Find out what a financial plan is, whether it is mandatory, what it contains, and how to get started.
"}},{"componentType":"sectionTitle","title":"What is a financial plan?"},{"componentType":"paragraph","richBody":{"value":"A financial plan is an essential part of the business plan. It provides a detailed overview of the income, expenses, and investments planned for your business.
Unlike the business plan which presents your project as a whole (market, strategy, activity), the financial plan focuses on the figures.
Thanks to a carefully prepared financial plan, you can better assess the resources you need, how to manage your capital and the strategic choices required to develop your business.
"}},{"componentType":"sectionTitle","title":"Is a financial plan mandatory?"},{"componentType":"paragraph","richBody":{"value":"Yes, in Belgium, a financial plan is mandatory if you are setting up a private limited company (BV), a public limited company (NV), or a cooperative company (CV) . This plan must be submitted to the notary before you establish your company.
Are you setting up a sole proprietorship? In that case, a financial plan is not mandatory, but it is still strongly recommended in order to assess the feasibility of your project and anticipate potential financial risks.
"}},{"componentType":"sectionTitle","title":"What does a financial plan contain?"},{"componentType":"paragraph","richBody":{"value":"A financial plan brings together several elements that make it possible to assess the viability and profitability of your project.
Before preparing your financial forecasts, it is important to clearly define your activity, your sources of income, and the main costs associated with your project. These assumptions will serve as the basis for the entire financial plan.
| Component | What it contains |
|---|---|
| Investment plan | What you need to invest to get started: equipment, stock, fittings, vehicle, start-up costs. |
| Financing plan | How you finance these investments: own funds and external financing (business loan). |
| Liquidity plan (cash flow) | Money inflow and outflow per month to check that you can meet your expenses on time. |
| Projected income statement | Your expected income and expenses, and the projected result of your activity. |
| Break-even point | The level of turnover from which your activity becomes profitable. |
"},"title":"The components of a financial plan"},{"componentType":"paragraph","richBody":{"value":"
The investment plan includes all the expenses required to launch your activity, such as the purchase of equipment, stock or a vehicle, finding the right premises, in addition to the costs of setting up the business.
The financing plan indicates how you will finance the investments required to launch your activity. It includes your own funds as well as any external financing, such as a business loan. This will help your planning and make sure that you have sufficient resources.
The cash flow plan details the expected inflows and outflows of money month by month in order to check that your business has the liquidity required to meet its obligations.
The projected income statement estimates the future income and expenses of your activity to assess its potential profitability.
The break-even point indicates the level of turnover that must be achieved to cover all your costs and start generating a profit.
"}},{"componentType":"sectionTitle","title":"The 5 practical tips on how to prepare a financial plan?"},{"componentType":"paragraph","richBody":{"value":"1. Prepare realistic turnover forecasts
Your turnover forecasts should be based on market research and realistic assumptions. For example, how many customers do you expect each month? What is the average value of your sales? A realistic estimate of your expected income helps you avoid making your financial plan overly optimistic.
2. Calculate your profit margins
Your profit margin is what remains after deducting all costs from your turnover. Take into account both the gross profit margin and the net profit margin. This will give you an idea of the profitability of your business.
3. Allow for unexpected costs
It is important to allow some room for unexpected expenses. Business incidents, damage to equipment or unexpected tax charges can disrupt your business. A reserve can help your business continue operations during difficult times.
4. Use tools and benefit from advice
Preparing a financial plan can be quite complicated, but fortunately there are many tools that can help you, such as Excel templates or specialised accounting software. It is always worthwhile to consult a financial adviser or accountant to make sure your plan is complete and accurate.
5. Don't be afraid to make adjustments
When preparing your plan, you may need to modify your idea to make it truly viable. Even if this is not particularly enjoyable, it is better to realise this before or at the beginning of the launch phase so you can make adjustments in time.
"},"title":"With a solid financial plan, you lay the foundations for a successful business. But how do put the work into practice? Here are five practical steps for preparing your financial plan."},{"componentType":"sectionTitle","title":"Frequently asked questions"},{"accordionList":[{"richBody":{"value":"List your initial investments, determine how you are going to finance them (own funds and external financing), prepare your cash flow plan and projected income statement, then calculate your break-even point.
"},"title":"How to create a financial plan?"},{"richBody":{"value":"A financial plan generally includes an investment plan, a financing plan, a liquidity plan (cash flow), a projected income statement and a break-even point.
"},"title":"What should a financial plan contain?"},{"richBody":{"value":"Yes, when setting up a company, the financial plan is mandatory and must be submitted to the notary. For a sole proprietorship, it is not mandatory but remains strongly recommended.
"},"title":"Is a financial plan mandatory?"},{"richBody":{"value":"The business plan presents your entire project (activity, market, strategy and organisation), while the financial plan is its numerical component: investments, financing, cash flow and profitability. Discover ING's tips for preparing a solid business plan and assessing the feasibility of your entrepreneurial project.
"},"title":"What is the difference between a financial plan and a business plan?"}],"componentType":"accordion"},{"componentType":"highlight","richBody":{"value":"Discover the ING Starter Package, bundling everything new entrepreneurs, self-employed professionals, and companies under 18 months old need into one package.
Do you have questions or need more information? Dive into ING’s starter tips to smartly launch your business.
"},"title":"Kickstart your business"}]},"hasMacro":false,"id":"ec7f6a88-d420-4793-b7d0-d56f88babf2f","legalZone":{"flexComponents":[{"componentType":"paragraph","richBody":{"value":"This article is for informative purposes only and the information set out herein may change with time. We therefore recommend that you always reference specific regulations and requirements with the competent authorities for the latest information. Additionally, we advise that you seek professional advice on a case-by-case basis before making any decisions. Please note that ING Belgium SA/NV cannot be held liable for any decision taken on the basis of the information provided.
"},"title":"Disclaimer"}]},"localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"Starting or growing your business? We guide you every step of the way.","url":"/en/business/starters"}},"componentType":"editorialHeader","coreHeader":{"body":"A financial plan is an essential document for assessing the viability of your project and preparing for the launch of your business. It helps you estimate your investments, financing needs, cash flow and profitability.","title":"How to create a financial plan for your business?"},"date":"2026-09-01","readingTime":0},"publishDate":"2026-10-20T13:49:59.543+02:00"}}