The paper analyses the financial statements of a small manufacturing company, with the aim of assessing the appropriateness of the going concern assumption in the financial statements for each individual business year. The period that was chosen for analysis is from 2017 to 2022, as to also investigate the impact of the COVID-19 pandemic on the company's operations and on the stated accounting assumption. In addition to the analysis, a comparison of the business with that of a large company operating in the same industry is also carried out, to establish how the size of the company affects the appropriateness of applying the going concern assumption when compiling annual financial statements. The analysis and comparison were carried out based on publicly available financial statements. A vertical and horizontal analysis of the income statement and the balance sheet is carried out, with further analysis using financial and non-financial indicators. The conclusion of the analysis of the small company is that the compilation of financial statements based on the going concern assumption was appropriate for all the years in the observed period, and that despite the reduction in the volume of operations in 2020, the company overcame the pandemic based on successful operations from previous years. The conclusion of the comparison with the large company is that the main advantage that a large company has compared to a small one is the stability of operations, which is ensured by a greater number of contracts concluded in previous periods, while a small company is more exposed to changes in the business cycle.