Money · Below the second tier
Only 28 of 142 lower-tier seasons ended in profit.
And most of those profits were small. A closer look at the clubs that finished in the black—and what actually got them there.
Spain, Portugal & Italy · 66 clubs · 2017–18 to 2025–26
A reviewed sample of published accounts, not a census of these leagues.
ended in profit
01 · The size of the surplus
The typical profit was €15.5k.
That is the median. The mean was €540k: three large results pull it far above what most profitable clubs earned.
The 28 profitable seasons, by size
16 of 28 profits were below €25,000. Amounts are after tax; a reported profit is not the same as cash generated.
02 · Three useful contrasts
Different routes to a surplus.
Lower costs, youth programmes and a large fan base each leave a different signature in the accounts.
Unionistas de SalamancaPrimera Federación · 2024-25Cost control
Less income than peers.
Much less spent.
Unionistas’ staff bill was 55% below its peer mean. Other operating expenses were 62% lower. Revenue was slightly below average, too.
The result: €26.4k profit, after a €27k loss the year before. Keeping costs down brought the club close to breakeven across the two years.
Grants and donations added €304k outside turnover. “Other operating expenses” excludes separately booked supplies and depreciation.
Turnover / activity revenue15 peers
Staff costs15 peers
Other operating expenses15 peers
Primera Federación · 2024–25. Mean of other clubs with that line, not the full league. Each pair has its own scale.
EuropaSegunda Federación · 2024-25Income beyond the first team
The football school is a big part of the business.
Youth football, school fees and camps brought in €1.10m: 57% of Europa’s activity revenue.
Revenue of €1.93m exceeded the four-peer mean of €739k. Staff costs were higher too. Two annual profits—€5,862 and €8,303—left a narrow margin.
These are whole-association accounts. Programme costs are not separated, so we cannot calculate a youth-programme profit margin. A going-concern warning remains.
Sources: CE Europa, PDF p. 25 ↗
Inside Europa’s €1.93m activity revenue
- Football school
- €542k
- Youth football
- €421k
- Camps
- €142k
- Other activity revenue
- €826k
A further €452k of operating grants sits outside activity revenue. This is a revenue breakdown, not a measure of programme profitability.
MálagaPrimera Federación · 2023-24The strength of a large fan base
A major commercial business in the third tier.
Gate and membership income reached €5.03m. Shop sales alone were €2.40m, compared with €165k for six peers with identifiable retail figures.
But the €4.21m net profit tells a broader story. Operating profit was €471k; net financial income and a tax credit supplied most of the bottom line.
The operating result already includes €1.25m of relegation aid and €2.78m of player-transfer gains. One third-tier season does not establish repeatability.
Sources: Málaga CF, accounts ↗
Shop sales · like-for-like retail figures6 peers
Which retail peers?
Unionistas de Salamanca €195k; Gimnàstic de Tarragona €189k; Mérida €77.9k; Ibiza €210k; Real Murcia €293k; Atlético Sanluqueño €24.8k. Same league and season. Shop-only amounts come from the accounts’ line notes; sponsorship is excluded.
How €471k became €4.21m
- Operating profit
- €471k
- + Net financial income
- €3.46m
- + Tax credit
- €275k
- = Net profit
- €4.21m
Net financial income includes a €3.03m gain on financial instruments. This bridge uses the reported income statement.
03 · Read past the bottom line
A profit can come from outside the football business.
Debt restructuring, asset revaluations and tax credits can all produce a positive result without a recurring operating surplus.
Real MurciaPrimera Federación · 2023-24Restructuring
€6.75mreported net profit€10.35m of restructuring-related gains exceeded the entire net profit. Removing that item from the operating result leaves a €1.14m operating loss, before finance and tax.
Sources: Real Murcia CF, accounts ↗ · Real Murcia CF, accounts 2 ↗
AcadémicaLiga 3 · 2022-23Insolvency plan
€1.57mreported net profit, restated€3.38m of other income from an insolvency plan dwarfed €12k of turnover. The revised profit was followed by three recorded losses.
Sources: Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts ↗ · Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts 2 ↗
ZamoraSegunda Federación · 2023-24Tax credit
€488kreported net profitA €605k pre-tax loss became a €488k net profit after a €1.093m deferred-tax credit. The auditor qualified the tax asset.
Sources: Zamora CF, accounts ↗
04 · Follow the clubs across years
21 clubs made a profit.
Only 5 did it more than once.
Open a club to see every recorded lower-tier result, the explanation and same-season comparisons. Missing years are not counted as losses.
at least two positive years
“Repeat” means at least two recorded profitable years, not necessarily consecutive. Clubs with only one year of accounts have no opportunity to qualify.
21 clubs · First 6 shown · Most profitable years first
L'HospitaletSpain · 6 recorded years3 / 6profitable
What the accounts show
Three profits; a later one was restated
The profitable years included €426k–€492k of other operating income, without enough detail to isolate a repeatable revenue source. The 2023–24 profit was later revised to a €443k loss. Earlier equity was also restated; the history is not a fully reconciled measure of cash returns.
L'Hospitalet: club profile & accounts- Mean across all 6 recorded years
- −€120k
- Mean of profitable years only
- €136k
Every recorded lower-tier year
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €592k | €126k | €126k | 1 |
| Staff costs | €379k | €135k | €135k | 1 |
| Other operating expenses | €307k | €94.2k | €94.2k | 1 |
| Operating result | €232k | −€29.6k | −€29.6k | 1 |
| Net financial result | €0 | −€43 | −€43 | 1 |
| Tax charge / (credit) | −€25.9k | — | — | 0 |
| Net profit / loss | €258k | −€42.7k | −€42.7k | 1 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Statement & sources
Centre d'Esports L'Hospitalet · abridged accounts. Audited. Opinion / warning: qualified.
