As of 19.11.2023, a total of 181,755 companies are registered in the commercial register in Latvia, which are divided into risk classes from 1 to 10, where 1st is assigned to companies with the lowest probability of defaulting on current obligations within 12 months, and 10th risk class to already insolvent/liquidated for companies. The higher the index, the higher the default risk.

Companies in risk class 1-3

In total, there are 24.8 thousand in these risk classes. companies, of which 24.4 thousand the legal form is SIA, but 412 AS. Only 621 companies in Latvia are in the 1st risk class, which is 2.5% of the total number of companies in the first 3 risk classes. 69% of companies are in the 3rd risk class.

Potential companies that meet the requirements for CrefoCert certification

Out of 24.8 thousand companies that are in the 1st-3rd risk classes, 9593 meet the criteria for obtaining the CrefoCert certificate, which is 38.5%.


As expected, here too there is the smallest number of companies in risk class 1 - 293 companies, in risk class 2 - 3332, and in risk class 3 already 5968. The average maximum credit for goods/services for post-payment transactions for 30 days that could be granted to these companies is EUR 61 thousand.

The average number of employees in companies has slightly decreased in the last year, i.e. in 2020 and 2021 it was 24 employees on average, and in 2023 it was 23. However, the average net turnover as well as net profit has increased in the last 3 years.

Year	Average net turnover	Growth, %	Average profit	Growth, %
2020	€2,502,443	-	€186,266	-
2021	€2,968,309	16	€274,503	32
2022	€3,307,229	10	€304,339	10

As can be seen in the above table, the total net turnover has increased by 26% in 2022 compared to 2020 and profit by 42%, which also indicates that the overall financial condition of companies in risk classes 1-3 has improved and more companies can qualify for a CrefoCert certificate.

The average share of working capital of companies has increased over the last 3 years, i.e. since 2020, when it was 30.3, currently this ratio has already reached 47.9. It describes the companies' ability to settle their short-term debts, and also indicates the companies' liquidity and ability to cover short-term creditors' claims during the next 12 months - accordingly, in this area, everything is in order for these companies and they are solvent.

Of all companies registered in Latvia as of 16.11.2023, only 5.2% can qualify for the CrefoCert certificate.

TOP5 industries

The most widely represented industries in the most solvent risk classes - 1.-3. is renting and managing own or leased real estate (NACE rev.2. 68.20), accounting for 8.6%, road freight transport (NACE 49.41) with 4.9%, construction of residential and non-residential buildings (NACE 41.20) with 2.9%, computer programming (NACE 62.01) with 2.7% as well as business and management consulting (NACE 70.22) with 2.2% of all.

Industry	Number of companies
Rental and management of own or leased real estate, 68.20	2141
Cargo transport by road, 49.41	1239
Construction of residential and non-residential buildings, 41.20	722
Computer programming, 62.01	675
Consulting in commercial activity and management, 62.01	559

Accordingly, the most successful industry is the rental and management of own or leased real estate. In this sector, only 8 companies are recognized with the 1st risk class, the TOP3 largest by net turnover in 2022 are SIA Plesko Real Estate , SIA Merks Mājas, SIA RIGABURGER.


In 2022, the largest and most successful companies in each sector were:

1. SIA Plesko Real Estate, engaged in renting out and managing own or leased real estate, 2022 net turnover reached EUR 41 million;

2. SIA Kreiss , engaged in road freight transportation, net turnover in 2022 reached EUR 211 million;

3. A/S UPB , engaged in the construction of residential and non-residential buildings, net turnover in 2022 reached 204 million 4. A/S Printful Latvia , engaged in computer programming, 2022 net turnover reached EUR 78 million;

5. SIA STONEWIN , engaged in consulting in commercial activity and management, net turnover in 2022 reached EUR 14 million.

About CrefoCert

CrefoCert is an internationally recognized certificate or proof of excellent solvency and stability. This can help the company strengthen its position among competitors and improve the company's reputation. In order for a company to receive a certificate, its CrefoScore must be 200-250, as well as in risk class 2-3 in the last 2 years, in addition to that - in the detailed analysis of the company's financial data, no significant credit risk threats have been detected. Since the creation of the certificate, 782 companies have obtained it and renew it every year.