Do I need to file annual accounts in Bulgaria?
Yes. All Bulgarian companies must file annual financial statements with the National Statistics Institute (NSI) by 31 March and publish them at the Bulgarian Registry Agency (BRRA) by the same date. A statutory audit is required if a company meets two of three thresholds: BGN 2 million in assets, BGN 4 million in revenue, or 50 employees.
Detailed Explanation
Every Bulgarian registered company is legally required to prepare annual financial statements and file them with two separate authorities: the National Statistics Institute (NSI) and the Bulgarian Registry Agency (BRRA). Both deadlines fall on 31 March of the year following the financial year.
Financial year
The Bulgarian financial year runs from 1 January to 31 December (calendar year). There is no option to use a different accounting year under Bulgarian law. All companies must close their books and prepare accounts on this basis.
Required annual financial statements
The minimum required statements under the Accountancy Act (Zakon za schetovodstvoto) depend on company size:
- Small companies and micro-entities: balance sheet (Balans) and income statement (Otchet za prihodite i razhodite). Notes are optional for micro-entities.
- Medium and large companies: full statutory accounts including balance sheet, income statement, statement of cash flows, statement of changes in equity, and notes to the accounts.
All statements must be prepared in accordance with Bulgarian National Accounting Standards (BNAS) or International Financial Reporting Standards (IFRS). IFRS is mandatory for listed companies and optional (but permissible) for others.
NSI filing: 31 March
All Bulgarian companies must file their annual financial statements with the NSI (National Statistics Institute) by 31 March. This is a statistical reporting obligation. The NSI uses the data for national economic statistics. Filing is done via the NSI's online portal (nsi.bg) using the company's BULSTAT/UIC number.
Companies also complete an NSI annual statistical form (Godishna statisticheska otchetnost) alongside the financial statements. The form type varies by company size and industry.
BRRA publication: 31 March
Annual accounts must be published at the BRRA (Bulgarian Registry Agency) at brra.bg by 31 March. This makes the accounts publicly accessible in the commercial register. Publication requires the company's QES (qualified electronic signature). The BRRA filing is the public disclosure requirement.
The BRRA filing package typically includes: - The signed annual financial statements - The auditor's report (if a statutory audit was required) - The management's report (Doklad na upravitelia, required for medium and large companies) - The resolution of the general meeting approving the accounts
Statutory audit requirements
A statutory audit is required if a Bulgarian company meets at least two of the following three size criteria for the preceding financial year:
- Total assets exceed BGN 2,000,000 (BGN 2 million)
- Net revenue from sales exceeds BGN 4,000,000 (BGN 4 million)
- Average number of employees during the year was 50 or more
New companies are exempt from the audit requirement in their first year of operation. Companies that fall below the thresholds for two consecutive years may cease to require a statutory audit from the third year.
Audits must be conducted by a registered auditor listed with the Institute of Certified Public Accountants of Bulgaria (ICPA). The auditor issues an independent audit opinion which is published alongside the accounts.
Penalties for late or non-filing
- Late filing with the NSI: fines from BGN 500 to BGN 2,000
- Late publication with the BRRA: fines from BGN 500 to BGN 3,000, and the company's accounts are marked as unpublished in the public register, which can affect credit ratings and business relationships
- Failure to have accounts audited when required: fines for the company and for the responsible manager personally
Consolidated accounts
Bulgarian parent companies with subsidiaries may be required to prepare consolidated accounts under IFRS if the group meets relevant size thresholds. Listed companies and financial institutions always prepare IFRS consolidated accounts.
Source: brra.bg
Real-World Examples
Small EOOD filing accounts without an audit
A solo founder's EOOD had BGN 150,000 revenue, BGN 80,000 assets, and 1 employee in 2025. It does not meet any of the audit thresholds (BGN 4M revenue, BGN 2M assets, 50 employees). The owner prepares a balance sheet and income statement with the help of an accountant, files with the NSI by 31 March 2026, and publishes at the BRRA by the same date. No audit is required.
