Guides · ANNUAL REPORT

Annual report to VID — deadline 30 April

The annual report is the main yearly financial document of Latvian companies, submitted to VID by 30 April of the following year. It includes the balance sheet, profit and loss statement, cash flow statement (for large companies) and financial statement annexes. This guide explains the content, format and submission process.

01

What content must be included in the annual report?

Content depends on the company size category (micro, small, medium, large), determined by three criteria: balance sheet assets, net turnover, average number of employees. Micro-enterprises (assets < EUR 350,000, turnover < EUR 700,000, < 10 employees) submit the simplified report — only balance sheet and P&L statement. Small companies add annexes. Medium and large submit the full package: balance sheet, P&L statement, cash flow statement, statement of changes in equity, extensive annexes with accounting policies and detailed explanations.

02

Format: XBRL electronically via EDS

Since 2018, all annual reports are submitted electronically in the EDS portal in XBRL (eXtensible Business Reporting Language) format. PDF copy is not mandatory but recommended for archive and shareholders. The XBRL template is published on the VID portal with all fields and validation rules. Major ERP solutions (4b2b included) generate XBRL automatically from financial data. Manual filling is theoretically possible but practically inefficient.

03

Audit — who needs it?

Mandatory independent auditor audit is required for companies exceeding two of three thresholds: balance sheet assets > EUR 5M, net turnover > EUR 10M, more than 50 employees. For smaller companies the audit is voluntary (although some banks require it for credit decisions). The audit report is attached to the annual report and published together in UR (Companies Registry). Audit costs: approximately EUR 5,000 – 50,000 depending on company complexity.

04

After submission — UR publication and sanctions

After submission in EDS, the annual report is automatically forwarded to the Companies Registry (UR), which publishes it publicly on its portal ur.gov.lv within 14 days. Free public access to annual reports is a valuable competitive research tool. Penalties for late submission: EUR 70 to 700 depending on delay duration and company size. Systemic non-compliance can lead to company exclusion from the active companies list in UR, blocking new contract conclusion in public procurement.

Modules involved

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