It’s a classic question most of us ask ourselves every day in a variety of contexts. Boils down to this: what I can afford and how much can I invest? In the discussion on risks in options trading, we must be aware that these options is one of the many investment mechanisms.

The diversification of binary options portfolio

The first lesson for young or experienced investors to diversify your portfolio of binary options by profinances – portail options binaires en ligne. We learn that, as small children when we are taught not to put all eggs into one basket.

As such, the decision about our entry into binary options will have to take into account also other investment mechanisms available in the market.
Our general attitude to invest will also factor in the business for the answer to this question. If we want to reduce the risk of, online options trading can be a lot better than buying the underlying assets.

Own budget investing

We know how much we have free cash. We also know how we would feel if we invested about a little of our money in the risky operations. Even if we can sleep with such a situation, we know how we would feel if there us a large part of our money.
There are some people who literally can afford only an amount of $ 100 to invest in options at the best broker courtier option binaire 24option , and maybe less. This happens when for example. you pay for the apartment rental, installment loan or insurance and other day-to-day expenses, and you need to save for the future.
A lot of people who have never invested in financial instruments and now want to start work in binary options, you can see that they can do without luxuries that previously thought necessary. This may include clothes, entertainment, cable tv, vacations, private car and others.

Professional Tip for trading strategies

Financial advisors take into account all your financial assets before You ask about the amount you should invest. This Fund can decide how much will be invested, in which the instrument is just one of the options.

All advisors recommend to Watch Your expenses for a period of time. Use the word “expenditure” than costs “, because many costs are regular and not easy to pass up. Expenditure is given money, sometimes it may be wasted in the context of Your desire to invest and build something bigger.
When you monitor binary trading, it is best to keep a diary of all these expenditures. It is also good to keep all the Bills. At the end of the period, summarize your profit from all sources and invest is due to expenditure. The remaining difference is the sum which you can invest.

A summary of best online trading stocks

No one can say for sure how much you should put in your trading portfolio. However, there are a few rules you should stick to.
Never invest money in which a loss You can’t afford. It boils down to getting an anyoption bonus for binary options trading assets ob one of the biggest advantages of virtual options, that is, you can invest up to 5 dollars.

anyoption bonus

Never over invest. The symptom of this is that you press to buy the next option on the assets that ended his life.
Diversify. Stocks and don’t do it anymore. This principle of Cardinal all investment plans. Virtual options is a great tool-you can invest in stocks, currencies, commodities, indices, debt instruments without the need to invest large amounts of money.
Do you want to live well now or in the future. This question is related to how much money you waste on luxuries “, from which you can opt-out or in which you can’t.
And at the end, the goal of investing is to increase money to money for you work. Investing should be long-term process even when specific operations are short. You need a lot of patience to see how money multiplies by trading and investing online.

Investor competition

In the context of the investor competition, which started on 15 February and will end on Friday, May 13, we regularly present a trading product. Today: CFD


CFD is an acronym for contract for difference. The product is born in the nineties in Britain, to avoid a tax. It is a contract between two parties: investor-a person who makes an offer, the stock exchange broker. The two parties undertake in a speculation on the direction that an underlying value stream will take. You can sign a contract with a long position (the course will increase) or a short position (the course will drop). The underlying value may be an action, but also a currency, stock index, a commodity or an interest rate.

A CFD is a derivative because the value is derived from the value of another active. The term difference represents the difference in value that the assets between the time where you start the bet and when you turn it off. If you win the bet that the price has moved in the right direction, the broker must pay you gain. If you have failed, in this case, you must pay the loss to your broker and you see the balance of your account decrease.

Bet with a leverage effect

The main feature of a CFD is its leverage effect. You can, with a limited bet, win the increase or decrease of total value. Imagine that you anticipate an increase in the stock of Bekaert. Your CFD broker etoro displays 27.10 and 27.15 euros as courses for sale and courses to the purchase, the price at which he wants to conclude a contract with a short position and a long position. As you go higher, you take a long position. You place a bet on 1000 shares. You can freely determine this quantity. If you bought the shares les options binaires, it would cost you 1000 x 27.15 euros = 27.150 euros (excluding postage). If you purchase a CFD contract with a long position, you work in this case by a margin of position and you must book only a fraction of this amount for your bet.

