Note 19 – Revenue

For the year ended December 31, 2024, all revenue was generated from sales transactions with independent third parties totaling EUR2,520,782 and with related parties totaling EUR365,337. Comparatively, for the same periods in 2023 and 2022, revenue from independent third parties amounted to EUR1,147,492 and EUR162,407, while revenue from related parties totaled nil and nil.

For the year ended December 31, 2024, the Company mainly generated revenues from advertising and sponsorships, subsidies, grants and donations, ticketing revenues and player transfer fees. They also generated revenues from training fees and youth leagues. Other revenues are mainly comprised of facility space rented out for other events, media rights, parking and marketing contracts. For the years ended December 31, 2023 and 2022, EUR745,452 and EUR162,407 were generated from consulting services.

No customerTwo customers accounted for over 10% of the Company’s total revenue representing 23% of the Company’s total revenue for the year ended December 31, 2024. No customer accounted for over 10% of the Company’s total revenue for the year ended December 31, 2023. Three customers, each accounted for over 10% of the Company’s total revenue, representing 74% of the Company’s revenue for the year ended December 31, 2022.

As of and for the year ended December 31, 2024, the Company’s top customers and associated trade receivables were as follows:

Revenue by Geographic Region