The Business Plan in Belgium: Structure, Requirements and Practical Tips

Why Is a Business Plan Essential in Belgium?

A business plan is more than a simple administrative document. In Belgium, it serves a triple function: legal requirement, strategic management tool, and negotiation document with financial partners.

The Legal Requirement of the Financial Plan

Since the Code of Companies and Associations (CCA) of 2019, any creation of an SRL, SA, or SC requires filing a financial plan with the notary. This document is preserved and may be examined in the event of bankruptcy within the first three years (founder liability - Article 5:16 CCA).

The financial plan must contain at minimum:

• A precise description of the projected activity
• An overview of all funding sources
• An opening balance sheet and projected balance sheets for at least 24 months
• A projected income statement for 24 months
• A budget of projected revenues and expenses
• A description of the assumptions used for revenue estimation

Consequences of Non-Compliance

If the company goes bankrupt within 3 years and the financial plan is deemed manifestly insufficient, founders may be held personally and jointly liable for all or part of the company's debts.

Structure of the Complete Business Plan

1. Executive Summary

This is the most important section as it is often the only one read in detail by investors. It should fit on maximum 2 pages and cover:

• The unique value proposition
• The target market and its potential
• The business model
• Funding requirements
• 3 and 5-year objectives

2. Company and Team Presentation

• Chosen legal form and justification
• Complementary founder skills
• Planned organizational chart
• Recruitment needs

3. Market Analysis

4. Commercial and Marketing Strategy

• Pricing policy (positioning)
• Distribution channels
• Communication strategy
• Projected marketing budget
• Quantified commercial objectives

5. Operational Plan

• Production or service delivery process
• Suppliers and key partners
• Required premises and equipment
• Implementation timeline

6. Detailed Financial Plan

This is the mandatory technical section:

• Opening balance sheet: assets and liabilities on day 1
• Projected income statements: over at least 3 years
• Cash flow plan: month by month for the first year
• Break-even point: when the company becomes profitable
• Financing plan: equity, loans, grants

The Financial Plan: Belgian-Specific Requirements

For an SRL (Private Limited Company)

Starting capital no longer has a legal minimum, but equity must be sufficient for the planned activity for at least 2 years. The financial plan must demonstrate this adequacy.

For an SA (Public Limited Company)

The minimum capital is €61,500, of which at least €61,500 must be paid up at incorporation. The financial plan must justify the projections.

For an SC (Cooperative)

Minimum 3 founders and the financial plan must reflect the cooperative nature of the activity.

Practical Tips for a Convincing Business Plan

For Banks

Belgian banks (BNP Paribas Fortis, KBC, ING, Belfius) primarily evaluate:

• Repayment capacity (available cash flow)
• Proposed guarantees (personal or real)
• Founders' personal contribution (minimum 20-30% recommended)
• Consistency of financial projections

For Investors

• Show a large market with growth potential
• Present a scalable model
• Demonstrate traction (first clients, LOI, prototypes)
• Have a clear exit plan

Common Mistakes to Avoid

Grants and Support in Belgium

In Wallonia

• Chèques entreprises: coaching, training, support
• Regional Invests: subordinated loans, equity stakes
• SOWALFIN: bank guarantees

In Brussels

• Finance.brussels: loans and guarantees
• Innoviris: R&D and innovation
• Hub.brussels: support and export

In Flanders

• VLAIO: SME grants, innovation
• PMV: loans and participations
• Flanders Investment & Trade: internationalization

Conclusion

Need help writing your business plan? LegalBelgique supports you in drafting your financial plan that meets Belgian legal requirements and is optimized to convince your financial partners. Our legal and financial experts work together to maximize your chances of success.