Revenue
53.6% of sector revenue
795 companies earned 686.98m€ in 2025, 53.6% of Hospitality sector revenue. Revenue has grown 3.8× since 2015.
53.6% of sector revenue
323 with at most one employee
Largest employer: Budvanska Rivijera (600)
Median company 1.7% · 41% 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 451–500 of 795
* 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 →
Profit excludes 4 filings with an implausible profit.
Totals include 9 sole proprietors: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. 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 | 179,567,207€ | 353 |
| 2016 | 189,370,214€ | 394 |
| 2017 | 248,134,234€ | 448 |
| 2018 | 301,577,349€ | 510 |
| 2019 | 352,087,096€ | 555 |
| 2020 | 132,075,520€ | 607 |
| 2021 | 297,671,376€ | 614 |
| 2022 | 436,695,881€ | 674 |
| 2023 | 551,217,902€ | 759 |
| 2024 | 657,050,002€ | 818 |
| 2025 (Preliminary) | 686,980,137€ | 795 |
Employees and payroll cost per employee per month*
<0.1% |
| 23,490€ |
| -0.4% |
| 11,271€ |
| 48.0% |
| 1 |
| 916€ |
| 453 | GFM Investment03631010 · Budva | <0.1% | 22,500€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -33,555€ | -149.1% | 3 | 847€ |
| 454 | Tri Kanjona03431681 · Nikšić | <0.1% | 21,474€ | +33.3% | 360€ | 1.7% | 2 | — |
| 455 | Normal Tours02401690 · Podgorica | <0.1% | 21,447€ | +6.2% | -116,616€ | -543.7% | 1 | — |
| 456 | Gama Hotels02622246 · Budva | <0.1% | 21,331€ | -21.2% | -19,533€ | -91.6% | 1 | 1,856€ |
| 457 | Black Moon03614239 · Budva | <0.1% | 20,851€ | +2,975.4% | -8,470€ | -40.6% | 2 | 665€ |
| 458 | Mahakala Center03104125 · Budva | <0.1% | 20,079€ | +4.5% | -4,120€ | -20.5% | 1 | 450€ |
| 459 | Belmont Holdings02891867 · Tivat | <0.1% | 19,691€ | -98.1% | -15,597€ | -79.2% | 1 | 675€ |
| 460 | Pino Negro03572641 · Podgorica | <0.1% | 18,681€ | +345.0% | 7,103€ | 38.0% | 1 | 565€ |
| 461 | Hotel Gothia03320928 · Ulcinj | <0.1% | 18,650€ | -41.8% | -9,687€ | -51.9% | 3 | 406€ |
| 462 | Iris Properties03323854 · Tivat | <0.1% | 18,639€ | +0.6% | -5,534€ | -29.7% | 1 | 678€ |
| 463 | Kydonia03615677 · Kotor | <0.1% | 18,566€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 3,414€ | 18.4% | 1 | 746€ |
| 464 | BRM Logistic03538125 · Budva | <0.1% | 18,392€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -1,787€ | -9.7% | 2 | 569€ |
| 465 | Oliver's & Co03158179 · Ulcinj | <0.1% | 18,232€ | -23.5% | -45,136€ | -247.6% | 3 | 519€ |
| 466 | Trockley MN02433974 · Budva | <0.1% | 18,001€ | -60.7% | -9,454€ | -52.5% | 1 | 680€ |
| 467 | Drahe02076748 · Kolašin | <0.1% | 17,954€ | -72.2% | -14,640€ | -81.5% | 2 | 674€ |
| 468 | Maraj Resort03658023 · Ulcinj | <0.1% | 17,277€ | -2.1% | -15,054€ | -87.1% | 3 | 462€ |
| 469 | Sinjavina02260298 · Mojkovac | <0.1% | 17,152€ | +118.1% | 2,520€ | 14.7% | 1 | 717€ |
| 470 | Orange Properties03368793 · Herceg Novi | <0.1% | 17,000€ | -14.3% | 1,522€ | 9.0% | 1 | 675€ |
| 471 | Nelly Montenegro03514218 · Budva | <0.1% | 16,545€ | +164.4% | 2,326€ | 14.1% | 1 | 731€ |
| 472 | M-Club02170701 · Budva | <0.1% | 16,425€ | -27.7% | -5,309€ | -32.3% | 1 | 600€ |
