Credit insurers and credit reference agencies largely base their analyses and assessments on public data, including therefore your annual figures. The better informed these parties are, the more accurate they can make a credit assessment. This has a direct impact on the financial security of your suppliers and business partners. With up-to-date and reliable financial data, credit insurers can continue coverage of your suppliers. This ensures that they continue to provide goods and services to your business with confidence. Credit reference agencies use your annual figures to calculate a current rating of your company. A positive and recent rating strengthens the confidence of (potential) business partners and investors in your company. Timely filing therefore directly contributes to strengthening your position in the market and you avoid unnecessary risks such as a lower credit rating or loss of security of supply.
Statutory filing deadlines
Besides the business benefits, filing financial statements on time is also a legal obligation. The exact deadline depends on the legal form of your company. Sole traders are not required to file, but it is recommended for internal transparency. The following rules apply to the bv:
- Within five months of the end of the financial year, the board prepares the financial statements and submits them to the shareholders.
- Shareholders will grant the board a maximum five-month extension in case of special circumstances.
- Shareholders then have two months to adopt the financial statements.
- The annual accounts must be filed with the Chamber of Commerce no later than eight days after their adoption. If they have not been adopted on time, the prepared but not yet adopted(*) annual accounts must be filed.
- Therefore, if the financial year is equal to the calendar year, the latest filing date is 8 August (five months + two months + eight days). For maximum deferral, it is 31 December (five months + five months + two months).
(*) Even if non-adopted financial statements have been filed, the adopted financial statements should still be filed after adoption.
Failure to comply can lead to fines and personal liability for directors. Moreover, it can negatively affect your business relationships and creditworthiness.
Transparent for trust
So filing annual figures on time is not just an administrative obligation, it is a strategic step to support the continuity and growth of your business. By acting transparently and on time, you strengthen the trust of credit insurers, suppliers and business partners.
Need help preparing or filing your annual figures? Feel free to contact your financial adviser or accountant for professional advice.
