Applicable laws & references

Bookkeeping and preparation & filing of financial statements

The rules in Belgium for the bookkeeping, and the preparation and filing of statutory and consolidated financial statements are ruled by the following laws and implementing decrees:

  • The Companies Code (NL / FR), executed by the Royal Decree of 30 January 2001 (NL / FR)
  • Law of 17 July 1975 on enterprise bookkeeping (NL/ FR
  • Royal Decree of 12 September 1983 concerning the simplified bookkeeping and how to hold and keep the enterprise books (NL / FR)
  • Royal Decree of 12 September 1983 governing the minimum chart of accounts (NL / FR)
  • Royal Decree of 18 January 2005 requiring certain companies to publish their consolidated financial statements in accordance with IFRS (NL / FR)

Social report

The social report which is an integrated part of the statutory annual accounts is governed by the following laws and implementing decrees:

  • Law of 22 December 1995 concerning measures in execution of the long-range plan for employment (NL/ FR)
  • Royal Decree of 4 August 1996 concerning the social balance (NL/ FR
  • Royal Decree of 24 October 2001 fixing measures in favour of the employment shown in the social balance sheet (NL / FR)

Works council

The works council, the information to the works council, the statutory auditor's mission and presentation to this council is governed by the following laws and decrees:

  • Law of 20 September 1948 concerning amongst others the works council (NL/ FR)
  • Royal Decree of 27 November 1973 giving rules for economical and financial information to be provided to the works council (NL / FR)
  • The Companies Code (NL / FR), executed by the Royal Decree of 30 January 2001 (NL / FR)

Statutory audit

Auditors must be members of the Belgian Institute of Company Auditors: Instituut van de Bedrijfsrevisoren / Institut des Réviseurs d’Entreprises (IBR / IRE).

The auditor’s reports and procedures are based on the standards issued by the IBR/IRE (NL / FR). Such standards govern the audit programs, the form and content of the reports and duties and responsibilities of the auditor.