An annual report 2025 deals with the performance, activities and results of fiscal year 2025, but in practice is usually published in 2026. As such, it is both a look back at the past year and a look forward to the future. In 2025, the importance of a well-designed annual report will increase due to stricter rules around digitalization, ESG and transparency.
From fiscal year 2025, all legal entities will be required to file their financial statements electronically with the Chamber of Commerce via SBR (Standard Business Reporting). At the same time, regulators such as the AFM are placing more emphasis on sustainability, ESG themes and dual materiality: your company’s impact on the world and the world’s impact on your company.
In this guide, we explain what an annual report 2025 consists of, what changes apply to fiscal year 2025, and how to work step-by-step toward a complete annual report. The explanation is practical and intended for business owners, DGAs and financial officers.
At Oakhill Financial Services, experienced CFOs like Daniel Thijs and Richard de Ruijter RC assist companies in preparing financial statements, annual reports and management reports. In this blog, we share key areas of focus for your 2025 annual report.
What does an annual report consist of?
The exact content of an annual report depends on the size and type of company, but there are building blocks that almost always recur. Among them, the Chamber of Commerce lists the organization’s profile, mission, strategy, goals, successes and financial statements as fixed elements.
1. Executive Report
The management report, also called the board report, is the narrative core of the annual report. In it, the board describes, among other things:
- Key events in 2025
- The financial results in outline
- The market environment and industry developments
- Main risks and uncertainties
- The strategy and plans for the coming years
For readers without a financial background, this is often the starting point. Therefore, the management report should be understandable, concrete and consistent with the figures in the financial statements.
2. Financial Statements
The financial statements are the financial heart of the annual report and include, at their core:
- Balance sheet at the end of fiscal year 2025
- Profit and loss account for 2025
- Cash flow statement in medium and large enterprises
Financial statements are prepared in accordance with applicable accounting standards, for example, Dutch GAAP or IFRS. For smaller companies, relaxed disclosure rules apply, but internally, full financial statements are still strongly recommended.
3. Notes to the financial statements
Notes detail and explain the figures from the balance sheet and income statement. Consider:
- Accounting policies and estimation methods applied
- Explanations for large items such as intangible assets or provisions
- Specification of loans, collateral and guarantees
- Significant events after the balance sheet date
A good explanation helps shareholders, banks, investors and other stakeholders understand and evaluate the numbers.
4. Corporate governance and risk management
For medium and large companies, transparency about governance and supervision plays an important role. Topics often recur here:
- Description of governance structure, such as board and supervisory board
- Remuneration policy and variable remuneration of directors
- Oversight of internal controls and risk management
- Explanation of key strategic and operational risks
Even smaller companies would do well to briefly name at least the most important risks and control measures, especially if they are working with banks or investors.
5. Sustainability reporting and ESG
Sustainability and ESG (Environmental, Social, Governance) are shifting toward the core of the annual report. Large companies covered by the CSRD will be required to report extensively on sustainability and dual materiality starting with 2025 reporting. That means reporting both on your company’s impact on people and the environment and on the risks and opportunities that ESG themes present for your company.
Typical ESG sections in an annual report are:
- CO2 emissions, energy use and climate targets
- Employee policy, safety, diversity and social impact
- Governance, integrity, compliance and stakeholder engagement
- ESG targets, KPIs and progress
Even if your company is not yet formally covered by the CSRD, it is wise to establish a basis for ESG reporting. Large clients and financiers will increasingly request this information.
6. Other data
Finally, an annual report often includes a section on other information, such as:
- Appropriation and distribution of profits for 2025
- Auditor’s report, where applicable
- Statutory provisions on profit, governance and decision-making
- Post-balance sheet events relevant to readers
Changes and updates for the 2025 annual report
A number of significant changes apply to fiscal year 2025 that directly affect the financial statements and indirectly affect the annual report.
1. Mandatory SBR filing starting in fiscal year 2025.
The main change for businesses is that all legal entities will have to file their financial statements digitally via SBR (Standard Business Reporting) with the Chamber of Commerce starting in fiscal year 2025. This includes bv’s, nv’s, cooperatives and some other legal forms.
