How broke Brescia would be?

First of all, according to the filing to Italian Chamber of Commerce (CCIAA: http://registroimprese.it)

At the financial year end on 30 June 2014, Brescia Calcio SpA had the following key figures:

Total Assets: €47,159,960
Net Assets = Net equity:  €2,754,794
Turnover of the season:  €23,141,359
Net profit (loss) of the season:  minus €8,679,133

The trend of net profit already an alarm for the second division club which finished as the mid-table in 2013-14 season. However, the breakdown of the figures were worst.

In 2013-14 season, Brescia profited from player trading for €14,182,529, however €7,797,696 of them were from the last minute cashless player swaps with Varese, Pescara, Cesena and Bologna in June 2014. (or €7.8 million revenue) All of gain of Brescia were 100% flops as either reserve players or Lega Pro players namely Pachulia, Iunco, Galassi, Boccaccini, Camilli, Fonte and Gabrielli.

Deducting that amounts from net loss as well as from the assets, Brescia in fact had a net loss of €16,476,829; total asset of €39,362,266 and net equity of negative €5,042,902, which certainly triggered Italian law to recapitalize the company.

Last but not the least, as Brescia had used the financial trick before, which means in their intangible assets, more than €7.8 million were yet to be proven their paper value, including Canini (around €800,000 residual value on 30 June 2014, 2013 signing), Ferri (around €1.2 million residual value on 30 June 2014, 2012 signing) as well as the bought back of Belotti on 2 September 2013, which his contract residual value would around €1,066,667 on 30 June 2014. Adding those up, would be around €10,866,667. Compare to actual value declared in the bilancio, which the whole residual value of the contract of the first team "worth" €10,990,732, the flopped signing represented 98.87% of the accounting value. So, if deducting the value, the net equity would be minus €8,111,873.

Certainly we could argue the accounting value of the player, which based on the signing fee as well as amortization (weathering) , would differ from the actual market value if the players were sold , which on 5 February 2015 this essay was written, transfermarkt estimated the market price of the squad would be €10.7 million. However due to the well known community based elements of the site, the value were not reliable.

The fate of Brescia would certainly based on the recapitalization by the current owner, or a new buyer willing to pay extra to buy the club (as well as recapitalization) due to they think the club worth more in brand name or goodwill than in accounting (which based on historic value), or a promotion to Serie A. If those measures failed to achieve, Brescia could used the player swap financial trick again, however would the club followed the same fate as AC Siena SpA, which also raised paper profit by player swap for few years before bankruptcy?