Romanian Company Financial Data from the Ministry of Finance

Romania does something almost no other European country does: it publishes company financial statements through the tax authority, not the company registry — and it gives them away free. Every limited company files annual accounts with the Ministry of Finance, and anyone can pull a balance sheet and profit-and-loss summary from a public portal using nothing but the company's tax code. The data is there, it is free, and it covers the largest economy in South-East Europe. The catch is that Romanian company data is split across two systems that most outsiders confuse, and the documents are in Romanian. This guide explains where the financials actually live, what you get, and how to access them.

The Romanian company landscape in numbers

Romania is the largest economy in South-East Europe and the sixth-largest in the European Union by population. It has been one of the EU's faster-growing economies for a decade, driven by IT and business-process outsourcing, automotive and industrial manufacturing, agriculture, and a large domestic services sector. Its company-data infrastructure is more open than most Western European systems — but it is organised in a way that catches out anyone expecting a single registry.

How many companies, and of what kind

Romania has around 1.26 million legally active companies, of which roughly 690,000 reported turnover above zero at the end of 2023 — the practical population of trading entities a data consumer cares about. New incorporations run at well over 100,000 a year (124,898 legal entities registered in 2024, about 92,000 of them SRLs), though the gap between registrations and de-registrations has narrowed, slowing the growth of the active stock. SMEs account for roughly 99% of all active companies.

The overwhelming majority of Romanian commercial entities are limited liability companies. The distribution is among the most concentrated in Europe:

The SRL is to Romania what the GmbH is to Germany or the Sp. z o.o. is to Poland — the form behind everything from one-person consultancies to large industrial groups. Since 1 January 2026, a newly incorporated SRL needs minimum share capital of RON 500 (about €100), reinstated by Law 239/2025, and existing SRLs with net turnover above RON 400,000 must raise capital to at least RON 5,000 by 18 December 2027. The corporate income tax rate is 16%.

For a data consumer, the practical consequence of the legal-form concentration is simple: master the SRL filing and you have mastered the overwhelming majority of the Romanian company universe. The financial-statement obligations described in this guide apply to SRLs and SAs alike.

Two sources, one code: how Romanian company data is split

This is the single most important structural fact about Romanian company data, and the most common source of confusion. Romania splits company information across two separate public systems, each run by a different ministry — but unifies them with a single identifier.

The split is the inverse of what most jurisdictions do. In the UK, Belgium, or Poland, the company registry holds both the identity data and the financial statements. In Romania:

• The ONRC (Oficiul Național al Registrului Comerțului), under the Ministry of Justice, is the trade register. It records who the company is — legal form, registered office, directors, shareholders, share capital, status — and assigns the registration. It does not publish the annual financial statements.
• The Ministry of Finance, through ANAF (Agenția Națională de Administrare Fiscală), the national tax administration, receives and publishes the annual financial statements. Companies file their accounts with the tax authority, and the Ministry of Finance exposes key financial indicators extracted from those filings on its public portal.

Both are tied together by the CUI (Codul Unic de Înregistrare) — the unique registration code, which is simultaneously the company's tax identification number and its registry identifier. When a company is VAT-registered, the same number prefixed with "RO" becomes its VAT number. This single-identifier design is cleaner than Poland's three-number system (KRS, NIP, REGON): in Romania, one code keys both the registry record and the financial statements.

Legal foundation

• Accounting Law No. 82/1991 and Order 1802/2014 (Romanian Accounting Standards) — who keeps books, size categories, the standardised chart of accounts, and the financial-statement formats.
• Company Law No. 31/1990 — corporate law: legal forms, governance, capital.
• Law No. 265/2022 on the trade register — governs the ONRC and the RECOM service.
• Law No. 129/2019 — establishes the beneficial-ownership register, transposing the 5th EU AML Directive.
• Law No. 85/2014 — insolvency prevention and insolvency proceedings, and the Insolvency Proceedings Bulletin.
• Order 4164/2024 (OMF) — updated the size criteria defining micro, small, medium, and large entities, effective for recent financial years.

