... that new terminology has recently been introduced in company law and ...

1. That we now refer to BVs/SRLs instead of BVBAs/SPRLs?

The new Companies and Associations Code introduces a number of new names and abbreviations for company forms, which have been mandatory for existing companies since 1 January 2020.

For example, a private limited liability company, with the abbreviation ‘BVBA’ (besloten vennootschap met beperkte aansprakelijkheid) in Dutch or ‘SPRL’ (société privée à responsabilité limitée) in French, has been renamed a private company, abbreviated ‘BV’ (besloten vennootschap) in Dutch or ‘SRL’ (société à responsabilité limitée) in French.

As all documents issued by a company must include its correct legal form, existing BVBAs/SPRLs will have to ensure that, for example, their website, stationery and invoices show the new name/abbreviation of their company form.

2. That we now refer to an 'aandeelhouder'/'actionnaire' in a BV/SRL instead of a 'vennoot'/'associé'?

In the context of a BV/SRL, the Companies and Associations Code no longer refers to 'vennoten'/'associés' (partners), but to 'aandeelhouders'/'actionnaires' (shareholders).

The term 'vennoot'/'associé' is reserved for the cooperative company (CV/SC) and the company forms without (full) limited liability (i.e. partnership, general partnership (VOF/SNC) and limited partnership (CommV/SComm)).

3. That we now refer to a 'bestuurder'/'administrateur' in a BV/SRL instead of a 'zaakvoerder'/'gérant'?

The old Companies Code referred to the administrative body of a BVBA/SPRL as a 'manager' (zaakvoerder/gérant) or ‘board of managers’ (college van zaakvoerders/collège de gérants), but used the terms ‘director’ (bestuurder/administarteur) or ‘board of directors’ (raad van bestuur/conseil d'administration) in the context of a pulic limited company (NV/SA) or of a cooperative company with limited liability (CVBA/SCRL).

The legislators have decided to drop this distinction, so that from now on the term bestuurder/administrateur will also be used in the context of a BV/SRL. The term zaakvoerder/gérant will therefore gradually disappear.