Closing a financial year is more than finishing the bookkeeping for a period. It is also an opportunity to understand results, resolve outstanding questions and prepare for better decisions next year. Good year-round records reduce last-minute work.
Why should preparation begin before the year-end?
Missing invoices, unclear bank transactions and unresolved customer balances rarely become easier to explain with time. Regular checks make closing the year smoother and improve the quality of interim financial information.
Exact accounting duties differ depending on whether you run a sole proprietorship or a company and on the legal form involved. This checklist helps you prepare; your accountant will explain what is required for your situation.
1. Check sales and purchase invoices
Collect all invoices and credit notes relating to the financial year, even where settlement occurs later. Identify missing documents and incorrect supplier details. Where structured e-invoicing is relevant, make sure you retain the original electronic records.
2. Reconcile bank accounts, cash and payment providers
Your accounting records should reconcile with bank statements, cash movements and relevant payment platforms. Clarify unusual transfers, duplicates and any private transactions.
3. Review outstanding customers and suppliers
Which invoices remain unpaid? Are there disputes, advances or amounts that may not be fully recoverable? This information is important for assessing receivables and obligations properly.
4. Take stock and review investments
Where relevant, prepare an inventory of quantities and values. For business assets and investments, record additions, disposals and items taken out of service. Depreciation and possible impairments require appropriate accounting judgement.
5. Provide contracts and other important documents
Loans, leases, insurance, guarantees, rent and significant agreements may all be relevant. Inform your accountant about major changes to management, ownership, financing or business activities.
6. Discuss the results, not just the financial statements
Ask about trends in revenue, costs, margins, cash position and financing needs. A year-end review can help identify opportunities to improve pricing, plan investments and prioritise next year’s decisions.
7. Keep an eye on the legal deadlines
For Belgian companies required to file annual accounts with the National Bank of Belgium, the ordinary rule is filing within 30 days of approval and no later than seven months after the end of the financial year. The statutory requirements and exceptions depend on the legal form and circumstances.
The National Bank of Belgium explains the filing deadlines. Tax return deadlines also need separate attention. Agree internal document deadlines well ahead of the statutory dates.
What should you prepare for your accountant?
- Outstanding sales and purchase invoices and credit notes.
- Bank and cash records, with explanations for unclear transactions.
- Customer balances, outstanding invoices and disputes.
- An inventory statement, if relevant.
- Details of investments, financing and ongoing contracts.
- Information on unusual events and significant decisions.
- Questions about results, liquidity and next year’s financial plan.
Frequently asked questions
Does every Belgian self-employed person file annual accounts with the NBB?
No. The obligation depends on the legal form and relevant exceptions. Your accountant can determine which filings apply.
Can the year-end be prepared before all invoices are paid?
Yes. Outstanding amounts form part of the closing review. Provide information about disputes or payment concerns.
When should I discuss future investments?
Preferably before making major commitments. A year-end discussion is a useful opportunity to review priorities.
Make the most of your year-end
Verheyen Accountants helps self-employed professionals and SMEs around Reet (Rumst) keep their accounting and financial reporting organised. Contact us to discuss your records.
Source: National Bank of Belgium — filing deadlines. Obligations vary by legal form and individual situation.