RJ 645: the annual accounts of a housing association
Housing associations have their own law and their own chapter. From the 2026 annual accounts, their rental housing stock is no longer stated at market value but at policy value.
The short answer
RJ 645 applies to licensed social housing providers (toegelaten instellingen volkshuisvesting): foundations and associations admitted by the minister. The Housing Act (Woningwet) declares Title 9 largely applicable by analogy. From financial year 2026, the housing association states its investment property under operation at policy value (beleidswaarde) instead of market value (RJ 645, amended 2026); that transition is a change in accounting policy with retrospective effect.
Updated 30 October 2026
Key facts
| For whom | Licensed social housing providers (art. 19 Housing Act); not their related enterprises |
| Legal basis | Art. 35 and 36 Housing Act, Decree and Regulation on licensed social housing providers 2015 |
| Valuation of property under operation | Market value up to and including 2025; from financial year 2026 policy value under the Policy Value Handbook (Handboek beleidswaarde) |
| Change of law | Act of 8 July 2026 (Stb. 2026, 230); entry into force by royal decree |
| Guideline | RJ 645, amended 2026 (RJ-Uiting 2026-7), in force from financial year 2026 |
Who RJ 645 applies to
A licensed provider is a foundation or association with full legal capacity that works only in the field of social housing and has been admitted by the minister. RJ 645 applies to the licensed provider itself. A related enterprise, such as a subsidiary BV (private limited company) for commercial rental, follows the rules for its own legal form (RJ 645.101 and 645.401).
The annual accounts rest on the Housing Act, not on art. 2:360 DCC. Article 35 makes a large part of Title 9 applicable by analogy to the annual accounts, article 36 does the same for the annual report, and article 30 of the Decree on licensed social housing providers 2015 excludes a number of articles. The Regulation on licensed providers prescribes the formats for balance sheet, profit and loss account and cash flow statement (RJ 645.301). For everything else the ordinary Guidelines apply (RJ 645.102).
From market value to policy value
2. In the annual accounts, the board values, in accordance with further rules to be given by or pursuant to order in council, the immovable property and its immovable and infrastructural appurtenances at current value.
In article 35, second paragraph, "current value" is replaced by "policy value".
Up to and including financial year 2025, the rented stock was stated at market value and the notes reported the policy value. The policy value starts from the social task: what the stock is worth with the rents, maintenance and management that the housing association actually applies, under the Policy Value Handbook in annex 2 of the Regulation. That amount is usually far below market value.
RJ 645 has already been amended for financial year 2026 (RJ-Uiting 2026-7, June 2026). The law was adopted on 8 July 2026; the date of entry into force follows by royal decree. When writing this page we had not found that decree. Check the position on wetten.overheid.nl before adopting the 2026 annual accounts.
After initial recognition at cost, including transfer tax and other transaction costs, the housing association thus values its property under operation at policy value. A change in that value runs through the profit and loss account of the year itself (RJ 645.207). It does not form a maintenance provision, because the policy value already includes maintenance expenditure (RJ 645.208). The Current Value Decree (Besluit actuele waarde) does not apply. Expenditure after initial recognition is split by the housing association under the Regulation into maintenance, which is charged to the result, and improvement, which is added to cost.
The transition in the 2026 annual accounts
The switch from market value to policy value is a change in accounting policy. The housing association processes it retrospectively under RJ 140: the comparative figures for 2025 are restated and the effect at the start of 2025 goes through equity. For that restatement it may use the policy value that was already in the 2025 notes (RJ 645.501).
For property under development and the provision for unprofitable investments it may be simpler: it may leave the comparative figures and process the whole effect as a direct movement in equity at the start of 2026 (art. 122 Housing Act, as RJ 645.501 describes it). The notes explain how the transition was processed, with the disclosures that RJ 140 requires. The market value no longer needs to be in the notes (RJ 645.304).
Property under development, conditional sale and unprofitable investments
- Property under development for own rental is stated at cost or at the lower policy value. That lower value is the expected policy value on completion less the investment still to be made (RJ 645.209). If the housing association builds to sell, it follows RJ 221 construction contracts.
- Conditional sale means sale with a discount and a buy-back right or obligation. If it is economically a financing, the property stays under investment property as property sold under conditions, at the appraised vacant value less the discount, and the buy-back obligation is under non-current liabilities (RJ 645.211, 645.215 and 645.307). If it is a true sale, the housing association states the buy-back rights and obligations among the assets not included in the balance sheet (RJ 645.308).
