An annual report is a company's financial account for the past year; it is filed with the State Revenue Service and becomes public. The deadline depends on company size — 31 May for smaller companies, 31 July for larger ones.
An annual report is a company's account of its financial position and results for the reporting year. It is filed electronically with the State Revenue Service (VID), which passes it to the Enterprise Register (UR) within five working days, and the register publishes it.1 So any capital company's annual report can be viewed by anyone, knowing only its name or registration number.
When the annual report is due
The deadline is tied to company size. The Law on Annual Financial Statements and Consolidated Financial Statements sorts companies into four size categories by three measures: balance-sheet total, net turnover and average number of employees. Which category applies is set by these figures on the balance-sheet date.2
For deadlines, the four categories fall into two groups:
- micro and small companies — the report is due within five months of the reporting year-end; for a calendar year that is 31 May;
- medium and large companies, and a parent company preparing a consolidated report, — within seven months, for a calendar year by 31 July.
The report must also be filed no later than one month after it is approved; in practice the later of the two deadlines governs.3 If the final day falls on a weekend or holiday, it moves to the next working day.
What the annual report contains
An annual report has two parts — the financial statements and the management report.4 The financial statements are the numerical core, and in full they have five components:
- balance sheet — the company's assets and liabilities at the year-end;
- profit and loss account — income, expenses and the result for the year;
- cash flow statement — cash coming in and going out during the year;
- statement of changes in equity — how owners' capital moved over the year;
- notes — accounting policies and explanations of the line items.
Not every company prepares all five. Micro and small companies may confine themselves to the balance sheet, the profit and loss account and the notes; the cash flow statement and the statement of changes in equity are not required of them. The management report — the descriptive part on the company's activity and its development — may be omitted only by a micro company; a small company must prepare one.
Larger companies carry a further requirement: an audit by a sworn auditor. For medium and large companies the audit is always mandatory; for a small company it becomes mandatory only above certain thresholds or in other cases set by law.5 The auditor's opinion adds an independent assessment of whether the report gives a true and fair view of the company's financial position.
What it reveals
The profit and loss account reveals turnover and whether the year closed in profit or loss. The balance sheet shows the scale of a company's assets and liabilities, and whether it can meet its obligations. Several years of reports together form a financial history — the turnover trend, accumulated losses or profit, changes in capital structure.
These figures are the basis for further analysis. Credit limits, insolvency predictions, risk scoring and comparison with sector peers all rest on annual-report data. Latvian company data holds 1,974,934 annual-report records;6 they make it possible to follow a company's financial history year by year and compare it with sector averages.
When there is no report
A missing report is also information. If a company has not filed its annual report, the State Revenue Service imposes an administrative penalty. If the report is still not filed, the consequences grow more serious: the tax administration may decide to terminate the company's activity, after which the register can strike it off without a liquidation process.7
For an analyst, the run of reports is a signal in itself. A company that filed for years and then suddenly stopped differs from one that files regularly. A gap in the sequence of reports, late filing, or their complete absence is reason to look at a counterparty more closely. This sign is revealed only by looking at the whole reporting history, not just the last year.
Frequently asked questions
What is the deadline for filing an annual report? For micro and small companies, by 31 May of the following year; for medium and large companies, by 31 July, where the reporting year matches the calendar year.
Is the annual report publicly available? Yes. The Enterprise Register publishes capital companies' reports, and anyone can view them knowing the company's name or registration number.
What happens if it is not filed? First the State Revenue Service imposes an administrative penalty. If the report is still not filed, the company's activity can be terminated and the company struck off the register.
The annual report is the main public source on a company's financial position. The most reliable picture comes not from the latest report alone, but from several years taken together.
Notes
Footnotes
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The annual report is filed electronically in the State Revenue Service's Electronic Declaration System (EDS); the service passes it to the Enterprise Register within five working days, and the register makes the documents publicly available. Law on Annual Financial Statements and Consolidated Financial Statements (in Latvian, Gada pārskatu un konsolidēto gada pārskatu likums), Sections 97 and 98. Source: likumi.lv. ↩
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A company's category is set by whether, on the balance-sheet date, it does not exceed at least two of three measures: a micro company — €450,000 balance-sheet total, €900,000 net turnover, 10 employees; a small company — €5m, €10m, 50; a medium company — €25m, €50m, 250; a large company exceeds at least two of the medium-company measures. The thresholds were raised by 2024 amendments and apply from the 2024 reporting year. Same law, Section 5. Source: likumi.lv. ↩
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Filing deadlines: micro and small companies — no later than five months after the reporting year-end; medium and large companies and a consolidating parent company — no later than seven months; in all cases no later than one month after the report is approved. For a calendar reporting year these fall on 31 May and 31 July respectively. Same law, Section 97. Sources: likumi.lv, vid.gov.lv. ↩
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An annual report consists of the financial statements and the management report (Section 94). The full financial statements comprise the balance sheet, the profit and loss account, the cash flow statement, the statement of changes in equity and the notes (Section 9); micro and small companies may prepare at least the balance sheet, the profit and loss account and the notes. Only a micro company may omit the management report (Section 56). Same law. Source: likumi.lv. ↩
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A sworn auditor's audit is mandatory for medium and large companies, for issuers on a regulated market and for the consolidated annual report. For a small company it is mandatory if, for two consecutive years, it exceeds at least two of the measures — €1m balance-sheet total, €2m net turnover, 50 employees — or in other cases set by law; below that threshold a limited review may be required. Same law, Sections 91 and 92. Source: likumi.lv. ↩
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Latvian company data holds 1,974,934 annual-report records; extract 2026-07-03. ↩
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For failure to file an annual report the State Revenue Service imposes an administrative penalty (Law on Annual Financial Statements and Consolidated Financial Statements, Section 100). If the company still has not filed within one month of the penalty and at least six months have passed since the breach, the tax administration may decide to terminate its activity, and the company can be struck off the commercial register without a liquidation process (Commercial Law, in Latvian Komerclikums, Sections 314.¹ and 317). Source: likumi.lv. This article explains the public register and the legal framework; it is not legal advice. ↩