More than 130,000 businesses are created in Belgium every year. Here is the concrete path, in the right order, including the point almost everyone underestimates: the financial plan.
A self-employed sole trader starts quickly and at low cost, but is liable for business debts with their private assets and pays personal income tax (up to 50%). A BV/SRL protects your private assets and gives access to corporate tax (20% to 25%) and the dividend regime, but comes with formalities: a notarial deed, full double-entry accounting… and a mandatory financial plan. In practice, many start as sole traders for a side activity and switch to a company when profits or risks grow.
To incorporate a BV/SRL, article 5:4 of the Belgian Code of Companies and Associations requires you to hand the notary a financial plan covering at least two years: sources of financing, opening balance sheet, projected income statements and a budget. This is not a formality: if the company goes bankrupt within three years, this document is used to judge whether the founders had provided sufficient means — they can be held personally liable.
Even where there is no legal obligation (sole traders), no bank will grant a business loan without a numbered forecast: income statement, monthly cash-flow plan and repayment capacity (the well-known DSCR ratio every credit analyst looks at).
The BV/SRL no longer has a legal minimum capital, but it does require "sufficient starting equity" — which is exactly what your financial plan must demonstrate. In practice, plan for a personal contribution of 20 to 30% of your total financing need to make a credit application credible.
Through an accredited business counter (ondernemingsloket / guichet d'entreprise): company number, activation of your activities (NACE codes) and, in the same step, VAT identification. For a small activity (under €25,000 in turnover), the VAT exemption scheme for small businesses lets you skip charging VAT — with its advantages and its limits.
Every self-employed person pays roughly 20.5% of their net income in social contributions (with quarterly minimums, even with no income). It is one of the most overlooked items in back-of-the-envelope forecasts — and one of the main causes of nasty tax surprises in years 2 and 3, when the adjustments arrive.
Professional liability insurance, ten-year liability in construction, guaranteed income insurance, professional competence requirements for certain regulated professions (only in Wallonia and Brussels — Flanders abolished them, and the basic management knowledge requirement disappeared in all three regions in October 2025), the federal food safety agency (FAVV/AFSCA) for food businesses… Every sector has its list. A good financial plan includes these costs from day one instead of discovering them along the way.
The plan doesn't die on opening day: compare your actual figures with the forecast every month (revenue, costs, bank balance). A gap of more than 15% on revenue for several months in a row is the signal to re-challenge the plan with your accountant — before your cash flow does it for you.
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