How to read the annual accounts of a Belgian company
Belgian companies file their annual accounts with the National Bank, in a standard format with numbered headings. Once you know a handful of those codes, five minutes are enough to form a first opinion.
Where the accounts come from
Companies file their annual accounts with the Central Balance Sheet Office of the National Bank of Belgium (NBB). The filing is due within 30 days after the general meeting approves the accounts, and at the latest seven months after the end of the financial year.
The filed accounts are public. Anyone can consult them free of charge on the National Bank's website, one filing per year, as a PDF or as structured data.
Three models, three levels of detail
The model a company uses depends on its size, measured by criteria set in the Code of Companies and Associations: average staff, turnover and balance sheet total.
- The full model, for large companies, with the most detail.
- The abbreviated model, for small companies.
- The micro model, for micro-companies, the shortest.
Small and micro companies are not required to publish their turnover. They often show only the gross margin, which is why a figure you expected can be missing.
The codes that matter
Every heading of the accounts carries a code that stays the same from one model to the next. These are the ones worth knowing.
| Code | Heading | What it tells you |
|---|---|---|
| 20/58 | Total assets | The size of the balance sheet |
| 10/15 | Equity | What belongs to the shareholders once every debt is paid |
| 29/58 | Current assets | Stock, receivables and cash, available within a year |
| 42/48 | Debts due within one year | What has to be paid in the coming twelve months |
| 17 | Debts due after more than one year | Long-term financing |
| 70 | Turnover | Sales, when the model publishes them |
| 9900 | Gross margin | Turnover minus purchases, in the shorter models |
| 9901 | Operating result | What the business itself earns or loses |
| 9904 | Result for the financial year | The final profit or loss |
| 9087 | Average staff (full-time equivalents) | The size of the workforce |
Five checks in five minutes
- Equity (10/15): positive and stable or rising is reassuring. Negative equity means the company owes more than it owns, and company law then requires the board to act.
- The trend: compare the result for the year (9904) and the equity over three years. One bad year matters less than a steady decline.
- Liquidity: compare current assets (29/58) with debts due within one year (42/48). Below one, the company depends on new cash to pay its short-term debts.
- Overdue tax and social security debts: the notes to the accounts disclose amounts overdue to the tax authorities and to the National Social Security Office. Any amount there is a strong warning sign.
- The filing date: accounts filed late, or not filed at all, are a signal in themselves.
Reading them with Addrly
Addrly reads the filings for you and puts the key figures of several years side by side, with a health score that lists the reasons behind it. You still see the source: each dossier links to the filings at the National Bank.
Key takeaways
- Accounts are filed with the National Bank at the latest seven months after the year end, and they are public.
- Equity (10/15), result (9904) and short-term debts (42/48) give a first view in minutes.
- Look at the trend over several years rather than at a single filing.
Frequently asked questions
Are Belgian annual accounts public?
Yes. Filed accounts can be consulted free of charge on the website of the National Bank of Belgium.
Why can't I find the turnover of a company?
Small and micro companies file shorter models that do not require the turnover. They usually publish the gross margin (code 9900) instead.
Does every enterprise file annual accounts?
No. Natural persons trading in their own name, for instance, do not file annual accounts with the National Bank.