The Brussels-Capital Government has recently approved its third consolidated account!
Since 2012 the Region has been creating a consolidated account in which the accounts from the various accounting entities are presented as if they form one single entity.
In 2014 the accounts of 18 entities were consolidated.
In 2015 the consolidation perimeter will be extended to incorporate 5 new entities, to suit the perimeter determined by the Institute for National Accounts.
The consolidation is carried out according to the method of global integration, in line with large companies in the private sector. This method combines the balances and resulting accounts of the accounting entities line by line, by adding comparable sections of the assets, liabilities, income and costs, taking into consideration adjustments and eliminations which are inherent to consolidation.
The Region is also implementing a budget consolidation: the summary accounts of budget transactions from the various entities, reflecting the year's expenditure and income according to their ESA code, are combined, and inter-entity transactions are eliminated. Based on this account the balance of ESA funding is determined, on the basis of which it can be established whether or not the relevant European criteria are met.
The consolidation not only gives a global image of the financial position, the results and the Region's budget, but also reflects the ambition to achieve a balance in government accounts, summarised in article 3 of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.