The financial plan is far more than a simple administrative formality. It is a mandatory legal document, required under the Companies and Associations Code (CSA), and it plays a dual role: it acts as a financial compass for your SRL's first years and as your legal shield should things go wrong. If the company goes bankrupt within its first three years, this is the document the receiver will examine to determine whether the founders bear personal liability. Here is a complete guide to drafting it correctly, with worked figures and precise legal references.
The legal importance of the financial plan
What the law says: article 5:4 of the CSA
Article 5:4 of the Companies and Associations Code (Code des sociétés et des associations, CSA) states that the founders must hand the instrumenting notary a financial plan in which they justify the amount of the company's starting equity in light of the activity the company plans to carry out over a period of at least two years.
The legal text specifies that the financial plan must contain, at minimum:
- A precise description of the planned activity
- An overview of all sources of financing at incorporation, including a statement of any guarantees provided
- An opening balance sheet drawn up according to the format set out in article 3:3 of the CSA (abridged or full format)
- Projected profit-and-loss accounts after 12 and 24 months
- A budget of projected income and expenses for a period of at least two years from incorporation (cash-flow plan)
- A description of the assumptions used when estimating projected turnover and profitability
Retention by the notary
The financial plan is handed to the notary before the incorporation deed is signed. The notary keeps it for at least 5 years. It is not published and remains confidential — only the founders, the receiver (in the event of bankruptcy) and the court can access it.
Founders' liability: article 5:16 of the CSA
This is the most important provision to understand. Article 5:16 of the CSA provides that:
The founders are jointly and severally liable to interested third parties for compensating any loss that is an immediate and direct consequence either of the absence or serious inaccuracy of the financial plan referred to in article 5:4, or of starting capital that is manifestly insufficient to ensure the normal conduct of the planned activity for a period of at least two years, where the company is declared bankrupt within three years of acquiring legal personality.
In practical terms, this means:
- If your SRL goes bankrupt within 3 years of incorporation
- AND the financial plan was absent, inaccurate, or showed insufficient capitalisation
- THEN the founders can be held personally and jointly liable for all or part of the company's debts
- The SRL's limited liability is then lifted — your personal assets are at stake
Case law has clarified this notion of "manifestly insufficient capitalisation". Courts examine in particular:
- How realistic the turnover assumptions are
- Whether all costs are accounted for (including the director's social security contributions, often forgotten)
- The consistency between the planned activity and the financial means available
- Whether a reasonable safety margin exists
- Compliance with the legal accounting format for the opening balance sheet
Detailed mandatory content
1. Description of the planned activity
This section must be detailed enough to allow the reader (and potentially the receiver) to understand your project and assess how consistent the activity is with the financial means available.
Elements to include:
- Nature of the activity: describe precisely what the company does (services, trade, production, etc.)
- Target market: who are your customers? Businesses (B2B), individuals (B2C), the public sector?
- Geographic area: Belgium, Europe, international?
- Competitive advantage: what sets you apart from the competition?
- Revenue streams: how does the company generate revenue? Hourly billing, subscriptions, product sales?
- Material and human resources: office, equipment, staff needed
- Start-up timeline: time before first revenue, gradual ramp-up
Example for a digital marketing consultant:
The company's activity will be digital marketing consultancy for Belgian SMEs. The offering includes digital presence audits, advertising campaign management (Google Ads, Meta Ads), content creation and digital strategy consultancy. The target market consists of SMEs with 5 to 50 employees located in French-speaking Belgium, a segment estimated at 45,000 companies (source: FPS Economy, structural statistics 2024). The average projected day rate is EUR 650 excl. VAT, with a target of 12 billable days/month once cruising speed is reached (after 6 months). The founder has 8 years of experience in digital marketing and a network of 150 qualified prospects.
2. Overview of all sources of financing
This section provides a complete inventory of the financial resources available at start-up.
