Annual Statements Belgium
Essential for Your Entity’s Success

At our Belgian branch, we provide expert entity management services worldwide, including non-EU countries. Our dedicated team ensures timely and accurate preparation of annual statements for businesses operating in Belgium, offering complete customer support for all entity-related needs. Trust us to navigate Belgium’s regulatory landscape and enhance your business operations with comprehensive compliance solutions.

Key Components of an Annual Statement in Belgium

Balance Sheet

This presents the financial position of the company at the end of the fiscal year. It shows the assets, liabilities, and equity of the company.

Cash Flow Statement

This indicates how changes in the balance sheet and income affect cash and cash equivalents, including cash inflows and outflows.

Management Report

A non-financial section that discusses the company’s performance, strategy, risk management, and future outlook.

Auditor’s Report

An independent auditor's opinion on the truthfulness and fairness of the financial statements.

Legal Framework

  • In Belgium, the Company Code (Code des Sociétés et des Associations) regulates the preparation and filing of annual statements.
  • Companies must file their annual accounts with the National Bank of Belgium (NBB).
  • Small companies can prepare simplified financial statements, while large companies must comply with more detailed reporting standards.

Annual Financial Statements
For Per Year

€ 995 per year

  • Unlimited invoices + P&L and Balance Sheet + VAT reporting
  • Realtime, and ready when you are!Upload your docs, and we extract and analyse data within 2 days!
  • 50+ Work Flows & Calender to handle corporate, tax and residency requirements, with expert feeds
  • 100+ Legal templates to avoid legal fees
  • Financial Portal with realtime processing of your uploaded data

Filing the Annual Statements

The annual accounts must be filed electronically with the Central Balance Sheet Office at the National Bank of Belgium (NBB). Filing can be done via the online platform provided by the NBB, which is accessible to businesses and accountants.

Filing Methods

  • XBRL Format: The Extensible Business Reporting Language is used for digital filings to ensure uniformity and easy access to financial data.
  • PDF Format: Some small companies may still file simplified accounts in PDF format.

Filing Deadlines

  • Companies must file their annual accounts within seven months after the fiscal year-end.
  • For most companies, this means accounts must be filed by July 31 if the fiscal year ends on December 31.

Role of the National Bank of Belgium (NBB)

The NBB acts as the central repository for all Belgian companies' financial statements. Once filed, the annual accounts become publicly available, ensuring transparency for shareholders, investors, creditors, and the general public.

  • Access to Data: Interested parties can access the financial data through the NBB’s online database.
  • Standardization: The NBB ensures that all financial statements conform to a standardized format, facilitating comparison across different companies and industries.

Our Guide on How to Prepare Belgium Financial
Statements without Accountant

Looking to create financial statements for your Belgian company without calling an accountant? Our detailed guide helps you easily manage the financial situation of your organization by streamlining the procedures. Our complete entity management services include customer assistance specifically for Belgian companies—including those with non-EU operations. The manual addresses basic topics such compiling financial data, knowing Belgian accounting rules, and proper reporting using financial software. Whether you run a worldwide company or a small firm, we offer the tools and information to guarantee adherence to Belgian financial laws.

Belgium is a great place for your activities, hence we assist you to simplify financial reporting and cut expenses. Count on our knowledge to help you stay compliant and navigate the process even without an internal accountant.

Gather and Compile Financial Data

Our Belgium-based entity management services provide efficient gathering and compilation of financial data, ensuring your business complies with local and international regulations. We deliver accurate, timely reports tailored to your specific needs, supporting seamless global operations.

Types of Financial Statements Required

In Belgium, businesses must prepare key financial statements including the balance sheet, income statement, and cash flow statement. Our entity management services ensure accurate preparation and timely submission, keeping your business compliant with Belgian regulations.

Data Collection Methods and Tools

Our Belgium branch offers advanced data collection methods and tools tailored to support your entity management needs. Whether you're managing entities across EU or non-EU countries, our solutions ensure accurate and timely data for compliance, reporting, and decision-making. We utilize a range of tools, from digital platforms to secure databases, designed to collect and analyze vital business data.

