Culture Minister Evtim Miloshev has disclosed new details about the financial condition of the National Palace of Culture (NDK), describing the institution as burdened by deep structural problems and an accumulated loss of approximately 95 million leva, or nearly 49 million euros.
According to Miloshev, the losses have built up over many years and are steadily eroding the company's asset base, including the value of the NDK complex itself. “NDK has a structural financial problem, a current loss accumulated over the years and a decreasing capital base,” he said, adding that the continuing deficits are effectively depreciating the state-owned property's assets.
The minister noted that the financial situation has worsened significantly in recent years. Compared with 2025 levels, losses from the period before that increased by more than 500%. He also pointed to weak results in collecting outstanding receivables, stating that nearly 1 million euros had been written off as uncollectible debt.
Miloshev devoted particular attention to the compensation received by NDK's management. The governing board consists of five members, including Executive Director Adriana Tatarova. According to figures presented by the minister, total board remuneration has risen sharply despite the company's growing losses.