| 473 | Alte03392651 · Kolašin | <0.1% | 16,304€ | -14.8% | -8,356€ | -51.3% | 1 | 338€ |
| 474 | Aselina03646335 · Budva | <0.1% | 15,539€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -5,440€ | -35.0% | 1 | 767€ |
| 475 | Apart 3103674584 · Cetinje | <0.1% | 14,903€ | +244.0% | 669€ | 4.5% | 2 | 565€ |
| 476 | Stara Tara02820277 · Pljevlja | <0.1% | 14,876€ | +115.6% | -224€ | -1.5% | 1 | 623€ |
| 477 | Wiener03300994 · Herceg Novi | <0.1% | 14,594€ | +30.5% | -8,942€ | -61.3% | 1 | 919€ |
| 478 | Š A J o02353881 · Budva | <0.1% | 14,405€ | +6.2% | -8,150€ | -56.6% | 2 | 338€ |
| 479 | Boka-BP03691829 · Bijelo Polje | <0.1% | 14,259€ | +1,425,800.0% | 4,448€ | 31.2% | 1 | 702€ |
| 480 | Elisa Gross03029476 · Mojkovac | <0.1% | 13,872€ | -68.4% | -5,449€ | -39.3% | 1 | 562€ |
| 481 | Rekreaturs02901757 · Budva | <0.1% | 13,760€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -159,079€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 1,216€ |
| 482 | Tomma03647145 · Ulcinj | <0.1% | 13,347€ | +48.9% | 1,837€ | 13.8% | 1 | 675€ |
| 483 | Adriatic Estate Investment03126951 · Podgorica | <0.1% | 13,001€ | -69.1% | -2,438,344€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 484 | Stange 103579174 · Bar | <0.1% | 12,769€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -8,002€ | -62.7% | 3 | 565€ |
| 485 | Grand-Kalač02455102 · Rožaje | <0.1% | 12,566€ | +4.5% | -5,104€ | -40.6% | 1 | 648€ |
| 486 | Tara02290308 · Pljevlja | <0.1% | 12,546€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 7,848€ | 62.6% | 1 | — |
| 487 | Svetstroj02454572 · Budva | <0.1% | 12,463€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 5,673€ | 45.5% | 1 | 561€ |
| 488 | Gaia Global Consultancy03151395 · Podgorica | <0.1% | 12,350€ | +105.8% | -10,716€ | -86.8% | 1 | 844€ |
| 489 | Grifone Lux03195384 · Herceg Novi | <0.1% | 11,292€ | -81.0% | -14,443€ | -127.9% | 1 | — |
| 490 | Roselina Mne03769534 · Budva | <0.1% | 11,220€ | No filing for 2024. | -9,002€ | -80.2% | 1 | 416€ |
| 491 | Bleecker03349519 · Herceg Novi | <0.1% | 10,600€ | -91.4% | -21,470€ | -202.5% | 2 | 967€ |
| 492 | Kili Company03296288 · Podgorica | <0.1% | 10,500€ | -67.7% | 1,355€ | 12.9% | 1 | — |
| 493 | Southsea Innovations03615138 · Budva | <0.1% | 10,128€ | -45.7% | -10,248€ | -101.2% | 2 | 470€ |
| 494 | Dea 803109747 · Podgorica | <0.1% | 10,019€ | -10.1% | 900€ | 9.0% | 1 | 339€ |
| 495 | Eagle Eye03245438 · Tivat | <0.1% | 9,963€ | -64.0% | 4,706€ | 47.2% | 1 | 408€ |
| 496 | Lotus Innovations03664074 · Tivat | <0.1% | 9,954€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -13,899€ | -139.6% | 1 | 922€ |
| 497 | Turistički Kamp River03706222 · Bar | <0.1% | 9,872€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -2,197€ | -22.3% | 1 | — |
| 498 | Dusha03370780 · Herceg Novi | <0.1% | 9,810€ | +545.4% | -50€ | -0.5% | 1 | 677€ |
| 499 | Arya Asya Turizm03632903 · Budva | <0.1% | 9,693€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -7,045€ | -72.7% | 1 | 675€ |
| 500 | Maxhit03216179 · Tivat | <0.1% | 9,515€ | -51.5% | -8,363€ | -87.9% | 1 | 680€ |