Evaluation of business performance is possible through detailed analysis of financial statements. These documents serve as a key source of information for internal and external stakeholders about the organization's business performance. Key financial statements include the balance sheet, income statement, statement of cash flows, statement of comprehensive income, statement of changes in equity and accompanying notes. Financial analysis primarily focuses on the study of the balance sheet and the profit and loss account. When analyzing these documents, various techniques and analytical tools are applied with the aim of transforming financial data into useful information for various interest groups, including management and potential investors. Horizontal analysis enables comparison of data over a longer period of time, providing insight into trends and dynamics of changes. Analysis through financial indicators, which includes indicators of liquidity, indebtedness, activity, economy, profitability and investment, is one of the most frequently used methods of financial analysis. For the purposes of this work, a horizontal analysis of the balance sheet and profit and loss account was carried out, as well as an analysis of selected financial indicators for the period from 2018 to 2020 on the example of Zagrebačka pivovara. The goal of this analysis is twofold: to evaluate the business performance of the company and to assess the impact of the Covid-19 pandemic on business.