Growing OOD crossing the audit threshold
An OOD had BGN 3.2 million revenue and BGN 2.5 million assets in 2025, with 35 employees. It meets two of the three audit thresholds (assets over BGN 2M and revenue over BGN 4M threshold: revenue is below BGN 4M but assets are above BGN 2M). It meets only one threshold (assets). Not yet required for audit. If revenue also exceeds BGN 4M in 2026, both thresholds are met and a statutory audit becomes mandatory for the 2026 accounts.
Missing the BRRA publication deadline
An OOD fails to publish its 2024 accounts with the BRRA by 31 March 2025. A bank conducting a credit check in June 2025 notes the missing publication and declines a loan application. The company is then fined BGN 1,500 by the Registry Agency. After publication, the fine is paid and the accounts appear in the public register, but the credit application delay caused a cash flow problem.
Common Mistakes to Avoid
- Confusing the NSI and BRRA as the same filing: they are two separate submissions to two different organisations, both due by 31 March, and missing either one incurs separate fines.
- Assuming that because no audit is required, no formal financial statements are needed: even micro-entities must prepare and file a balance sheet and income statement, even if simplified.
- Missing the audit threshold review when the company grows: many fast-growing companies do not realise they have crossed two of the three thresholds until the BRRA or a bank flags the missing audit opinion.
- Not obtaining the general meeting resolution approving the accounts before the BRRA filing deadline: the BRRA package requires the signed resolution, and last-minute signature chasing can delay the filing past 31 March.
Frequently Asked Questions
Are Bulgarian company accounts public?
Yes. Once published with the BRRA, the annual accounts are publicly accessible on brra.bg. Anyone can search for a Bulgarian company by name or BULSTAT/UIC and view its filed accounts. This is the same as the UK Companies House model. Accounts remain in the public register indefinitely.
Can I file accounts in English in Bulgaria?
No. All filings with the NSI and BRRA must be in Bulgarian. Financial statements are prepared in Bulgarian lekans (BGN) and in the Bulgarian language. Foreign-owned companies must ensure their accountant prepares the accounts in Bulgarian and in the required format under Bulgarian National Accounting Standards.
What is the penalty for not publishing annual accounts with the BRRA?
Companies that fail to publish accounts with the BRRA face fines of BGN 500 to BGN 3,000. The responsible manager may be personally fined BGN 200 to BGN 1,500. The unpublished accounts are flagged in the commercial register, which can affect banking relationships, credit ratings, and contract opportunities.
What accounting standards do Bulgarian companies use?
Most Bulgarian companies apply Bulgarian National Accounting Standards (BNAS), which are broadly aligned with IFRS for SMEs. Listed companies must apply full IFRS. Smaller companies may apply the simplified National Accounting Standard 5 for small and medium enterprises. IFRS is permitted but not mandatory for non-listed companies.
Do I need an accountant to file Bulgarian annual accounts?
There is no legal requirement to use a licensed accountant for smaller companies. However, in practice, virtually all Bulgarian companies use an accountant: the BNAS requirements, NSI statistical forms, and BRRA filing procedures are complex, and errors can result in fines. Accountants typically charge BGN 300 to BGN 1,500 per year for annual accounts preparation depending on company size and complexity.
Practical Tips
- Start your annual accounts preparation in January rather than leaving it to March: your accountant needs time to reconcile the books, prepare the statements, and obtain the management sign-off and general meeting resolution before the 31 March deadline.
- Check the audit thresholds against your prior-year figures in January each year: if you are approaching the BGN 2M assets or BGN 4M revenue levels, appoint an auditor early so they can plan the audit work rather than rushing it in February-March.
- Keep a record of the NSI and BRRA submission confirmation receipts: if there is ever a dispute about whether accounts were filed on time, you need documented proof of the submission date and time.
- Ensure the general meeting (or sole member's decision for an EOOD) approving the annual accounts is held and documented before 31 March: the BRRA filing must include the signed approval resolution.
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