A members' association: no share capital. Qualified opinion: the auditors, appointed during the year, could not verify opening inventories, nor the balances brought forward in own funds, as earlier years' books were not kept under the Commercial Code. Scanned document: read by OCR, figures checked on the page images.
Statement & sources
Centre d'Esports L'Hospitalet · abridged accounts. Audited. Opinion / warning: clean.
A members' association: no share capital. A voluntary audit. Emphasis paragraphs: the loans from related parties should be formalised on market terms; the club relies on the financial backing of its members and directors. Scanned document: read by OCR, figures checked on the page images.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €627k | €318k | €318k | 2 |
| Staff costs | €508k | €338k | €338k | 2 |
| Other operating expenses | €437k | €302k | €302k | 2 |
| Operating result | €117k | €5,099 | €5,099 | 1 |
| Net financial result | −€3,262 | −€4,872 | −€4,872 | 1 |
| Tax charge / (credit) | €15.8k | — | — | 0 |
| Net profit / loss | €97.8k | €5,552 | €5,552 | 2 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Statement & sources
Centre d'Esports L'Hospitalet · abridged accounts. Audited. Opinion / warning: clean.
A members' association: no share capital. Scanned document: read by OCR, figures checked on the page images.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €766k | — | — | 0 |
| Staff costs | €454k | — | — | 0 |
| Other operating expenses | €531k | — | — | 0 |
| Operating result | €57.8k | — | — | 0 |
| Net financial result | −€4,927 | — | — | 0 |
| Tax charge / (credit) | €445 | — | — | 0 |
| Net profit / loss | €52.4k | — | — | 0 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: No peers with this line.
Staff costs: No peers with this line.
Other operating expenses: No peers with this line.
Operating result: No peers with this line.
Net financial result: No peers with this line.
Tax charge / (credit): No peers with this line.
Net profit / loss: No peers with this line.
Statement & sources
Centre d'Esports L'Hospitalet · abridged accounts. Audited. Opinion / warning: clean.
A members' association: no share capital. Scanned document: read by OCR, figures checked on the page images.
Restated in the 2024–25 accounts, PDF p. 9; originally a €21,350.26 profit.
Statement & sources
Centre d'Esports L'Hospitalet · abridged accounts. Audited. Opinion / warning: clean.
A members' association: no share capital. As first reported and audited. The 2024-25 accounts restate this year for errors: net result −€443,305.91 (not +€21,350.26) and equity −€1,870,830.28 at 30 June 2024, after writing off the deferred tax assets, adding interest on the related-company loans and a €454,793.42 provision, and booking the free use of municipal facilities as a grant and an expense. Scanned document: read by OCR, figures checked on the page images.
Statement & sources
Centre d'Esports L'Hospitalet · full accounts. Audited. Opinion / warning: qualified.
A members' association: no share capital. Qualified opinion (Grant Thornton, appointed after the year end): no inventory count could be attended (€124,799.98), the payment-period disclosure is missing, and no evidence on conflicts of interest of the board in office until 23 April 2025. Emphasis on the restatement of 2023-24 and earlier for errors. Material uncertainty on going concern (note 2.j): negative equity and working capital; on 31 July 2025 the members voted to convert the club into a S.A.D., and €370k of convertible loans were signed with investors on 26 August 2025. Scanned document: read by OCR, figures checked on the page images.
OlotSpain · 5 recorded years3 / 5profitable
What the accounts show
Three tiny surpluses
The three profits were €2,057, €19.61 and €227. In 2019–20 revenue was below the three-peer mean, while staff and other operating expenses were much lower. The 2021–22 result included a €35k provision release. Across all five recorded years, the club still lost money overall.
Olot: club profile & accounts- Mean across all 5 recorded years
- −€15.8k
- Mean of profitable years only
- €768
Every recorded lower-tier year
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €777k | €868k | €580k | 3 |
| Staff costs | €678k | €2.22m | €2.07m | 3 |
| Other operating expenses | €383k | €1.23m | €1.21m | 3 |
| Operating result | €4,852 | −€382k | €47k | 3 |
| Net financial result | −€2,796 | −€1,459 | −€10.9k | 3 |
| Net profit / loss | €2,057 | −€445k | €11.2k | 3 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Gimnàstic de Tarragona, Rayo Majadahonda, Sabadell
Staff costs: Gimnàstic de Tarragona, Rayo Majadahonda, Sabadell
Other operating expenses: Gimnàstic de Tarragona, Rayo Majadahonda, Sabadell
Operating result: Gimnàstic de Tarragona, Rayo Majadahonda, Sabadell
Net financial result: Gimnàstic de Tarragona, Rayo Majadahonda, Sabadell
Net profit / loss: Gimnàstic de Tarragona, Rayo Majadahonda, Sabadell
Statement & sources
Unió Esportiva Olot, S.A.D. · abridged accounts. Not audited.
