In order to plan and run the business as efficiently as possible, it is necessary to inform interested buyers. Today, when competition is never stronger, it is necessary to provide potential users of our products and services with clear and accurate information about the very business of our company. Financial statements are the most important source of financial information necessary for managing decisions. The underlying financial statements shall include the profit and loss account, balance sheet, cash flow statement, capital change statement and notes to the financial statements. According to the established definition, the balance sheet is an overview of liabilities and capital and assets of enterprises at a specific date. Compared to the balance sheet, which relates to the financial situation at a certain point in time, the profit and loss account shows how successful the undertaking is in its business. The cash flow report is a financial report that shows us where our money comes from and how we use it. The Report on Capital changes shows changes, reductions or increases in capital. The reason for the report on capital changes is that they do not have the same importance of increasing in different capital positions. Notes on the financial statements are another in a series of financial statements. The need for notes accompanying financial statements is manifested through insufficient clarity of individual positions in the report that are necessary to users who will analyse this financial report. 3 procedures for analysis of financial statements are presented in the paper. There is a horizontal analysis that calculates absolute and relative changes in each balance sheet item or profit and loss account over two consecutive time periods. Therefore, horizontal or dynamic analysis focuses on discovering what happened to accounting items over a certain period of time. The vertical analysis is based on the statements of the balance sheet and profit and loss account. It is called vertical because the analysis refers to the structure of financial statements. It most often implies a procedure for examining and comparing the positions of financial statements in one year in order to discover and investigate the structure and significance of relations between individual elements of the structure. At the end of the paper, we analysed the financial statements of NK Osijek. We conducted the analysis based on performance indicators. From the conducted analysis we can conclude that the Osijek football Club relies on sponsorship revenues. Looking at 2020 and 2021, there are no major differences. Football club Osijek did not change its equity; only retained profits in 2021 fell by 4.5 million kuna. In 2021, the company experienced a negative cash flow of business activities, while in investment and financial activities a positive cash flow was achieved. Problems caused by corrona virus continued in 2021. The biggest problem was ticket sales, which is an improvement from 2020. Revenues from sponsors have increased, so that has had a positive effect on the club's business.