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Term Definition
Act of 26 March 1999

The Act of 26 March 1999 (also known as the Stock Options Act) provides for taxation (on a lump-sum basis) of qualifying stock options and warrants upon grant.

FR: Loi du 26 mars 1999 / NL: Wet van 26 maart 1999

Anti-dilution warrant

An anti-dilution warrant entitles its holder to acquire, during a new financing round, additional shares at a price lower than the price initially paid. Through exercise of the anti-dilution warrant, the holder acquires the same number of shares as if the initial investment had been invested in the new financing round at the new issue price.

FR: Warrant anti-dilutif / NL: Anti-dilutie warrant

Articles of association / articles of incorporation

Document containing the basic rules governing a company. By law, the articles must contain certain information, such as the company's name, a description of its corporate purpose, the address of its registered office, its capital, and the names of the persons authorised to manage and represent the company, the extent of their powers and the manner in which these powers can be exercised (alone, jointly or as a collective body).

FR: Statuts / NL: Statuten

Audit committee

An advisory committee to the board of directors whose composition and tasks are, for certain companies, determined by law (Article 526bis of the Company Code). The main duties of the audit committee are to follow up on the preparation and audit of the annual accounts and other financial information, ensure the efficiency of internal control and risk management systems, and verify the statutory auditor's independence. In this context, the committee provides opinions and recommendations to the board of directors.

FR: Comité d'audit / NL: Auditcomité

Audit letter

At the close of the financial year, the company's auditor must indicate whether the annual accounts accurately reflect all risks to which the company is exposed. To this end, the auditor will send a letter to external parties, e.g. the company's legal advisors, in order to know whether the company is involved in any lawsuits or is/could be exposed to (future) claims. The letter in which the legal advisors, for instance, disclose the risks to the company of which they are aware is known as an audit letter.

FR: Lettre d'audit / NL: Audit letter

Board of directors (BOD)

The management organ of a company, such as a public limited-liability company. The board of directors plays a dual role: it encourages innovation and entrepreneurship (and determines general corporate policy) while ensuring effective follow-up and supervision.

FR: Conseil d'administration (CA) / NL: Raad van bestuur


A financial instrument issued by a company, obliging it to reimburse a certain sum on a given date. The bond/note holder is also entitled to receive interest. Certain types of bonds may be converted into equity, either optionally or automatically.

FR: Obligation / NL: Obligatie

Bond/note agreement

An agreement for the sale of bonds/notes by an issuer. Such agreements are usually quite comprehensive and technical and describe how the issuance will take place and the conditions at which the debt instruments can be converted into equity, if applicable.

FR: Convention obligataire / NL: Obligatieovereenkomst

Certificate of incorporation

This document does not exist under Belgian law. When such a certificate is required by an investor, two documents should be produced: (i) a certificate confirming the company's registration with the Crossroads Enterprise Database and (ii) proof of publication
in the Belgian State Gazette of official documents relating to the incorporation of the company/appointment of company representatives.

FR: Déclaration de constitution de société / NL: Oprichtingscertificaat

Change of control

A transfer of majority ownership upon the occurrence of a certain event, such as an acquisition or merger or when a majority of the company's voting rights changes hands. In most cases, change-of-control provisions are designed either to protect (a group of) shareholders against a hostile takeover or to ensure that the provisions of a given agreement are maintained/amended should a change of control occur.

FR: Changement de contrôle / NL: Controlewijziging

Change-of-control premium

In order to encourage investors to subscribe to (convertible) bonds/notes and other financial instruments, a provision is often included in the issue conditions stating that if the company experiences a change of control, the holder is entitled to the principal plus interest, as well as an additional amount (a premium), which is often a multiple of the principal amount.

FR: Prime de changement de contrôle / NL: Controlewijzigingspremie

Closing conditions

Requirements which must be met (or waived) before a deal or financing arrangement can be closed. Such conditions typically include the provision of a legal opinion, the appointment of new members to the board of directors, the production of certificates issued by parties to the agreement or third parties, etc.

FR: Conditions de closing / NL: Opschortende voorwaarden

Common share

See share

FR: Action ordinaire / NL: Gewoon aandeel

Company number

See Crossroads Enterprise Database

FR: Numéro d'entreprise / NL: Ondernemingsnummer


a natural or legal person, public authority, agency or other body which alone or together with others determines the purposes and means of the processing of personal data

Glossary Overview




Act of 26 March 1999

Wet van 26 maart 1999

Loi du 26 mars 1999

Anti-dilution warrant

Anti-dilutie warrant

Warrant anti-dilutif

Articles of association/ articles of incorporation



Audit committee


Comité d'audit

Audit letter

Audit letter

Lettre d'audit

Board of directors (BOD)

Raad van bestuur

Conseil d'administration (CA)




Bond/note agreement


Convention obligataire

Certificate of incorporation


Déclaration de constitution de société

Change of control


Changement de contrôle

Change-of-control premium


Prime de changement de contrôle

Closing conditions

Opschortende voorwaarden

Conditions de closing

Common share

Gewoon aandeel

Action ordinaire

Company number


Numéro d'entreprise

Conversion discount


Décote de conversion

Convertible bond

Converteerbare obligatie

Obligation convertible

Corporate governance charter

Corporate governance charter

Charte de gouvernance d’entreprise

Corporate interest


Intérêt social

Corporate purpose/objects

Maatschappelijk doel

Objet social

Corporate social responsibility (CSR)

