What, exactly, are net assets? ‘Alarm bell’ procedures in critical situations Christèle Parmentier, Partner BDO Accountancy A company’s board of directors is responsible for its financial situation. Among other things, this means that, should there be a critical decrease in the company’s net assets, the board must follow an ‘alarm bell’ procedure. But what, exactly, is meant by net assets? The Belgian Accounting Standards Commission (CNC-CBN) provides clarity in its opinion. In the event [...]
Belgian foundations on the rise. New rules make the legal form more attractive. With the new Companies and Associations Code, Belgians are much less inclined to resort to the Dutch foundation to transfer or anchor their family business. In 2020, over 50% more Belgian private foundations were established in Belgium than the previous year. The number used as an administration office increased almost threefold. In this article, we examine what is driving this sudden increase.
Revised Companies and Associations Code It is common knowledge that, on 1 January 2020, the Belgian Companies and Associations Code (CAC) went into effect for all Belgian legal entities. Before the Code had even entered into force, the Chamber had already received a proposal for the revision of various provisions. That proposal has now been accepted. So, what are the most relevant corrections? Author: Ruben Ruysbergh, Senior Consultant BDO Legal The proposed revisions were already submitted [...]
CCA establishes new rules for payments and annual accounts Since 1 January 2020, the new Belgian Code of Companies and Associations (CCA) also applies to existing legal entities. This law establishes several new mandatory provisions and overhauls others. There are new rules relating to payments, for example. Furthermore, a new annual accounts model is now in effect. We will use several frequently asked questions to explore the most relevant aspects of these new rules in greater detail. [...]