Equity (founders' contributions):
| Type of contribution | Description | Valuation |
|---|---|---|
| Cash contribution | Money deposited into the company's account | Exact amount in EUR |
| Contribution in kind | Tangible assets (vehicle, equipment) or intangible assets (patent, software) | Mandatory valuation by a company auditor (art. 5:7 CSA) if > EUR 0 |
| Contribution in industry (know-how) | The founder's work, expertise, know-how | No asset value but gives entitlement to shares |
External financing:
| Source | Amount | Conditions | Guarantees |
|---|---|---|---|
| Bank loan | To be detailed | Rate, term, monthly instalments | Personal guarantee, pledge on the business assets |
| Coup de Pouce loan (Wallonia) / Winwinlening (Flanders) | To be detailed | Favourable rate, 4–10 year term | Tax advantage for the lender |
| Subordinated loan (SOWALFIN, finance.brussels, PMV) | To be detailed | Reduced rate, deferred repayment | Subordinated to bank creditors |
| Grants and premiums | To be detailed | Non-repayable | Specific eligibility conditions |
| Shareholder current account | To be detailed | Interest rate (max market rate + margin) | No formal guarantee |
| Crowdfunding / crowdlending | To be detailed | Variable | Depends on the platform |
Legal note: Shareholder loans via a current account must respect tax limits. In 2026, the maximum deductible interest rate for shareholder loans is capped at the market rate defined by FPS Finance (currently around 5.70% for advances without a fixed rate). Above this, the interest is reclassified as dividends and subject to 30% withholding tax.
3. Opening balance sheet
The opening balance sheet must be drawn up according to the Belgian accounting format (Royal Decree of 29 April 2019). Here is a detailed example for a services company:
Example of an opening balance sheet — digital marketing consultancy SRL
ASSETS
| Item | Amount |
|---|---|
| Fixed assets | |
| Intangible assets (website, software) | EUR 3,000 |
| Tangible assets (IT equipment, furniture) | EUR 4,500 |
| Current assets | |
| Receivables (none at start-up) | EUR 0 |
| Cash (bank balances) | EUR 17,500 |
| TOTAL ASSETS | EUR 25,000 |
LIABILITIES
| Item | Amount |
|---|---|
| Equity | |
| Founders' contribution (subscribed capital) | EUR 15,000 |
| Debts | |
| Bank loan | EUR 10,000 |
| Shareholder current account | EUR 0 |
| TOTAL LIABILITIES | EUR 25,000 |
Fundamental rule: Total Assets = Total Liabilities. The balance sheet must always balance. If it does not, there is an error in your figures.
4. Projected profit-and-loss account (minimum 2 years)
The projected profit-and-loss account must be realistic and prudent. Here is a detailed model:
Example — digital marketing consultant, single-member SRL
Assumptions used:
- Day rate: EUR 650 excl. VAT
- Ramp-up: 5 days/month (months 1–3), 8 days/month (months 4–6), 12 days/month (months 7–12), 14 days/month (year 2)
- Director's remuneration: EUR 3,000 gross/month from month 4
| Item | Year 1 | Year 2 |
|---|---|---|
| INCOME | ||
| Turnover (billing) | EUR 62,400 | EUR 109,200 |
| Other income | EUR 0 | EUR 0 |
| Total income | EUR 62,400 | EUR 109,200 |
| EXPENSES | ||
| Purchases of goods and services | ||
| – Office/coworking rent | EUR 3,600 | EUR 4,800 |
| – Insurance (professional liability, fire) | EUR 1,200 | EUR 1,400 |
| – Accountant's fees | EUR 3,600 | EUR 3,600 |
| – Telecommunications (internet, mobile) | EUR 1,200 | EUR 1,200 |
| – Software and SaaS subscriptions | EUR 2,400 | EUR 3,000 |
| – Travel and vehicle | EUR 3,600 | EUR 4,200 |
| – Marketing and communication | EUR 2,000 | EUR 3,000 |
| – Supplies and miscellaneous | EUR 800 | EUR 1,000 |
| Subtotal services and miscellaneous goods | EUR 18,400 | EUR 22,200 |
