n the limited liability company ("bv") replacing the "bvba", the concept of capital has been removed. It is therefore no longer necessary to have a compulsory minimum capital of EUR 18,550 when the company is incorporated. On the other hand, founders must provide sufficient initial capital for the activity the company wants to develop. In exchange for the abolition of the mandatory minimum capital, the legislator requires a more detailed financial plan.
The minimum content of the new financial plan is determined by the new Companies Code itself and consists of seven parts:
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A precise description of the planned activity;
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an overview of all sources of funding at incorporation (including the guarantees provided);
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an opening balance sheet prepared according to a schedule to be determined by the King and projected balance sheets after 12 and 24 months;
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a projected profit and loss account after 12 and 24 months, prepared in accordance with a schedule to be determined by the King;
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a budget of expected income and expenditure for a period of at least two years from the date of establishment;
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A description of the assumptions considered in estimating projected sales and profitability;
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if applicable, the name of the external expert who helped prepare the financial plan.
The intention of the legislator was not to make the preparation of the financial plan by an economic professional mandatory (at least not to increase the formation costs). However, in practice, the increased complexity of the financial plan makes it very likely that one will have to use an accountant, as only an economic professional will be able to prepare a financial plan qualitatively.
Although a minimum capital remains mandatory for SAs, even there a financial plan must be drawn up in accordance with the above outline in 7 sections
