Approval of 2025 Financial Statements: Deadline Approaching and Requiring Attention to Ensure Business Continuity

We would like to inform you of the approaching deadline for the annual approval of the financial statements for the 2025 fiscal year. Under the applicable legislation, the approval of the financial statements is mandatory for all companies, regardless of their size or corporate structure, and must be carried out by 30 April 2026 through an Annual General Meeting or a Shareholders’ Meeting.

In this context, we highlight below the main legal and operational impacts that may arise in the absence of proper regularisation:

• Directors’ liability: the lack of formal approval of the financial statements prevents the release of the management acts of the company, keeping directors exposed to challenges and potential liabilities, which may result in legal uncertainty and future contingencies for both the company and its management;
• Governance in strategic transactions: inconsistencies or pending issues related to a company’s financial statements are typically identified in legal due diligence processes, especially in M&A transactions, capital raising processes and participation in tenders, potentially delaying or even jeopardising negotiations; and
• Relationship with financial institutions: the absence of duly approved financial statements may hinder the renewal of credit facilities, as well as the reassessment of credit limits and maintenance of credit ratings with financial institutions, directly impacting the company’s liquidity and financial planning.

To ensure full compliance with legal requirements, BVA remains available to support the organisation and conduct of the company’s meeting, including the preparation of all related corporate acts and legal documents, as well as the coordination of the filing of corporate documents before the competent Commercial Registry.