Balance sheet

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 (31^st December).

It is to be evaluated together with the income and expenditure sheet.

Sources

Bank statements (year-end saldo) ⇒ liquid assets
Late invoices (delayed projects; unsettled account payables)
Loans
Unsettled account receivables
(unused) Foundation grants to be returned

Processing

Calculated at, or shortly after the end of the fiscal year
Is part of the yearly mandatory financial statements
Needs to be approved by the general assembly
It needs to be registered at the Commercial Tribunal
Appendix to the yearly tax declaration
Used to calculate the taks tot vergoeding der successierechten (strange name!)

Rules

Caveat:

Accounts receivable must be aggregated under Schuldvorderingen and not under Andere rechten. (They are assets, even if they have not yet been received.)
Unpaid invoices from freelancers must be aggregated under Schulden tegenover leveranciers and not under Fiscale, salariële en sociale schulden. (They are not employee pay slips, nor social contributions, nor pending taxes.)

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

Related ledger items

References

VSDC review, nr. 200, maart-april 2022, p. 5
VSDC review, nr. 201, juni-juli-augustus 2022, p. 4