Prior-year comparatives printed in the following year's accounts. Registro Mercantil abbreviated form.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €674k | €1.57m | €1.17m | 6 |
| Staff costs | €875k | €3.63m | €3.14m | 6 |
| Other operating expenses | €119k | €1.57m | €1.19m | 5 |
| Operating result | €2,815 | −€2.60m | −€427k | 5 |
| Net financial result | −€2,796 | −€458k | −€30.3k | 5 |
| Net profit / loss | €20 | −€3.08m | −€1.06m | 6 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Amorebieta, Burgos, Deportivo de A Coruña, Gimnàstic de Tarragona, L'Hospitalet, Racing de Santander
Staff costs: Amorebieta, Burgos, Deportivo de A Coruña, Gimnàstic de Tarragona, L'Hospitalet, Racing de Santander
Other operating expenses: Amorebieta, Deportivo de A Coruña, Gimnàstic de Tarragona, L'Hospitalet, Racing de Santander
Operating result: Amorebieta, Deportivo de A Coruña, Gimnàstic de Tarragona, L'Hospitalet, Racing de Santander
Net financial result: Amorebieta, Deportivo de A Coruña, Gimnàstic de Tarragona, L'Hospitalet, Racing de Santander
Net profit / loss: Amorebieta, Burgos, Deportivo de A Coruña, Gimnàstic de Tarragona, L'Hospitalet, Racing de Santander
Statement & sources
Unió Esportiva Olot, S.A.D. · abridged accounts. Not audited.
Registro Mercantil abbreviated form. The general meeting's minutes state the company files abridged accounts and is not required to have them audited.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €546k | €359k | €359k | 2 |
| Staff costs | €486k | €349k | €349k | 2 |
| Other operating expenses | €183k | €429k | €429k | 2 |
| Operating result | €5,099 | €117k | €117k | 1 |
| Net financial result | −€4,872 | −€3,262 | −€3,262 | 1 |
| Net profit / loss | €227 | €54.4k | €54.4k | 2 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: L'Hospitalet, Marino
Staff costs: L'Hospitalet, Marino
Other operating expenses: L'Hospitalet, Marino
Operating result: L'Hospitalet
Net financial result: L'Hospitalet
Net profit / loss: L'Hospitalet, Marino
Statement & sources
Unió Esportiva Olot, S.A.D. · abridged accounts. Audit status not established.
Registro Mercantil abbreviated form. Figures read from the form images. Scanned document: read by OCR, figures checked on the page images.
Statement & sources
Unió Esportiva Olot, S.A.D. · abridged accounts. Audit status not established.
Prior-year comparatives printed in the following year's accounts. Registro Mercantil abbreviated form.
Statement & sources
Unió Esportiva Olot, S.A.D. · abridged accounts. Audit status not established.
Registro Mercantil abbreviated form; figures read from the form images.
Beira-MarPortugal · 5 recorded years2 / 5profitable
What the accounts show
Small surpluses, with grants
The profitable years included €101k and €286k of operating grants. These accounts cover the multi-sport association, so its staff bill is not directly comparable with a football company’s payroll. The average across all five recorded years is a loss.
Beira-Mar: club profile & accounts- Mean across all 5 recorded years
- −€50.3k
- Mean of profitable years only
- €5,407
Every recorded lower-tier year
Statement & sources
Sport Clube Beira-Mar · abridged accounts. Audit status not established.
The members' association, which enters the senior team itself, under the non-profit standard (ESNL: fundos patrimoniais, no cash-flow statement); its accounts cover every sport the club runs. Members' fees receivable sit in non-current assets with their impairment in current liabilities. No audit certificate. Statements read from the page images.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €371k | €61.2k | €45k | 4 |
| Staff costs | €82.9k | €516k | €532k | 4 |
| Other operating expenses | €297k | €365k | €262k | 4 |
| Operating result | €9,812 | −€403k | −€362k | 4 |
| Net financial result | −€546 | −€23 | €0 | 4 |
| Tax charge / (credit) | €0 | €4,523 | €1,666 | 4 |
| Net profit / loss | €9,266 | −€407k | −€364k | 4 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Alverca, Fafe, Torreense, União de Leiria
Staff costs: Alverca, Fafe, Torreense, União de Leiria
Other operating expenses: Alverca, Fafe, Torreense, União de Leiria
Operating result: Alverca, Fafe, Torreense, União de Leiria
Net financial result: Alverca, Fafe, Torreense, União de Leiria
Tax charge / (credit): Alverca, Fafe, Torreense, União de Leiria
Net profit / loss: Alverca, Fafe, Torreense, União de Leiria
Statement & sources
Sport Clube Beira-Mar · abridged accounts. Audit status not established.
The members' association, which enters the senior team itself, under the non-profit standard (ESNL: fundos patrimoniais, no cash-flow statement); its accounts cover every sport the club runs. Members' fees receivable sit in non-current assets with their impairment in current liabilities. No audit certificate. Statements read from the page images. Between the two balance sheets, retained earnings go from €798,422.95 to −€1,322,480.64 while the season shows a profit of €9,265.84: the report mentions only "ajustamentos e reclassificação" of liabilities (financing and common creditors under the recovery plan), so equity turns from €1.58m to −€0.53m without an explained bridge.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €431k | — | — | 0 |
| Staff costs | €150k | — | — | 0 |
| Other operating expenses | €511k | — | — | 0 |
| Operating result | €1,623 | — | — | 0 |
| Net financial result | −€76 | — | — | 0 |
| Tax charge / (credit) | €0 | — | — | 0 |
| Net profit / loss | €1,547 | — | — | 0 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: No peers with this line.
Staff costs: No peers with this line.
Other operating expenses: No peers with this line.
Operating result: No peers with this line.
Net financial result: No peers with this line.
Tax charge / (credit): No peers with this line.
Net profit / loss: No peers with this line.
Statement & sources
Sport Clube Beira-Mar · abridged accounts. Audit status not established.
The members' association, which enters the senior team itself, under the non-profit standard (ESNL: fundos patrimoniais, no cash-flow statement); its accounts cover every sport the club runs. Members' fees receivable sit in non-current assets with their impairment in current liabilities. No audit certificate. Statements read from the page images. The 2023-2024 report's comparative gives interest of €74.64 and a result of €1,548.34 in its income statement (€1,547.34 in its balance sheet); this report's own figures are used. The fundos patrimoniais are negative (the 2023-2024 report prints this comparative without its minus sign); an earlier transcription had them positive.
