Corporate update: Belgian Code of Companies and Associations

💡Corporate update – important changes to the Belgian Code of Companies and Associations💡

Yesterday, the plenary session of the Belgian Chamber of Representatives adopted a law containing some important changes to the Code of Companies and Associations (CCA), including changes regarding governance of listed companies and transfers of significant assets.

The law also adjusts the monetary size criteria for SMEs contained in articles 1:24-1:25 CCA, pursuant to the Delegated Directive 2023/2775 of 17 October 2023 amending the Accounting Directive. Similar adjustments will apply to groups of limited size and associations and foundations. The criterium for the average number of employees remains unchanged. 

The classification has an impact on, among other things, administrative, tax and accounting obligations, which are more favourable to small and micro companies. These changes are thus of significant importance, as the current size criteria have not been changed since the transposition of the Accounting Directive in 2015 and therefore do not reflect the current inflationary context.

The new size criteria will apply for the financial years beginning after 31 December 2023.

Questions? Contact our corporate partner Bart Bellen and counsel Ine Schockaert.

#contrast #contrastupdate #corporatelaw #sizecriteria #sme’s