The Balkan Services team participated in a business breakfast, "Breaking News with M&P vol. 2," dedicated to ESG, NIS 2, and Whistleblowing regulations. The professional event, organized by Murgova & Partners, took place on 5 November in Sofia. Vladimir Rashev, Managing Partner at Balkan Services, responded to the special invitation and shared with the audience how companies can prepare for the new sustainability reporting requirements.
Sustainability reporting obligations will arise for large, medium, and small public interest enterprises from 1 January 2026. All small and medium-sized enterprises whose securities are admitted to trading on a regulated market in the EU will also have such an obligation.
Vladimir drew attention to the fact that after this date in Bulgaria, about 700 companies will be obliged to prepare ESG reports.
"Are you late if you have not started working on this? In my opinion - yes", said the managing partner of Balkan Services.
He explained that the IT consultancy company offers services to prepare and set up a structured organization related to ESG reporting in addition to its products.
"With this service, we aim to help our clients understand to what extent the new regulations affect them, what they need to do and what data they need to start collecting in 2025 to have something to report in 2026," Vladimir said.
He clarified that ESG reporting companies will be audited and certified just like financial statements and carry the same weight.
Vladimir highlighted that the volume of this data is very large, with some of the information presented in quantitative measures, but most of it is qualitative in nature.
"Once companies identify how much data they have to report, they will realize the need for software to automate the whole sustainability reporting process so that the ESG report is easier to audit and has traceability", predicted Vladimir Rashev.
He said that Balkan Services' portfolio has recently included Lucanet's specialized ESG reporting solution, which enables companies to collect their sustainability data, analyze the information contained within it, and produce regulatory-compliant reports.
"My advice to companies is not to be intimidated by ESG directives, but to start looking into them and find a way that with minimal effort they can achieve a good result and be able to report on it."