Statement & sources
Sport Clube Beira-Mar · abridged accounts. Audit status not established.
The members' association, which enters the senior team itself, under the non-profit standard (ESNL: fundos patrimoniais, no cash-flow statement); its accounts cover every sport the club runs. Members' fees receivable sit in non-current assets with their impairment in current liabilities. No audit certificate. The board that took office in April 2024 wrote off €1,229,563.97 of members' fees receivable and the matching impairment, which the 2022-23 accounts should have removed (management report); total assets fell from €1.44m to €0.22m. It borrowed €100,000 from a member after taking office.
Statement & sources
Sport Clube Beira-Mar · abridged accounts. Audit status not established.
The members' association, which enters the senior team itself, under the non-profit standard (ESNL: fundos patrimoniais, no cash-flow statement); its accounts cover every sport the club runs. Members' fees receivable sit in non-current assets with their impairment in current liabilities. No audit certificate. The face statements are images, read from the page; members' fees of €134,250 are in sales (management report). A sports company to run the senior team from 2025-26 was being set up. Total income €747,035.45 and total costs €801,159.74 (management report). An earlier transcription took liabilities of €1,003,886.35 from the report's text; the balance sheet gives €1,452,387.15.
EuropaSpain · 2 recorded years2 / 2profitable
What the accounts show
Youth football is a substantial income source
School, youth football and camps supplied €1.10m in 2024–25, 57% of activity revenue. Grants added €452k outside that figure. Programme costs are not separated, so their margins are unknown. These are whole-association accounts, with a going-concern warning.
Europa: club profile & accounts- Mean across all 2 recorded years
- €7,083
- Mean of profitable years only
- €7,083
Every recorded lower-tier year
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €1.66m | €574k | €435k | 7 |
| Staff costs | €1.39m | €962k | €788k | 7 |
| Other operating expenses | €750k | €400k | €318k | 7 |
| Operating result | €23.2k | −€701k | −€690k | 6 |
| Net financial result | −€12.8k | −€19.2k | −€1,042 | 5 |
| Tax charge / (credit) | €4,561 | −€228k | €0 | 5 |
| Net profit / loss | €5,862 | −€457k | −€261k | 7 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Arenas Club, Barakaldo, Marbella, Ourense CF, Real Avilés Industrial, Terrassa, Zamora
Staff costs: Arenas Club, Barakaldo, Marbella, Ourense CF, Real Avilés Industrial, Terrassa, Zamora
Other operating expenses: Arenas Club, Barakaldo, Marbella, Ourense CF, Real Avilés Industrial, Terrassa, Zamora
Operating result: Barakaldo, Marbella, Ourense CF, Real Avilés Industrial, Terrassa, Zamora
Net financial result: Barakaldo, Marbella, Ourense CF, Terrassa, Zamora
Tax charge / (credit): Barakaldo, Marbella, Ourense CF, Terrassa, Zamora
Net profit / loss: Arenas Club, Barakaldo, Marbella, Ourense CF, Real Avilés Industrial, Terrassa, Zamora
Statement & sources
Club Esportiu Europa · abridged accounts. Audited.
A members' association. Prior-year comparatives printed in the following year's accounts. Scanned document: read by OCR, figures checked on the page images.
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €1.93m | €739k | €658k | 4 |
| Staff costs | €1.52m | €1.09m | €1.05m | 4 |
| Other operating expenses | €826k | €530k | €393k | 4 |
| Operating result | €23.3k | −€958k | −€1.10m | 3 |
| Net financial result | −€12.3k | −€6,952 | −€6,952 | 2 |
| Tax charge / (credit) | €2,638 | €0 | €0 | 2 |
| Net profit / loss | €8,303 | −€740k | −€792k | 4 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Arenas Club, Linares Deportivo, Real Avilés Industrial, Sabadell
Staff costs: Arenas Club, Linares Deportivo, Real Avilés Industrial, Sabadell
Other operating expenses: Arenas Club, Linares Deportivo, Real Avilés Industrial, Sabadell
Operating result: Linares Deportivo, Real Avilés Industrial, Sabadell
Net financial result: Linares Deportivo, Sabadell
Tax charge / (credit): Linares Deportivo, Sabadell
Net profit / loss: Arenas Club, Linares Deportivo, Real Avilés Industrial, Sabadell
Statement & sources
Club Esportiu Europa · abridged accounts. Audited. Opinion / warning: going concern.
A members' association. Material uncertainty on going concern: accumulated losses and negative working capital. Scanned document: read by OCR, figures checked on the page images.
TorreensePortugal · 2 recorded years2 / 2profitable
What the accounts show
Player revaluations created the profits
The two third-tier profits included €1.33m and €2.13m of player fair-value gains. In 2021–22 staff and external-service costs exceeded peer averages, while turnover was lower. Revaluing players is not cash received from selling them. Higher-tier seasons are outside this analysis.
Torreense: club profile & accounts- Mean across all 2 recorded years
- €12k
- Mean of profitable years only
- €12k
Every recorded lower-tier year
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| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €27.4k | €147k | €102k | 4 |
| Staff costs | €651k | €374k | €287k | 4 |
| Other operating expenses | €865k | €223k | €234k | 4 |
| Operating result | €16.4k | −€405k | −€362k | 4 |
| Net financial result | €0 | −€160 | −€47 | 4 |
| Tax charge / (credit) | €14.8k | €833 | €239 | 4 |
| Net profit / loss | €1,670 | −€406k | −€364k | 4 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Alverca, Beira-Mar, Fafe, União de Leiria
Staff costs: Alverca, Beira-Mar, Fafe, União de Leiria
Other operating expenses: Alverca, Beira-Mar, Fafe, União de Leiria
Operating result: Alverca, Beira-Mar, Fafe, União de Leiria
Net financial result: Alverca, Beira-Mar, Fafe, União de Leiria
Tax charge / (credit): Alverca, Beira-Mar, Fafe, União de Leiria
Net profit / loss: Alverca, Beira-Mar, Fafe, União de Leiria
Statement & sources
Sport Clube União Torreense - Futebol, SAD · full accounts. Audit status not established.
