Key takeaways
- Every Belgian ASBL must keep accounts and draw up annual accounts: it is a legal obligation from the Companies and Associations Code (CAC), not an option.
- The accounting regime depends on size: simplified receipts-and-expenditure accounting for small ASBLs, double-entry accounting for those exceeding the thresholds.
- The place of filing follows the size: registry of the enterprise court for small ASBLs, National Bank of Belgium for large ones.
- The non-distribution principle frames everything: each surplus is reallocated to the mission, never distributed to members or directors.
- Around the accounts gravitate other obligations: UBO register, annual budget, approval by the general meeting and retention of documents.
The accounting of an ASBL in Belgium does not resemble that of an SRL, and confusing them is costly. An association pursues a disinterested aim: the non-distribution principle forbids paying the slightest profit to its members, which colours all of its accounting obligations. The reference framework is the Companies and Associations Code (CAC) and its implementing royal decrees, which calibrate the requirements according to the size of the structure. This article explains which accounting regime applies to your association, which annual accounts to draw up, where to file them, and which obligations surround the keeping of the accounts.
What non-profit changes about an ASBL's accounting
An ASBL is a legal person that can generate surpluses and even carry out economic activities, provided that any positive result is reallocated to its corporate purpose. This non-distribution principle distinguishes it from a commercial company, whose purpose is to remunerate its partners.
This difference is not just theoretical: it shapes the chart of accounts, the content of the annual accounts and the tax regime. Where an SRL follows accounting obligations geared towards the distribution of dividends, the ASBL must be able to demonstrate that every euro serves its mission. The traceability of subsidies, donations and membership fees then becomes the heart of its accounting.
Two accounting regimes according to the ASBL's size
The CAC and its implementing royal decree distinguish ASBLs according to their size, assessed on several criteria: the number of workers, total receipts, and the size of the balance sheet (amount of assets and debts). An association moves into the higher category when it exceeds more than one of these criteria. The figures are set by royal decree and may be indexed or revised, so always check the value in force with the FPS Justice before classifying your structure.
| Small ASBL | Large ASBL | |
|---|---|---|
| Accounting regime | Simplified accounting (receipts and expenditure) | Double-entry accounting |
| Annual accounts | Statement of receipts and expenditure, and notes | Balance sheet, profit-and-loss account and notes (association schema) |
| Place of filing | Registry of the enterprise court (association's file) | National Bank of Belgium (Central Balance Sheet Office) |
| Auditor (company auditor) | Not required | Mandatory above the upper thresholds |
The small ASBL keeps its accounts in a single journal of receipts and expenditure, without double-entry records and without a full balance sheet of the assets. This simplified regime genuinely lightens the administrative burden, but it has its limits.
Advantages
- A receipts-and-expenditure journal is enough, without double debit-and-credit entry
- Lightened annual accounts filed at the registry, without a full schema
- No obligation to appoint an auditor, hence fewer costs
Disadvantages
- No full balance sheet: the view of the association's assets remains partial
- The switch to double entry is required as soon as the thresholds are durably exceeded
- Subsidy providers sometimes require more detailed accounts than the legal minimum
The large ASBL, for its part, keeps double-entry accounts modelled on those of commercial companies: each transaction is recorded in debit and credit, on the basis of a chart of accounts adapted to the association sector.
Annual accounts and place of filing
At the close of each financial year, the ASBL draws up its annual accounts. For a small ASBL, they come down to a statement of receipts and expenditure accompanied by notes. For a large ASBL, they take the full form of a balance sheet, a profit-and-loss account and notes, presented according to the schema specific to associations.
The place of filing flows directly from the size. The small ASBL files its accounts in the association's file kept at the registry of the enterprise court, where its articles and the list of its directors are already filed. The large ASBL files its own with the Central Balance Sheet Office of the National Bank of Belgium, which makes them publicly consultable, as for a commercial company.
The day we exceeded the thresholds, we moved from the receipts-expenditure journal to real double entry. Anticipating this switch with an accountant spared us a chaotic transition year.
This enterprise number, assigned at incorporation and recorded with the Crossroads Bank for Enterprises (CBE), identifies the association in all its dealings, including the filing of its accounts.
The annual accounting cycle of an ASBL
The accounting of an ASBL follows an annual rhythm that goes well beyond the mere keeping of records. The budget opens the year, the accounts close it, and the general meeting validates the whole.
- 1
Draw up the year's budget
Before the yearThe administrative body prepares a budget of expected receipts and expenditure, submitted to the general meeting. The budget is an obligation specific to ASBLs, distinct from the accounts.
- 2
Keep the accounts as you go
All yearRecording of receipts and expenditure (or double-entry records for a large ASBL) and filing of supporting documents throughout the year.
- 3
Close the year and take stock
Closing dateDrawing up of the accounts at the closing date set by the articles, listing of assets, debts and commitments.
- 4
Draw up the annual accounts
After the closeStatement of receipts and expenditure for a small ASBL, or balance sheet, profit-and-loss account and notes for a large ASBL.
- 5
Have the accounts approved by the general meeting
Within six monthsThe general meeting approves the accounts of the past year and the budget of the following year. Approval occurs within six months of the close.
- 6
File the accounts
After approvalSmall ASBL: filing at the registry of the enterprise court. Large ASBL: filing with the National Bank of Belgium after approval by the general meeting.
This calendar applies whatever the accounting regime. Only the content of the accounts and the filing channel change with the size.
The obligations that surround the accounting
Keeping the accounts is not enough. Several obligations are articulated around the ASBL's accounting and engage the liability of its directors.
Beyond the accounts: not to forget
UBO register
Declare the beneficial owners with the General Administration of the Treasury, then confirm or update the information each year.
Annual budget
Submit to the general meeting a budget for the following year, alongside the approval of the accounts of the past year.
Approval of the accounts
Have the annual accounts approved by the general meeting within six months of the close of the year.
Retention of documents
Archive accounting books and supporting documents for the legal period, to respond to an audit or a subsidy request.
Tax obligations
File the legal entities tax return, or the corporate income tax and VAT return if the activities justify it.
To start on sound foundations, our ASBL creation service includes the drafting of the articles, the filing at the registry and the business address of the registered office, all steps that condition the proper keeping of the accounts afterwards.
Launch your ASBL with well-framed accounting
Monsiegesocial supports the creation of your association in Belgium and steers you towards the right accounting regime from the start, with a compliant registered office.
Going further
- Setting up an ASBL in Belgium: steps, procedures and obligations, for incorporation and the detailed accounting thresholds
- Accounting obligations of an SRL in Belgium, to compare with the regime of a commercial company
- The Crossroads Bank for Enterprises (CBE) explained, to understand the enterprise number that identifies your ASBL
- FPS Justice: accounting obligations of ASBLs, the official source on thresholds and the filing of accounts
