Search for glossary terms (regular expression allowed)
Begin with Contains Exact termSounds like


All A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Term Definition
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

Conversion discount

A percentage discount applied when determining the number of shares to be issued upon the conversion of financial instruments. The discount is applied to the share price upon conversion  in order to enable investors to convert their financial instruments into more shares than they would otherwise be able to purchase for the same nominal amount. The purpose of the discount is to compensate investors for the risk run at seed stage.

FR: Décote de conversion / NL: Omzettingskorting

Convertible bond

A financial instrument which entitles its holder or the issuer to either claim the repayment of a certain amount of debt (plus interest) or exchange the debt instrument for the company's shares (i.e. remain the holder of a debt claim or become a shareholder in the company). Conversion is usually subject to the fulfilment of specific conditions.

FR: Obligation convertible / NL: Converteerbare obligatie

Corporate governance charter

A reference document prepared by a company describing the principal aspects of its governance, notably its structure, the terms of reference for the board of directors and its committees, and any other important points relating to internal or external organisation.

FR: Charte de gouvernance d'entreprise / NL: Corporate governance charter

Corporate interest

The company's interest in pursuing its objectives, covering both the interests of shareholders and, if applicable, other stakeholders. The corporate interest will vary depending on the type of company (family business, listed or unlisted company, corporate group) and its stage of development. The corporate interest guides the corporate organs in the short, medium and long term, and the courts generally sanction non-compliance.

FR: Intérêt social / NL: Vennootschapsbelang

Corporate purpose/objects

The description of the company's activities in its articles of association, covering concrete (material) or abstract (ideas, philosophies, values) actions the company intends to take to achieve its goals.

FR: Objet social / NL: Maatschappelijk doel

Corporate social responsibility (CSR)

Concept covering the social, environmental, and economic concerns a company faces in the performance of its activities and in its interactions with stakeholders.

FR: Responsabilité sociétale (ou sociale) de l'entreprise (RSE) / NL: Maatschappelijk verantwoord ondernemen (MVO)


A party to which money or a debt is owed. In practice, creditors may benefit from more or less protection, e.g. (i) secured and unsecured creditors (the latter do not enjoy special rights in the event of default, such as the right to take possession of a certain asset or to be paid before (all or some) other creditors) and (ii) junior and senior creditors (in the event of default, a junior creditor's claim will only be satisfied after all senior creditors' claims).

FR: Créancier / NL: Schuldeiser, crediteur

Crossroads Enterprise Database (CED)

A database of all information about companies and their establishments. Every company, regardless of its corporate form, must register with the CED before taking up an activity in Belgium. Upon submission of its articles of incorporation to the registry of the competent commercial court, the company receives a number, which must be used in all dealings with administrative and legal authorities, clients and suppliers. This number is also the company's VAT number (after registration with the VAT authorities). All Belgian establishments of a company should be registered and are granted a registration number.

FR: Banque-Carrefour des Entreprises (BCE) / NL: Kruispuntbank van Ondernemingen (KBO)

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