Comparative figures from Sport Clube União Torreense Futebol, SAD – Relatório e Contas 2021/2022. Fair-value gains on the plantel €1,325,209.50, inside the operating result. The Campeonato de Portugal season before the club's Liga 3 promotion.
Compare this season with other clubs
Swipe the table to see all comparisons →
| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €57.4k | €108k | €111k | 5 |
| Staff costs | €1.18m | €778k | €628k | 5 |
| Other operating expenses | €1.04m | €465k | €580k | 5 |
| Operating result | €76.9k | −€1.14m | −€1.06m | 5 |
| Net financial result | −€34.2k | −€2,822 | −€113 | 5 |
| Tax charge / (credit) | €20.5k | €6,796 | €2,805 | 5 |
| Net profit / loss | €22.2k | −€1.15m | −€1.08m | 5 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Alverca, Amora, Fafe, Oliveirense, União de Leiria
Staff costs: Alverca, Amora, Fafe, Oliveirense, União de Leiria
Other operating expenses: Alverca, Amora, Fafe, Oliveirense, União de Leiria
Operating result: Alverca, Amora, Fafe, Oliveirense, União de Leiria
Net financial result: Alverca, Amora, Fafe, Oliveirense, União de Leiria
Tax charge / (credit): Alverca, Amora, Fafe, Oliveirense, União de Leiria
Net profit / loss: Alverca, Amora, Fafe, Oliveirense, União de Leiria
Statement & sources
Sport Clube União Torreense - Futebol, SAD · full accounts. Audit status not established.
The company books gains on players' registrations at fair value ('aumentos/reduções de justo valor': €5.76m in 2024/2025), which lifts its operating result; scans read with OCR. The posted file carries no audit certificate. Fair-value gains on the plantel €2,127,779 (note 10.5), inside the operating result.
AcadémicaPortugal · 4 recorded years1 / 4profitable
What the accounts show
Insolvency-plan income dominates
The revised 2022–23 profit of €1.57m included €3.38m of other income from an insolvency plan, against just €12k of turnover. Lower staff and external-service costs do not explain the result on their own. Three later years were losses; the audit also contains material qualifications.
Académica: club profile & accounts- Mean across all 4 recorded years
- −€84.8k
- Mean of profitable years only
- €1.57m
Every recorded lower-tier year
Revised comparative in the 2023–24 report, PDF p. 4. The expense and operating-result lines use the same revised statement.
Compare this season with other clubs
Swipe the table to see all comparisons →
| Line item | This club | Peer mean | Peer median | Peers |
|---|---|---|---|---|
| Turnover / activity revenue | €12.4k | €241k | €152k | 4 |
| Staff costs | €807k | €1.19m | €986k | 4 |
| Other operating expenses | €347k | €952k | €911k | 4 |
| Operating result | €1.72m | −€1.77m | −€1.84m | 4 |
| Net financial result | −€153k | −€20.2k | −€668 | 4 |
| Tax charge / (credit) | €0 | €18.8k | €3,962 | 4 |
| Net profit / loss | €1.57m | −€1.81m | −€1.91m | 4 |
Each line uses only peers that disclose it; a missing figure is not zero. Turnover can exclude grants and other income. Other operating expenses are not total costs. “—” means no comparable record is available.
Which clubs are in each average?
Turnover / activity revenue: Alverca, Amora, Fafe, União de Leiria
Staff costs: Alverca, Amora, Fafe, União de Leiria
Other operating expenses: Alverca, Amora, Fafe, União de Leiria
Operating result: Alverca, Amora, Fafe, União de Leiria
Net financial result: Alverca, Amora, Fafe, União de Leiria
Tax charge / (credit): Alverca, Amora, Fafe, União de Leiria
Net profit / loss: Alverca, Amora, Fafe, União de Leiria
Statement & sources
Associação Académica de Coimbra/OAF, SDUQ, Lda · full accounts. Audited. Opinion / warning: qualified.
The statutory auditor's opinion is qualified (unrecorded bank movements and unreconciled balances, advertising income without written contracts) and adds a material uncertainty about going concern: the company is under a recovery plan after filing for insolvency (September 2022). The auditor quantifies the measurable effects as assets overstated by €452 thousand, liabilities understated by €35 thousand, equity overstated by €417 thousand and the net result by €204 thousand. Emphasis of matter: these statements replace those issued on 13 May 2024, on which the auditor had disclaimed an opinion. Matchday income, wages and employees from the notes (whole euros). The sole quota holder (the AAC/OAF club) lends through 'outras dívidas a pagar – AAC/OAF (sócio)', recorded as shareholder loans; the €6,548,317.97 of other equity instruments is the club's credit converted into supplementary capital in 2022-23 under the insolvency plan. A profit driven by €3.38m of other income from the insolvency plan; equity went from −€10.57m to −€2.47m. The 2023/2024 report restates this season (net result €1,571,280.01, equity −€2,497,948.31, liabilities €3,620,254.92).
Restated in the 2024–25 accounts.
Statement & sources
Associação Académica de Coimbra/OAF, SDUQ, Lda · full accounts. Audited. Opinion / warning: qualified.
