by Chris De Keyser


There are various reasons for preparing consolidated financial statements. Large groups have a legal obligation to prepare and file consolidated financial statements. Besides legal obligations, many third parties, including financial institutions or possible investors may be interested in your consolidated financial statements when considering developing a relationship with the group. Finally, consolidated financial statements are particular of interest to you in obtaining a global view on the financial position of the group as a whole. With our expertise in consolidation, we are happy to help you in preparing your consolidated financial statements.

Legal obligation

In Belgium, large groups are obliged to prepare consolidated financial statements. A group always consists of a parent company and its subsidiaries and/or companies that form a consortium. Large groups are groups that, on a consolidated basis, exceed two or more of the following criteria: an annual average workforce of 250, an annual turnover excluding VAT of 34 million euros and a balance sheet total of 17 million euros. A consortium is a company under central management.

Financing obligations

To obtain financing from a financial institution, smaller groups sometimes have a contractual obligation to prepare consolidated financial statements. Financial institutions may incorporate this as a contractual obligation when engaging in financial transactions with your group. A voluntary consolidation can help you with your negotiations in obtaining additional financing for your operations.


In transferring family businesses and to benefit from an exemption or a reduced succession rate, the Flemish Tax Administration may ask you to prepare consolidated financial statements (cf. Vlabel Omzendbrief (Flemish Tax Authority Circular) 2015/2). The assessment whether or not a holding structure can be considered as a family business is made on a consolidated basis.

Voluntary consolidation

A company may choose to voluntarily prepare a consolidated balance sheet and profit and loss account for internal purposes, such as internal management reporting.


Depending on the size of the group and your requirements, we prepare consolidated financial statements using proprietary consolidation software, developed by our own team of consolidation experts. Vandelanotte has built up extensive experience with the Prophix consolidation software as well.

In addition, we have an extensive team of accountants and auditors with extensive experience in consolidation and GAAP conversions. As a member of the Leading Edge Alliance, we have global contacts with consolidation and accounting specialists. This enables us to successfully carry out your international consolidation assignments.

Share this page

Chris De Keyser

Certified Auditor chris.dekeyser@vdl.be

In our opinions, we rely on current legislation, interpretations and legal doctrine. This does not prevent the administration from disputing them or from changing existing interpretations.