n the limited liability company ("bv") that replaces the "bvba", the concept of capital has been removed. It is therefore no longer necessary to have an obligatory 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 intends 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 7 parts:
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An accurate description of the planned activity;
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A summary of all sources of funding at incorporation (indicating 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 twelve and twenty-four months;
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a projected profit and loss statement after twelve and twenty-four months, prepared according to a schedule to be determined by the King;
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a budget of anticipated revenues and expenditures 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 outside expert who assisted in preparing 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 in order not to increase incorporation costs). In practice, however, it is very likely that the increased complexity of the financial plan will require the use of an accountant, because only an economic professional will be able to qualitatively prepare a financial plan.
Although a minimum capital remains mandatory for public limited companies, even there a financial plan must be prepared in accordance with the above outline under 7 headings