The statutory auditor's opinion is qualified (unrecorded bank movements and unreconciled balances, advertising income without written contracts) and adds a material uncertainty about going concern: the company is under a recovery plan after filing for insolvency (September 2022). The auditor quantifies the effect of the matters it can measure as assets and equity overstated by €160.4 thousand. Matchday income, wages and employees from the notes (whole euros). The sole quota holder (the AAC/OAF club) lends through 'outras dívidas a pagar – AAC/OAF (sócio)', recorded as shareholder loans; the €6,548,317.97 of other equity instruments is the club's credit converted into supplementary capital in 2022-23 under the insolvency plan. The 2024/2025 report restates this season's net result as −€816,344.39.
Restated in the 2025–26 accounts.
Statement & sources
Associação Académica de Coimbra/OAF, SDUQ, Lda · full accounts. Audited. Opinion / warning: qualified.
The statutory auditor's opinion is qualified (unrecorded bank movements and unreconciled balances, advertising income without written contracts) and adds a material uncertainty about going concern: the company is under a recovery plan after filing for insolvency (September 2022). Matchday income, wages and employees from the notes (whole euros). The sole quota holder (the AAC/OAF club) lends through 'outras dívidas a pagar – AAC/OAF (sócio)', recorded as shareholder loans; the €6,548,317.97 of other equity instruments is the club's credit converted into supplementary capital in 2022-23 under the insolvency plan.
Statement & sources
Associação Académica de Coimbra/OAF, SDUQ, Lda · full accounts. Audited. Opinion / warning: qualified.
The statutory auditor's opinion is qualified (unrecorded bank movements and unreconciled balances, advertising income without written contracts) and adds a material uncertainty about going concern: the company is under a recovery plan after filing for insolvency (September 2022). Matchday income, wages and employees from the notes (whole euros). The sole quota holder (the AAC/OAF club) lends through 'outras dívidas a pagar – AAC/OAF (sócio)', recorded as shareholder loans; the €6,548,317.97 of other equity instruments is the club's credit converted into supplementary capital in 2022-23 under the insolvency plan. The comparatives restate 2024/2025 (net result −€448,197.31, equity −€4,016,560.51). Cash and equivalents in the cash-flow statement open at €39,999.33, the unrestated 2024/2025 balance.
How to read these figures
Annual net profit after tax, at the tier played that season. Reviewed 8 October 2026. This sample describes the accounts we have; it cannot estimate how often all lower-tier clubs make money.
Coverage, averages & accounting differences
142 annual results from 66 clubs in Spain, Portugal and Italy, covering tiers 3–5. Three short reporting periods are excluded: Juventud Torremolinos and Teruel in 2024–25, and O Elvas’ first SAD period in 2023–24. Budgets and higher-tier seasons are excluded.
Peers share the same competition, historical tier, season and currency; regional groups are pooled. The subject club is excluded from its own benchmark. Each line has its own sample size. These are averages of available accounts, not whole-league averages or estimates adjusted for club size.
Mean is the arithmetic average; median is the middle value. Club averages include all recorded annual lower-tier results, including losses. The headline median and mean use profitable results only. All values are euros, with no inflation adjustment.
Turnover can exclude grants, transfers and other income. Other operating expenses are a source-defined line, not total costs. Association accounts may cover youth teams or other sports; company accounts may have a narrower scope. A reported profit is neither operating profit nor cash flow.
The four profitable Italian clubs have net-result summaries without expense or revenue breakdowns. Their profitability drivers are unknown. No investment ranking or estimate of owner returns is implied.
Restatements applied to the analysis
Six later net-result revisions are applied. L’Hospitalet’s 2023–24 revision changes a profit to a loss, reducing the profitable-season count from 29 to 28. The source accounts remain available from each club’s history.
- L'Hospitalet · 2023-24: €21.4k → −€443k. Restated in the 2024–25 accounts, PDF p. 9; originally a €21,350.26 profit.
Sources: CE L'Hospitalet, accounts ↗ · CE L'Hospitalet, accounts 2 ↗
- Terrassa · 2019-20: −€29.7k → −€42.7k. Restated in the following year’s accounts.
Sources: Terrassa FC, accounts ↗ · Terrassa FC, accounts 2 ↗
- Terrassa · 2020-21: −€285k → −€297k. Restated in the following year’s accounts.
Sources: Terrassa FC, accounts ↗ · Terrassa FC, accounts 2 ↗
- Académica · 2022-23: €1.60m → €1.57m. Revised comparative in the 2023–24 report, PDF p. 4. The expense and operating-result lines use the same revised statement.
Sources: Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts ↗ · Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts 2 ↗
- Académica · 2023-24: −€792k → −€816k. Restated in the 2024–25 accounts.
Sources: Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts ↗ · Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts 2 ↗
- Académica · 2024-25: −€441k → −€448k. Restated in the 2025–26 accounts.
Sources: Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts ↗ · Associação Académica de Coimbra/OAF, SDUQ, Lda, accounts 2 ↗
Académica’s 2022–23 comparisons use the revised expense and operating-result lines from the same statement. For other revised years, the net result is updated; unrevised lines retain their original basis. Known revisions do not amount to a full restatement of every historical balance sheet.
