Private limited company

Glossary

Annual accounts – Balance Sheet publication
Acid test ratio – Quick ratio
Trustee – Agent – Representative
Law late payment business transactions
Law consumer debt collection
DSO-Days Sales Outstanding
Credit management
B2B B2C
Debt collection costs: “No cure, no charge”
Interests on debts
Collection charge (fixed)
No cure no fee – No cure no charge
Credit Management
Law on collection of uncontested debts
Letter of demand, Summons, Default notice
Receivable
Bailiff
Alternative dispute resolution (ADR)
Debt collection costs Belgium
Sales and debt collection process
Credit Status report
Arbitration
Declaration on oath
Statute of limitation and Terms of prescription
Debt Collectors Association ABR-BVI
Debt collection department
Acknowledgment of debt between individuals
Essenscia Federation Chemistry and Life Sciences industries
Factoring
Insolvency
Foreclosure
Debt recovery company
Receiver
Bankruptcy judge
Conservatory seizure or attachment
Temporary receiver
Creditor: preferential or unsecured
Summons letter
Costs consumer debt collection
Debtor
Creditor
Debt
Invoice
Writ of execution
Compulsory execution
Assignment of debt claim
Salary assignment
Legal act
Unilateral legal act
Bilateral legal act
Suspension of payments
Doubtful debts
Amicable recovery
Debt forgiveness
Debt write-off
Judicial recovery
Judicial settlement
Summons
Pledges
Collective debt settlement
Compulsory liquidation
Commercial Court
Consular judge
The Justice of the Peace
Instalment loan
Provisional enforcement
Reverse factoring
Default interest
Compensatory interest
E-invoicing
Peppol
IOS-procedure
Book XIX Consumer Debt
Debt mediation
Cash flow
General Terms and Conditions
Apparent authority
Forgery
PO-nummer
Limitation period / Statute of limitations
Pro Forma invoice
VAT number
Enforceable title
Bankruptcy
Pledge Act
Pledge register
Eigendomsvoorbehoud
Retention of title
Unfair contract terms
Jurisdiction clause
Choice of law
Rome I Regulation
Brussels Ibis Regulation
Statutory interest rate
Dispute
Registered office
Business establishment / Branch
Reciprocity
Fairness / Balance
European Union
Late Payment Act 2002
Burden of proof
Dispute
Knock-out rule
Right of non‑performance / Exceptio non adimpleti contractus
Termination clause
Opposability of general terms and conditions
Explicit acceptance
Tacit acceptance
Right of retention
Vienna Sales Convention / CISG
European Order for Payment Procedure
Traditional legal proceedings
Principal amount
Joint and several liability
Installment plan
Invoice date
Due date
Proof of payment
Set‑off / Compensation
Property right
Special preferential creditors
General preferential creditors
Unsecured creditor
Regsol
JustRestart
Budget management
Budget counselling
Force majeure
Hardship
Agreement of indefinite duration
Fixed‑term agreement
Garantieovereenkomst
Suretyship / Guarantee
Sales agreement
Service agreement
Credit note
Advance payment / Deposit
Transfer of debt / Debt assumption
Payment arrears
SME (Small and Medium‑sized Enterprise)
Sole proprietorship
Private limited company
Public limited company
Limited partnership
Cooperative company
General partnership
Civil partnership
Vereniging zonder winstoogwerk
Legal form
Amicable settlement
FPS Economy
GDPR (General Data Protection Regulation)
Consumer Credit Act
FSMA-toezicht
Credit servicer
Credit processor
Bank account garnishment
Wage garnishment
Seizure of goods
Public auction
Enforcement attachment
Administrative deletion of address
CMR Convention
P.O. box address
Service of process / Official notification
Payment term

A private limited company (BV) has legal personality and limited liability.

Updated: 13/03/2026

The definitions presented in this section reflect the Belgian context, unless stated otherwise. The texts are intended to summarise the concepts in everyday language and should not be regarded as exhaustive or definitive. Suggestions or adjustments may always be sent to glossary@tcm.be.

Glossary

Annual accounts – Balance Sheet publication
Acid test ratio – Quick ratio
Trustee – Agent – Representative
Law late payment business transactions
Law consumer debt collection
DSO-Days Sales Outstanding
Credit management
B2B B2C
Debt collection costs: “No cure, no charge”
Interests on debts
Collection charge (fixed)
No cure no fee – No cure no charge
Credit Management
Law on collection of uncontested debts
Letter of demand, Summons, Default notice
Receivable
Bailiff
Alternative dispute resolution (ADR)
Debt collection costs Belgium
Sales and debt collection process
Credit Status report
Arbitration
Declaration on oath
Statute of limitation and Terms of prescription
Debt Collectors Association ABR-BVI
Debt collection department
Acknowledgment of debt between individuals
Essenscia Federation Chemistry and Life Sciences industries
Factoring
Insolvency
Foreclosure
Debt recovery company
Receiver
Bankruptcy judge
Conservatory seizure or attachment
Temporary receiver
Creditor: preferential or unsecured
Summons letter
Costs consumer debt collection
Debtor
Creditor
Debt
Invoice
Writ of execution
Compulsory execution
Assignment of debt claim
Salary assignment
Legal act
Unilateral legal act
Bilateral legal act
Suspension of payments
Doubtful debts
Amicable recovery
Debt forgiveness
Debt write-off
Judicial recovery
Judicial settlement
Summons
Pledges
Collective debt settlement
Compulsory liquidation
Commercial Court
Consular judge
The Justice of the Peace
Instalment loan
Provisional enforcement
Reverse factoring
Default interest
Compensatory interest
E-invoicing
Peppol
IOS-procedure
Book XIX Consumer Debt
Debt mediation
Cash flow
General Terms and Conditions
Apparent authority
Forgery
PO-nummer
Limitation period / Statute of limitations
Pro Forma invoice
VAT number
Enforceable title
Bankruptcy
Pledge Act
Pledge register
Eigendomsvoorbehoud
Retention of title
Unfair contract terms
Jurisdiction clause
Choice of law
Rome I Regulation
Brussels Ibis Regulation
Statutory interest rate
Dispute
Registered office
Business establishment / Branch
Reciprocity
Fairness / Balance
European Union
Late Payment Act 2002
Burden of proof
Dispute
Knock-out rule
Right of non‑performance / Exceptio non adimpleti contractus
Termination clause
Opposability of general terms and conditions
Explicit acceptance
Tacit acceptance
Right of retention
Vienna Sales Convention / CISG
European Order for Payment Procedure
Traditional legal proceedings
Principal amount
Joint and several liability
Installment plan
Invoice date
Due date
Proof of payment
Set‑off / Compensation
Property right
Special preferential creditors
General preferential creditors
Unsecured creditor
Regsol
JustRestart
Budget management
Budget counselling
Force majeure
Hardship
Agreement of indefinite duration
Fixed‑term agreement
Garantieovereenkomst
Suretyship / Guarantee
Sales agreement
Service agreement
Credit note
Advance payment / Deposit
Transfer of debt / Debt assumption
Payment arrears
SME (Small and Medium‑sized Enterprise)
Sole proprietorship
Private limited company
Public limited company
Limited partnership
Cooperative company
General partnership
Civil partnership
Vereniging zonder winstoogwerk
Legal form
Amicable settlement
FPS Economy
GDPR (General Data Protection Regulation)
Consumer Credit Act
FSMA-toezicht
Credit servicer
Credit processor
Bank account garnishment
Wage garnishment
Seizure of goods
Public auction
Enforcement attachment
Administrative deletion of address
CMR Convention
P.O. box address
Service of process / Official notification
Payment term

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