The Ministry of Finance: where Romanian financials live

The defining feature of the Romanian system — and the reason it belongs in a serious conversation about open financial data — is that annual accounts are filed with and published by the tax authority, free of charge.

What the Ministry of Finance portal publishes

The Ministry of Finance operates a public taxpayer-information service at mfinante.gov.ro, searchable by company name or CUI. For each registered entity it exposes:

• Identification data — name, CUI, registered office, VAT status, registration details.
• Key financial indicators extracted from filed annual statements — including turnover, net result (profit or loss), total assets, fixed and current assets, equity, debts, and average number of employees.
• Multi-year history — figures are published year by year, allowing a basic trend to be built directly from the portal without any paid subscription.
• Fiscal status flags — including whether the entity is active, inactive, or has been declared inactive by the tax authority.

This is a genuinely unusual level of free disclosure. In Italy, the Netherlands, and Spain, retrieving a single company's accounts means paying per document. In Romania, the core financial indicators for any SRL or SA are available free from a government portal using only the tax code. The data depth is summary-level rather than the full filed statement — the portal exposes extracted indicators, not the complete document set with notes — but for screening, benchmarking, and credit triage, the free indicators cover the essentials.

The tax-authority filing route

Romanian companies file their annual financial statements with the Ministry of Finance through ANAF, the national tax administration, rather than with the trade register. Filing is electronic, submitted through ANAF's online systems (the Virtual Private Space / Spațiul Privat Virtual platform), typically requiring a qualified electronic signature. The accounts a company files include the balance sheet, profit-and-loss account, and — for larger entities — the statement of changes in equity, cash-flow statement, and explanatory notes, prepared under Romanian Accounting Standards or IFRS depending on the entity.

Because the financial statements are filed with the tax authority, the same submission serves both the statutory disclosure obligation and the tax administration's records. This is structurally similar to the single-filing principle in Poland, but Romania routes everything through the tax authority rather than the court register.

Filing deadlines

• Annual financial statements must be filed within 150 days of the financial year-end — by 30 May for calendar-year companies.
• Companies that were inactive during the year file a declaration on their own responsibility instead, within 60 days of year-end.
• Late filing is penalised, with the penalty scaling by the length of delay.

How many companies actually file, and what's missing

Romania does not publish a single clean headline "X statements filed" figure equivalent to Belgium's 566,486. What can be said with confidence: the filing obligation covers all SRLs and SAs — the vast majority of the company universe — and the Ministry of Finance portal exposes indicators for active companies that have filed. The honest scoping points for a data buyer are two. First, the free portal gives extracted indicators, not the full filed document; the complete statement set with notes is a separate retrieval. Second, as in every jurisdiction, a portion of companies file late or not at all, and inactive entities file only a declaration — so the absence of current-year indicators is itself a signal worth capturing, not just a gap.

ONRC: the trade register and identity layer

The National Trade Register Office (ONRC) is where Romanian companies are incorporated and where their identity and ownership data lives. All commercial companies — SRL, SA, SNC, SCS, SCA, branches of foreign companies — must register with the ONRC before commencing activity. Registration grants legal personality and assigns the CUI.

What the ONRC holds

• Legal name, legal form, registered office, and CUI.
• Share capital and the list of shareholders / associates.
• Administrators (directors) and their powers of representation.
• CAEN activity codes — the Romanian implementation of the EU NACE classification. A migration to CAEN Rev 3 is underway, with a compliance deadline of 25 September 2026.
• Company status — active, dissolved, in insolvency, struck off.
• Beneficial-ownership declarations (the UBO register is maintained by the ONRC).

Access channels

• RECOM online — the ONRC's online service for basic company data, relaunched on a new platform on 26 July 2024. Searchable by company name, CUI, or trade-register number. Basic data is free; the register is updated in real time as filings are processed.
• InfoCert — the paid service for purchasing the official trade-register extract (Certificat Constatator), with electronic delivery available 24/7. This is the legally recognised, certified company extract.
• BERC (Buletinul Electronic al Registrului Comerțului) — the Electronic Bulletin of the Trade Register, where registrars' conclusions and corporate events are published and viewable free through the ONRC portal.

