Financial satements for 2024 – What are the consequences of missing the deadline?

The deadline for submitting 2024 financial statements is approaching. For entities whose financial year aligns with the calendar year, the deadline for preparing financial statements and the management report is March 31, 2025. An exception applies to micro and small enterprises using simplified reporting standards.

March 31, June 30, July 15, 2025 – critical deadlines you must not miss

Once the financial statements and management board report for 2024 are prepared, they must be approved by the relevant corporate body by June 30, 2025. Timely preparation is not merely a formality – a reliable report forms a solid foundation for analyzing performance and planning future activities.

Failure to meet these obligations can result in fines, restrictions of liberty, or even imprisonment. The final deadline for submitting the report to the RDF system is July 15, 2025.

Entities that fail to prepare the report by this date should rectify the omission as quickly as possible to minimize the risk of penalties. Even if delayed, a properly prepared report remains essential for performance assessment and business planning, and prompt submission can mitigate the negative consequences of a missed deadline.

Complete financial statements – Essential Components You Cannot Omit

A complete financial statement includes:

• balance sheet,
• profit and loss account,
• additional information.
  

For entities subject to an audit under Article 64(1) of the Accounting Act, the following are also required:

• statement of changes in equity,
• cash flow statement.
  

Who is obliged to prepare the report?

The obligation to prepare and submit financial statements on time applies to:

• all entities maintaining accounting books under the Accounting Act,
• companies that have voluntarily adopted full accounting principles.

This includes both capital companies and partnerships, as well as sole proprietorships.

Who is responsible for the financial statements?

Responsibility for the timely preparation and submission of financial statements lies with the company’s governing bodies:

• Management board of a limited liability company
• Partners managing the affairs of a registered partnership
• Management board of a joint-stock company
• Management board of a simple joint-stock company

They must ensure data accessibility and oversee the signing of the e-report in XML format.

Key Deadlines for 2024 Financial Statements

Consequences of missing the deadlines

Non-compliance with statutory deadlines for financial reporting may result in severe legal and financial penalties, including:

• A fine or imprisonment of up to 2 years – as per Article 77(2) of the Accounting Act, for failure to prepare financial statements, non-compliance with legal standards, or providing false information.
• A fine or restriction of liberty for failing to file the report with the National Court Register – pursuant to Article 79(4) of the Accounting Act.

How is the amount of the fines calculated?

The amount of the fine depends on the legal basis for its imposition. When the Accounting Act applies, the court imposes a penalty in daily rates – from 10 to 540 – the value of which is calculated according to the rules of the Penal Code.

However, in the case of liability under the Penal Fiscal Code, the amount of the fine depends on the minimum wage. With a minimum wage of PLN 4,666 in 2025, the lower limit of the fine is PLN 467 and the upper limit is PLN 93,320.

It should be emphasized that if the registry court finds that the required documents are missing, it may initiate enforcement proceedings. It then calls on the entity to submit the missing documents within 7 days, under pain of a fine. A single penalty may reach PLN 15,000, and fines may be imposed repeatedly up to a total amount of PLN 1,000,000, in accordance with Article 1052 of the Code of Civil Procedure.

If this obligation is fulfilled or the proceedings are discontinued, any fines unpaid at that time shall also be waived.

Need professional support?

Closing the financial year demands precision and a thorough understanding of legal obligations. We provide comprehensive corporate services for the preparation and submission of financial statements, including the drafting of necessary resolutions. Our team ensures full compliance with current regulations and timely execution of all formalities.

Contact us – we will ensure your company meets its obligations efficiently and without unnecessary risk or delays.