| Remuneration | ||
| – Director's gross remuneration (9 months) | EUR 27,000 | EUR 36,000 |
| – Director's social security contributions | EUR 5,535 | EUR 7,380 |
| – Payroll agency | EUR 600 | EUR 600 |
| Subtotal remuneration | EUR 33,135 | EUR 43,980 |
| Depreciation | ||
| – IT equipment (33% per year) | EUR 1,500 | EUR 1,500 |
| – Software (33% per year) | EUR 1,000 | EUR 1,000 |
| Subtotal depreciation | EUR 2,500 | EUR 2,500 |
| Financial expenses | ||
| – Bank loan interest | EUR 450 | EUR 350 |
| – Bank charges | EUR 180 | EUR 180 |
| Subtotal financial expenses | EUR 630 | EUR 530 |
| Incorporation costs (year 1) | EUR 2,500 | EUR 0 |
| TOTAL EXPENSES | EUR 57,165 | EUR 69,210 |
| RESULT BEFORE TAX | EUR 5,235 | EUR 39,990 |
| Corporate income tax (ISOC 20% SME rate) | -EUR 1,047 | -EUR 7,998 |
| NET RESULT | EUR 4,188 | EUR 31,992 |
Justification of assumptions (mandatory section):
For every significant line of the profit-and-loss account, you must explain where your figures come from:
- Day rate of EUR 650: based on average Belgian market rates for a senior digital marketing consultant (source: Robert Half 2025 survey, Unizo freelance IT barometer)
- Number of billable days: prudent ramp-up allowing for prospecting time and gradual growth. The national average for freelance consultants is 180 days/year at cruising speed
- Director's remuneration: set at EUR 3,000 gross/month in the first year (starting month 4), raised to EUR 3,000/month over 12 months in year 2. Below the EUR 45,000 threshold in year 1 (the reduced SME rate cannot apply in year 1), above it in year 2
5. Projected cash-flow budget (2 years, month by month)
The cash-flow plan is the most critical part of the financial plan. It demonstrates that the company can pay its bills day to day. It is presented month by month and shows actual cash flows (rather than accounting flows).
Difference between cash flow and accounting result:
| Accounting flow | Cash flow |
|---|---|
| The sale is recorded on the invoice date | The money is collected on the payment date (30–60 days later) |
| Depreciation is an accounting charge | Depreciation does not affect cash (the investment was paid earlier) |
| A loan is not income | A loan increases cash on disbursement |
| Repaying borrowed capital is not an expense | Repayment reduces cash |
Simplified cash-flow model (first 6 months):
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | |
|---|---|---|---|---|---|---|
| Opening balance | 17,500 | 12,880 | 9,360 | 5,340 | 5,840 | 6,940 |
| Receipts | ||||||
| Turnover collected (30-day term) | 0 | 3,250 | 3,250 | 3,250 | 5,200 | 5,200 |
| Bank loan | 10,000 | 0 | 0 | 0 | 0 | 0 |
| Total receipts | 10,000 | 3,250 | 3,250 | 3,250 | 5,200 | 5,200 |
| Payments | ||||||
| Incorporation costs | -2,500 | 0 | 0 | 0 | 0 | 0 |
| Investments | -7,500 | 0 | 0 | 0 | 0 | 0 |
| Fixed costs | -1,620 | -1,620 | -1,620 | -1,620 | -1,620 | -1,620 |
| Director's remuneration (gross) | 0 | 0 | 0 | -3,000 | -3,000 | -3,000 |
| Social security contributions (quarterly) | 0 | 0 | -890 | 0 | 0 | -890 |
| VAT payable (quarterly) | 0 | 0 | -1,750 | 0 | 0 | 0 |
| Loan repayment | -500 | -500 | -500 | -500 | -500 | -500 |
| Withholding tax | 0 | 0 | 0 | -630 | -630 | -630 |
| Miscellaneous | -2,500 | -2,650 | -2,510 | 2,340 | 1,490 | -590 |
| Total payments | -14,620 | -4,770 | -7,270 | -3,410 | -5,750 | -6,640 |
| Closing balance | 12,880 | 9,360 | 5,340 | 5,840 | 6,940 | 5,500 |
Key point: The cash balance must never be negative. If your plan shows a negative balance at any point, it means your starting equity is insufficient or you need additional financing. This is exactly the kind of situation the financial plan is meant to prevent.
