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  • Writer's pictureDavid Bultreys

Financial plan for setting up a limited liability company in Belgium : how to establish it?


plan financier SRL SA SC



In order to set up a limited liability company, it is necessary to draw up a financial plan to be submitted to the notary.


The purpose of the financial plan is to determine the amount of equity (SRL / SC) or capital (SA) to be injected into the company to ensure its existence for two years.


The founders can be held liable in the event of bankruptcy within the first three years of the company if it is determined that the equity or capital contributed at incorporation was insufficient.


Often a professional accountant will assist you in drawing up your financial plan, as the legislation imposes formal requirements that are not always known to the founders.


We will draw up your financial plan, remotely or in your presence, within a week* for an amount previously defined with you.

*As soon as we have the necessary information and documents



Information to be provided to the accountant by the founders:


The file below is a pdf version of the preparatory document that we ask you to complete before the realisation of your plan.


Document preparatoire
.pdf
Download PDF • 1.77MB

You can contact us by phone or e-mail for any questions regarding this document.


In practice :



What elements must be included in the financial plan?


1. Precise description of the planned activity


A precise summary of the activities that your company will carry out, in most cases this will be a short paragraph.


"The company's main activities will be software development and IT consultancy."

"The company's activities will consist of the sale and maintenance of industrial machinery."



2. Overview of sources of funding


Specify for each founder what they are contributing and the value of their contribution.


"Mr Alain Leclercq: cash contribution of €25,000.00 in equity"

"Mrs Marie Duez: contribution in kind: computer equipment worth €1,500.00"



3. Balance sheet at incorporation, at 12 months and at 24 months


This is drawn up by the professional on the basis of the figures communicated by the founders.

The balance sheet is drawn up in the format of the Belgian National Bank and has three columns: situation at creation, at 12 months and at 24 months.


Bilan format BNB societes sans capital
.d
Download D • 214KB
Bilan format BNB societes avec capital
.d
Download D • 216KB



4. Income statement for 12 and 24 months


This is drawn up by the professional on the basis of figures communicated by the founders.

The profit and loss account is drawn up in the format of the Belgian National Bank and comprises two columns: situation at 12 months and at 24 months.


5. Forecast of income and expenditure for a period of at least two years


A list of income and expenditure for a period of two years.

For each item, the amount, frequency, payment period, start date and end date (if within two years) should be specified.


"Photocopier rental: €220.00/month, starting in 06/2021, ending outside the two-year period

"Building rent: €2,500.00/month, from inception, end - "

"5,000.00 on incorporation, one-off payment"

"Director's salary: €3,500.00/month, on incorporation, end of - "

"Sales: invoicing should start at the end of the first month and the payment terms for customers are 30 days"



6. Explanation of the assumptions made for the estimation of turnover and profitability



Example:


"The company should start invoicing consultancy assignments from 04/2021 because we have an agreement with a client, he would like us to be present two days a week in his company for a fee of 1.000,00€ / day. If the contract should not be signed we have other possibilities.

The expenses related to the company's activities will be low, so the profitability will be high."


7. Name of the external expert who assisted in the financial plan


The name of the professional who assisted you with the financial plan should appear in the plan.








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