Based on the used financial statements, a result was obtained which determines how these companies operate, whether they operate safely and successfully. As information on the financial statements of the observed companies, namely Amadeus M.A.J. d.o.o., Modea Nova d.o.o., and Varteks d.d. in this paper, publicly available information was used, which is available on the websites of FINA and Poslovna Hrvatska. The textile industry in Croatia has lost the importance and strength it had in history. These negative changes in the textile and clothing industry occurred with the beginning of privatization and changes in the world market, and Croatia could not adapt to these changes. The analysis of financial statements determined the operations of the selected companies through the 3 observed years of their operation. Those were 2019, 2020, and 2021. The company Modea Nova d.o.o. it was possible to observe only through the first two years, i.e. it ended in bankruptcy in the middle of 2020. The observed companies have found their share in this industry, but as can be concluded from the indicators, the companies do not operate stably. Their indebtedness is high, most years the companies make a loss. Companies should have the strength and ability to adapt to all the new challenges that will come in the future. The textile and clothing industry in the Republic of Croatia should base its growth and development on innovations such as improved production, investments in new machines, but also in human potential and resources.