- Reclassification between rental, sale and development is allowed only on an actual change: sales activities for a vacant property, a conditional sale that is financing, buy-back, or ending the rental in order to demolish and rebuild. As long as it is still being let on a lasting basis, the property stays under operation (RJ 645.212 to 645.217b).
- Unprofitable investments: if the housing association has committed to an investment that costs more than the policy value rises as a result, that is an onerous contract and it forms a provision for the difference, insofar as the policy value does not already include it (RJ 645.218; see also RJ 252).
What the notes and the management report require
- The chosen basis, the assumptions and the discount rate of the policy value, how the valuation complexes were formed and the large contractual commitments for construction and improvement (RJ 645.302).
- A reconciliation of the carrying amount from the beginning to the end of the year: investments, acquisitions, reclassifications, disposals, value changes, transfers and other movements (RJ 645.303).
- The number of dwellings intended for sale, and how many of them will be sold within a year, with proceeds and carrying amount (RJ 645.306).
- For which part of the loans the Social Housing Guarantee Fund (Waarborgfonds Sociale Woningbouw) stands surety or the government guarantees (RJ 645.310).
- A separate balance sheet, profit and loss account and cash flow statement for the DAEB branch (services of general economic interest) and the non-DAEB branch, with the allocation keys; not needed if the non-DAEB activities are legally in a subsidiary (RJ 645.311).
- In the management report, a policy discussion of how the policy value developed (RJ 645.402).
Case: Stichting Woonkracht Lingedal
Stichting Woonkracht Lingedal (fictitious) lets 1.800 social rental homes. In the 2025 annual accounts the stock was stated at a market value of € 360 mln; the notes gave a policy value of € 150 mln. To keep the example clean, we ignore deferred taxes.
| Property under operation | 2025 annual accounts as adopted | Comparative figures in the 2026 annual accounts |
|---|---|---|
| Value at 31 December 2025 | € 360 mln (market value) | € 150 mln (policy value) |
| Effect on equity at that date | – | − € 210 mln |
In 2026 the policy value rises by € 4 mln through changed parameters; that increase is income in the 2026 profit and loss account. In November 2026 Lingedal commits to investing € 6,0 mln in insulating 240 homes. The policy value of that complex is expected to rise as a result by € 2,2 mln. The difference of € 3,8 mln is an unprofitable investment: the foundation forms a provision for it at the end of 2026, insofar as the valuation of the complex does not already include it. It forms no maintenance provision for the 1.800 homes.
A reader of the 2026 annual accounts therefore sees much lower equity than a year earlier, without anything having changed in the stock. That is why RJ 645 requires a clear explanation of the transition and a discussion in the management report.
Size, financial years and differences per year
Small licensed providers, as the Housing Act describes them in article 49, need to show the DAEB separation only for the profit and loss account and the cash flow statement (RJ 645.312). Otherwise the formats and the RJ 645 requirements apply to every housing association, large or small.
- Financial year 2025: property under operation at market value, policy value in the notes.
- Financial year 2026: policy value in the balance sheet under RJ 645 (amended 2026), with the transitional arrangement; dependent on the entry into force of the law.
- Financial year 2027: the same chapter; the 2027 annual edition brings no new change for RJ 645.
Jaarrekening.io and housing associations
The app does not fit the housing association itself. A licensed provider follows the Housing Act, the formats of the Regulation and RJ 645; Jaarrekening.io does not prepare those annual accounts. If you choose housing association when creating a foundation or association, the annual accounts route stops and you can create the legal entity only for bookkeeping. A related enterprise in the form of an ordinary BV can be served by the app, if it has no sector regime of its own.
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Frequently asked questions
From when does a housing association value at policy value?
RJ 645 (amended 2026) assumes reporting years starting on or after 1 January 2026. The related amendment of art. 35(2) Housing Act was adopted by the Act of 8 July 2026 (Stb. 2026, 230) and enters into force on a date to be determined by royal decree.
How does a housing association process the switch from market value to policy value?
As a change in accounting policy with retrospective effect under RJ 140: the comparative figures are restated, using the policy value that was already in the 2025 notes. For property under development and the provision for unprofitable investments, the effect may also go directly to equity at the start of 2026 (RJ 645.501).
Must the market value still be in the notes?
No. With valuation at policy value, the market value of the property under operation no longer needs to be explained (RJ 645.304).
Does a housing association form a maintenance provision?
Not for property under operation stated at policy value. The policy value already takes maintenance expenditure into account (RJ 645.208).
Does RJ 645 also apply to the subsidiary BV of a housing association?
No. A related enterprise that is not itself a licensed provider follows the rules for its own legal form. In the housing association's consolidated annual accounts, its figures are converted to the same policies (RJ 645.101 and 645.401).
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