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News 15th of April 2020 By Frederik Arnauw and Iris De Groote

Do you require a coronavirus action plan? 4 tips

Do you require a coronavirus action plan? 4 tips

Question your business model

Scope out your working capital requirement for the months ahead

Draw up a budget for the costs, expenditure and planned investments

Try to absorb deficits

  • +Finalised annual accounts from your last financial year, with which you can demonstrate that your application fits into the framework of the budget you have drawn up and is a consequence of the crisis (and therefore is not required to finance past problems).
  • +The interim figures for the current financial year. 
  • +Periodic reporting which is vital for sound company management and, as a result of which, banks will display a strong interest in how your company is doing at present. This way, the impact of corona on your company will immediately be clear. 
  • +A cash forecast, budgeted balance sheet and profit and loss account that illustrate the forthcoming months and longer. This is required in order to reflect the liquidity needs and to understand your company's direction.
Disclaimer
We base our advice on current legislation, interpretations and legal doctrine. This does not prevent the administration from being able to challenge it or to change existing interpretations.
Frederik Arnauw
Frederik Arnauw
Iris De Groote