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The N-1 income statement and tax losses

⏱ 4 min readUpdated on

Comparing the plan with the last completed financial year is a banker's first reflex. The N-1 income statement is there for that comparison: it is not written to the journal.

What it is for

Two optional steps end the “Existing company — N-1 balance sheet” page.

5 · Results N-1 — the N-1 income statement (optional) block offers two modes: Detail (turnover, supplies, services and other goods, remuneration, depreciation…) or Gross margin (the gross operating margin, code 9900, instead of the first headings). Fiplan calculates the aggregates — 9900, 9901, 9903, 9904 — and compares the calculated result with the Result for the year per the annual accounts (9904) that you enter. The annual accounts (comptes annuels / jaarrekening) are those of the prior financial year (N-1). The Results screen then shows an “N-1 (actual)” column and the change in turnover; without this step, the plan says “N-1 income statement not carried forward”.

6 · Tax losses — the Prior tax losses (optional) field: the tax losses carried forward at the close of the last financial year, as reported in the last corporate tax return.

Both steps stay Optional while they are empty, and become Done once they are filled in.

Steps

  1. In step 5 · Results N-1, choose the mode: Detail or Gross margin.
  2. Enter the headings, then the result in the annual accounts (9904). Read the check line under the aggregates.
  3. If the company has tax losses carried forward from earlier years, enter them in step 6 · Tax losses.
Step “5 · Results N-1”, Detail mode, the calculated aggregates and the check line.
Step “5 · Results N-1”, Detail mode, the calculated aggregates and the check line.

Worked example · Boulangerie Dupont SRL

The existing bakery enters its 2026 financial year:

CodeHeadingAmount
70Turnover190,000.00
9900Gross operating margin105,000.00
9901Operating result30,500.00
9903Result for the year before taxes30,000.00
9904Result for the year24,000.00

The result entered, €24,000.00, matches the calculated result: “Computed result €24,000.00 = entered result.” Entered as €23,900.00, it would be refused: “Computed result €24,000.00 ≠ entered €23,900.00: gap €100.00. The file cannot be created until the gap is zero.”

The plan's turnover, €216,000.00 in 2027, then grows by 13.68% compared with 2026.

Pitfalls

The N-1 is not written to the journal. It is used for comparison; the plan itself starts from the N-1 balance sheet.
To the cent. The calculated result must equal the result in the annual accounts to the cent: otherwise, creation is refused.
A “not comparable” line. When an N-1 heading has no certain equivalent in the plan, the N-1 column shows it as “not comparable”.
Tax losses, with a reservation. They are offset against the plan's profits (art. 206 of the Income Tax Code 1992, CIR 92 / WIB 92), provided there is no change of control (art. 207, para. 8): the screen reminds you of this under the field.

What it changes

① Income statementNo effect on the plan€0.00The N-1 is a comparison column.
② CashNo effect€0.00Nothing is received or paid.
③ Balance sheetNo effect€0.00The starting balance sheet is the N-1 balance sheet.

Source

National Bank of Belgium (BNB / NBB), abridged format of the annual accounts: the headings and the codes 9900, 9901, 9903, 9904. The formulas of the aggregates are Fiplan's, on a provisional basis, and are on the reviewer's list.

Income Tax Code 1992 (CIR 92 / WIB 92), art. 206 and 207, para. 8, as the screen cites them: the offset of prior losses, subject to a change of control.

Fiplan convention (compte-resultats-n1.ts): the refusal of a result that does not match to the cent.