Best Accounting & Auditing Lawyers in Modave

About Accounting & Auditing Law in Modave, Belgium

Modave is a municipality in the Province of Liège, Walloon Region, and companies and nonprofits based there follow Belgian federal rules for bookkeeping, financial reporting, and statutory audits. Day to day practice is shaped by the Belgian Code of Companies and Associations, Belgian Generally Accepted Accounting Principles, and the public oversight framework for auditors and accountants. Language matters locally too. In Wallonia, filings and official corporate documents are typically in French.

Belgian entities must keep orderly books, prepare annual financial statements, submit them for approval to the general meeting, and deposit the approved accounts with the National Bank of Belgium - Central Balance Sheet Office. Depending on size and legal form, entities use the micro, abbreviated, or full format under Belgian GAAP. Listed groups use IFRS for consolidated accounts, but their separate statutory accounts still follow Belgian GAAP.

The accounting profession in Belgium is regulated. Accountants and tax advisors are members of the Institute for Tax Advisors and Accountants. Statutory auditors hold the protected title réviseur d’entreprises and are members of the Belgian Institute of Registered Auditors. Public oversight of the audit profession is exercised by the Audit Oversight College under the Federal Public Service Economy.

Why You May Need a Lawyer

Legal counsel complements the work of your accountant or auditor. You may need a lawyer in the following situations, among others:

- Choosing or changing legal form, because each form has different bookkeeping, capital, distribution, and audit requirements.

- Designing or updating internal governance, approval of annual accounts, and dividend policy, including compliance with net assets and liquidity tests under Belgian law.

- Determining whether your company or association must appoint a statutory auditor, and drafting a compliant engagement resolution and mandate term.

- Handling late filing, non compliant disclosures, or errors in annual accounts, including remediation plans and communication with the National Bank of Belgium.

- Directors’ liability risks linked to wrongful trading, unlawful distributions, persistent losses, or non filing of accounts.

- Tax and VAT issues that intersect with accounting policies, revenue recognition, transfer pricing, or fixed establishment questions, including audits by the Federal Public Service Finance.

- Mergers, demergers, contributions in kind, management buyouts, and other reorganizations that require special reports, valuation methods, and pre transaction audits.

- Group reporting, consolidation questions, and intra group transactions, especially when thresholds trigger consolidated accounts or an auditor for the group.

- Nonprofit compliance for ASBL and AISBL entities, including accounting regime, grants reporting, and audit triggers based on size.

- Disputes with service providers or auditors, professional secrecy topics, whistleblowing issues, and data protection obligations related to bookkeeping data.

Local Laws Overview

Core framework. Financial reporting and audits for entities in Modave are governed primarily by the Belgian Code of Companies and Associations and the Belgian Accounting Law framework administered by the Federal Public Service Economy. Belgian GAAP sets formats and valuation rules. Listed groups use IFRS in consolidation. Professional rules for accountants and auditors apply through their institutes and the Audit Oversight College.

Books and records. Companies and many nonprofits must maintain books that faithfully reflect transactions and financial position. Keep supporting documents and ledgers for at least 7 years. For VAT on immovable capital goods, retention can run up to 15 years due to VAT adjustment rules.

Approval and filing deadlines. The annual accounts must be approved by the general meeting within 6 months after the financial year end, then filed with the National Bank of Belgium within 30 days after approval. This makes the outer limit effectively 7 months after year end.

Size tests and reporting formats. Belgium distinguishes micro, small, and large entities. The thresholds are subject to periodic indexation, but commonly applied benchmarks are as follows. A small company is one that does not exceed more than one of these criteria at the balance sheet date: balance sheet total 4.5 million euros, net turnover 9 million euros, average employees 50. A micro company is one that does not exceed more than one of these: balance sheet total 350,000 euros, net turnover 700,000 euros, employees 10. Entities beyond small are large. Reporting formats depend on size, with micro using the micro scheme, small using the abbreviated scheme, and large using the full scheme.

Auditor appointment. Large companies must appoint a statutory auditor. Small companies generally do not, unless specific laws or their articles require it or they qualify as public interest entities. Public interest entities include listed companies, credit institutions, and insurers and face additional audit and governance rules.

Consolidation. A parent must prepare consolidated accounts if the group, on a consolidated basis, exceeds two of these criteria: balance sheet total 17 million euros, net turnover 34 million euros, average employees 250. Several exemptions exist, for example if included in a higher level consolidation that is publicly available.

Language. For entities with their registered office in Modave, financial statements and corporate filings are typically in French. The Central Balance Sheet Office accepts filings in French, Dutch, or German depending on the registered office location.

Penalties and liability. Late filing of annual accounts can trigger administrative fines collected by the National Bank of Belgium. Persistent non compliance can expose directors to civil liability and in serious cases criminal sanctions. Unlawful distributions made in breach of net asset or liquidity tests can lead to director and shareholder reimbursement liability.

