Sebas

Building costs

Questions and answers about accounting, quotas, distribution keys and settlements in your VME.

Financial FAQ

Here we bundle the most important answers about the accounting of your VME. For detailed questions, you can always email beheer@mysebas.be.

What is a quota?

A quota is the share in the common parts that belongs to a private unit (often in thousandths). It is determined, among other things, based on floor area, value and location of the unit and the benefit of certain common parts. The quota determines your cost contribution and your voting rights at the general meeting.

Quota vs. Distribution key

Quota = your share in the entire community (e.g., 100/1000 = 10%). This determines your share in general costs and your voting rights.

Distribution key = the way in which specific costs are distributed according to use or benefit. Example: elevator costs only distributed over the units that actually use the elevator.

Can distribution keys be changed?

Yes, subject to agenda item and approval with 4/5 majority. Statutory rules determine criteria and calculation method. When changing, an (additional) deed of division via notary is usually required. Alternative: the justice of the peace can intervene (art. 577-9 §6, 2° CC).

What is an annual settlement?

Annual overview: actual costs + reserve capital + balance previous fiscal year – advances = annual settlement. It is a snapshot (not a "final settlement", except when selling the property). Each fiscal year builds on the previous one.

Monthly advance (working capital)

Advances are set at the annual owner meeting and serve to pay periodic costs. Examples:

  • Insurance: block policy, BA Board, legal assistance, waiver of recourse
  • Fees: property manager, auditor, architect, lawyer
  • Consumption: water (fire line/irrigation), electricity
  • Maintenance: corridors/residence, garages, windows, garden, RWA, plumbing, gates, roof
  • Safety: fire center, extinguishers/hoses, emergency lighting, smoke domes, fall protection
  • Diverse: bank costs, repairs & miscellaneous, Board costs
  • Elevator: emergency phone, maintenance contract, repairs, inspection

Reserve capital (reserve fund)

Reserve for larger, non-periodic expenses (e.g., elevator renovation, roof, facade). Use can only be after approval by the general meeting. The reserve capital is linked to the unit and is not paid out to the seller upon sale.

Guarantee fund (permanent working capital)

Buffer to cover peak moments in the fiscal year (large invoices or unforeseen costs). This amount remains in the name of the owner and is refunded upon sale.

Extra request for working capital

Possible when advances are insufficient (unforeseen expenses, planned works) or to bridge temporary shortages due to arrears.

Defaulters

The AGM can mandate the property manager to start a collection procedure (reminders, file costs, bailiff, lawyer, etc.). Costs are charged to the defaulting co-owner on a private basis via the private annual settlement.

Invoice details for your VME