Prepare Financial Statements According to Belgium Standards with Expertise

At our Belgium branch, we specialize in preparing accurate financial statements in compliance with Belgium’s accounting standards. Our services ensure that your financial reports meet all local regulatory requirements and align with internationally recognized accounting principles. Whether your business operates within the EU or in non-EU countries, we offer a comprehensive approach to financial reporting that simplifies the complexities of Belgian compliance.

Balance Sheet

The balance sheet offers a moment in time view of a company's financial situation in Belgium, including assets, liabilities, and equity. Our services guarantee that your balance sheet reflects the actual financial situation of your company by ensuring correct preparation according with Belgian accounting criteria.

Income Statement

Our Income Statement services in Belgium offer businesses comprehensive financial reporting tailored to local and international standards. We handle accurate income statements, ensuring compliance and clarity for businesses, including those in non-EU countries, from our Belgium-based branch.

Cash Flow Statement

Our Cash Flow Statement services in Belgium ensure transparent financial management for your entity. We provide accurate cash flow reports, helping businesses stay compliant and manage liquidity effectively. Tailored for both EU and non-EU entities, our services support seamless business operations.

Using House of Companies Portal to Auto-Generate Balance Sheet and P&L in Realtime

Streamline your financial reporting in Belgium with our innovative House of Companies Portal, designed for businesses operating globally, including in non-EU countries. Our portal enables automatic, real-time generation of Balance Sheets and Profit & Loss statements, ensuring accurate and up-to-date financial insights. With this powerful tool, you can easily manage your entity's financial data, maintain compliance, and make informed decisions.

Our customer-focused services in Belgium offer seamless integration, ensuring your accounting tasks are simplified, transparent, and fully aligned with both local and international standards.

Ensure Compliance with Dutch GAAP

Our Belgium-based entity management services ensure full compliance with Dutch GAAP for businesses operating both in Belgium and non-EU countries. We handle all aspects of accounting and reporting, providing expert guidance to keep your entity aligned with Dutch accounting standards, enhancing global business operations.

Detailed Reporting Requirements

Our entity management services in Belgium ensure that your business meets all local reporting requirements. We handle tax filings, annual accounts, and compliance reports for both EU and non-EU entities. Trust our expert team to manage detailed reporting, keeping your business compliant and efficient in Belgium.

Impact of Non-Compliance

Non-compliance with Belgian regulations can lead to severe penalties, reputational damage, and operational disruptions. Our entity management services help businesses avoid these risks by ensuring full adherence to local and international standards. With our expertise, your business will remain compliant, safeguarding your operations in Belgium and beyond.

Liability for Directors (or the head office, in case of a branch registration)

Directors or the head office (in case of a branch registration) in Belgium are liable for compliance with Belgian laws, including financial, tax, and regulatory obligations. Our entity management services provide comprehensive guidance to minimize risks and ensure adherence to all legal responsibilities, offering peace of mind for your business operations in Belgium.

Directors and head offices of registered branches in Belgium answer for legal compliance including tax, financial reporting, and corporate governance. Our entity management solutions guarantee accurate and timely fulfillment of all obligations, therefore reducing personal liability. This all-encompassing help ensures that your company stays in good standing both domestically and globally.

The Input of a Chartered Accountant in Belgium

Our chartered accountants in Belgium provide expert financial guidance, ensuring your business complies with local and international regulations. From tax planning to financial reporting, we deliver precise solutions tailored for entities operating in Belgium and beyond, helping you navigate global markets with confidence and efficiency.

Benefits of External Auditing and scenarios when this is useful

External auditing provides an objective and independent assessment of a company’s financial health and compliance with Belgian laws. One of the key benefits is enhancing the credibility of financial statements. This third-party validation helps build trust with stakeholders, including investors, creditors, and regulatory authorities. In Belgium, where businesses are required to adhere to strict financial reporting standards, an external audit ensures that financial statements are accurate and compliant with Belgian GAAP and tax regulations. This fosters transparency and can be crucial for businesses seeking external financing or planning to expand.

