The Balance sheet is an important part of the yearly mandatory financial statements.
It is the overview of the aggregated assets, debts, rights, and obligations of the enterprise (or association)at the end of the fiscal year (31st December).
- Bank statements (year-end saldo) ⇒ liquid assets
- Unsettled account receivables
- Late invoices (delayed projects; unsettled account payables)
- (unused) Foundation grants to be returned
- Calculated shortly after the end of the fiscal year
- Part of the yearly mandatory financial statements
- It is input for the general assembly
- It needs to be registered at the Commercial Tribunal
- Appendix to the tax declaration
- Used to calculate the taks tot vergoeding der successierechten (strange name!)
Calculation and Validation
All calculations can be derived from the bank statements:
Balance = Assets - Debts Assets = Capital + Debtors Capital = Real estate + Investments + Savings + Bank saldi Depts = Unpaid invoices Assets of this year = Assets of previous year + Profit Profit = Income - Expense Income = Grants + Membership fees + Gifts + Outgoing invoices Expense = Invoices + Tax + Expense claims