Regulators and courts. Accounting rules and public oversight are coordinated by the Federal Public Service Economy and the Audit Oversight College. The professional institutes handle standards and discipline. Disputes tied to corporate filings or director liability are typically heard by the Enterprise Court of Liège, including its division covering the Huy area, which is the local jurisdiction for Modave based entities.

Frequently Asked Questions

Which accounting standards apply to my company in Modave

Statutory individual accounts use Belgian GAAP. If your company is listed or part of a listed group, the consolidated accounts use IFRS. Some sectors have specific notes or prudential rules in addition to Belgian GAAP.

When must I approve and file my annual accounts

Hold the general meeting within 6 months after your financial year end to approve the accounts, then file them with the National Bank of Belgium within 30 days after approval. In practice the deadline is within 7 months of year end.

Do I need to appoint a statutory auditor

Large companies must appoint an auditor. Small companies usually do not unless they are public interest entities or another law or the articles requires it. Assess your size against the statutory thresholds and seek confirmation before the year end to avoid gaps in mandate.

What are the size thresholds for small and micro companies

Although subject to indexation, common thresholds are: small if not exceeding more than one of balance sheet total 4.5 million euros, net turnover 9 million euros, employees 50. Micro if not exceeding more than one of balance sheet 350,000 euros, turnover 700,000 euros, employees 10. If you exceed two criteria you move up a category.

Where and in which language do I file my accounts

Deposit accounts with the National Bank of Belgium - Central Balance Sheet Office. For Modave based entities the filing language is typically French. Belgium accepts French, Dutch, or German filings based on the registered office.

What happens if I file late

The National Bank of Belgium charges administrative fines that increase with the delay and the format of the accounts. Chronic non filing may also expose directors to civil and criminal risks. Timely approval and filing should be a board level calendar item.

How long must I keep accounting records

Keep accounting records and supporting documents for at least 7 years. For VAT on immovable capital goods, the adjustment period can extend retention to 15 years. Keep electronic systems audit ready with exportable ledgers and evidence.

When do I need consolidated accounts

If your group exceeds two of these on a consolidated basis, you generally must consolidate: balance sheet 17 million euros, turnover 34 million euros, employees 250. Exemptions exist if you are included in a higher level consolidation that is publicly available.

How do nonprofit associations in Modave handle accounting and audits

Associations fall under the same Code of Companies and Associations for accounting frameworks. Depending on size, they use simplified, abbreviated, or full accounts, and larger associations may be required to appoint a statutory auditor. Grants may impose extra reporting or audit requirements.

What is the difference between an audit, a review, and a compilation

A statutory audit provides reasonable assurance with an opinion on whether the accounts give a true and fair view. A review provides limited assurance and uses primarily analytical procedures and inquiries. A compilation involves assembling information into financial statements without assurance. Only statutory auditors can issue statutory audit opinions.

Additional Resources

National Bank of Belgium - Central Balance Sheet Office for filing annual accounts and retrieving deposited accounts.

Federal Public Service Economy for accounting law, company and association rules, and public oversight of the audit profession through the Audit Oversight College.

Belgian Institute of Registered Auditors for professional standards and the register of statutory auditors.

Institute for Tax Advisors and Accountants for guidance on bookkeeping and tax advisory professionals.

Federal Public Service Finance for corporate income tax, VAT, and tax audit procedures.

Crossroads Bank for Enterprises for enterprise registration data and company identification numbers.

Belgian Official Gazette for publications of incorporations, amendments, mergers, and liquidations.

Enterprise Court of Liège for corporate and accounting related disputes applicable to Modave based entities.

Accredited one stop business service providers in Wallonia for company formation, registrations, and formalities.

Next Steps

- Map your obligations. Identify your legal form, financial year end, size category, and whether any public interest status applies. List all filing and meeting deadlines for the coming 12 months.

- Assemble core documents. Collect the trial balance, general ledger, fixed asset register, bank reconciliations, inventory counts, board minutes, prior year accounts, and any group reporting packages. For nonprofits, include grant agreements and donor reporting terms.

- Determine auditor needs. If you are large or expect to cross thresholds, plan the appointment of a statutory auditor early. Prepare a clear scope, mandate term, and timing of interim and year end work.

- Engage local counsel. A Modave or Liège based lawyer can coordinate with your accountant or auditor, interpret thresholds, review draft accounts and corporate approvals, and manage corrective filings or rectifications if needed.

- Address tax interactions. Align revenue recognition, provisions, and deferred tax with your tax filings. Confirm VAT records, deduction methodologies, and investment adjustment periods to avoid later reassessments.

- Implement governance checks. Schedule the general meeting within 6 months after year end, plan director reports, and perform net assets and liquidity tests before distributions. Keep minutes and evidence.

- Mitigate risks. If you face late filing, losses eroding equity, or going concern uncertainties, get early legal advice on directors’ duties, possible restructuring tools, and stakeholder communications.

- Document and retain. Ensure policies for document retention, access controls, and data protection are in place, including secure storage for 7 to 15 years as applicable.

This guide is for general information only and is not legal advice. For advice tailored to your situation in Modave, consult a qualified Belgian lawyer who can coordinate with your accountant or statutory auditor.