Barcelona’s Balance Sheet Bombshell: Millions Hidden in the Budget Shake the Club
10 October 2025
Overview
Barcelona this week published its 2024-25 annual report along with the budget for 2025-26, triggering wide debate among economists and football fans in Catalonia.
The controversy centers on the revaluation of Barça Studios, now called Barça Productions, with the club admitting an additional 90 million euros of losses added to the 2023-24 figure after the revaluation.
Club management calls the move a necessary accounting correction, but analysts question the method and warn it may mask deeper financial fragility.
Economist Jaume Ubis argues that the approach stamps over the true position of the club, saying the real losses for the year stand at about 107 million euros, with 90 million shifted from the prior year.
Moving losses to the previous year, Ubis says, distorts the picture for partners and investors and undermines the credibility of the club's reporting.
Controversy, audits and debt concerns
Barcelona's leadership counters that every figure underwent full independent auditing and complies with Spanish accounting standards, and that the audited report is available to members.
Nevertheless, Ubis warns that the club's overall capital deficit remains substantial, pointing to a capital shortfall around 279 million euros and working capital losses of about 266 million.
He also highlights a debt mix that includes amounts owed to other clubs, to players, and to public authorities, illustrating a liquidity squeeze that could hamper future financing.
A sensitive area is Barça Licensing & Merchandising (BLM), described as a potential ticking bomb if fundraising stalls, even as the club stresses that BLM remains a strategic revenue engine.
Ubis notes the club carries some 3 billion euros of aggregate debt, including 1.9 billion in direct borrowings and 1.45 billion tied to the Espai Barça project, plus interest on these loans. He points to BLM generating around 170 million annually but warns that a failure to secure signatures for an extraordinary meeting could force a sale to raise cash, despite its strategic importance.
Official responses and long-term outlook
Barcelona officials have rejected talk of a sale, with the new general manager Manuel Del Río stating that the file is not on the table and that the club is concentrating on expanding its commercial resources rather than selling them.
Despite these reassurances, Ubis pushes back, arguing that the club's accounting for contingencies such as UEFA fines remains inadequate and not fully aligned with prudence or real-world conditions.
In sum, the latest report shows a net loss of around 17 million euros after tax, while operating results show a small positive swing due to certain non-recurring items like the UEFA fine, premium seating revenue, and the losses from Barça Productions.
The budget for the coming season is ambitious, projecting revenue of about 1.075 billion euros as a signal of continuity, even as the balance sheet hints at continuing fragility beyond the headline numbers.
Analysts and fans alike recognize that Barcelona is navigating a delicate transition: temporary fixes and strategic investments are in play, but long-term financial health may require tough choices that test the club's identity and assets.
Ultimately, the Barcelona case remains a stress test for how a major football club can restore balance while preserving its heritage, with future seasons likely to reveal whether these so-called economic lifting mechanisms are a true lifeline or a delay of a broader crisis.
Punchline 1: If accounting were a sport, Barca’s ledger would be running a marathon while the scoreboard shows different numbers every lap.
Punchline 2: They say numbers tell the truth, but Barca seems to have hired a referee who only calls fouls against the auditors.
