinary income than it had budgeted (1.060 versus 1.075).

The business lines that recorded the largest decline were commercial (527 million euros actual versus 543 budgeted) and profits from player transfers (43 actual versus 55 forecasted). In parallel, expenses suffered a slight increase of 3 million euros, going from the 1,019 million forecasted to the 1,022 million actual in the settlement, mainly due to an unforeseen increase of 6 million in the sports salary budget and an additional 6 million in non-sports structure salaries.

The key reason for closing the year with red numbers, despite a meagerly positive ordinary result of 0.2 million euros, is the extraordinary accounting effects of 14 million negative euros not considered in the budget. This burden is a consequence of having to assume a new impairment in the accounting valuation of the company Barça Produccions for an amount of 23 million. The Barça Studios lever, key to registering signings in the summer of 2022, is taking its toll again. This burden could only be partially offset thanks to the revenue of 9.5 million euros from the sale of VIP seats approved a year and a half ago.

This extraordinary deviation could not be cleared despite the club's actual financial result being a very positive sign (-37 million euros) compared to the -51 million budgeted. Regarding the debt, the news is worse. Excluding the Espai Barça investment, it has increased by 29% (+138 million euros), reaching 607 million euros. The club and the auditor attribute this to a decrease in cash flow to make interest payments for the Espai Barça financing. However, it is emphasized that the current debt level remains 73 million euros below the maximums of June 2021.

A once again very tight budget

Looking ahead to the 2026/27 season, Barça will seek approval for a budget that anticipates closing the season with a final net profit of 1 million euros. The plan is based on a record revenue projection of 1.195 billion euros, driven primarily by completing the full season at the Camp Nou (+60 million euros increase in facility business), growth in sponsorships and merchandising (+50 million), and transfer income of 74 million (+31 million). The expected boost in turnover will allow for offsetting an increase in ordinary expenses, which will rise to 1.133 billion (an increase of 111 million), primarily allocated to the 11% increase (+65 million euros) in sports salaries, especially for the men's first football team, leader of La Liga and candidate for the Champions League.