Another important benefit is identifying operational inefficiencies and internal control weaknesses. External auditors often provide recommendations on improving financial systems, reducing risks, and enhancing overall governance. In Belgium, this is particularly valuable for small and medium-sized enterprises (SMEs) that may lack the internal resources to assess these areas on their own. The auditor’s independent review can highlight areas for cost-cutting or improvements in cash flow management, ultimately contributing to a company’s long-term success.

External auditing is also useful in cases of mergers, acquisitions, or public offerings. Belgian businesses involved in such transactions must ensure their financial records are accurate and transparent to facilitate smooth negotiations and meet regulatory requirements. Additionally, an external audit can offer peace of mind during disputes or when dealing with complex financial structures, as it provides an independent and authoritative review of financial health. In Belgium, companies may also be legally required to undergo external audits depending on their size or structure, further underlining the importance of this process in ensuring compliance and accountability.

File and Publish Financial Statements

Our knowledgeable Belgian team guarantees timely filing and publication of your financial statements in line with local rules. We handle all aspects of the process, including public disclosure, filing, and preparation, thereby freeing you to concentrate on your worldwide activities and keep perfect compliance with Belgian accounting rules.

Submission Deadlines

The board of directors is responsible for preparing the annual financial statements within four months after the end of the financial year in Belgium. These statements are then presented to the shareholders, who have two months to adopt them. Once adopted, the financial statements must be filed with the National Bank of Belgium (NBB) within seven months of the financial year-end.

If the financial year aligns with the calendar year, the latest filing date without extension is 31 July. For companies operating under the SRL (Société à Responsabilité Limitée) or other structures, the deadline remains 31 July, unless an extension is granted by the authorities.

Extending Deadlines and Exceptions

Under extraordinary conditions, Belgian shareholders could provide the board five months to prepare the financial accounts. Still, the unadopted accounts have to be filed even if the adopted accounts are not accepted within the given period.

Particularly, a BV (Besloten Vennootschap) has to report these unadopted accounts seven months from the end of the financial year. This deadline, granted an extension, can be pushed back up to twelve months.

For "serious reasons," like technical impossibilities for the directors to prepare, present, or adopt the statements, one can also ask for an exemption from filing financial statements. These exemptions forms have to be sent to the National Bank of Belgium (NBB).

Prepare your Corporate Tax Analysis and submit your Corporate Tax return at the tax office

Belgian businesses have to carefully prepare and submit their company tax returns if they want to guarantee accuracy and compliance in financial reporting. The procedure consists in a number of important phases, each meant to fairly represent the financial operations of the business across the fiscal year. Following Belgian tax rules helps one avoid fines and guarantee accurate reporting of all financial data.

Corporate Tax Return Filing

Corporate taxpayers in Belgium are required to file their tax returns annually, with a general deadline set at six months following the end of the financial year. For companies with a calendar year-end, this deadline falls on 30 June. Extensions can be requested if additional time is needed to prepare accurate and complete filings, ensuring compliance with Belgian tax regulations.

Calculation and Payment of Corporate Income Tax (CIT)

The calculation of Corporate Income Tax (CIT) in Belgium is based on a company's taxable profits, with potential adjustments such as loss carryforwards and carrybacks. The Belgian tax authorities often issue a provisional assessment, which is adjusted after the final tax return is submitted. The final CIT assessment must be issued within three years following the end of the financial year, with this period extended if an extension for filing the return is granted.

Interest on CIT Payments

With a current interest rate set at 10% for 2024, interest on Corporate Income Tax (CIT) owed is computed in Belgium from six months following the end of the financial year until the tax assessment is issued. Should the CIT be paid late, a lowered interest rate of 4% is computed from six weeks following the assessment's publication. While giving people who pay their taxes after the assessment a grace period, this method encourages prompt payment.

