This paper examines the financial position of 30 Greek small and medium-sized enterprises in accommodation, food services and retail trade. Financial statements for 2022, 2023 and 2024 provide a balanced set of 90 firm-year observations. An Altman Z-score was calculated for each observation, with book equity used in X4 because the sampled firms are not listed. Rather than relying on sector averages alone, the analysis considers medians, standard deviations, ranges, annual zone frequencies, transitions between 2022 and 2024, and changes within individual firms. The overall mean changed little, from 2.97 in 2022 to 3.03 in 2024, whereas the median rose from 2.58 to 3.16. Over the same period, the safe-zone share increased from 46.7% to 56.7%; however, the distress-zone share also edged up from 33.3% to 36.7% as fewer firms remained in the grey zone. Twelve firms stayed safe throughout the period and nine stayed distressed. Marked dispersion, especially in food services and accommodation in 2024, shows how a sector mean can obscure divergent firm-level positions. The score is therefore useful as a periodic screening indicator, but the available data do not permit claims about predictive accuracy.