Important in brief:
- The 2025 financial statements will be filed via SBR in 2026
- You need a fiscal year end, formatting and approval suitable for SBR submission
- Alignment between administration, software and accountant is essential
2. Deadlines for formatting and filing
The legal deadlines remain relevant even before 2025:
- In principle, financial statements must be prepared within five months of the end of the fiscal year
- The general meeting may extend this period for up to five months
- After adoption, filing with the Chamber of Commerce follows within the applicable time limits
In practice, this means that a 2025 annual report is often adopted and published sometime between May and November 2026, depending on the deadlines chosen.
3. AFM, ESG and dual materiality
For organizations overseen by the AFM and other large companies, the emphasis in reporting on 2025 is strongly on ESG and dual materiality. Dual materiality means looking at both:
- Your company’s impact on people, the environment and society
- The impact of ESG themes and developments on the value and continuity of your company
In addition, the AFM calls attention to the updated Corporate Governance Code, clear explanation of risks and consistent linkage between strategy, goals, KPIs and remuneration structures.
4. Government and Accountability Day
A separate reporting cycle applies to ministries and other government organizations. They account for the previous year on Accountability Day, usually in May. So for reporting year 2025, this happens in 2026, with its own rules for budgets, spending and policy goals. This is a different track than the annual report and financial statements of corporations, but the core is similar: transparent accountability and a clear link between goals, expenditures and results.
Roadmap for preparing your annual report 2025
With a good roadmap, you avoid time pressure and loose ends in the final weeks before the deadline.
Step 1: Determine scope, schedule and responsibilities
- Make clear which sections will be in the 2025 annual report: financial, governance, ESG
- Schedule from preliminary figures to publication and filing
- Designate a project manager, e.g. controller or CFO
If you are unsure if your company is ready for a CFO role, also check out our blog When does my company need a CFO.
Step 2: Collect and close all financial data
- Close accounts for 2025 and process all bank movements and invoices
- Check debtors, creditors and general ledger accounts
- Record one-time items and special events
Good records are the foundation of any annual report. Consider having your records supported by professional bookkeepers, as described on our Bookkeeping Services page. For inspiration on automating your records, check out our blog Automating Accounting.
Step 3: Prepare the financial statements and notes.
- Elaborate balance sheet, income statement and cash flow statement for 2025
- Describe accounting policies and estimation methods clearly in the notes
- Check compliance with your size class and SBR submission rules
Step 4: Write the executive report
- Summarize key developments of 2025 in understandable language
- Describe market developments, strategy, risks and outlook
- Make sure the text is consistent with the numbers and with your budget and annual plan
Step 5: Process ESG and dual materiality.
- Determine which ESG themes are material to your company
- Collect data onCO2, energy, employees and governance, among others
- Link ESG targets and KPIs explicitly to your strategy and risks
Step 6: Make your annual report visual and data driven
With dashboards and visualizations, you make figures and trends clear at a glance. See how we design reports in our CFO dashboard.
- Use charts and tables for trends in sales, margin and cash
- Keep definitions of KPIs the same throughout the report
- Avoid data visualizations that raise more questions than they answer
Step 7: Review, auditor and approval
- Have draft annual report read by management, controller and auditor
- Check consistency between text, figures and notes
- Submit final annual report to board and shareholders for approval
Step 8: Filing via SBR and publication
- Submit 2025 financial statements to the Chamber of Commerce via SBR on time
- Decide whether to disclose the full annual report or an abbreviated version
- Communicate key messages internally and externally
Tips for writing a strong annual report
1. Write for several readers at once
An annual report is read by shareholders, employees, banks, regulators and sometimes customers. Write clearly and avoid unnecessary jargon. Briefly explain important terms.
2. Start with the core and work out the details
Open each chapter with the main conclusions. Then you can elaborate on the details and tables. This aligns with how readers scan and later delve deeper.
3. Make text, figures and plans consistent
Make the text of the executive report consistent with the figures in the financial statements and with your budget for future years. Inconsistencies undermine trust with readers.
4. Use concrete KPIs
Support your story with KPIs such as revenue growth, margin by product group, cash flow development and ESG indicators. This will make 2025 performance more measurable and comparable.
5. Avoid cut and paste of old annual reports
Use previous annual reports as a reference, but rewrite texts from the current situation. Outdated texts quickly catch the eye of banks, auditors and regulators.
