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).

Sources

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

Processing

• 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

Related ledger items

• Income and expenses
• Bank statements
• Expense claims