Draft the Mandatory Financial Plan for an SRL/BV
A technical document that is nonetheless decisive for your company's soundness
Draft the Mandatory Financial Plan for an SRL/BV
We are J. Jordens, and the financial plan is arguably the most misunderstood document among those required to set up an SRL/BV. Many founders see it as a mere administrative formality, when it is in fact a document that engages their personal liability.
Why the financial plan is mandatory
Since the entry into force of the Code of Companies and Associations, the SRL/BV no longer requires a minimum legal capital. In return, the law requires founders to demonstrate, through a financial plan, that the company's financial resources are sufficient to cover its activity for at least two years. This document, in a way, replaces the former minimum capital requirement, forcing founders into genuine reflection on the economic viability of their project.
What a complete financial plan must contain
- Precise description of the project and its business model.
- Forecast budget for the first two years of activity, including expected costs and revenues.
- Planned funding sources: founders' contributions, loans, possible subsidies.
- Forecast opening balance sheet and cash flow projection.
- Assumptions used, which must remain realistic and justifiable.
The founders' liability
This is the most important point to understand: if your company is declared bankrupt within three years of its formation, and the financial plan turns out to have been manifestly insufficient or unrealistic, the founders can be held personally liable for the company's debts, beyond their mere contribution. This is known as founders' liability, a central concept of Belgian company law that we always take care to explain clearly to our clients.
The notary's role in checking the financial plan
When a notary appointment is required, the notary keeps a copy of the financial plan, but does not verify its economic content in detail: their responsibility relates to the existence of the document, not the relevance of the figures it contains. It is therefore up to the founders, with the help of a competent professional, to make sure the plan is genuinely sound.
Avoiding the most common pitfalls
Among the most common mistakes we observe: overly optimistic turnover projections, unrelated to an actual studied market, or conversely plans that are too generic, copied from a standard template without adaptation to the founder's actual activity. A credible financial plan must reflect a genuine analysis of your project, not a mere administrative exercise in style.
Our support for a solid financial plan
Since 1948, our firm has helped founders structure a realistic financial plan compliant with legal requirements, working with your accountant where necessary for the figures. We make sure this document genuinely protects founders rather than remaining a mere box ticked in the formation file.
Having your financial plan reviewed before filing
We systematically recommend having your financial plan reviewed by a professional external to your project, able to question its assumptions with a neutral eye. This external review often makes it possible to detect inconsistencies or excessive optimism before they become a legal risk for the founders.
A solid financial plan is also a valuable tool for yourself, well beyond the legal requirement: it forces you to clarify your growth assumptions and anticipate your actual cash flow needs from the very first months of activity.
Do you need to draft the financial plan for your future SRL/BV in Brussels? Contact us for structured, reassuring support. We remain available for a free initial conversation, to assess together the level of detail needed for your specific project before you commit to drafting the complete document.