The practical division of labour: use the ONRC (RECOM) for who the company is and who controls it; use the Ministry of Finance portal for what the company is worth. Neither alone gives the full picture, and the CUI is what stitches the two together.

Size categories, audit, and disclosure tiers

Romanian disclosure depth and audit obligations are governed by entity size categories under the Accounting Law and Order 1802/2014, with the thresholds updated by Order 4164/2024.

The size thresholds

Entities are classified as micro, small, medium, or large based on three criteria measured at the balance-sheet date. The thresholds for the comprehensive accounting and statutory audit regime are total assets above €4,000,000, net turnover above €8,000,000, and an average of more than 50 employees:

• Micro-entities file a simplified balance sheet and profit-and-loss account and are not required to prepare explanatory notes.
• Small entities file abridged statements.
• Medium and large entities file the full set — balance sheet, P&L, statement of changes in equity, cash-flow statement, and notes — and are subject to statutory audit when they exceed the thresholds above.

The disclosure tier is the single most important data-quality indicator on a Romanian filing: a micro-entity's simplified accounts carry far less detail than a large entity's audited full statements, and the Ministry of Finance portal's extracted indicators are correspondingly thinner for the smallest filers.

Romanian Accounting Standards, IFRS, and the dual framework

Romania operates a dual accounting-framework system.

Romanian Accounting Standards for statutory accounts

The statutory annual accounts of most Romanian entities are prepared under Romanian Accounting Standards (RAS), codified in Order 1802/2014 and aligned with the EU Accounting Directive. RAS is historical-cost-based and closely tied to Romanian tax law and the standardised national Chart of Accounts prescribed by the Ministry of Finance. It diverges from IFRS on revaluation, financial instruments, leases, and deferred tax. For statutory single-entity accounts, RAS is the default and the most common basis a data consumer will encounter.

IFRS for listed and consolidated accounts

• Mandatory IFRS for companies listed on the Bucharest Stock Exchange — for both consolidated and, under MFP Order 881/2012, their individual annual financial statements — and for banks and credit institutions.
• Optional IFRS for certain other entities, often adopted at the request of a foreign parent group.
• The transition between RAS and IFRS carries tax implications because of the differences between the two frameworks.

For data consumers, the practical pattern mirrors other EU markets: a listed Romanian company reports under IFRS, while the long tail of SRLs reports under RAS. Benchmark sets should fix one framework and apply it consistently, because RAS and IFRS figures are reconcilable but not line-by-line comparable.

Consolidation

A Romanian parent must prepare consolidated accounts where the group exceeds size thresholds defined in the accounting rules, with exemptions for small groups. Consolidated statements follow the EU consolidation framework.

How to access Romanian company financial data

Romanian company data is unusually accessible at no cost — the friction is language and the two-source split, not price.

1. Ministry of Finance portal (free — financials)

The taxpayer-information service at mfinante.gov.ro is the primary free source for financial data. Search by company name or CUI to retrieve identification data and the extracted annual financial indicators, year by year. No account or fee is required. The interface is in Romanian.

2. RECOM / ONRC (free basics — identity)

The ONRC's RECOM online service provides free basic company data — name, CUI, status, registered office — searchable by name, CUI, or trade-register number. The certified extract (Certificat Constatator) is purchased separately through InfoCert.

3. EU BRIS (free — cross-border screening)

Romania is connected to the EU Business Registers Interconnection System (BRIS), accessible through the European e-Justice portal in English. BRIS is a quick way to confirm a Romanian company's basic name, status, and identifier before navigating the Romanian-language portals — useful for an initial cross-border check.

4. ANAF (free — tax and VAT validation)

The ANAF portal at anaf.ro allows free validation of CUI/CIF and confirmation of VAT-registration status. This is a rapid check for invoice verification and counterparty confirmation, separate from the financial-statement data.

5. BERC and the Official Gazette (free — corporate events)

Corporate events — incorporations, changes, dissolutions — are published in the Electronic Bulletin of the Trade Register (BERC) on the ONRC portal and, for legal effect against third parties, in the Official Gazette of Romania, Part IV.