6. Description of the assumptions used
This section is often neglected, yet it is legally essential. In the event of bankruptcy, the receiver and the court will examine not just the figures, but also how sound the assumptions were.
For each key assumption, document:
- The source: where does the figure come from? Market research, supplier quote, sector benchmark, personal experience?
- The level of prudence: did you build in a safety margin? (Recommended: 20–30% below the optimistic assumption)
- The risks identified: what could cause the figures to deviate?
- The alternative scenario: what would happen if turnover were 30% lower?
Examples of justifications:
| Assumption | Value used | Source / Justification |
|---|---|---|
| Day rate | EUR 650 excl. VAT | Market average for a senior consultant (Robert Half 2025). Rate set 15% below the average to reflect the company's new-entrant status |
| Billable days year 1 | 96 days (ramp-up) | Prudent assumption: 50% of time in the first 3 months (prospecting), 65% in the next 3, 80% thereafter. National average: 180 days/year at cruising speed |
| Customer payment term | 30 days | Standard for the Belgian B2B market (law of 2 August 2002 on late payments: max 30 days unless otherwise agreed, max 60 days) |
| Coworking rent | EUR 300/month | Actual rate at Silversquare / Fosbury & Sons for a flexible desk in Brussels (quote obtained on [date]) |
| Director's remuneration | EUR 3,000/month gross | Below the EUR 45,000/year threshold in year 1; raised to EUR 45,000 from year 2 to benefit from the 20% reduced ISOC rate |
The most common mistakes in financial plans
1. Being too optimistic about turnover
This is mistake number one. Many founders forecast ambitious turnover from month one, without accounting for the realities of starting up:
- It takes time to prospect and land the first clients
- The first months are often spent on setting up (administration, website, networking)
- Word of mouth, the main growth driver, takes time to build
Rule of prudence: forecast EUR 0 turnover for the first 1–2 months, then a gradual ramp-up over 6 months. At cruising speed, do not forecast more than 80% of your maximum capacity.
2. Forgetting recurring costs
The costs most often forgotten in financial plans:
| Forgotten cost | Indicative annual amount |
|---|---|
| Director's social security contributions | EUR 7,000 – 22,000 (depending on remuneration) |
| Payroll agency (payslip management) | EUR 400 – 900 |
| Withholding tax on remuneration | 20–40% of gross remuneration |
| Filing annual accounts with the NBB | EUR 72 – 428 |
| Municipal office tax | Varies by municipality |
| Annual company contribution (CBE annual levy) | EUR 347.50 (small company) to EUR 868 (large company) |
| Director's group insurance / individual pension commitment | Variable (but deductible) |
| Professional training | EUR 500 – 2,000 |
| Software licences (accounting, invoicing, CRM) | EUR 500 – 3,000 |
| Representation expenses | EUR 1,000 – 3,000 |
| Provision for doubtful debts | 2–5% of turnover |
3. Failing to justify the assumptions
A financial plan without justified assumptions is a ticking time bomb in the event of bankruptcy. The receiver will ask: "What was your basis for forecasting turnover of EUR 100,000 in the first year when you had no clients at start-up?"
Acceptable sources of justification:
- Published market studies (FPS Economy, Statbel, Eurostat, sector studies)
- Quotes and price offers obtained from suppliers
- Average rates published by professional federations
- Sector statistics (average turnover per company, published by Graydon or Trends Business Information)
- Contracts or letters of intent from clients
- Documented previous professional experience of the founder
- Benchmarking against comparable companies (public annual accounts via the NBB's Central Balance Sheet Office)
4. Neglecting working capital requirements (WCR)
Working capital requirement (besoin en fonds de roulement, WCR) represents the financing needed to cover the gap between your payments (suppliers, costs) and your receipts (customers).