Maatschappelijk verantwoord ondernemen (MVO)

Responsabilité sociétale (ou sociale) de l’entreprise (RSE)


Schuldeiser, crediteur


Crossroads Enterprise Database (CED)

Kruispuntbank van Ondernemingen (KBO)

Banque-Carrefour des Entreprises (BCE)

Cumulative (preferred) share

Cumulatief (preferent) aandeel

Action (privilégiée) cumulative

Daily (or day-to-day) management

Dagelijks bestuur

Gestion journalière

Debt financing


Financement par emprunt

Delegation of authority

Delegatie van bevoegdheden

Délégation de pouvoirs

Discounted share

Aandelenoverdracht tegen verminderde prijs

Action à prix réduit

Drag-along rights


Obligation de suite



Unité d'établissement

Executive director

Uitvoerende bestuurder

Administrateur exécutif

Executive manager/day-to-day or daily manager

Algemeen directeur

Délégué à la gestion journalière

External director

Externe bestuurder

Administrateur externe

Fringe benefit/benefit in kind

Voordeel in natura

Avantage en nature

Full ratchet

Full ratchet

Clause anti-dilution

Governance codes

Deugdelijk Bestuur Codes

Codes de gouvernance

Independent director

Onafhankelijke bestuurder

Administrateur indépendant

Initial public offering (IPO)

Initial public offering (IPO)

Offre publique initiale (IPO)

Investor rights agreement

Overeenkomst betreffende de rechten van investeerders

Convention d'investissement

Issue premium


Prime d'émission

Key person insurance

Key person verzekering

Assurance pour personne clé

Directors & officers insurance (D&O insurance)

D&O verzekering

Assurance D&O

Legal person/entity


Personne morale

Letter of intent


Lettre d'intention




Liquidation preference

Preferentie bij liquidatie

Droit de priorité en cas de liquidation

Liquidated damages clause


Clause d'indemnisation (dommages et intérêts)

Lock-up (stand-still) clause


Lock-up (stand-still) clause

Management committee


Comité de direction

Management organ


Organe de gestion

Managerial authority (internal)

(Interne) bestuursbevoegdheid

Pouvoir de gestion (ordre interne)

Managing director

Gedelegeerd bestuurder

Administrateur délégué

Mandatory conversion

Verplichte omzetting

Conversion obligatoire

Maturity date


Date d'échéance

Memorandum of understanding/heads of agreement

Memorandum of understanding (MOU)/Heads of Agreement

Protocole d'accord




Natural person

Natuurlijke persoon

Personne physique

No-shop provision

No-shop bepaling

Disposition no-shop

Nomination committee


Comité de nomination

Noncompete clause


Clause de non-concurrence

Nondisclosure (confidentiality) agreement

Confidentialiteits-of geheimhoudingsovereenkomst

Accord de confidentialité

Non-executive director

Niet-uitvoerende bestuurder

Administrateur non-exécutif

Non-voting share.

Aandeel zonder stemrecht

Action sans droit de vote

No solicitation clause


Clause de non-sollicitation

Ordinary share

Gewoon Aandeel

Action ordinaire

Par value


Valeur nominale

Piggyback right

Piggyback recht

Clause de sortie conjointe

Post-money valuation

Post-money waardering

Evaluation post-financement

Pre-emptive right (right of first refusal)


Droit de préemption (droit de premier refus)

Preferential right


Droit de préférence

Pre-money valuation

Pre-money waardering

Évaluation pré-financement

Preferred share

Preferent aandeel

Action privilégiée

Profit share


Part bénéficiaire

Intellectual  property (IP) rights clause

Intellectuele eigendomsrechtenclausule

Clause relative aux droits de propriété intellectuelle

Protective provisions (covenants)

Beschermende bepalingen

Dispositions protectrices (engagements)

Qualified financing condition

Gekwalificeerde financieringsvoorwaarde

Condition de financement qualifiée

Representation power (external)

(Externe) Vertegenwoordigingsbevoegdheid

Pouvoir de représentation (externe)

Secured bond/note/financial instrument

Preferent(e) obligatie/effect/financieel instrument

Obligation/billet/instrument financier garanti




Share Purchase Agreement

Share Purchase Agreement

Convention de cession d'actions



Parties prenantes

Stock option


Options sur actions

Stock option/warrant plan


Plan de stock option/warrant

Tag-along rights


Droits de suite

Technology assignment agreement

Overeenkomst tot overdracht van technologie

Convention de cession de technologie

Term sheet

Term sheet

Term sheet

Unsecured bond/note/financial instrument

Niet-preferent(e) obligatie/effect/financieel instrument

Obligation/effet/instrument financier non-garanti

Valuation cap

Valuation cap

Plafond de valorisation

Vesting acceleration

Vesting acceleration

Acquisition accélérée

Vesting period

Vesting periode

Période d'acquisition

Voting agreement


Convention de vote