6. Have someone on the outside read along
A fresh perspective from a colleague, external controller or part-time CFO helps to identify jargon, ambiguities and inconsistencies before the annual report is adopted.
Frequently asked questions about the 2025 annual report
Is the 2025 annual report about 2025 or 2026?
The 2025 Annual Report is about the 2025 fiscal year, i.e., that year’s accomplishments, activities and results. Publication and filing usually take place in 2026. This can vary by company, depending on the deadlines chosen for preparation, adoption and filing.
What is the difference between an annual report and financial statements?
The financial statements contain the financial figures: balance sheet, income statement, cash flow statement and notes. The annual report is broader. In it, in addition to the financial statements, you will find the management report, information about strategy, risks, governance, and often ESG and sustainability goals. So the financial statements are part of the annual report, but the annual report includes more than just numbers.
How should I file my financial statements as of fiscal year 2025?
Starting in fiscal year 2025, all legal entities must file their financial statements with the Chamber of Commerce digitally via SBR. This means that your accounting package or reporting software must be suitable for SBR and that your accountant or financial advisor can work with it. Uploading a separate PDF will no longer be sufficient.
What are the deadlines for financial statements and annual report 2025?
Basically, the financial statements must be prepared within five months of the end of the fiscal year. The general meeting can extend this period by up to five months if there are good reasons to do so. After adoption, the annual accounts must be filed with the Chamber of Commerce within the statutory period. So in practice, the 2025 financial statements will be adopted and filed in 2026.
For which companies is an annual report required?
All bv’s and nv’s are required to prepare and file financial statements. The management report, as part of the annual report, is mandatory for medium and large legal entities. Small legal entities have exemptions and can often suffice with limited publication. Nevertheless, many smaller companies voluntarily choose to produce a more comprehensive annual report for banks, investors and other stakeholders.
What should be required in an annual report?
The minimum content depends on the size class. In general terms, an annual report consists of the management report, financial statements with notes and other information such as profit appropriation and, where necessary, the audit report. Large companies and companies under the CSRD must additionally provide extensive information on ESG, risk, governance and dual materiality.
What does the AFM mean by ESG and dual materiality?
ESG stands for Environmental, Social and Governance. The AFM expects companies to pay attention to these themes in their reporting. Double materiality means that you look at both the impact of your company on people, the environment and society and the financial impact of ESG themes on your company. This should be visible in the board report, risk paragraph and chosen KPIs.
Where can I find annual reports of companies?
Annual accounts of Dutch legal entities can be requested through the Chamber of Commerce. Many larger companies also publish a full annual report on their own website, often under a heading Investors, Investor relations or About us. Government reports and accountability documents can be found on Rijksoverheid.nl and related websites of ministries and implementing organizations.
Do I have to make an annual report public?
Filing financial statements with the Chamber of Commerce is mandatory. Whether you disclose the full annual report depends on the size class and your own policy. Small legal entities are often allowed to publish a limited set of data. Some companies maintain a more extensive internal annual report for management, shareholders and banks.
What errors are most common in annual reports?
Common mistakes include:
- Inconsistencies between text and figures
- Risk paragraphs worded too generally
- Insufficient explanation of major changes and one-time items
- Late filing with the Chamber of Commerce
- ESG information that is more marketing than factual reporting
Is there a standard format for an annual report?
There is no one standard format that applies to all companies. However, there are legal minimum requirements and best practices from, for example, the Council for Annual Reporting and the Corporate Governance Code. Many companies develop their own template that they update annually. An experienced CFO or controller can help choose a format that fits your company and complies with the rules.
Conclusion: make your annual report 2025 a strategic document
The Annual Report 2025 is more than a mandatory report. With the combination of SBR filing, ESG requirements and higher stakeholder expectations, it has become a strategic document that shows where you stand and where you are going. With good preparation, clear structure and a data-driven approach, you can create an annual report that you can really use as a board, shareholder and financier.
If you would like to spar on the design of your 2025 Annual Report or would like to outsource most of the process to an experienced part-time CFO team, contact Oakhill Financial Services. Daniel and Richard will be happy to help you bring structure, clarity and insight to your numbers and reporting.