Head of practice
Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.
Accounting support for business in Belgium
Belgium, as one of the key economic centers of Europe, attracts entrepreneurs with a stable financial system and access to the EU single market. However, doing business here requires strict adherence to accounting standards, which are regulated by national legislation and EU directives. Accounting support is becoming not just a formality, but a strategic tool for optimizing costs, avoiding fines and ensuring company growth. In this article, we will consider the key aspects of accounting for business in Belgium, the requirements for companies and the benefits of professional support.
Accounting requirements in Belgium
According to Belgian law, all businesses are required to keep accounts. For small and medium-sized enterprises (SMEs), a simplified scheme is provided, which allows for a reduction in the amount of documentation. Large companies must apply a full scheme, including a detailed balance sheet, profit and loss account and annexes. Annual financial statements are filed with the National Bank of Belgium (NBB) and published for shareholders.
Accounting standards are based on Belgian GAAP (Generally Accepted Accounting Principles), although large firms may use IFRS for consolidated accounts. The tax year usually coincides with the calendar year or is 12 months. Documents relating to taxable income are kept for 10 years. Foreign companies with branches in Belgium are also required to file copies of their annual accounts, together with a social balance sheet, if they have employees.
An audit of the financial statements is mandatory for most companies, with the exception of some small forms. It is carried out by certified auditors, such as representatives of Ernst & Young or KPMG. Violation of the rules can lead to fines ranging from several thousand euros to suspension of operations.
Accounting support services
Professional accounting support covers a wide range of services: from current accounting to tax planning. The main areas include:
- Bookkeeping. Daily accounting of operations, preparation of balance sheets and profit/loss statements.
- Tax declaration. Calculation of corporate tax (standard rate 25%, preferential 20% for SMEs for the first 100,000 euros of profit). Additional benefits: 85% deduction for innovation income (IID), investment deductions up to 40% for green technologies.
- Payroll. Calculation of salaries, social contributions and personal income taxes.
- VAT and compliance. VAT registration, monthly/quarterly declaration, especially for import/export to the EU.
- Financial analysis. Business efficiency assessment, risk forecasting and structure optimization. For foreign investors, in particular from Ukraine, adaptation to double taxation is important. Belgium has over 95 double taxation agreements, including with Ukraine, which allows optimizing the flow of dividends, royalties and interest through holding structures.
Benefits of outsourcing accounting support
Independent accounting in Belgium is difficult due to language barriers (French, Dutch, German) and frequent changes in legislation, such as the introduction of Pillar Two (minimum tax of 15% for large groups). Outsourcing to a specialized firm reduces costs by 20-30%, frees up resources for core business and minimizes the risk of errors.
For example, for startups in the IT or logistics sectors, professional support helps to take advantage of R&D benefits, reducing the effective tax rate to 3.75%. For holding companies, it is a tool for asset protection and exit tax planning.
Specifics for foreign business
Foreigners registering a company in Belgium (e.g. BV or NV) must obtain a legal address, register with Crossroads Bank for Enterprises and open a bank account. The process takes 2-4 weeks. Accounting support is critical here: from the initial VAT registration to the annual audit. For Ukrainians, holding schemes are relevant to optimize taxes on profit repatriation.
New rules are being introduced from 2026: reduction of the term for liquidation reserves to 3 years, three-tier investment deductions and a focus on ESG standards. Professional assistance ensures adaptation to these changes.
Why contact the law firm “Prikhodko & Partners”?
The law firm “Prikhodko & Partners” is your reliable partner in doing business in Belgium and the EU. With over 8 years of experience, a team of 65+ experts (lawyers, auditors, financiers) and an office in Kyiv, we offer a full range of services: company registration, account opening, accounting support and tax structuring. Our specialists will help you optimize taxes, minimize risks and ensure compliance with Belgian legislation.
To receive a consultation and find out the cost of legal support, fill out the form below.
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1 question
Do you already have a registered business in Belgium?
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Do you need accounting support for your business in Belgium?
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Do you need legal support for your business in Belgium?
4 question
Do you need a business audit in Belgium?
5 question
Do you need to optimize your business taxes in Belgium?
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Do you need advice on taxes in Belgium?
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