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, with less than three weeks left until the assembly where the delegate members must approve the management of Joan Laporta's board of directors and give the green light to the increase in debt to finish the Camp Nou works, among other things.

Despite this negative result for the financial year, the entity has recorded a significant increase in ordinary activity that has placed operating income at 1.060 billion euros, surpassing the 1 billion barrier for the first time. This momentum is explained by the gradual return to 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 budgeted (1.060 against 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, due, mainly, to an unforeseen increase of 6 million in the sports salary item and an additional 6 million in non-sports structure salaries.

The key reason for having closed the year in the red, despite a marginally positive ordinary result of 0.2 million euros, is the extraordinary accounting effects of 14 million euros negative 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 once again. This burden has only been partially offset thanks to the income of 9.5 million euros from the sale of VIP seats approved a year and a half ago.

This extraordinary deviation could not be offset even though the club's actual financial result was very positive (-37 million euros) compared to the -51 million budgeted. Regarding 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 treasury due to interest payments for the Espai Barça financing. However, it is emphasized that the current debt level remains 73 million euros below the peaks of June 2021.

A budget at the limit and the auditor's warnings

Looking ahead to the 2026/27 season, Barça will seek approval for a budget that forecasts closing the season with a final net profit of 1 million euros. The plan is based on a projected record revenue of 1.195 billion euros, driven primarily by playing the full season at the Camp Nou (+60 million euros in increased 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 the increase in ordinary expenses, which will rise to 1.133 billion (an increase of 111 million), aimed mainly at an 11% increase (+65 million euros) in sports salaries, especially for the men's first football team, leader of La Liga and a candidate for the Champions League.

In its report, the auditor highlights different aspects of Barça's economy that could call into question the going concern principle. First, it warns about a negative consolidated net equity of 168 million, which worsens the previous year's result by 16 million. Crowe also expresses uncertainty about the working capital, which persists in negative figures (-377 million, -266 last year), and about the club's tendency to close financial years with net losses (126 million accumulated over the last three closings). Furthermore, the auditor underlines that "as a consequence of the collateral effects of the Espai Barça construction project, the net consolidated turnover has been affected over the last three financial years, a circumstance that, together with compliance with the work schedule, could affect the fulfillment of certain [debt] ratios due to its derivatives." At the next assembly, these "collateral effects" will be discussed as the main reason for having to request more money to complete the renovation of the Camp Nou.