The beneficial-ownership register

Romania maintains a beneficial-ownership register (Registrul beneficiarilor reali), established under Law No. 129/2019, which transposes the 5th EU AML Directive. It is maintained by the ONRC.

• Threshold — a natural person holding 25% plus one share, or more than 25% of the company's capital or voting rights, or exercising control by other means, is a beneficial owner.
• Filing — UBO declarations must be filed at incorporation, annually within 15 days of approval of the annual financial statements, and within 15 days of any change.
• Access — Romania maintains public access to UBO information through the ONRC, but unlike Poland's free open register, access involves filing a request, paying a fee, and providing an electronic signature. It is public but gated, not open-bulk.

For ownership analysis, the practical position is that Romanian UBO data is obtainable but not friction-free: it sits behind a request-and-fee process at the ONRC rather than a free public search. Romania has implemented the 5th and 6th AML Directives and, as of mid-2026, is not on the FATF grey list.

Insolvency and the Insolvency Proceedings Bulletin

Romanian insolvency is governed by Law No. 85/2014 on insolvency prevention and insolvency proceedings. The system has a dedicated public publication channel that is central to any credit or risk workflow.

The Insolvency Proceedings Bulletin (Buletinul Procedurilor de Insolvență, BPI) is published electronically by the ONRC. It discloses the procedural documents of insolvency cases — citations, summonses, notifications, and communications issued by the courts and by judicial administrators or liquidators after insolvency proceedings open. For a counterparty check, the BPI is the authoritative source for whether a Romanian company is in insolvency proceedings, and it is accessible online through the ONRC.

Romania's insolvency framework distinguishes between insolvency prevention procedures (restructuring-style arrangements designed to rescue a viable business) and insolvency proceedings proper (reorganisation or bankruptcy/liquidation). For risk teams, the important point mirrors Poland: distress shows up first in prevention and reorganisation proceedings, not only in final bankruptcy, so monitoring must cover the full range of BPI publications rather than just liquidations.

The insolvency trend

Romanian insolvencies have been climbing steadily since 2023, against a backdrop of economic deceleration, a large fiscal deficit, and new tax measures introduced in 2025:

The sectoral concentration is pronounced. In 2025, three sectors — wholesale and retail trade (1,844), construction (1,580), and transport and storage (939) — accounted for around 58% of all insolvencies. Construction and manufacturing are consistently over-represented: construction generates roughly 21% of insolvencies from about 11% of active companies. Geographically, Bucharest and six counties (Bihor, Cluj, Timiș, Iași, Ilfov, Brașov) account for around half of all insolvencies — unsurprising, since roughly the same share of active companies is registered there. About 37% of companies entering insolvency in 2024 had at least ten years of activity, a reminder that age is not a reliable proxy for resilience.

A structural shift worth noting for risk models: more large companies are choosing preventive concordat (concordat preventiv) procedures over formal insolvency — the Romanian equivalent of the restructuring-over-liquidation pattern seen in Poland. A counterparty in a preventive procedure is in distress but not bankrupt, and will surface in the BPI rather than in a liquidation filing.

Listed companies: the Bucharest Stock Exchange

The Bucharest Stock Exchange (Bursa de Valori București, BVB) is the largest exchange in South-East Europe by market capitalisation — roughly US$141 billion in 2026, across just under 400 listed companies and around 600 securities. It was promoted to Emerging Market status by FTSE Russell in 2020, a milestone that increased its visibility to international institutional investors.

• Mandatory IFRS for listed companies' financial reporting, published through the exchange and the regulator.
• Regulator — the Financial Supervisory Authority (Autoritatea de Supraveghere Financiară, ASF) supervises the capital market, insurance, and private pensions.
• Indices — BET (the blue-chip benchmark of the most liquid names), BET-TR (total return), BET-XT (extended), and ROTX.
• Major listings — including Hidroelectrica (the largest by market capitalisation, majority state-owned), Banca Transilvania, OMV Petrom, Romgaz, and Nuclearelectrica. The energy and banking sectors dominate the index.

For listed Romanian companies, multiple public data streams coexist: IFRS financial reports through the BVB and ASF disclosure systems, plus the baseline Ministry of Finance and ONRC records — all publicly accessible.