The type of lever with which you can work depends on the broker. Some allow a margin of 5%, others – such as Lynx – allow 12.5%. If the minimum margin is 5%, you can subscribe this order betting 5% of 27.150 euros, or 1.357,5 euros. This amount is blocked on your account. It is also the maximum amount that you can lose. As soon as the course down 5%, you lose your bet. If the action increases by 10%, you earn in this case 2,715 euros, which represents a gain of 200%.

High risk

The great advantage of this product is that you can adopt significant positions in the market with limited means. You can very easily speculate on a move at the drop of an asset, which, in Exchange, is almost exclusively to the scope of institutional investors. CFDs also offer the ability to play very short on the ball. As you adopt positions on almost all of the underlying values, the financial world as a whole becomes your playground. You can taste the world of professionals.

But there are also many disadvantages to CFD, which are high risk products. If prices vary greatly, you very quickly lose the entirety of your bet. You are obliged to follow almost constantly open positions, certainly those with a significant leverage effect. There’s also a counterparty risk. The broker may exaggerate his hand and to no longer be able to meet its payment obligations.

This is not a sinecure to be beneficial long-term with the CFDs. single a trader in ten it would succeed. It is very difficult to consistently beat the market in the short term. More than the margins are narrow – and at least you wager your own money – more than it becomes difficult. Because of the high risk, CFD are not within the reach of the investor ‘good father’. The likelihood is great that you may lose your money.

Liquid shares

In Britain, the birthplace of CFD, there are dozens of brokers. Each market maker is determines its offer and its conditions as seems it, as the leverage effect and costs. In Britain, these products focus primarily on British and U.S. equities, as well as on major European values. For a Belgian investor, this is not so interesting. It must also make a transfer of money to a British account number.

In our country, there is that Lynx and Keytrade Pro (only accessible to specialized investors Keytrade Bank platform) which offer CFDs, so the least known WH Selfinvest, and again, only on the most liquid Belgian shares. The Dutch broker DeGiro works already for some time to an offer of CFDs on the Belgian actions, such as alternative to shares listed on Euronext Brussels. The objective is to manufacture of CFDs on been

In our country, there is that Lynx and Keytrade Pro (only accessible to specialized investors Keytrade Bank platform) which offer CFDs, so the least known WH Selfinvest, and again, only on the most liquid Belgian shares. The Dutch broker DeGiro works already for some time to an offer of CFDs on the Belgian actions, such as alternative to shares listed on Euronext Brussels. The objective is to manufacture of CFDs over which he has no leverage. If you want to buy 1000 shares of Bekaert, you should in this case have the total amount on your account. But development takes longer than expected. It seems not so easy to put everything in place.

Costs and taxation

Subscribe to a CFD contract is not free. The broker charges a commission per transaction, which can reach up to 0.10 or 0.20%. On a CFD, it has no tax on the stock or tax on speculation, because the product is not listed on the stock exchange. The broker shows the course and endorsed the paris. It is y no other intermediary involved.

The introduction of the tax on speculation has greatly promoted the popularity of CFD. But barter actions for CFD to avoid this tax is not a good idea. These are two totally different products.

Brussels Stock Exchange

The Brussels Stock Exchange, there is a lot of Belgian family holdings. Is it a good idea to invest in these? Notice of Roland Van der Elst, Professor Emeritus and specialist in placement.

Ackermans & van Haaren, Brederode, Compagnie du Bois Sauvage, GBL, GIMV and Sofina: each of these family companies invests in diversifying his money in several companies. According to Emeritus Professor Roland Van der Elst, they have their place in the portfolio of all saver and investor.

