When do you have to submit the annual accounts to the Chamber of Commerce (KVK)?

Filing the annual accounts is an important obligation for many companies in the Netherlands — not only because it’s required by law, but also because it promotes transparency for shareholders, investors, and other stakeholders. Failing to submit it on time can lead to fines or even director’s liability.

This article discusses the deadlines, exceptions, and consequences of late submission.

What is an annual account and why is it important?

An annual account is a financial report that provides an overview of a company’s performance and financial health over a fiscal year. This document consists of:

• The balance sheet – an overview of assets (possessions) and liabilities (debts and equity).

• The profit and loss account – showing income, expenses, and the final business result.

• The notes – providing additional explanations about the figures, such as methods used and financial risks.

The annual accounts are used not only for internal management and strategic decisions but also for tax returns, attracting investors, and obtaining bank financing.

When must you submit the annual accounts?

The filing deadline depends on your company’s legal form.

For BVs, NVs, cooperatives, and mutual insurance associations

Businesses with these legal forms must file their annual accounts with the Chamber of Commerce (KvK). The legal deadlines are as follows:

1. Preparation of the annual accounts

   • The board must prepare the accounts within 5 months after the end of the financial year.

   • In exceptional cases, the general meeting of shareholders may grant an extension of 5 additional months.

2. Approval by the shareholders

   • Within 2 months after preparation, the general meeting must approve the accounts.

3. Filing with the KvK

   • The annual accounts must be submitted within 8 days after approval.

   • Even if approval has not yet been granted, the absolute legal maximum is 12 months after the end of the financial year.

Example:

If the fiscal year ends on 31 December:

• Without extension: accounts must be prepared by 31 May, approved by 31 July, and filed by 8 August.

• With extension: accounts must be prepared by 31 October, approved by 31 December, and filed no later than 31 December.

Exception – when shareholders are also directors

If all shareholders are also directors, signing the annual accounts automatically counts as approval. In this case, the latest filing deadline is 10 months and 8 days after the end of the financial year.

For sole proprietors, freelancers (zzp’ers), partnerships (VOFs), and other small businesses

Sole proprietorships, partnerships, and professional partnerships are not required to file annual accounts with the KvK. However, they must still prepare them for tax purposes.

1. For income tax purposes:

   • The tax return must normally be filed by 1 May.

   • If using a preliminary return, the deadline can be extended to 1 July.

Note: Even though these businesses don’t have to file with the KvK, it’s still essential to complete the accounts on time to avoid additional assessments or audits from the Dutch Tax Administration.

Consequences of late filing

Failing to file the annual accounts on time can have serious consequences:

• Fines – The KvK or the Tax Administration can impose fines of up to several thousand euros.

• Economic offense – Failure to comply with the filing requirement can be treated as a criminal act.

• Director’s liability – If a BV or NV goes bankrupt and the accounts weren’t filed on time, this may be considered mismanagement, making directors personally liable for company debts.

• Loss of trust – Banks, investors, and suppliers may lose confidence if a company fails to publish its accounts on time.

How to make sure you’re on time

1. Start preparing early
   Gather financial data and bookkeeping reports right after the financial year ends.

2. Work with an accountant
   An accountant can help prepare and ensure timely, accurate filing.

3. Track your deadlines
   Record key dates in a calendar or use bookkeeping software with automatic reminders.

4. Request an extension on time if needed
   Make sure the general meeting formally approves the extension and that you don’t exceed the absolute deadline.

Conclusion

Preparing and filing the annual accounts on time is not only a legal obligation but also a vital step for your company’s financial health and reputation. By respecting legal deadlines and preparing thoroughly, you can avoid fines, legal risks, and liability issues.

Need help preparing or filing your annual accounts? Balancify assists entrepreneurs with financial administration, tax filings, and annual reports. Our experts ensure everything is accurate and on time.
Contact us today and discover how we can support your business!