In response to recent questions that were posed to BV The Factory (which organises Pukkelpop, amongst other events) relating to the booking of reserves, the company sought a legal and accounting opinion. This revealed that in 2018, when the business structure was adapted to meet the growing challenges of the organisation, certain reserves of CVBA-VSO were mistakenly not rebooked to unavailable reserves.
BV The Factory emphasises that this was a material error of an accounting nature. No distributions of reserves were made to the shareholders.
The annual accounts of 2018, 2019 and 2020 were corrected by the board of directors and resubmitted to the general meeting, which unanimously approved them, thus rectifying this material error.
The organisation regrets that this accounting error was taken out of context.