Foreign companies and branches

Foreign companies operate in Romania primarily through a branch (sucursală) or a subsidiary. A branch must be registered with the ONRC and files accounts covering its Romanian activity; it is not a separate legal person but an extension of the foreign parent. A subsidiary is typically incorporated as a Romanian SRL or SA and carries the full domestic filing obligations like any local company. For data consumers, a Romanian subsidiary produces a complete local financial-statement record retrievable through the Ministry of Finance portal, while a branch's record covers only its Romanian operations and must be read in the context of the foreign parent's home-jurisdiction accounts.

Regulated sectors: banking, insurance, and the audit profession

As in every EU jurisdiction, Romanian regulated sectors carry disclosure obligations layered on top of the baseline Ministry of Finance filing, with supervision split across two authorities.

BNR and ASF: the supervisory split

• The National Bank of Romania (Banca Națională a României, BNR) supervises banks and non-bank credit institutions. Banks file accounts under banking-specific formats and consolidated accounts under mandatory IFRS, with prudential disclosures under the EU Capital Requirements Regulation and Directive (CRR/CRD). Because Romania is not in the eurozone, its banks fall outside the European Central Bank's Single Supervisory Mechanism — prudential supervision is national, exercised by the BNR in cooperation with the EU authorities.
• The Financial Supervisory Authority (Autoritatea de Supraveghere Financiară, ASF) supervises the non-banking financial market — the capital market (including Bucharest Stock Exchange issuers), insurance, and private pensions. Insurers file under insurance-specific formats and Solvency II, including the publicly available Solvency and Financial Condition Report (SFCR).

For data consumers, the practical consequence is that the deepest, most standardised, and most reliably audited financial data in Romania comes from these regulated entities — banks, insurers, and listed companies — while the long tail of SRLs reports under the lighter RAS regime.

The audit profession

The Romanian audit profession is overseen by the Authority for the Public Oversight of the Statutory Audit Activity (ASPAAS), the independent public oversight body, with the Chamber of Financial Auditors of Romania (CAFR) as the professional body. Statutory audits are carried out under International Standards on Auditing (Law 162/2017, transposing the EU Audit Directive). For a data consumer, an audited Romanian filing — required of entities above the size thresholds for two consecutive years — carries the assurance of a profession supervised through this structure, relevant when weighting the reliability of a given set of accounts.

CSRD: the sustainability-reporting overlay

Romania has transposed the EU Corporate Sustainability Reporting Directive (CSRD). The first wave — large public-interest entities, including the major banks — published their inaugural CSRD-compliant sustainability statements in early 2025, covering financial year 2024, under the European Sustainability Reporting Standards (ESRS) with mandatory limited assurance. For the banking sector, the directive was transposed through a National Bank of Romania order of 16 May 2024. The rollout follows the EU's phased timeline and is subject to the EU-level "stop-the-clock" postponements of the later waves; the European Commission has flagged aspects of Romania's transposition as incomplete, so the precise scope at the margins is still settling. For data consumers, CSRD adds a substantial new structured-disclosure stream — climate, workforce, and governance data — to the Romanian corporate-data universe over the coming years, beginning with the largest entities.

Four pitfalls in Romanian financial data workflows

Romania's open data makes it one of the more tractable EU jurisdictions, but its specific structure creates traps for teams new to it.

Pitfall 1: Looking for financials in the company registry

The instinct is to search the trade register (ONRC) for financial statements, as you would in the UK or Belgium. The full financial data is not there — it is with the tax authority (Ministry of Finance). A workflow that only queries the ONRC will retrieve identity and ownership data and conclude, wrongly, that Romania has thin financial disclosure. The financials are free; they are just in a different system.

Pitfall 2: Treating portal indicators as the full statement

The Ministry of Finance portal publishes extracted financial indicators — turnover, profit, assets, equity, employees — not the complete filed statement with notes. For screening and benchmarking this is enough; for deep analysis (related-party detail, accounting policies, contingent liabilities) the full statement is a separate retrieval. Assuming the portal indicators are the entire dataset understates what is available and what is missing.

