Revenue
27.0% of sector revenue
285 companies earned 109.88m€ in 2025, 27.0% of Administrative services sector revenue. Revenue has grown 2.5× since 2015.
27.0% of sector revenue
161 with at most one employee
Largest employer: PM Hotels (186)
Median company 1.4% · 42% profitable
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
Revenue change vs 2024, companies with at least 1m€ that year
Ranked by total revenue · Showing 151–200 of 285
* Avg payroll cost per employee per month = wages, wage compensation and other personnel expenses from the income statement (AOP 211: net wages, taxes and contributions on wages including the employer's, and other personnel expenses) / employees / 12. It is not an employee's gross or net salary; reporting errors can move it significantly, and values below 300€ a month are not shown. How we calculate →
The activity title is the code's title in the KD 2010 classification (NACE Rev. 2), which applies to every year shown. The registry now shows titles from the new classification for the same codes, so titles can differ.
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 43,568,232€ | 157 |
| 2016 | 46,053,643€ | 159 |
| 2017 | 56,934,748€ | 180 |
| 2018 | 63,092,450€ | 192 |
| 2019 | 75,584,797€ | 210 |
| 2020 | 23,613,785€ | 218 |
| 2021 | 49,101,847€ | 228 |
| 2022 | 69,527,285€ | 266 |
| 2023 | 90,853,878€ | 328 |
| 2024 | 101,325,904€ | 335 |
| 2025 (Preliminary) | 109,880,091€ | 285 |
Employees and payroll cost per employee per month*
<0.1% |
| 11,819€ |
| +338.4% |
| -60,305€ |
| -510.2% |
| 4 |
| 618€ |
| 153 | Touristic Company Vector02392429 · Ulcinj | <0.1% | 11,557€ | -1.0% | -20,212€ | -174.9% | 3 | 562€ |
| 154 | Mindful Mate03208273 · Podgorica | <0.1% | 11,526€ | -75.4% | -10,992€ | -95.4% | 1 | 1,225€ |
| 155 | Spiritus Fortis03525520 · Tivat | <0.1% | 11,210€ | -12.8% | -8,356€ | -74.5% | 2 | 692€ |
| 156 | Silistra03337952 · Podgorica | <0.1% | 11,090€ | +81.8% | -104€ | -0.9% | 1 | 929€ |
| 157 | Montenegro Guiding Experience03665445 · Podgorica | <0.1% | 10,852€ | +204.6% | 240€ | 2.2% | 1 | 718€ |
| 158 | Spark Studios03502392 · Herceg Novi | <0.1% | 10,230€ | +88.6% | -685€ | -6.7% | 1 | 850€ |
| 159 | Ofek International Travel Agency03160807 · Herceg Novi | <0.1% | 9,708€ | -25.9% | 170€ | 1.8% | 1 | 680€ |
| 160 | Emka03384365 · Cetinje | <0.1% | 9,050€ | +75,316.7% | 745€ | 8.2% | 1 | 678€ |
| 161 | Lux Travel Montenegro03345092 · Podgorica | <0.1% | 8,798€ | +141.3% | -3,971€ | -45.1% | 1 | 713€ |
| 162 | Gegi03506401 · Herceg Novi | <0.1% | 8,490€ | +33.9% | -765€ | -9.0% | 1 | 678€ |
| 163 | Starway02933101 · Bar | <0.1% | 8,285€ | -37.5% | 131€ | 1.6% | 1 | 678€ |
| 164 | Marina Masa Company03216675 · Tivat | <0.1% | 7,750€ | +7.2% | -597€ | -7.7% | 1 | 675€ |
| 165 | Spot Travel03183513 · Kotor | <0.1% | 7,400€ | -45.3% | -3,841€ | -51.9% | 1 | 337€ |
| 166 | Bjelasica Polar Fox03400344 · Kolašin | <0.1% | 6,410€ | +790.3% | -14,247€ | -222.3% | 2 | 701€ |
| 167 | FR Concierge Service03434877 · Budva | <0.1% | 6,004€ | -60.3% | -74,725€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 2 | 678€ |
| 168 | German Montenegro Adventures03745074 · Podgorica | <0.1% | 5,744€ | No filing for 2024. | 576€ | 10.0% | 1 | — |
| 169 | Freedom02757605 · Žabljak | <0.1% | 5,520€ | +14.8% | -104€ | -1.9% | 3 | — |
| 170 | Lets Montenegro03706133 · Tivat | <0.1% | 4,420€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -12,262€ | -277.4% | 1 | 1,355€ |
