Plan financier (srl)

The financial plan must include at least the following elements:

1° a precise description of the projected activity;

2° an overview of all sources of financing at incorporation including, where applicable, a reference to the guarantees provided in this respect;

3° an opening balance sheet drawn up in accordance with the simplified layout provided for micro-companies, as well as projected balance sheets after twelve and twenty-four months;

4° a projected profit and loss account after twelve and twenty-four months, drawn up in accordance with the simplified layout provided for micro-companies (as referred to in article 3: 3);

5° a projected income and expenditure budget for a period of at least two years from incorporation;

6° a description of the assumptions made in estimating the projected turnover and profitability;

7° where applicable, the name of the external expert who assisted in the preparation of the financial plan. nb. When drawing up the projected balance sheets and profit and loss accounts, a periodicity other than that referred to in paragraph 2, 3° and 4°, may be used, provided that the projections cover a total period of at least two years from the date of incorporation.

The aim is to assess, retrospectively in the event of difficulties, whether the founders have provided the company with sufficient equity capital. This provision protects third parties, who would be creditors of the company. However, a well-drafted financial plan also protects the founders.

Particular importance should be attached to this document since, in the event of bankruptcy within three years of incorporation, it is this document that will inform the court about the situation and information existing at the time of incorporation.

Therefore, it is on the basis of this document that the court will assess whether and to what extent the founders should be held liable for the company’s liabilities.

Some advice: comment on the assumptions based on the case this financial plan is drawn up; if the founders identify that the success of the company depends on certain external variables, it may be useful to adapt the governance of the company to these parameters, and, for example, to foresee what the company will do in case these variables are not ultimately favourable.

Take advice from your accountant on this (but this is not an obligation), but do not leave the preparation of the plan completely to him or her, as it is important that you give him or her the required information and discuss the plan with him or her.