Disclosure by size

German disclosure requirements: what each size class must publish

Every German corporation must disclose its annual accounts, but how much becomes public shrinks sharply with size. This page maps the disclosure duty under §§ 325–327 HGB — from a micro company's deposited balance sheet to a large company's full audited package.

The disclosure principle

§ 325 HGB requires corporations to file their annual financial statements with the Unternehmensregister within twelve months of the balance sheet date. The baseline set is the balance sheet (Bilanz), income statement (GuV) and notes (Anhang), plus — for larger companies — the management report (Lagebericht) and the auditor's report.

But the HGB then grants size-dependent reliefs: § 326 reduces what small and micro companies disclose, and § 327 lets medium-sized companies condense. The result is a graduated system where the smallest entities reveal almost nothing and only large companies publish the complete package.

The logic is that disclosure exists to protect creditors and the market, so the burden should scale with a company's economic weight. That is why the income statement — the most commercially sensitive document, showing turnover and profit — stays private for small companies, while a large company must lay everything open. Deciding what to publish is therefore really a question of correctly placing the company in a size class.

What each size class discloses

Micro (Kleinst, § 267a)

May deposit (hinterlegen) a shortened balance sheet under § 326 Abs. 2 instead of publishing. No GuV, and no notes if the few figures required under the balance sheet are shown (§ 264 Abs. 1 Satz 5). The deposited balance sheet is not openly searchable.

Small (kleine, § 267 Abs. 1)

Publishes the balance sheet and reduced notes but not the income statement (§ 326 Abs. 1). No management report is required (§ 264 Abs. 1 Satz 4), and no audit. The GuV — where profit and turnover show — stays private.

Medium (mittelgroße, § 267 Abs. 2)

Discloses balance sheet, GuV, full notes, Lagebericht and the auditor's report, but may condense certain items under § 327 — for example beginning the GuV with gross profit (Rohergebnis).

Large (große, § 267 Abs. 3)

Full disclosure of the complete audited package: full Bilanz, GuV, Anhang, Lagebericht, the auditor's report and the profit-appropriation proposal. No condensation reliefs apply.

The §§ 325–327 map

  • § 325 HGB — the core duty to file, and the twelve-month deadline.
  • § 326 Abs. 1 — small companies need not disclose the income statement.
  • § 326 Abs. 2 — micro companies may deposit a shortened balance sheet rather than publish.
  • § 327 — medium-sized companies may file a condensed balance sheet and a GuV starting with gross profit.
  • § 264 Abs. 1 Satz 4 — small and micro companies are exempt from preparing a management report.
  • § 264 Abs. 1 Satz 5 — micro companies may omit the notes if a handful of disclosures appear beneath the balance sheet.

Why the size class is the decision that matters

Getting your size class right is the single most consequential judgement in disclosure. Classify too high and you needlessly publish your GuV and turnover; classify too low and you under-disclose, which can invalidate the filing. Size follows the § 267 / § 267a thresholds, tested over two consecutive balance sheet dates.

jahresabschluss.io determines the size class from your figures, applies exactly the reliefs it permits, and generates the correct disclosure set — so a small company does not accidentally publish its income statement and a micro company can take the deposit route. You can try this on the live demo before filing anything.

Frequently asked questions

What does a small German company have to publish?

Only the balance sheet and reduced notes — not the income statement (§ 326 Abs. 1 HGB). Small companies are also exempt from the management report and from audit, so turnover and profit remain private.

Do micro companies have to publish their accounts?

They must file, but they may deposit (hinterlegen) a shortened balance sheet under § 326 Abs. 2 HGB instead of publishing it. A deposited balance sheet is released only to third parties on paid request, not shown openly.

Does a small company publish its income statement?

No. § 326 Abs. 1 HGB lets small companies omit the GuV from disclosure, so their revenue and profit are not visible in the public filing. Only medium and large companies publish the income statement.

What reliefs do medium-sized companies get?

Under § 327 HGB they may file a condensed balance sheet and start the income statement with gross profit (Rohergebnis), but they still disclose the GuV, full notes, management report and auditor's report.

What does a large company have to disclose?

The full audited package: complete balance sheet, income statement, notes, management report, the auditor's report and the profit-appropriation proposal. No condensation reliefs apply to large companies.