The State Fund Agriculture publishes some payments with no ЕИК — a name and a province only. Those rows cannot be attributed to a specific recipient: merging two namesakes is a guess and splitting them understates. They therefore appear in no ranking here — and they are around 40% of all money paid.
That is the inference the number most often invites, and it is wrong. The no-ЕИК rows include unmistakable companies and municipalities: Напоителни системи ЕАД (nearly €48m), the municipality of Banite, dozens of ЕООД. The measurable floor is about €346m — a floor, because only names carrying an explicit legal form are counted.
So the honest claim is about traceability, not about recipients: 40% of the money sits on rows the register published without an identifier. How much of that is a person and how much a company is precisely what this corpus cannot say.
The share climbs from 33% in 2015 to 49% in 2025, but the jump is between 2023 and 2024 — exactly where the series changes register. The composition changes too: plainly-corporate no-ЕИК payments are under €4k a year until 2023, then €149m and €196m in 2024 and 2025. At least part of the „new" untraceable money is companies the older source published with an ЕИК.
See also coverage and sources, the recipient ranking and the overview.