Read all 142 annual results as a table
| Club | Season | League / tier | Net result |
|---|---|---|---|
| Alcorcón | 2022-23 | Primera Federación · 3 | −€3.17m |
| Alcorcón | 2024-25 | Primera Federación · 3 | −€111k |
| Algeciras | 2023-24 | Primera Federación · 3 | −€691k |
| Algeciras | 2024-25 | Primera Federación · 3 | −€904k |
| Amorebieta | 2020-21 | Segunda División B · 3 | −€245k |
| Amorebieta | 2022-23 | Primera Federación · 3 | €259k |
| Antequera | 2022-23 | Segunda Federación · 4 | −€339k |
| Antequera | 2023-24 | Primera Federación · 3 | −€571k |
| Antequera | 2024-25 | Primera Federación · 3 | −€1.55m |
| Arenas Club | 2023-24 | Segunda Federación · 4 | −€39.7k |
| Arenas Club | 2024-25 | Segunda Federación · 4 | −€69.7k |
| Atlético Sanluqueño | 2023-24 | Primera Federación · 3 | −€438k |
| Atlético Sanluqueño | 2024-25 | Primera Federación · 3 | −€261k |
| Barakaldo | 2023-24 | Segunda Federación · 4 | −€82.7k |
| Barakaldo | 2024-25 | Primera Federación · 3 | −€90.1k |
| Burgos | 2020-21 | Segunda División B · 3 | −€4.42m |
| Deportivo de A Coruña | 2020-21 | Segunda División B · 3 | −€11.4m |
| Deportivo de A Coruña | 2021-22 | Primera Federación · 3 | −€1.66m |
| Eldense | 2021-22 | Segunda Federación · 4 | −€1.14m |
| Eldense | 2022-23 | Primera Federación · 3 | −€1.86m |
| Europa | 2023-24 | Segunda Federación · 4 | €5,862 |
| Europa | 2024-25 | Segunda Federación · 4 | €8,303 |
| Gimnàstic de Tarragona | 2019-20 | Segunda División B · 3 | €11.2k |
| Gimnàstic de Tarragona | 2020-21 | Segunda División B · 3 | −€343k |
| Gimnàstic de Tarragona | 2021-22 | Primera Federación · 3 | −€1.68m |
| Gimnàstic de Tarragona | 2022-23 | Primera Federación · 3 | −€1.41m |
| Gimnàstic de Tarragona | 2023-24 | Primera Federación · 3 | −€918k |
| Gimnàstic de Tarragona | 2024-25 | Primera Federación · 3 | −€924k |
| Ibiza | 2023-24 | Primera Federación · 3 | −€3.66m |
| Ibiza | 2024-25 | Primera Federación · 3 | −€6.15m |
| Intercity | 2023-24 | Primera Federación · 3 | −€7.03m |
| Intercity | 2024-25 | Primera Federación · 3 | −€11.3m |
| L'Hospitalet | 2019-20 | Tercera División · 4 | €258k |
| L'Hospitalet | 2020-21 | Segunda División B · 3 | −€228k |
| L'Hospitalet | 2021-22 | Tercera Federación · 5 | €97.8k |
| L'Hospitalet | 2022-23 | Tercera Federación · 5 | €52.4k |
| L'Hospitalet | 2023-24 | Tercera Federación · 5 | −€443k * |
| L'Hospitalet | 2024-25 | Tercera Federación · 5 | −€458k |
| Linares Deportivo | 2023-24 | Primera Federación · 3 | −€390k |
| Linares Deportivo | 2024-25 | Segunda Federación · 4 | −€483k |
| Lugo | 2023-24 | Primera Federación · 3 | −€2.09m |
| Lugo | 2024-25 | Primera Federación · 3 | −€1.10m |
| Málaga | 2023-24 | Primera Federación · 3 | €4.21m |
| Marbella | 2023-24 | Segunda Federación · 4 | −€1.56m |
| Marbella | 2024-25 | Primera Federación · 3 | −€1.32m |
| Marino | 2021-22 | Tercera Federación · 5 | €10.9k |
| Mérida | 2021-22 | Segunda Federación · 4 | −€1.04m |
| Mérida | 2022-23 | Primera Federación · 3 | −€1.72m |
| Mérida | 2023-24 | Primera Federación · 3 | −€1.46m |
| Mérida | 2024-25 | Primera Federación · 3 | −€1.42m |
| Mirandés | 2017-18 | Segunda División B · 3 | €739k |
| Mirandés | 2018-19 | Segunda División B · 3 | −€1.87m |
| Olot | 2019-20 | Segunda División B · 3 | €2,057 |
| Olot | 2020-21 | Segunda División B · 3 | €20 |
| Olot | 2021-22 | Tercera Federación · 5 | €227 |
| Olot | 2022-23 | Segunda Federación · 4 | −€60.3k |
| Olot | 2023-24 | Tercera Federación · 5 | −€21.2k |
| Ourense CF | 2022-23 | Segunda Federación · 4 | −€120k |
| Ourense CF | 2023-24 | Segunda Federación · 4 | −€261k |
| Ourense CF | 2024-25 | Primera Federación · 3 | −€127k |
| Ponferradina | 2018-19 | Segunda División B · 3 | €39.5k |
| Ponferradina | 2023-24 | Primera Federación · 3 | −€73.1k |
| Ponferradina | 2024-25 | Primera Federación · 3 | −€1.26m |
| Racing de Santander | 2020-21 | Segunda División B · 3 | −€1.78m |
| Rayo Majadahonda | 2019-20 | Segunda División B · 3 | €526k |
| Real Avilés Industrial | 2023-24 | Segunda Federación · 4 | −€890k |
| Real Avilés Industrial | 2024-25 | Segunda Federación · 4 | −€1.10m |
