Methodological note: harmonised core dataset

The MiRDH harmonised core dataset contains a set of variables selected based on predefined methodological choices.

Coverage

The harmonised core dataset is available for years from 1996 onwards. It covers non-financial corporations (excluding the self-employed), more precisely firms filing annual accounts (see this page for more information on the obligation to file annual accounts).

Variables

The harmonised core dataset variables include:

  • financial statement items: total assets, fixed tangible assets, investment, turnover, intermediate inputs, number of employees and labour costs;
  • firm characteristics: official start and end dates of activity, NACE Rev. 2 codes, corporate form, legal situation, number of establishments and annual accounts format;
  • international trade flows: firm-level exports and imports defined in accordance with national and/or Community concepts;
  • foreign direct investment: (multinational) dummy variable for inward and outward foreign direct investment;
  • deflators for value added, gross fixed capital formation and intermediate inputs at A64 level.

Methodological choices

Variables are constructed based on the following methodological choices:

Balance sheet information
  • The data are annualised. Annual accounts information is provided at yearly frequency and refers to periods starting on 1 January (or later if the firm is filing its accounts for the first time that year) and ending on 31 December (or earlier if the firm is filing for the last time that year). It should be noted that the annualisation rules are consistent with those used to draw up the national accounts.
Turnover and intermediate inputs
  • This information is obtained from two sources - annualised annual accounts and VAT returns. The MiRDH core dataset imputes information that is missing from the annual accounts using VAT returns. Certain information may be missing from the annual accounts when the reporting of this information is required only for large firms, i.e. those that are ineligible to file their annual accounts in abridged format. Complementary information on sales and purchases of intermediate goods can be obtained from VAT returns, which must be completed by all firms (see VAT obligations).
Wage bill and labour variables
  • This information is obtained from the income statement and/or the social balance sheet in the annual accounts:
    • The wage bill is derived from the income statement (item 62, compensation, social security and pensions) for the sample period.
    • Labour variables are: the average number of full-time equivalents (item 9087 in the annexes to the annual accounts), the average number of employees (items 1001 + 1002 on the social balance sheet), and the number of hours effectively worked (item 1013 on the social balance sheet).
NACE codes
  • These codes are defined at firm and year level. For more information, see NACE Rev.2. Historical codes are converted into NACE Rev. 2 codes.
Sector-level deflators
  • These are provided for value added, gross fixed capital formation and intermediate inputs. They are constructed based on national accounts current prices and (chained) volumes for each variable (see NBB Stat). They are defined at the A64 level. Missing information at the A64 level, typically for the last year, is imputed using A38 figures.
Firm characteristics

Other firm characteristics are obtained from the Crossroads Enterprise Database or the annual accounts.

  • Official start and end dates of activity.
  • Corporate form: if there is more than one, the corporate form most frequently used by the firm over the course of the year will be selected.
  • Legal situation: if there is more than one, the most frequent status of the firm over the year (or the sample period) will be selected.
  • The number of establishments, using the value one (1) for firms with a single establishment.
  • The format of annual accounts (e.g. full or abridged) filed by the firm.