What Is the Annual Financial Statement (AFS) in Bulgaria?

The Annual Financial Statement (AFS) is a structured presentation of a company’s financial position and financial performance. Its purpose is to provide financial information that allows users and authorities to make economic decisions.

In Bulgaria, the AFS is mandatory for all legal entities and is regulated mainly by the Accounting Act and the Commercial Act. The statements are prepared as of 31 December of the reporting period.

Is It Mandatory to Submit the Annual Financial Statement in Bulgaria?

Yes. The submission and publication of the Annual Financial Statement is mandatory for all legal entities in Bulgaria. All traders must submit and publish their AFS in the Commercial Register of the Bulgarian Registry Agency.

Who Prepares and Submits the Annual Financial Statement?

The Annual Financial Statement must be prepared by a qualified accountant. As part of Companio’s accounting services in Bulgaria, our team can assist clients with the preparation of the Annual Financial Statement and ensure it is completed in accordance with Bulgarian accounting and legal requirements.

The submission of the AFS is done electronically to the Commercial Register of the Bulgarian Registry Agency using a Qualified Electronic Signature (QES). The filing itself is carried out by a lawyer, who also prepares the required legal documentation.

What Is the Deadline to Submit the Annual Financial Statement in Bulgaria?

The main deadlines are:

• September 30 of the following year:

Final deadline to publish the Annual Financial Statement in the Commercial Register (for example, AFS for 2025 must be submitted by September 30, 2026).

• June 30 of the following year:

Deadline to file the Annual Tax Return with the National Revenue Agency (NRA) and to submit statistical reports to the National Statistical Institute (NSI).

• June 30 of the following year (companies with no activity):

Companies with no activity in the previous fiscal year must file a declaration of inactivity, unless it was already filed in a previous year.

What Does the Annual Financial Statement Include?

According to Bulgarian regulations, the AFS typically includes:

• Balance Sheet.
• Profit and Loss (P&L) Account.
• Cash Flow Statement and Equity Statement (required for most entities).
• Notes / Annexes explaining accounting policies.

Additionally, in specific cases:

• An Annual Management Report is required for companies subject to mandatory independent audit.
• An Audit Report is required only for entities subject to a statutory independent financial audit.

Updated on: 19/12/2025