My company's financial statements do not include a breakdown of revenue by NACE code. How can I correctly complete this question?
It is true that revenue by NACE code is not typically included in the financial statements.
It is true that revenue by NACE code is not typically included in the financial statements.
You can approach this question as follows:
- Use internal data, such as accounting or analytical records, if available per activity.
- Make a reasonable estimate based on the size of the activities, staffing allocation, or other relevant internal indicators.
- If you are in the service sector, you can multiply all services sold (under a specific NACE code) by the average selling price.
- If you are in the manufacturing sector, you can multiply all products sold (under a specific NACE code) by the average selling price.
- When an exact breakdown is not possible, a reasonable and substantiated estimate is sufficient.
We recommend coordinating this approach with your financial officer or accountant to ensure the submitted information aligns with the reality of your company.
Example:
Assume your SME operates in the service sector, specifically in IT consultancy (NACE code 6202).
Assume your SME operates in the service sector, specifically in IT consultancy (NACE code 6202).
- Determine the total revenue: Let’s say your total revenue for the fiscal year is €500,000.
- Identify the services sold: During the fiscal year, your SME sold 1,000 consultancy hours.
- Calculate the average selling price per service: If the average price per consultancy hour is €50, then the calculation is: 1,000 consultancy hours × €50/hour = €50,000
- Revenue for NACE code 6202 = €50,000