“By investing in a holding company such as Sofina, your capital is highly diversified”, he said. “In addition, you get an additional risk international diversification, because this type of companies often also invests in industries operating internationally or has interests abroad. It is also the case for Brederode, for example.”

The family as a bon père de famille

The holdings are led by important Belgian families. SOFINA is the Boël family investment vehicle, while Compagnie du Bois Sauvage is in the hands of the Padmini clan. “They have invested their own money in these holdings, and therefore take particular care”, argues Van der Elst. “These are long-term investors who avoid speculative risks.”

“Members of the family often sit in the governing bodies of principal companies in which their holding invests. So, these are insiders who are therefore able to very adequately assess the risks of their investments and to track them. In addition, they are also closely involved in decisions regarding new investments.”

When one enters a holding company, can often do, according to Van der Elst, boasting a significant reduction on the intrinsic value. “If you buy a share of EUR 100, it’s worth in this case probably 110, 120, 130, or even 140 euros. Entrance fees and management costs are also much lower than those of shares and investment fund also diversified Fund.”

What yields?

The performance of a holding is composed of an annual dividend and the evolution of the distribution. “Do not focus too much on the increases because they are a function of the stock market climate”, advises Van der Elst. “Long-term growth portfolio worth is anyway important, but in the short term, you must especially pay attention to the dividend. Certainly if it increases annually.”

“At GIMV, the net dividend yield amounts to approximately 3.7%. But: more than it is distributed, at least the money can be reinvested. At Ackermans & van Haaeren, a large proportion of the benefits réafflue to the society. The performance of the net dividend by almost 1.5% lies still always much higher than the return on savings and quality obligations.” For the other holdings, yields vary between 1.7% and 3%.

As long as the distribution of annual dividend at least offers protection against inflation, you are in the right, according to Roland Van der Elst. “But more importantly, it is to let you navigate through the composition of the portfolio and investment strategy at your choice”, he concludes. “Web sites and annual reports of the holdings contain a wealth of information.”

What about the Yellow Pages title in 2012?

06/27/2012: we are negative on the Yellow Pages action since 2008 (see articles of 2008 and 2011).

The market is also our notice with a fall of the action of 90% over a period of 5 years.

This is not so bad because the British competitor Yell was-99,7% over the same period!

Evolution of the action for 1 year:



What are the points which bothered us about this action?

-A very high debt that did not finance the dividend payment and investments needed in society
-Doubts about the relevance of the services offered by the Group and its internet strategy including the face of competition from Google
-The more or less rapid erosion of revenues related to the paper directories: between 2008 and 2011, the CA directories papers decreased by 21% (from 65% to Yell the English equivalent).

The reasons for optimism:

-The company must refinance 638 M€ which expires end of 2013. It plans a partial reimbursement of its debt and an extension of the maturity of the part refinanced until mid 2015. In this perspective, the company commit to no longer pay dividend until its net debt is less than 3 x EBITDA (it is 3.73 x end of March 2012).

-Sales force development (20 M€ investments per year / hiring of 140 commercial) with a redeployment on real estate, restaurants/hotels/convenience store and B2B. This redeployment is currently encouraging with 10% growth over 3 months.

Our conclusion: the valorisation of the company may seem small with a stock price massacred, there is nothing because a potential buyer should also finance 2 billion of liabilities recorded on the balance sheet.

I think that society takes the right strategic decisions at the moment but would it not too late with the omnipresence of Google and a competitive environment that is changing rapidly?

The renegotiation with banks will lead: the suspension of the dividend going in the right direction, it is necessary that the company significantly reduce its debt so as to safeguard its future. I see not the Yellow Pages Group file for bankruptcy in the long term but I think that for dividends is finished for many years and this is excellent news!

Do not live beyond its means and pay dividends while the company overburdened under debt: how mismanagement so far on the part of the present capital investment funds! Should probably carry out a capital increase to strengthen the whole.

