Business plan structure in Belgium: contents and legal duties

Why write a business plan in Belgium?

A business plan serves three purposes. First, it helps you decide whether the project stands up. Second, it contains the financial plan the law requires to form a company. Finally, it provides a basis for talks with banks, investors and support bodies.

Many founders write it too late, just before the notary appointment. Yet a plan built early avoids costly mistakes: the wrong price, premises that are too expensive, funding that runs out too soon.

What the law actually requires

No legal text requires a full business plan. However, the Belgian Companies and Associations Code does require a financial plan to form an SRL, SA or SC. These are the main limited company and cooperative forms. The founders hand the plan to the notary before incorporation.

The minimum content of the financial plan

The Code sets a list of mandatory items.

• A precise description of the planned activity.
• An overview of funding sources, with any guarantees.
• An opening balance sheet and projected balance sheets after twelve and twenty-four months.
• A projected income statement after twelve and twenty-four months.
• A budget of income and expenditure covering at least two years.
• The assumptions behind revenue and profitability.

Our guide to founder liability and the financial plan explains each item. The Code itself is available through the Belgian Official Gazette.

The risk if the company fails early

Suppose the company goes bankrupt within three years of incorporation. If the starting equity was manifestly insufficient, the founders may have to bear part of the debts. Article 5:16 of the Code governs this liability, and the judge sets the proportion.

Depending on the company form

Requirements vary with the form you choose.

• SRL: no minimum capital, but enough equity for at least two years.
• SA: a minimum capital of €61,500, fully paid up at incorporation.
• SC: at least three shareholders, and a project consistent with the cooperative purpose.

To decide, read our comparison of the SRL and the SA.

The business plan structure in six sections

A clear business plan structure helps readers find any information within seconds.

1. The executive summary

This is often the only section people read in full. Keep it to two pages at most. Present the value proposition, the target market, the business model, the funding need and three-year objectives.

2. The company and the team

Explain the legal form you chose and why. Then show the founders' complementary skills, followed by planned recruitment.

3. Market analysis

Describe the size of the market, its trends and your target customers. Also analyse the competition: strengths, weaknesses and positioning. Finally, state your competitive advantage in one sentence.

4. Sales strategy

Set out pricing, sales channels and communication. Add a marketing budget and quantified targets, quarter by quarter in year one.

5. Operations

Describe production or service delivery, key suppliers, premises and equipment. Finish with a realistic implementation timetable.

6. The financial section

This section takes over the legal financial plan and builds on it. Many banks ask for three years of projections, with a monthly cash flow plan for year one. Add the break-even point and the financing plan. Our complete forecast method explains each table.

What banks look at

Belgian banks mainly assess four points.

• Repayment capacity, meaning the cash available each month.
• The guarantees offered, personal or secured on assets.
• The founders' contribution, often expected at around 20 to 30% of the need.
• The consistency of the projections.

To prepare for that meeting, reread the seven mistakes that sink a loan application.

What investors look for

An investor thinks differently from a banker. They want a large market, a model able to grow fast and signs of traction: first customers, letters of intent, a prototype. They also consider their future exit, through a sale or a later funding round.

Common mistakes

These mistakes weaken even a carefully built business plan structure.

• Overestimating first-year revenue.
• Underestimating costs, with no safety margin.
• Ignoring cash flow: profitable companies fail for lack of cash.
• Claiming "we have no competitors".
• Writing a document that is too long: around twenty pages is often enough, appendices included.

Regional support to know

Each region offers start-up support.

• In Wallonia: chèques-entreprises for advice and training, and the regional Invests for loans and equity stakes.
• In Brussels: finance.brussels for loans and guarantees, Innoviris for innovation, hub.brussels for coaching.
• In Flanders: VLAIO for grants and coaching, PMV for loans and equity stakes.

Check the current conditions on each organisation's website. The FPS Economy also brings together the general formation steps.

Preparing your business plan with Juristelo

Juristelo guides you section by section and generates the financial section from your answers. The tables stay consistent with the financial plan the Code requires, then export to Word or PDF. You save time to polish the summary and the market analysis, the parts that shape a strong business plan structure.