Changes in significant operating expenses
Cost of materials
Cost of materials decreased by a total of EUR 5,354 thousand to EUR 27,359 thousand (previous year: EUR 32,712 thousand).
This item consisted of the cost of goods sold for BVB Event & Catering GmbH (EUR 9,437 thousand; previous year: EUR 9,096 thousand) and BVB Merchandising GmbH (EUR 17,921 thousand; previous year: EUR 23,616 thousand). The significant decline in cost of materials for merchandising – in line with the lower merchandising income – is due primarily to the fact that approximately 95,000 special-edition kits from the 2022/2023 season were delivered in the previous year. This effect no longer applied in the reporting period.
Personnel expenses
Personnel expenses decreased slightly by EUR 210 thousand to EUR 268,296 thousand in financial year 2024/2025 (previous year: EUR 268,506 thousand).
Personnel expenses for the professional squad decreased by EUR 7,243 thousand year on year to EUR 201,171 thousand in financial year 2024/2025 (previous year: EUR 208,414 thousand). This decrease was due primarily to base salaries and bonuses for sporting success. Base salaries declined by EUR 3,070 thousand to EUR 122,495 thousand (previous year: EUR 125,565 thousand). In financial year 2024/2025, the performance-based bonuses paid to the professional squad declined by EUR 8,009 thousand year on year to EUR 25,423 thousand (previous year: EUR 33,432 thousand). This is due primarily to the fact that exceptionally high bonuses were paid out in the previous year in light of the team’s excellent run of form to reach the UEFA Champions League final (2024/2025 season: quarter-finals). The team’s Bundesliga points total also declined from 63 points (fifth place) in the previous year to 57 points (fourth place).
In the reporting period, personnel expenses related to retail and administration areas increased by EUR 8,460 thousand to EUR 52,418 thousand (previous year: EUR 43,959 thousand) due primarily to inflation-related salary adjustments, an inflation adjustment premium, the higher average number of employees and other non-recurring effects.
Personnel expenses in relation to amateur and youth football amounted to EUR 14,707 thousand during the 2024/2025 financial year (previous year: EUR 16,133 thousand).
Depreciation, amortisation and write-downs
Depreciation, amortisation and write-downs increased by EUR 1,015 thousand to EUR 105,347 thousand in the reporting period (previous year: EUR 104,333 thousand). This is attributable to intangible assets, property, plant and equipment and financial assets.
During the period from 1 July 2024 to 30 June 2025, intangible assets – which consist primarily of the Borussia Dortmund Group’s player registrations – were amortised in the amount of EUR 92,542 thousand (previous year: EUR 92,069 thousand). This includes EUR 7,000 thousand in write-downs of intangible assets to their fair values (previous year: EUR 9,986 thousand).
Depreciation and write-downs of property, plant and equipment rose by EUR 499 thousand to EUR 12,763 thousand (previous year: EUR 12,264 thousand).
Financial assets were written down by EUR 43 thousand (previous year: EUR 0 thousand).
Other operating expenses
Other operating expenses decreased by EUR 4,434 thousand from EUR 166,745 thousand in the previous year to EUR 162,311 thousand in the reporting period.
Expenses for match operations rose slightly by EUR 684 thousand to EUR 75,829 thousand (previous year: EUR 75,145 thousand). This is attributable primarily to the rise in travel expenses due to increased travel in connection with the 2025 FIFA Club World Cup in the USA; this was offset by a decline in energy costs for SIGNAL IDUNA PARK and the training ground in Dortmund-Brackel, and lower insurance costs.
Advertising expenses, which also include agency commissions payable to marketing firm SPORTFIVE Germany GmbH, increased year on year – in line with the rise in advertising income – by EUR 270 thousand to EUR 13,789 thousand (previous year: EUR 13,519 thousand).
Transfer expenses declined by EUR 3,103 thousand from EUR 8,144 thousand in the previous year to EUR 5,041 thousand. This is attributable primarily to lower expenses for players on loan in relation to the loans of the players Daniel Svensson and Carney Chukwuemeka compared to the loans of the players Jadon Sancho and Ian Maatsen in the previous year.
Administrative expenses declined slightly in the financial year ended by EUR 928 thousand to EUR 51,422 thousand (previous year: EUR 52,350 thousand). Higher IT costs were offset by lower performance-based remuneration for the general partner as well as a decrease in travel and representation expenses. In the previous year, the latter was attributable primarily to the Champions League final in Wembley.
Other expenses rose by EUR 530 thousand to EUR 9,483 thousand (previous year: EUR 8,953 thousand).
Financial result
The financial result for financial year 2024/2025 amounted to EUR -969 thousand (previous year: EUR 2,720 thousand) and breaks down as follows:
The investment income amounted to EUR 28 thousand (previous year: EUR 21 thousand).
Interest income amounted to EUR 6,239 thousand (previous year: EUR 7,904 thousand) and related primarily to compounding and discounting in the context of measuring transfer receivables and liabilities in accordance with IFRS 9.
The interest expense amounted to EUR 7,236 thousand (previous year: EUR 5,205 thousand) and related mainly to compounding in the context of measuring transfer liabilities under IFRS 9 (EUR 4,335 thousand; previous year: EUR 3,929 thousand), the interest expense in the context of lease accounting under IFRS 16, and financing fees.
Tax expense
A tax expense of EUR 3,040 thousand (previous year: tax expense of EUR 4,339 thousand) was reported under taxes on income in the reporting period.