| 171 | Majusha03424383 · Bar | <0.1% | 4,300€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -5,275€ | -122.7% | 1 | 788€ |
| 172 | T - Venture03255794 · Bar | <0.1% | 4,226€ | +26.7% | -15,882€ | -375.8% | 3 | 381€ |
| 173 | Turistička Agencija - FLY Montenegro Travel03018997 · Podgorica | <0.1% | 4,132€ | -95.9% | -18,997€ | -459.8% | 1 | 362€ |
| 174 | Kaisa02160714 · Herceg Novi | <0.1% | 2,970€ | -11.1% | -10€ | -0.3% | 1 | — |
| 175 | Half Price02876043 · Budva | <0.1% | 2,552€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -7,747€ | -303.6% | 1 | 844€ |
| 176 | Globetrek03614131 · Podgorica | <0.1% | 2,500€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -13,480€ | -539.2% | 2 | 637€ |
| 177 | Pequena Aventura03535096 · Herceg Novi | <0.1% | 2,420€ | +191.6% | -14,030€ | -579.8% | 3 | 453€ |
| 178 | Oragor03440362 · Bar | <0.1% | 2,100€ | 0.0% | -6,112€ | -291.0% | 1 | 677€ |
| 179 | Comfort Tour03734889 · Kotor | <0.1% | 2,000€ | No filing for 2024. | -7,501€ | -375.1% | 1 | 675€ |
| 180 | Queen Daphne Montenegro03158918 · Tivat | <0.1% | 2,000€ | +135.3% | -7,587€ | -379.3% | 1 | 679€ |
| 181 | Montenegro Voyage02628791 · Podgorica | <0.1% | 1,731€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -1,074€ | -62.0% | 1 | — |
| 182 | Sysect03420388 · Herceg Novi | <0.1% | 1,700€ | -15.0% | -9,620€ | -565.9% | 2 | 463€ |
| 183 | Balkanic Travel03527875 · Podgorica | <0.1% | 1,318€ | -86.4% | -7,981€ | -605.5% | 1 | 677€ |
| 184 | Acros M.B.02367831 · Tivat | <0.1% | 1,000€ | -92.4% | -10,184€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 916€ |
| 185 | Gavcar03657493 · Podgorica | <0.1% | 1,000€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -7,709€ | -770.9% | 1 | 677€ |
| 186 | Ancora02637901 · Herceg Novi | <0.1% | 826€ | -80.0% | -4,474€ | -541.6% | 1 | 343€ |
| 187 | QS Travel03597245 · Budva | <0.1% | 150€ | -94.5% | -8,092€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 677€ |
| 188 | Cleiras03391159 · Budva | <0.1% | 136€ | -59.4% | -8,091€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 678€ |
| 189 | Sprint Group03220095 · Podgorica | <0.1% | 6€ | -99.9% | -3,500€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 190 | Alta Maris Montenegro03570908 · Cetinje | <0.1% | 1€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -9,741€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 678€ |
| 191 | Vista Monte Group03582531 · Podgorica | <0.1% | 1€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -13,202€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 929€ |
| 192 | Alnur Group03782026 · Budva | 0.0% | 0€ | No filing for 2024. | -2,339€ | — | 0 | — |
| 193 | Altiora Travel03755053 · Budva | 0.0% | 0€ | No filing for 2024. | -8,316€ | — | 0 | — |
| 194 | Arslanlar Group03593401 · Bar | 0.0% | 0€ | -100.0% | 0€ | — | — | — |
| 195 | Autofix Car Rental03774660 · Podgorica | 0.0% | 0€ | No filing for 2024. | -2,156€ | — | 1 | — |
| 196 | Auto - Rent03043002 · Bar | 0.0% | 0€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -2,087€ | — | 1 | — |
| 197 | Businessexpress03652882 · Budva | 0.0% | 0€ | No filing for 2024. | -7,799€ | — | 1 | 650€ |
| 198 | BY Plazo Group Mne03733084 · Budva | 0.0% | 0€ | No filing for 2024. | -4,933€ | — | 1 | 411€ |
| 199 | Carwear03575721 · Podgorica | 0.0% | 0€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -10,623€ | — | 1 | 884€ |
| 200 | Costa Azul03506355 · Bar | 0.0% | 0€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -8,138€ | — | 1 | 677€ |