It can be positioned speculatively to 1.5 Euro. The company presents qualities and it is not impossible that his business has of the future (Warren Buffett is investing in the local press).

Would you react to this article?

What do you think of the ideas contained in this article?

Do you have comments, questions, clarifications to be made?


Action Air France KLM: the value was incorporated recently in our fellowship opportunities portfolio.

Analyze so the title Air France KLM in a synthetic way and without a priori using our usual criteria bearing in mind that it is present in our selection primarily for reasons of undervaluing.

(1) action Air France KLM: activity – recurrence

Air France KLM activity is easy to understand. Apart from conventional passenger transport activities, the turnover of the group is carried out in the following activities:

-freight transport (13.4%; World No.2): 1.5 Mt of cargo;
-maintenance benefits (4.4%);
-other (5.6%): primarily catering, Servair and KLM Catering Services, and charter ( activities.

Activity presents development opportunities in the long term as trade in goods and the displacement increase structurally.

Note: 4/5

Evolution of the Air France KLM action over 10 years:



(2) action Air France KLM: Existence of barriers to important entry (wide economic moat) / competitive advantage

Despite a position of leader on flights long occupied by the Air France group and assets significant presence on the hub of Roissy-Amsterdam, partnerships Skyteam, a rejuvenated fleet and good exposure to the flights in emerging countries (40% of the total turnover passengers), Air France KLM (especially the domestic Air France deficit for many years) is not competitive compared to the competition of the TGV companies low cost such as EasyJet or Ryanair but also of airlines from the Gulf States whose strategy is based on a model ‘growth to go’ and who receive massive state aid.

The Group should therefore restructure to restore sufficient productivity. We also note that the company is dependent on the evolution of prices of oil and economic and health conditions (epidemics).

Note: 1/5

(3) action Air France KLM / profitability and growth of the results

Over 5 years, turnover is stable and the operating result was positive that two years without this is sufficient to compensate for negative years.

Note: 0/5

(4) air France KLM: management is honest and rational?

The last movements within the Group suggests that the whole is very political, Ministerial, unions in all directions…

What was decided by the new direction is going in the right direction but is not yet validated by the social partners: “the goal is to achieve at the end of June to the signing of new collective agreements allowing a 20% improvement in efficiency compared with 2011 at Air France and stability of costs for KLM.”

Should be judged on exhibit. Hope that the collective good sense will triumph, otherwise it will be very hard for the group.

Note: 2/5

(5) margin of Safety Action Air France KLM

The action has a discount of 80% on the accounting net assets. The fleet of aircraft has value, slots of flights also.

The company is under valued, it offers a significant margin for the investor.

Note: 5/5

(6) debt Air France KLM

The Group presented a debt ratio of 107% what is excessive. It is necessary to plan slimming emergency!

In February 2012, Air France has placed successfully, in a private placement, a block of 33.6 million Amadeus shares representing 7.5% of the share capital of the company. The net proceeds from the sale amounted to 467 million euros. At the end of the operation, Air France keeps 7.72% of the share capital of the company. It begins to give the family jewels!

Note: 1/5

Conclusion Action Air France KLM: 13/30

This is clearly a speculative title: the company must be restructured aggressively otherwise the share price will rise to 0 in the medium term.

This group of the qualities that deserve to be translated into good financial performance, there is indeed a way to preserve the company without employees life turns into hell!

Ethics: the author of the article holds no shares Air France KLM

To go from action Air France KLM to the homepage

Would you react to this article?

What do you think of the ideas contained in this article?

Do you have comments, questions, clarifications to be made?

Action Medica: value has recently incorporated into our stock market portfolio invest

Action Medica: value has recently incorporated into our stock market portfolio invest, it could very well be part of the selection opportunities inasmuch as it presents a significant discount on its accounting net assets (17%).

Therefore analyze the title Medica synthetic way and without a priori using our usual criteria

(1) action Medica: activity – recurrence

Medica is a retirement home operator who does not hold the walls of its institutions (unlike Guestbookpea).

