accounting

Filing of the annual financial statements

FILING OF THE ANNUAL FINANCIAL STATEMENTS: WHAT, WHO, HOW ?

Who must file annual financial statements with the Trade and Companies Register (RCS) ?

The main entities concerned are:

  • commercial company;
  • affiliates of foreign company.

What should be filed ?

Depending on the size of the enterprises (small, medium or large), the content of the financial statements to be filed will differ :

Filing to be made

Small company

Medium company

Large company

Balance sheet

Abbreviated annual accounts

Abbreviated annual accounts

Yes

Profit and loss account

Optional

Yes

Yes

Notes to accounts

Abbreviated annual accounts

Abbreviated annual accounts 

Yes

Management report

Optional

Optional

Optional

Audit report

Optional

Abbreviated annual accounts

Abbreviated annual accounts

 

 

 

 

 

Remarks:

   1. The minimum balance sheet content required for small company is not the same as for medium company.
   2. Small company are those that do not exceed two of the following three limits for two consecutive fiscal years: (i) balance sheet total > 4.4 million euros (ii) turnover > 8.8 million euros (iii) workforce > 50 employees
   3. Medium company are those that do not exceed 2 of the following three limits for 2 consecutive financial years: (i) total balance sheet > 20 million euros (ii) turnover > 40 million euros (iii) workforce > 250 employees

(NB: the thresholds have been updated following the publication of the Act of 18 December 2015)

 

What is the deadline for submission ?

Within one month of the approval of the accounts and no later than 7 months after the end of the financial year.

 

What are the applicable sanctions ?

Directors or managers who do not file the accounts of the entities under their administration within the deadline and/or in the minimum required format are liable to a criminal fine of between €500 and €25,000.

Before you file and publish your annual accounts, don't forget to consult the steps to be taken to ensure the approval of the annual financial statements of SAs and SARLs in Luxembourg.