Accounting in a non-profit organisation (vzw)
What is minimum accounting requirements are there for small and micro non-profit organisations (vzw's), and what is obligatory?
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Contact Inez Adriaensen
Last updated on 28.07.2025
What type of accounts do you need to keep?
The accountancy obligations of a non-profit organisation depend on its size (number of employees, revenue, balance sheet total, etc.).
Small and micro non-profit organisations that meet the criteria below are allowed to keep simplified accounts. All other non-profit organisations are required to keep double accounts.
Micro non-profit organisations
Micro non-profit organisations (‘micro-vzw’s’) are small non-profit organisations that exceeded no more than one of the following criteria in their previous closed financial year:
- annual average number of employees: 10 FTE;
- annual revenue, excluding value added tax: 900,000 euros;
- balance sheet total: 450,000 euros;
Small non-profit organisations
Small non-profit organisations are allowed to keep simplified accounts if they exceed no more than one of the following criteria:
- annual average of maximum 5 employees;
- a total of 391,000 euros in income other than non-recurrent income, excluding value added tax;
- a total of 1,562,000 euros in assets;
- a total of 1,562,000 euros in debts;
Simplified accounts
Most non-profit organisations in our sector are micro or small non-profit organisations that are allowed to work with a simplified accounting system.
This means simple cash accounting, for which you record:
- what comes in (income)
- what goes out (expenditure)
Cultuurloket has developed a handy Excel tool to keep simplified accounts and draw up your annual financial statement.
Obligatory: depositing your annual financial statement
Even micro and small non-profit organisations need to draw up an annual financial statement within six months of closing the financial year (i.e. in June at the latest if your financial year corresponds to the calendar year, and no later than February if your financial year corresponds to the school year). You can use the model you will find above under ‘accounting’ for this.
Your annual financial statement needs to be approved by the general assembly.
Then you have to deposit the annual financial statement at the registry of the commercial court ('griffie van de ondernemingsrechtbank'). This is free of charge, but it is still a legal obligation!
Large non-profit organisations or ones that keep double accounts must deposit their annual financial statements at the National Bank.
How long do you need to keep your financial records?
Make sure you have original documents (e.g. a receipt, ticket, contract, invoice, declaration of honour, etc.) to support all your income and expenditure and keep everything well organised. You can keep your accounts on paper or digitally.
You need to store your organisation’s accounts for at least 7 years. If you keep your accounts digitally, you must ensure the tool, software or location that you use remains accessible for 7 years as well.
Need more info or advice?
You will find more information about keeping accounts at Cultuurloket (in Dutch) or contact email hidden; JavaScript is required
*Disclaimer: This web page offers practical guidelines and is not intended to replace legal advice. Always consult a professional for specific questions.*