The Group also manages 36 institutions (care and rehabilitation clinics, and psychiatric clinics; 2 317 beds), this health activity presents a return comparable to that of settlements EHPAD (26% of operating profitability before taking into account real costs) and represents 26.8% of the total turnover.

The activity is recurrent with 97% occupancy rates, taking into account the ageing of the population, suggests that the sector offers good prospects even if reimbursement and evolution of health policy issues arise.

Note: 4/5

Evolution of the Medica action over 10 years:


(2) action Medica: Existence of barriers to important entry (wide economic moat) / competitive advantage

In contrast to the main European markets, in particular the English and German, markets where the management and assignment of permissions is little restrictive and essentially operates on the basis of compliance with quality standards, the french and Italian markets (markets on which operates Medica) are governed by a strict accreditation and authorization system constituting a high barrier to entry.

The group is N ° 4 french of the EHPAD market, it is therefore a key player in a fragmented market.

The MEDICA group is strongly present on the main basins of population in France (in particular in the regions of île-de-France, Rhône-Alpes and Provence-Alpes-Côte d’Azur) and Italy (Piedmont and Lombardy), in areas with high population density where the application in establishments specialising in the management of addiction is strong and life is generally high (high level of solvency).

Note: 4.5/5

(3) action Medica / profitability and growth of the results

Over 6 years, the average margin is between 12% and 14%, turnover increased by 95% from 325 to 632 million Euros (organic growth amounted to 7% in 2011).

It is excellent results and growing.

Note: 4/5

(4) is the management honest and rational?

Always difficult to answer this question, the management team is present for a decade, they are present at the 3% capital and were able to pursue a policy of controlled external growth.

Note: 4/5

(5) margin of safety

The action has a discount of 17% on the accounting net assets.

The market capitalization of the company represents approximately 6.5 times the operational result 2011 society, PER 2011 amounted to 15.

The company is under valued, it offers a significant margin for the investor.

Note: 4.5/5

(6) debt

The Group presented a debt ratio of 68% which is satisfactory for the sector. In addition, the Group owns of real estate assets for EUR 317 million.

Note: 3.5/5

Conclusion: 24.5/30

Ok the sector does not have good press: it is not good manners to make money on the backs of the people at the end of life. On the other hand, the evolution of public finances led to questions on the evolution of the supported.

I think that this topic is exaggerated because affluent customers will always find solutions for their elderly parents. It is a high quality value.

Ethics: the author of the article holds no shares Medica

PEA retreat: the other advantage of the stock savings plan

PEA retreat: the various tax benefits by PEA (Plan d ‘ épargne equity) and its operation have been recalled in the following article.

It is little known but shares savings plan can also be useful to prepare retirement in case of big re-entry of money for an exempt annuity out.

A priori the PEA is not make sense serve the Constitution of an annuity for retirement even if certain performance values can be used with regular and growing dividends what may constitute income for the old days.

Indeed 8 years after the opening of the stock savings plan, it is possible to emerge into an annuity with a lightened taxation: no taxes and social security levies on a fraction of the revenue collected which decreases with the age of the beneficiary (40% between 60 and 69 years of age, 30% from 70 years). pea retreat

How to benefit from this PEA retreat?

Simply by opening a savings in shares at least 8 years before retirement in depositing only a few actions or UCITS to date tax. Day, you can place a big amount for example from an inheritance or the sale of an asset to the tune of 132000 EUR (maximum allowed on a PEA) and benefit from reduced tax.

Caution do not place a capital from your life insurance or your PERCO car taxes output (7.5% in the first case above 4600 EUR removed gains, 13.5% in the second) and charges for conversion into an annuity (2 to 3%) gommeraient a good share of the benefit.

What is the amount of the obtained income supplement?

132000 Euros paid, the guaranteed monthly pension from the age of 65 years until your death amounts to 404 EUR 353 Euros with a life insurance policy or a PERCO.

