Spring is often the time when many companies in Norway are preparing for submission of the annual report for the last year. In this article, we will discuss what the annual report is and what you need to keep in mind if you are planning to submit it in 2025.
What is an annual report?
An annual report is an overview of the company’s financial situation during the year. It also shows the company’s operating profit at the end of the year, as well as it’s income and expenses. For many business owners, the operating profit is the most important thing, but remember that the balance sheet (assets, liabilities and equity) and the notes must also be included. The notes explain the various items in the accounting in more detail. The deadline for submission is 31st of July each year. It is important to remember that the general meeting must approve the annual report no later than 6 months after the end of the financial year.
Which companies need to submit an annual report?
All companies that are under the accounting obligation must submit their annual report. This applies to: AS (private limited company), ASA (public limited companies), NUF (Norwegian registered foreign businesses) that are subject to Norwegian taxation, BRL (housing cooperatives) and BBL (house building cooperatives), foundations, public corporations, unit trusts and jointly owned shipping companies. ENK (sole proprietorships) that have assets with a value of more than 20 000 000 NOK or an average number of employees of more than 20 man-years must submit an annual report, while those that do not meet these criteria are exempt from the requirement to submit it.
Is there anything new in 2025?
It is still possible to submit an annual report manually via Altinn, but the submission must be made via a standardized form that is retrieved from the accounting program. It is strongly recommended that the submission is made via a system with support for an annual report. Many modern accounting systems have a solution for delivering the annual report directly to Altinn. We deliver annual reports via Tripletex for most of our clients.
Why do company owners need to submit an annual report?
Annual reports are submitted every year, because the Norwegian authorities would like to have an open business sector. The financial figures will be available on websites such as Proof and Purehelp. That means that your customers, suppliers, investors or anyone considering applying for a job at your company can see the financial results of your company.
Contact us
If you would like to send an annual report for your company, just contact us here.
