Step-by-step plan drawing up a balance sheet

At the end of the year you need to draw up the balance sheet of your enterprise. This gives a good overview of your financial situation.

1. Make an inventory

ASSETS (debit)

  • Have you bought a studio/workspace/office? Determine its value.
  • What equipment do you have? Determine its current market value.
  • What is your inventory comprised of? Determine the current market value.
  • Do you own any equipment/machines? Determine their current market value.
    Add up these amounts.


  • Do you have work and materials in stock? Determine their value.
  • Do you have any outstanding invoices to customers? To what amount?
  • Do you have VAT to receive? To what amount?
    Add up these amounts.


  • Do you have money on one or more bank accounts? How much?
  • Do you have any cash? How much?
    Add up these amounts.

LIABILITY (credit)

  • Do you currently hold a mortgage on your studio? What is the balance that remains to be paid?
  • Do you have any current loans for a period of longer than a year? What is the total amount?
    Add up these amounts.


  • Do you have any overdrafts at the bank? To what amount?
  • Do you still need to pay invoices from suppliers? To what amount?
  • Do you need to pay VAT to the Tax authorities? To what amount?
    Add up these amounts.


  • Add up the amounts under A, B and C.
  • Do the same with the amounts under D and E.
    Subtract the total amount of D and E from the total amount of A, B and C. The result represents your owner’s equity.

Directly to:


2. Fill in the balance sheet

Name of the business or artist: .......
Balance sheet as per: .......

If the total of A + B + C equals the total of D + E + F: then the balance sheet is in balance. Save the calculations made in Step 1. In this way, you can always trace how you calculated your balance sheet.
Debit   Credit  
Fixed capital asset € ... A ... Owner's equity € ... F ...
Current assets € ... B ... Long-term borrowing € ... D ...
Liquid means € ... C ... Short-term borrowing € ... E ...
Total A + B + C € ........... Totaal F + D + E € ...........