This tax tip is also valid for the 3 million holders of PEP (Plan of savings Populaire) Although this product is withdrawn from the market since 2003, it also allows to receive an annuity tax free after 8 years (payments there are capped at €92000).

Scholarship opportunities:

11/04/2012, we are launching a new portfolio “fellowship opportunities” whose goal is to achieve the performance by selecting companies downgraded or left behind by the market.

This is clearly an approach “contrarian” (go against the market) different from that followed in our list “stock market investing” (which aims to select values of quality at interesting valuations).

Even if the contrarian investment approach is riskier and more speculative, the two selection methods may overlap: some values of high quality are sometimes neglected wrongly by the stock market.

To update this list, no need for tools or complicated screener, just our intuition and some financial details on discounts on net assets accounting.

This stock portfolio is started with 15,000 Euros. 11/04/2012, we are investing EUR 1000 on the following 3 lines:

2 shares cyclic solids but currently bottom cycle

Cement French: a discount of 47% on the accounting net assets, operational profitability which remains at the bottom of the cycle (8% in 2011) with a very healthy financial situation (debt ratio of 23%)

Eramet: a discount of 1% on the accounting net assets and a very solid financial situation (see analysis action Eramet)

A speculative flip action

Air France KLM: a discount of 80% on accounting net assets and a restructuring to be implemented. It is a true bet but I see not the French State (15.7% shareholder) drop the company.

If the company succeeds its ‘Transform2015’ plan, the share price could advance. Curious thing for a group or strikes are nombreuses(ce qui déstabilise l’entreprise et dégrade sa rentabilité), employees hold about 10% of the share capital of Air France KLM.

For the rest, faithful to our principles, we will invest as and measure at the discretion of the opportunities presenting themselves.

Fellowship Brazil: First country of the acronym Bric (Brazil, Russia, India, China),

Fellowship Brazil: First country of the acronym Bric (Brazil, Russia, India, China), the Brazil is the sixth tenth global economic power in 2007) with a GDP of 2510 Mds $ in 2011. Beautiful country with beautiful people, it’s a stable democracy whose economy is growing rapidly.

At the beginning of the year 2012, the BRICs are a little less to celebrate with declining growth rates, fact remains that the Brazil has many strong points economically:

-resources in very important raw materials (metals, oil and agricultural commodities)
-a high-performance industry (including Aeronautics with the Embraer company)

Brazil Brazil Bolsa de Valores de São Paulo (BOVESPA) is the Portuguese name of the stock exchange of São Paulo of Brazil, founded on August 24, 1890.

For the anecdote, the stock exchange is located in the centre of São Paulo, I visited late 2010 (photo above was taken during a ballad in the Amazon).

16/03/2012, the Bovespa index rises to 67813 points, increased by 18% since 3 months, by 2.4% over a year, 67.63% over 3 years and 49% over 5 years.

Fiche signaletique award Brazil

-1 Euro = 2.36 Real (16/03/2012) – daily Volume: the average transaction volume amounted to BRL7.11 trillion in October 2011 (3 billion euro).

-Market capitalisation: 31/12/2011, it amounted to 1229 billion dollars (8th World scholarship)

-470 companies are listed on the Brazilian stock market


-Bovespa Index (Ibovespa) is the main indicator of the average performance of the Brazilian stock market. It is calculated from the variations of the most traded securities.

-IbrX-50 is the equivalent of our CAC 40, it’s the 50 most liquid stocks in the Brazilian stock market.

How to invest in the stock market of Brazil?

(1) stock exchange Brazil: live Brazilian companies actions

It is possible to invest in live in the largest Brazilian values using your account (in any case at Cortal Consors), these are often listed on the stock exchange of Madrid, Frankfurt or New York (Petrobras, Embaer, Vale Doce…).

The stock-picking action is not obvious and the tax burden important (in particular as regards dividends), it is also possible to invest in the Brazilian market by using mutual funds.

