Filing annual financial reports is a legal obligation for all companies registered in Bulgaria. Whether you run a small limited liability company or a large corporation, understanding the requirements and deadlines is essential to avoid fines and ensure compliance with Bulgarian law. This guide provides a clear step-by-step breakdown of what businesses must submit, when, and why it matters.
1. Who Must File an Annual Financial Report?
According to the Bulgarian Accounting Act, all companies registered in Bulgaria are required to prepare and submit annual financial statements, regardless of whether they were active or inactive during the year.
This includes:
-
Limited Liability Companies (OOD / EOOD)
-
Joint-Stock Companies (AD / EAD)
-
Partnerships and cooperatives
-
Branches of foreign companies
Even companies without any financial activity must declare their inactivity by filing a simplified declaration.
2. Key Deadlines
-
31 March – Deadline for filing the annual tax return (Corporate Income Tax return) with the National Revenue Agency (NRA). Companies must declare their profit or loss for the year and pay any corporate tax due.
-
30 June – Deadline for publishing annual financial statements in the Commercial Register, maintained by the Registry Agency.
-
30 September – For entities that do not conduct business activity, the deadline for filing a declaration of inactivity is extended to the end of September.
3. What Documents Must Be Submitted?
The exact documents depend on the type and size of the company, but typically include:
-
Balance Sheet – showing assets, liabilities, and equity.
-
Profit and Loss Statement – reflecting revenues, expenses, and financial results.
-
Cash Flow Statement – mandatory for larger entities.
-
Statement of Changes in Equity – for medium and large companies.
-
Notes to the Financial Statements – explanations and additional details.
-
Annual Activity Report – required for companies exceeding certain thresholds (e.g., net sales above BGN 76,000 or specific regulated sectors).
-
Declaration of Inactivity – for companies without business operations during the year.
4. Steps to File Annual Reports
-
Prepare the Annual Financial Statement – with the help of your accountant.
-
Approval by the General Assembly – financial statements must be approved by company owners/shareholders.
-
Submit to the NRA – together with the annual tax return by 31 March.
-
File with the Commercial Register – electronically or in person, by 30 June.
5. Common Mistakes to Avoid
-
Missing deadlines – Late filings lead to fines starting from BGN 200 and can increase significantly.
-
Incomplete documentation – Submitting without required notes or declarations may result in rejection.
-
Incorrect classification of the company – Small enterprises may mistakenly file incomplete reports.
-
Failure to declare inactivity – Even dormant companies must submit the required declaration.
6. Why Compliance Matters
Publishing annual financial reports is not just a legal formality. It ensures:
-
Transparency – clients, partners, and investors can evaluate your company’s stability.
-
Legal protection – avoiding fines and sanctions.
-
Access to financing – banks and institutions often require up-to-date reports.
7. How Balantrix Helps
At Balantrix, we provide end-to-end support for preparing and filing annual reports:
-
Drafting and verifying financial statements;
-
Preparing tax returns;
-
Filing reports with both the NRA and the Commercial Register;
-
Assisting with declarations of inactivity;
-
Providing consultations for tax optimization.
With us, you never miss a deadline and always stay compliant.
Final Thoughts
Filing annual financial reports in Bulgaria may seem complex, but with the right guidance, it becomes a straightforward process. Deadlines are strict, documentation is detailed, and penalties for mistakes can be costly. Partnering with professionals like Balantrix ensures that your company stays compliant and financially transparent.
Need help with your annual reports? Contact Balantrix today and let us take the stress out of compliance.
