The 2025 accounting year-end arrives with a set of regulatory and technological changes that increase the complexity of the close compared to previous years. The full rollout of the Verifactu electronic invoicing verification system, the first year of CSRD sustainability reporting for the second wave of companies, new corporate income tax restrictions, and evolving accounting guidance on digital assets together create a year-end environment that demands early preparation and close coordination between finance, tax and legal functions.
Legal Timelines for the 2025 Year-End
The regulatory framework governing the 2025 year-end process is:
- 31 December 2025: Close of the accounting period for calendar-year companies.
- 31 March 2026: Deadline for the board of directors to prepare the annual accounts.
- 30 June 2026: Deadline for the ordinary general meeting to approve the annual accounts.
- 31 July 2026: Deadline for filing the annual accounts at the Mercantile Registry.
- 25 July 2026: Deadline for filing the corporate income tax return for fiscal year 2025.
Interim corporate income tax payments (Form 202) fall due in October and December 2025, making an accurate forecast of the full-year result an important task from Q3 onwards. A precise year-end estimate also allows the company to manage cash flow for the July 2026 tax payment.
New Regulatory Developments with Impact on the 2025 Close
Verifactu and the electronic invoicing verification system. The obligation to use Verifactu-compliant billing systems or certified invoicing software (SIF) is fully in force for the majority of Spanish companies in 2025. Each invoice issued generates a record that the AEAT can cross-check against the company’s accounting entries. Reconciling the Verifactu billing registry with the revenue recognised in the accounting ledger is a new year-end procedure that companies must incorporate into their close process.
Digital assets and cryptoassets: accounting treatment. Growing adoption of digital assets by Spanish companies — as payment instruments, investment vehicles or treasury holdings — requires specific accounting treatment. In the absence of a specific PGC standard for cryptoassets, the ICAC has established through binding consultations that cryptoassets held for trading purposes are classified as financial assets at fair value through profit or loss, while those held long-term are accounted for as intangible assets or available-for-sale financial assets depending on the nature of the asset.
CSRD sustainability reporting integration. Large companies filing their first sustainability report under the CSRD for fiscal year 2024 must ensure their reported ESG metrics are consistent with the 2024 year-end financial data. For the 2025 close, the second cohort of companies subject to CSRD — large companies not in the first reporting wave — must begin integrating ESG data collection into the year-end accounting process.
Corporate income tax changes for 2025. The principal corporate income tax modifications affecting the 2025 close are: the tightened limit on the deductibility of net financial expenses (capped at 30% of tax EBITDA), the restriction of the Article 21 LIS dividend exemption to participations of at least 5% of the subsidiary’s capital (eliminating the exemption for smaller stakes), and new transfer pricing documentation requirements for related-party transactions exceeding €250,000.
Goodwill Management in 2025
Goodwill amortisation remains one of the most significant accounting and tax items at close for business groups. Spanish GAAP (PGC) permits systematic amortisation of goodwill over ten years, while IFRS (applicable to listed consolidated groups) prohibits systematic amortisation and instead requires an annual impairment test. Companies applying EU-IFRS must rigorously document their impairment analysis before the year-end close.
For tax purposes, goodwill amortisation is deductible for corporate income tax purposes subject to an annual cap of 5% of the value of goodwill acquired in arm’s length transactions (Article 13.3 LIS). Acquisitions completed in 2025 at premium valuations in technology sectors generate substantial goodwill amounts whose tax treatment must be planned from the time of acquisition.
Deferred Tax Assets: Recoverability Review
The 2025 year-end is a critical moment to review deferred tax assets recognised in previous years. Deferred tax assets arising from tax loss carryforwards, unapplied R&D tax credits and deductible temporary differences may only remain on the balance sheet if there is sufficient evidence that the company will generate enough taxable profit to absorb them within a reasonable period (typically ten years).
In an environment of economic uncertainty, assessing the recoverability of these assets requires the preparation of well-documented financial projections. Failure to reverse irrecoverable deferred tax assets creates a negative impact on the current year’s result that the auditors will require.
Group Consolidation: Timelines and New Requirements
Business groups preparing consolidated annual accounts follow the same statutory timelines as individual company accounts. The most significant new items for the 2025 consolidated close are:
- ICAC resolution on special purpose entity consolidation: Off-balance-sheet financing structures that meet the PGC control criteria must be included in the consolidation scope.
- Global Minimum Tax (Pillar Two): Large groups with consolidated revenues exceeding €750m are subject to the 15% global minimum effective tax rate from fiscal year 2024 onwards. The calculation and accounting recognition of the top-up tax must be carried out in accordance with the ICAC guidance published in 2025.
2025 Year-End Checklist
Priority actions before 31 December 2025:
- Physical inventory count and fixed asset review for items acquired during the year
- Reconciliation of Verifactu/SIF billing records with the revenue accounting ledger
- Provisioning for bad debts, warranties, litigation and restructuring costs
- Impairment testing of assets (goodwill, intangible assets, financial investments)
- Accruals and deferrals for income and expenses straddling the year-end
- Bank reconciliations and tax balance reconciliations (VAT, withholdings)
- Review of the recoverability of deferred tax assets
- Transfer pricing documentation for related-party transactions
- Consistency check between accounting data and ESG metrics in the sustainability report
At BMC we coordinate the year-end accounting close with corporate income tax planning and sustainability reporting for companies of all sizes. See our operations services.
