Corporate debts to the state and social budgets continued to rise in Q4 2025, with total arrears reaching RON 77.8 billion at year-end, up from RON 76.7 billion in Q3, according to data from financial analysis platform RisCo.ro.
A total of 45,108 companies are listed with outstanding debts to the state budget, particularly in construction, trade and transport.
RisCo.ro notes that most arrears stem from obligations to the state budget, which amounted to RON 58.5 billion in Q4 2025. Disputed debts linked to this budget total RON 1.65 billion, reflecting ongoing tax litigation.
Debts to the social security budget stand at RON 14.4 billion, while arrears to the health budget exceed RON 4.4 billion. Outstanding payments to the unemployment insurance budget amount to RON 509 million.
Territorially, Bucharest remains the main hotspot, with RON 30.9 billion in arrears - almost 40% of the national total - and 17,917 indebted companies in Q4 2025. It is followed by the counties of Ilfov (RON 7.3 billion), Constanta (RON 3.5 billion), Timis (RON 2.7 billion), and Sibiu, Buzau and Hunedoara, each exceeding RON 2 billion. At the opposite end, Covasna, Valcea and Salaj report arrears below RON 200 million.
By sector, construction remains the main source of state-budget debts. Companies in residential and non-residential building accumulated RON 5.3 billion in arrears in Q4 2025 and also account for the largest number of indebted firms (5,992).
Wholesale of food, beverages and tobacco recorded RON 4.5 billion in debts, followed by specialized wholesale of other products with RON 2.8 billion.
Other sectors with high arrears include the chemical industry (RON 2.3 billion), security and guard services (RON 1.9 billion), road and railway construction (RON 1.9 billion), and road freight transport (RON 1.7 billion).
Founded in 2014, RisCo provides online verification, sales and monitoring services for Romanian companies, offering financial, legal and payment-discipline information.
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