Financial reports are created as the finishing phase of the accounting process of data processing and they provide an insight into different aspects of the business activities of the enterprise, complete each other and provide a review of the entire business operations. In modern conditions, it is almost impossible to imagine doing business without the use of financial reports and indicators which are equally important to all of the participants in the business process of a determined enterprise. The business of many enterprises is based upon the decisions made according to the data from the financial reports, which is why it is important that the reports demonstrate the real status and image of the business operations. In this final paper, a comparative analysis is performed for the enterprises Zagrebačka pivovara d.o.o. and Heineken Hrvatska d.o.o. for the years 2016 and 2017. The goal of the paper is to demonstrate the process of genesis of the financial reports and indicators and apply them to selected enterprises in order to compare their business operations and display information’s which may be useful in the making of future business decisions. Calculating the financial indicators brings towards the conclusion that both enterprises have poor liquidity indicators, but with improving trends. Zagrebačka pivovara has much better indicators of activity and profitability, which are almost two times higher than the indicators of Heineken Hrvatska. The leverage indicators are within normal limits for Heineken Hrvatska, while for Zagrebačka pivovara, bad leverage management is evident.