It has long been clear that Antwerp’s financial results are much worse than its sporting results. Now we can also put a number on it. RAFC recorded a loss of 46,412,414 euros during the 2022-2023 season. The largest loss ever by a Belgian club in one financial year.
Antwerp had already indicated that after the loss of 32 million euros in 2021/22, a significant red figure would follow again and that has happened here. Owner Paul Gheysens must therefore regularly implement capital increases to guarantee the daily operation of the club and to obtain the license for professional football.
RAFC saw its revenues increase significantly in the previous financial year (from 48.7 to 69 million euros), but the increase in costs was of a different category: from 80 to 112.3 million euros.
Much higher labor costs
The largest cost item on the red and white profit and loss accounts is that of remuneration, social security contributions and pensions. Wages of players, staff and management. They went from 38.4 to 58.4 million euros in one season. The (wage) cost of sporting successes is therefore considerable, but not really surprising. After all, titles and cups come with prizes.
The club always stated that it is in investment mode and that it wants to become self-sustaining one day. Read: Gheysens is a businessman and wants to make a profit and will not continue to make up for losses indefinitely.
These large investments have also been offset by high income since 2023. Players such as Pacho, Ávila and Vermeeren were sold for high amounts and the Champions League also provided a nice sum of money in the Antwerp drawer. Most of that income is for the 2023-2024 financial year and there is therefore no trace of it in these annual accounts.