Pitfall 3: Ignoring the RAS / IFRS split

A listed Romanian company reports under IFRS; the SRL down the road reports under Romanian Accounting Standards. Comparing them line-by-line without normalising the framework produces misleading benchmarks. Fix the accounting basis before building peer sets.

Pitfall 4: Assuming UBO data is as open as the financials

Romania's financial statements are free and open, which can create the false expectation that beneficial-ownership data is too. It is not — UBO access at the ONRC requires a request, a fee, and an electronic signature. Ownership analysis needs a different access path from financial-statement retrieval, and should be budgeted accordingly.

How Romania compares to other European registries

Romania sits firmly at the open, free end of the European spectrum on financial statements — closer to Belgium and Poland than to the paywalled Southern European systems — with the unique twist that its financials come from the tax authority.

Romania is the only major European economy in this set where company financial statements are filed with and published by the tax authority rather than a registry, gazette, or central bank — and where the core indicators are free. For a data team willing to handle Romanian-language parsing and the two-source split, Romania delivers free, comprehensive financial coverage across the largest economy in South-East Europe.

What's free, what costs money, and where to find it

Frequently asked questions

Is Romanian company financial data publicly available?

Yes. Annual financial statements are filed with the Ministry of Finance, and the core financial indicators for any SRL or SA are freely available through the Ministry of Finance portal at mfinante.gov.ro, searchable by company name or tax code (CUI). No account or fee is required. The data is in Romanian.

Where do I find a Romanian company's financial statements?

Not at the company registry. Romanian financial statements are filed with and published by the tax authority — the Ministry of Finance, through ANAF. Search by CUI or company name at mfinante.gov.ro to retrieve the extracted annual financial indicators. The trade register (ONRC) holds identity and ownership data, not the financial accounts.

What is the difference between ONRC and the Ministry of Finance for company data?

They are two separate systems. The ONRC (National Trade Register Office, under the Ministry of Justice) holds identity and ownership data — directors, shareholders, share capital, status. The Ministry of Finance (through ANAF, the tax authority) holds and publishes the annual financial statements. Both are linked by the company's unique code, the CUI.

What is a CUI in Romania?

The CUI (Codul Unic de Înregistrare) is the unique registration code assigned to every Romanian company. It is simultaneously the tax identification number and the registry identifier, and — prefixed with "RO" for VAT-registered entities — the VAT number. It is the single key that links a company's registry record to its financial statements.

Are Romanian financial statements free?

The core financial indicators — turnover, profit, total assets, equity, employee count — are free through the Ministry of Finance portal. The complete filed statement with explanatory notes, and the certified trade-register extract (Certificat Constatator), are separate paid retrievals. For screening and benchmarking, the free indicators cover the essentials.

Do Romanian companies use IFRS or local accounting standards?

Most use Romanian Accounting Standards (RAS) under Order 1802/2014 for statutory accounts. IFRS is mandatory for companies listed on the Bucharest Stock Exchange — for both consolidated and individual statements — and for banks. Some other entities adopt IFRS optionally, often at a foreign parent's request.

When must Romanian companies file their financial statements?

Annual financial statements must be filed with the Ministry of Finance within 150 days of the financial year-end — by 30 May for calendar-year companies. Inactive companies file a declaration instead, within 60 days of year-end. Late filing is penalised.

How do I check if a Romanian company is insolvent?

Check the Insolvency Proceedings Bulletin (Buletinul Procedurilor de Insolvență, BPI), published electronically by the ONRC. It discloses citations, notifications, and procedural documents for companies in insolvency proceedings under Law 85/2014, and is freely accessible online.

Is the Romanian UBO register public?

Romania maintains public access to its beneficial-ownership register, maintained by the ONRC under Law 129/2019. Unlike Poland's free open register, however, access requires filing a request, paying a fee, and providing an electronic signature — so it is public but gated, not open for free bulk search.

Does Romania have a company data API?

The Ministry of Finance and ONRC expose company data through their public portals, and Romania is connected to the EU BRIS system for cross-border access. MonetaiQ aggregates the Ministry of Finance financial filings and ONRC identity data into a single normalised API with English field names, with the two-source CUI resolution already done.