Corporate debt toward the Romanian state budget and social insurance funds continued its upward trajectory in the fourth quarter of 2025. According to data from the financial analysis platform RisCo.ro, total arrears reached 77.8 billion RON by year-end, up from 76.7 billion RON in Q3 2025.
Currently, 45,108 companies are listed with outstanding debts, with the most significant pressures seen in the construction, retail, and transport sectors.
The vast majority of outstanding debt stems from obligations to the central state budget, totaling 58.5 billion RON in Q4 2025. Notably, 1.65 billion RON of this amount consists of contested debts, reflecting ongoing tax litigation between corporations and authorities.
The breakdown for social budgets is as follows:
The territorial analysis reveals a heavy concentration of arrears in the capital city. Bucharest accounts for 30.9 billion RON, representing nearly 40% of the national total, with 17,917 companies reporting unpaid taxes in Q4 2025.
Top Regions by DebtAmount (billion RON)Bucharest30.9Ilfov7.3Constanța3.5Timiș2.7Sibiu, Buzău, Hunedoara> 2.0 each
Conversely, the counties of Covasna, Vâlcea, and Sălaj recorded the lowest debt levels, each remaining below the 200 million RON threshold.
The construction sector remains the primary source of state debt. Companies involved in residential and non-residential building projects accumulated 5.3 billion RON in arrears during Q4 2025. This sector also boasts the highest number of delinquent entities, with 5,992 firms in the red.
Other sectors contributing significantly to the total include:
Source: Financial analysis platform RisCo.ro