| Real Murcia | 2022-23 | Primera Federación · 3 | −€1.96m |
| Real Murcia | 2023-24 | Primera Federación · 3 | €6.75m |
| Real Murcia | 2024-25 | Primera Federación · 3 | −€3.78m |
| Real Unión de Irún | 2023-24 | Primera Federación · 3 | −€1.69m |
| Real Unión de Tenerife | 2025-26 | Tercera Federación · 5 | −€11.2k |
| Sabadell | 2018-19 | Segunda División B · 3 | −€873k |
| Sabadell | 2019-20 | Segunda División B · 3 | −€1.87m |
| Sabadell | 2021-22 | Primera Federación · 3 | −€2.15m |
| Sabadell | 2022-23 | Primera Federación · 3 | −€1.26m |
| Sabadell | 2023-24 | Primera Federación · 3 | −€2.27m |
| Sabadell | 2024-25 | Segunda Federación · 4 | −€1.30m |
| Terrassa | 2018-19 | Tercera División · 4 | −€130k |
| Terrassa | 2019-20 | Tercera División · 4 | −€42.7k * |
| Terrassa | 2020-21 | Tercera División · 4 | −€297k * |
| Terrassa | 2021-22 | Segunda Federación · 4 | −€362k |
| Terrassa | 2022-23 | Segunda Federación · 4 | −€752k |
| Terrassa | 2023-24 | Segunda Federación · 4 | −€858k |
| Unionistas de Salamanca | 2023-24 | Primera Federación · 3 | −€26.8k |
| Unionistas de Salamanca | 2024-25 | Primera Federación · 3 | €26.4k |
| Zamora | 2023-24 | Segunda Federación · 4 | €488k |
| Zamora | 2024-25 | Primera Federación · 3 | −€1.37m |
| Arezzo | 2024-25 | Serie C · 3 | €14.9k |
| Bassano | 2024-25 | Serie D · 4 | −€12.2k |
| Benevento | 2024-25 | Serie C · 3 | −€18.0m |
| Catania | 2024-25 | Serie C · 3 | −€13.4m |
| Crema | 2023-24 | Serie D · 4 | −€82.6k |
| Fiorenzuola | 2024-25 | Serie D · 4 | −€1,400 |
| Follonica Gavorrano | 2024-25 | Serie D · 4 | €3,963 |
| Juve Stabia | 2022-23 | Serie C · 3 | −€1.40m |
| Juve Stabia | 2023-24 | Serie C · 3 | −€1.99m |
| Legnago | 2024-25 | Serie C · 3 | €6,574 |
| Mestre | 2024-25 | Serie D · 4 | −€436k |
| Monza | 2018-19 | Serie C · 3 | −€1.68m |
| Monza | 2019-20 | Serie C · 3 | −€9.25m |
| Piacenza | 2024-25 | Serie D · 4 | −€562k |
| Prato | 2024-25 | Serie D · 4 | −€850k |
| Ravenna | 2024-25 | Serie D · 4 | −€923k |
| Reggiana | 2022-23 | Serie C · 3 | −€1.10m |
| Sanremese | 2024-25 | Serie D · 4 | −€200k |
| Trapani | 2023-24 | Serie D · 4 | −€318k |
| Treviso | 2024-25 | Serie D · 4 | −€760k |
| Vicenza | 2024-25 | Serie C · 3 | −€7.26m |
| Virtus Francavilla | 2024-25 | Serie D · 4 | €16.1k |
| Académica | 2022-23 | Liga 3 · 3 | €1.57m * |
| Académica | 2023-24 | Liga 3 · 3 | −€816k * |
| Académica | 2024-25 | Liga 3 · 3 | −€448k * |
| Académica | 2025-26 | Liga 3 · 3 | −€646k |
| Alverca | 2020-21 | Campeonato de Portugal · 3 | −€904k |
| Alverca | 2021-22 | Liga 3 · 3 | −€2.42m |
| Alverca | 2022-23 | Liga 3 · 3 | −€3.26m |
| Alverca | 2023-24 | Liga 3 · 3 | −€3.23m |
| Amora | 2021-22 | Liga 3 · 3 | −€937k |
| Amora | 2022-23 | Liga 3 · 3 | −€818k |
| Amora | 2023-24 | Liga 3 · 3 | −€707k |
| Amora | 2024-25 | Campeonato de Portugal · 4 | €5,310 |
| Beira-Mar | 2019-20 | Campeonato de Portugal · 3 | −€2,704 |
| Beira-Mar | 2020-21 | Campeonato de Portugal · 3 | €9,266 |
| Beira-Mar | 2022-23 | Campeonato de Portugal · 4 | €1,547 |
| Beira-Mar | 2023-24 | Campeonato de Portugal · 4 | −€205k |
| Beira-Mar | 2024-25 | Campeonato de Portugal · 4 | −€54.1k |
| Belenenses | 2024-25 | Liga 3 · 3 | −€451k |
| Fafe | 2019-20 | Campeonato de Portugal · 3 | −€91.7k |
| Fafe | 2020-21 | Campeonato de Portugal · 3 | −€111k |
| Fafe | 2021-22 | Liga 3 · 3 | −€207k |
| Fafe | 2022-23 | Liga 3 · 3 | −€157k |
| Leça | 2021-22 | Campeonato de Portugal · 4 | −€200k |
| Leça | 2024-25 | Campeonato de Portugal · 4 | −€1.20m |
| Oliveirense | 2021-22 | Liga 3 · 3 | −€1.12m |
| Sporting da Covilhã | 2023-24 | Liga 3 · 3 | −€354k |
| Sporting da Covilhã | 2024-25 | Liga 3 · 3 | −€350k |
| Torreense | 2020-21 | Campeonato de Portugal · 3 | €1,670 |
| Torreense | 2021-22 | Liga 3 · 3 | €22.2k |
| União de Leiria | 2020-21 | Campeonato de Portugal · 3 | −€617k |
| União de Leiria | 2021-22 | Liga 3 · 3 | −€1.08m |
| União de Leiria | 2022-23 | Liga 3 · 3 | −€3.01m |
* Known restatement applied. Exact amounts and source statements for profitable clubs are available in the explorer above.