Retrieving annual accounts from the National Bank

Annual accounts are the starting point of any valuation exercise

Whether a shareholder relies on the statutory formula or commissions an independent valuation report, the underlying figures come from the same source: the company's filed annual accounts. These documents record the balance sheet, the profit and loss account, and a set of notes that together describe the company's financial position at each closing date.

For a valuation report prepared as of a fixed reference date, the accounts for that year and for several preceding years are typically required, so that a reviewer can assess whether results are stable or subject to variation over time.

Filings are centralised and publicly accessible

Companies incorporated in Belgium are required to file their annual accounts with the National Bank of Belgium, which maintains the central register. Once filed, these documents become part of the public record and can be retrieved by anyone, including advisers, shareholders and administrations, without needing the company's cooperation.

This centralisation means that historical filings remain accessible even years after they were first submitted, which is useful when a valuation exercise looks back over a multi-year period to assess the consistency of a company's earnings.

Full format accounts carry more detail than abbreviated ones

Smaller companies are generally permitted to file an abbreviated format, which summarises the balance sheet and results in fewer line items. Larger companies file a full format, with additional detail on provisions, financial debt, related-party transactions and other notes.

The format available affects how much can be verified directly from public filings. Where the abbreviated format leaves a question open, additional documents from the company itself, such as internal management accounts or a detailed general ledger, may be needed to complete the picture.

Consistency checks matter before figures are used

Before figures from filed accounts are used in a valuation, it is worth checking that the accounting policies applied are consistent across the years under review. A change in depreciation method, in the treatment of provisions, or in how certain costs are classified can distort a comparison between years if it is not identified first.

Where the shareholders register is also required, as is the case for an independent valuation report, this is typically obtained directly from the company rather than from the National Bank, since ownership records are not part of the public filing.

Gathering the file before starting a valuation report

In practice, assembling the relevant annual accounts and the shareholders register before contacting a valuation professional shortens the time needed to reach a draft report, since the reviewer can begin working from a complete file rather than requesting documents one by one.