Learning Curve Effect
As discussed in Reheul et al. (2014), Belgian NPOs have been faced with quite
extensive reforms of accounting and reporting requirements in the recent past. The
original Belgian non-profit legislation of 1921 introduced hardly any accounting and
reporting rules. Some form of cash accounting was obligatory and an undefined
overview of cash flows and financial budget had to be filed with the local court of
justice. However, this information was not made public. This ‘free-of-obligations