Do you need annual accounts as a freelancer?
Written by Ilias Aarrass5 min read · Published on · Last reviewed on 
In short
A sole proprietorship files no annual accounts with the business register, but must put a balance sheet and a statement of income and expenses on paper within six months of year-end.
- That duty sits in article 3:15i of the Dutch Civil Code, which applies the record-keeping rules of article 2:10 to every business owner.
- You keep your records for seven years; data on immovable property must be kept for ten years.
- The income tax profit return is essentially condensed annual accounts: you enter your balance sheet at 1 January and 31 December, plus your profit and loss account.
- A bv must have its annual accounts adopted and file them with the business register within twelve months of year-end.
The term annual accounts quickly conjures accountants and thick reports. Good news for most freelancers: a sole proprietorship or general partnership has no annual accounts duty like a bv and files nothing with the Chamber of Commerce. Yet you cannot entirely escape annual figures, and the groundwork already starts in December with the year-end checklist. For your income tax return you supply a balance sheet and a profit and loss account, and banks or landlords regularly ask for them too. This article explains the minimum you need, who else asks, and why a bv is different.
No filing duty for the sole proprietorship
The statutory duty to draw up, adopt and file annual accounts applies to legal entities like the bv. A sole proprietorship or general partnership is not a legal entity, so the duty does not exist: no filing, no publication, no accountant. What always applies is the records and retention duty: your administration must show your rights and obligations, and you keep it for seven years. On top of that, every business owner must put a balance sheet and a statement of income and expenses on paper within six months of year-end (articles 3:15i and 2:10 of the Dutch Civil Code); only the filing is not required.
Why you still produce annual figures
The income tax profit return is essentially a condensed set of annual accounts: you enter your balance sheet at 1 January and 31 December, plus your profit and loss account. Without a closed financial year you simply cannot complete it; see income tax return for freelancers. Others ask for figures too: a bank for business financing, a landlord of business premises, sometimes a major client or subsidy provider. Produce a tidy set each year and you never have to improvise.
The minimum contents
Annual accounts for a sole proprietorship need not be thick. Two statements form the core:
- The balance sheet: your assets (equipment, stock, receivables, bank balance) and debts (payables, loans, VAT due), with equity as the closing item. Its starting point is the opening balance sheet.
- The profit and loss account: revenue, costs per category and depreciation, arriving at the year's profit.
- Optional but useful: a brief note with depreciation periods used, private withdrawals and deposits, and particulars such as an investment or reinvestment reserve.
For a bv it is mandatory
With a bv the statutory rules apply: draw up annual accounts each year, have them adopted by the shareholders' meeting and file them with the Chamber of Commerce within twelve months of year-end. Micro and small bv's, covering nearly every freelancer's bv, may file a limited version with only a condensed balance sheet and notes; an audit only becomes mandatory for medium-sized companies. Late filing is an economic offence and can trigger directors' liability in bankruptcy, so this is not a formality to neglect. The comparison between the two forms is in sole proprietorship or bv.
What is actually required, by legal form
Filing accounts and preparing them are two different things. This is what each legal form actually has to do.
| Legal form | File with the Chamber of Commerce | Prepare yourself |
|---|---|---|
| Sole trader | No | Yes: balance sheet and income statement, within 6 months |
| Partnership | No | Yes, plus the profit split per partner |
| Private limited company | Yes | Yes, following the statutory format |
| For a financing application | Not applicable | The bank will almost always ask for annual figures |
Frequently asked questions
Must an accountant audit or sign my figures?
No. A sole proprietorship has no audit duty at all, and a small bv needs no auditor's statement either. Having a bookkeeper prepare the figures is pleasant for many, but not a legal requirement.
What is the difference between annual accounts and the tax return?
The annual accounts summarise your financial year; the return is the form reporting those figures to the tax authority, sometimes with fiscal corrections such as partially deductible costs. In practice your annual figures feed the return directly.
By when must my annual figures be ready?
By law your balance sheet and statement of income and expenses must be on paper within six months of year-end, so before 1 July for a calendar year. Practically you want them done even before the income tax return, so before 1 May or your extension date. Closing early has another benefit: you know sooner how much tax is coming.
What does having annual accounts prepared cost?
For a sole proprietorship with up-to-date records, bookkeepers typically charge several hundred euros for the year-end close including the return; for a bv it is higher due to the filing documents. See also what having your return done costs.
Sources
- Article 3:15i Dutch Civil Code: record-keeping duty for businessesOverheid.nl · wetten.overheid.nl
- How long you keep your recordsBelastingdienst · belastingdienst.nl
Sources checked on
This article provides general information based on the rules known for 2026 and does not replace personal tax advice. For your specific situation, we're happy to take a look with you.
