30 Jul ICAP CRIF: Over half a million companies reported 3.88 million employees in 2025.
Statistical analysis
July 23, 2026
ICAP CRIF: Over half a million companies reported 3.88 million employees in 2025.
Only four out of ten legal entities active at the end of last year declared employees in their annual reports to ANAF, and of the total of 1,297,596 companies registered with RECOM as of December 31, 2025, approximately 900,000 submitted balance sheets, according to an analysis conducted by ICAP CRIF, the market leader in credit risk solutions and business intelligence in South-Eastern Europe.
Thus, over 570,000 active companies, i.e. 44% of the total registered by RECOM, declared employees in 2025, and of these, approximately 44,000 declared “zero employees”, while all other companies (up to 900,000) that submitted balance sheets declared nothing under the “employees” heading.
“It is perfectly legal for a company in Romania not to have employees, but only a shareholder or shareholders, respectively an administrator. However, an analysis of these companies may reveal interesting trends for the entrepreneurial environment in Romania”, explains Theodoros Polydoros, Executive Director, ICAP CRIF.
On the other hand, the approximately 526,000 companies that declared at least one employee in the 2025 balance sheet reported, cumulatively, 3.88 million employees. For comparison, at the end of September, 5.68 million employees were registered in Romania, according to the Ministry of Labor, Family, Youth and Social Solidarity.
The company with the largest number of employees, as of December 31, 2025, was the National Railway Company CFR SA, with 23,666 employees. In second place was Kaufland, with 15,359 employees, and in third place was the National Forestry Administration Romsilva RA, with a little over 13,000 employees. Dedeman and Carrefour occupied the fourth and fifth places, with 12,702 and 12,673 employees each, respectively.
ICAP CRIF is part of the CRIF group, the market leader in credit risk solutions and business intelligence in South-Eastern Europe, which has integrated expertise in the markets of Greece, Romania, Bulgaria and Cyprus.
ICAP CRIF provides innovative solutions structured in five main areas: business intelligence and credit risk management, rating services, marketing and sales solutions, advanced data technologies and analytics, as well as consulting services. Through these, the company supports organizations in strategic decision-making, risk assessment and sustainable development.