(2) Scholarship Brazil: UCITS

Many active UCITS have been created in recent years to allow investors to diversify in the Brazilian market: to have hindsight, we select on the morningstar tool only funds with at least 5 years of existence
Funds Perf. ꟀE. over 5 years
PARVEST Equity Brazil I 10.94
PARVEST Equity Brazil P 10.54
PARVEST Equity Brazil D 9.75
PARVEST Brazil Equity C 9.73
PARVEST Equity Brazil N 8.91
HSBC GIF Brazil Equity Z (C) 6.62

The performance of these funds are broadly in line with the increase in the index over the period (+ 49% over 5 years for the Brazilian stock market index).

Note that for 3 years, the Fund HSBC GIF Brazil Equity Z (C) conducted an annual performance of 39% or 117% outperforming over widely reference index (+ 67% for the Bovespa).

Should always compare the UCITS to the trackers that are often very powerful and have the advantage of lower management fees.

(3) award Brazil: ETF Trackers

5-year trackers invested index Brazilian outperforming slightly the UCITS. The best trackers sides in Paris to invest on Brazilian shares:

-Lyxor ETF Brazil: 29.1% per annum for 3 years and 11.7% annual performance over 5 years

“tens” of clients of BNP Paribas Fortis and “a limited number” of ING clients

That “tens” of clients of BNP Paribas Fortis and “a limited number” of ING clients receive discounts on their credit payments, this is really a scoop. “But many customers have to settle a rate zero, while they are entitled to a negative rate”, said Ilse De Witte, journalist at MoneyTalk.


Readers of Trends-Tendances know already since mid-February some Belgians earn money on their credit variable rate because of the huge drop in the rate of recent years. More importantly: according to an estimate, thousands of customers are entitled to a negative interest rate, but they have to settle a rate zero.

According to John Roman of the office of Council Immotheker

According to John Roman of the office of Council Immotheker, “by the thousands” of mortgage contracts are not respected. “This little game is already in progress since last year. People receive a letter from their bank, with calculation of their variable mortgage interest rates, which is negative; and you can then read that interest rates cannot go below zero. People introduce not complaint, because they are already happy not having to pay interest. But this is not correct.”

The Belgians who subscribed a mortgage with a variable rate in 2006, 2007, 2008, or 2011, would do well to check if they pay too much to their bank. Especially in moments where rates peaked, banks have sold credits with little margin of profit compared to the market rate, according to Romain. “40% of Belgian Government bonds recorded a negative rate. Then you know that many of these contracts have also a negative variable rate.” In the event of negative rate, the borrower does not receive any money from the Bank, but it should, however, get a discount on the monthly repayment of principal.

Since 2012, banks have begun to include in their conditions that the interest rate can never be negative. Prior to this, always according to John Roman, was in many contracts that the drop rate was unlimited. Romain has sold such credits unlimited banks as variable rate AXA and Belfius. He discusses the year last with lawyers of these institutions about the reductions that they should pay on the monthly capital repayments. If their bank disappoints, Romain advises borrowers to lodge a complaint with the Ombudsfin, the service of mediation of the financial sector.

Banks have made promises to their customers and they do not
Last weekend, it is found that the professional Credit Union (UPC) has adopted point of view according to which the rate on a housing credit can never be negative. The federal public service economy, the responsible entity for mortgage credits, contradicts this. According to the service, depends on just what is in the contract. The economic Inspection has not yet been complaints, reason for which it has not yet started to study.

A few weeks ago, some major bankers complained about the legal minimum rate of 0.11 per cent on savings. When it turned out that the Government would not affect this minimum rate, messages have appeared that various banks would charge a higher fee to their customers.

It’s rude that banks divert the mortgage Act

It’s rude that banks divert the mortgage Act. They have made promises to their customers – mortgages-takers – and do not respect. Maybe all the affected clients not in are not yet realized, but term this opportunism will turn against the banks.