Compliance and Audits

Belgian LLCs may be audited by tax inspectors as part of the national tax authorities' oversight responsibilities. This scrutiny ensures that all financial activities and tax filings are transparent and comply with Belgian regulations. Enhanced collaboration between taxpayers and tax authorities has been observed, potentially reducing the compliance burden for businesses.

Techniques for File Organization and Extensions

Corporate tax returns in Belgium must be filed digitally through the Belgian Tax Administration's online platform, MyMinfin. Companies can manage this process in-house using approved accounting or tax software, or they may choose to outsource it to a tax service provider. For businesses needing additional time, filing extensions can be requested via the MyMinfin portal or by submitting a request form to the Belgian tax authorities.

Avoiding Double Taxation

For foreign taxpayers earning income in Belgium, it's essential to understand the implications of international tax treaties, which help prevent double taxation on the same income. These treaties ensure that businesses are not subjected to excessive taxation by multiple jurisdictions, promoting fair tax practices.

By adhering to these guidelines and utilizing available resources, Belgian companies can effectively manage their corporate tax obligations, ensuring compliance and supporting their long-term financial stability.

FAQ

1. What is the deadline for submitting annual financial statements in Belgium?

In Belgium, companies must submit their annual financial statements to the National Bank of Belgium (NBB) within seven months after the end of the financial year. For businesses with a calendar year-end, the deadline is 31 July.

2. How can I access the financial statements of a Belgian company?

You can access financial statements of Belgian companies through the National Bank of Belgium (NBB)'s online platform. The documents are available in the public database, and a small fee may apply to obtain specific reports.

3. Are all companies required to file financial statements in Belgium?

Yes, all companies registered in Belgium, including small and medium-sized enterprises (SMEs), are required by law to file their financial statements annually with the National Bank of Belgium.

4. What documents are included in the annual financial statements in Belgium?

Annual financial statements in Belgium typically include the balance sheet, income statement, cash flow statement, notes to the financial statements, and for larger companies, the social balance sheet.

5. What happens if a company does not submit its financial statements on time in Belgium?

If a company fails to submit its financial statements on time, it may face penalties, including fines. In some cases, the company could also face legal consequences or damage to its reputation.

References

[1] - https://www.houseofcompanies.io/
[2] - https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/audit/deloitte-nl-audit-annual-accounts-in-the-netherlands-2019.pdf
[3] - https://theaccountingjournal.com/netherlands/financial-reporting-in-the-netherlands/
[4] - https://online.hbs.edu/blog/post/how-to-prepare-an-income-statement
[5] - https://www.youtube.com/watch?v=aRL1MDYFMZ4
[6] - https://www.tax-consultants-international.com/publications/accounting-and-audit-requirements-in-the-netherlands
[7] - https://www.bnnlegal.nl/en/services/insolvency-law-and-bankruptcy/directors-liability-in-the-netherlands/
[8] - https://www.linkedin.com/pulse/7-reasons-conduct-external-audit-uae-atif-iftikhar
[9] - https://www.nba.nl/opleiding/foreign-auditors/ra-qualifications/the-dutch-educational-system-for-register-accountants/
[10] - https://www.kvk.nl/en/filing/when-do-i-have-to-file-my-annual-accounts/
[11] - https://www.kvk.nl/en/filing/am-i-required-to-file-annual-reports-and-accounts/
[12] - https://taxsummaries.pwc.com/netherlands/corporate/tax-administration
[13] - https://business.gov.nl/regulation/corporate-income-tax/
[14] - https://business.gov.nl/finance-and-taxes/business-taxes/filing-tax-returns/filing-your-corporate-tax-return-vpb-in-the-netherlands/

Why work with Belgium House of Companies?

Working with Belgium House of Companies ensures streamlined, expert support in company formation, legal compliance, and financial reporting. Their deep local knowledge and personalized service help businesses navigate Belgium’s regulatory landscape efficiently, saving time and ensuring compliance.

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