WCR formula:
WCR = Average stock + Trade receivables – Trade payables
Example:
- You invoice a client EUR 5,000 with a 30-day payment term
- You must pay your supplier EUR 2,000 within 15 days
- Your WCR on this transaction is 5,000 – 2,000 = EUR 3,000, which you must finance for 15 to 30 days
For a services business, WCR mainly consists of trade receivables. Plan for a WCR of 1 to 2 months of turnover held in cash.
For a trading business (with stock), WCR can represent 3 to 6 months of costs, depending on stock turnover and payment terms.
5. Forgetting VAT in the cash-flow plan
VAT is not a cost (it is neutral for the company), but it has a major impact on cash flow:
- You collect VAT on your sales (a cash inflow)
- You pay VAT on your purchases (a cash outflow)
- You must remit the difference to FPS Finance every month or quarter
Classic trap: at start-up, you invest heavily (equipment, fit-out) while billing little. You are therefore in a VAT credit position (FPS Finance owes you money). If you are on a quarterly regime, you must wait until the end of the quarter to recover this credit. Under the monthly regime, the refund is faster.
Tools and support
Who can help you draft the financial plan?
| Professional | Indicative cost | Level of detail |
|---|---|---|
| ITAA chartered accountant | EUR 500 – 2,000 | Excellent — validates figures, ensures legal compliance |
| ITAA registered bookkeeper | EUR 300 – 1,000 | Good — reliable figures, correct structure |
| Enterprise counter (starter service) | Often included or low-cost | Basic — standard structure, assumptions need refining |
| Specialist consultant | EUR 1,000 – 3,000 | Very good — financial plan + full business plan |
| Yourself (with a template) | EUR 0 | Variable — risk of errors without accounting training |
Regional support for financing the assistance
- Wallonia — Chèques-entreprises: the "création" voucher finances up to 75% of the cost of professional support (financial plan, business plan). Maximum amount: EUR 3,750 in subsidy (on a EUR 5,000 cost). Apply via the cheques-entreprises.be portal.
- Brussels — hub.brussels: free support from hub.brussels advisors, including coaching to draft the financial plan. Book an appointment on hub.brussels.
- Flanders — VLAIO: SME subsidies for start-up advice (KMO-portefeuille). Intervention of 30% (small companies) to 40% (starters) of the cost of the advisory service.
Software and templates
Several tools make it easier to draft the financial plan:
- Excel/Google Sheets templates: available free of charge from enterprise counters (Xerius, Acerta and UCM all offer downloadable models)
- My Enterprise Plan (myenterpriseplan.be): a free online tool provided by FPS Economy for drafting a complete financial plan
- Sage, Odoo, BOB50: accounting software with financial forecasting modules
- LivePlan, PlanGuru: specialist business-planning tools (paid)
Final checklist before handing the plan to the notary
Before handing your financial plan to the notary, check the following points:
- The opening balance sheet is balanced (Assets = Liabilities)
- The profit-and-loss accounts cover at least 2 full accounting years
- The cash-flow plan is presented month by month over at least 24 months
- The cash balance is always positive (no month in the negative)
- The director's social security contributions are included in the costs
- Withholding tax on remuneration is accounted for
- VAT is built into the cash-flow plan
- Incorporation costs are included (notary, publication, enterprise counter)
- The annual company contribution is provided for (EUR 347.50 minimum)
- Depreciation is calculated correctly (33% IT equipment, 20% furniture, 10% vehicle)
- Every major assumption is backed by an identifiable source
- The 3 scenarios (pessimistic, realistic, optimistic) are ideally presented
- The document is signed by all founders
- The balance sheet format complies with the legal Belgian layout
Conclusion
The financial plan is not a simple formality to dispatch in order to satisfy the notary. It is your financial compass for the first 2 years of activity, and above all your legal shield if things go wrong. A well-built financial plan shows that you have taken the time to think through your project's viability, that you have anticipated the risks, and that you have planned sufficient financial means. Invest the time and money needed to write it seriously, ideally with the help of your accountant. It is an investment that can literally protect your personal assets.