Most holographic Wills (written oneself) regulate “some” cases

Most holographic Wills (written oneself) regulate “some” cases, but certainly not the entire estate. Is this a problem from a legal point of view?


Write yourself his testament remains popular

Holograph remains very popular. It costs nothing, you can do it easily yourself and if you stand to the rules, it is equally valid as a notarial will. Just actually let this holograph (1) be fully prepared by hand, (2) dated and (3) signed by yourself. For a notarial will, however, you must still count a sum of about 500 euros. With a Holograph will, people who change their mind can simply make a new toll. This is the newest testament that counts.

Everything is not resolved

Often, the deceased has not paid the whole of its estate in her Holograph will, but only a small part of the whole of the estate. In this testament, we find so often that family housing goes entirely to the surviving spouse, which is to advise the three areas for tax reasons; but then, there is often nothing more rule.

Or sometimes, “almost” everything is nicely added in the testament, in such a way that almost everything is set, unless a number of things that did not yet exist at the time of the drafting of the testament (for example a new savings account at Bank X). Is this a problem from a legal point of view and what’s going on in this case with what remains?

This is not serious if everything is not set in the testament. For all matters which are not specifically regulated in your will, it is then simply the legal regime that applies. This is not unnecessary to write at the end of your will: “For the rest, the legal regulations shall apply” even though this is not essential.

People who have a current term account can in theory not stop prematurely without compensation for breach of contract. Low interest rates are a good deal in this type of situation.


You wish to withdraw your money

Many people still have accounts in the current term. But what happens if you want to claim your money deposited into an account before the deadline? For example, suppose that you need money for a renovation or simply because you want to invest in a joint fund in the hope of removing, best performance. Can you in this case simply interrupt the term account?

The principle

In principle, you are bound to the agreed duration and so you have to let it run an account term to final maturity. Therefore, a person in possession of an account 6 year term, if it wishes to close it now after 3 years, it should in theory still wait 3 years, until final maturity. But in practice, almost all banks still offer the possibility of output if the customer really wants.

However consider that a limited number of banks require you to give the reason why you have made this decision (e.g. a divorce, death, accident, etc.). Most banks require payment of compensation of breaking, which can vary between 0.5 and 2%

Low rates have advantages

Because of the low rate, the principle of compensation of breaking is really a limit in practice. As interest rates recently fell to a historically low level, it is often possible to close an account in the term with a very small allowance or even without compensation, certainly after negotiation. This is partly also logical since in this case your bank is generally a good deal at a time of low interest rates.

Each year, the FPS finance publishes a list of people who risk a tax audit. This year, the tax authorities includes the Belgians having capital abroad.


As in previous years

As in previous years, the FPS finance said on its site that is likely to receive a visit from the taxman this year. The authorities are doing this to encourage people to fulfill their tax obligations in a proper way. IFCS includes both individuals and businesses. The IRS may ask them to provide information or additional documents.


Firstly, persons not reporting all their revenues from properties in Belgium and abroad are more likely to be caught. Among others is the consequence of the Common Standard Reporting (CRS). This year, several countries have begun to gather tax data from people who are taxed abroad. From 2017, these data will be exchanged internationally. Additional controls apply also to the Belgians not declaring all their professional income in Belgium and abroad.

The Belgians who reported to be entitled to a reduction of taxes on income from foreign origin can also be expected to control. The IFCS also pays special attention to the taxpayers deducting donations without tax certificate.

Finally, the Belgians who work abroad as executives can also expect a tax audit.


Companies that have not properly or not completely filled the tax sheets 281 will not escape tax additional controls. These are sheets which summarize the salaries of employees and the expenses for business leaders.

Then, a particular focus will be placed on the presence of a smart box in the horeca sector companies. SCIF including will check whether they meet all the requirements.

Moreover, the tax authorities will monitor if companies comply with their VAT obligations.

Finally, companies risk scrutiny if, in the event of bankruptcy, a suspicion exists for some liquidation operations that all taxes have not been made.

Niels Saelens