Selling a Business in Brussels
Brussels is simultaneously Belgium's capital and the de facto capital of the European Union — a combination that creates a business environment unlike any other in Europe. The concentration of EU institutions generates a unique professional services market, a deep pool of multinational tenants and clients, and a buyer universe that includes international groups for whom Brussels-based operations carry strategic value beyond their financial performance alone.
The Brussels mid-market M&A landscape in 2026
Brussels' M&A market has a structural characteristic that distinguishes it from most other European capitals: a large proportion of its most attractive businesses derive competitive advantage not from product or technology alone, but from proximity and access — to EU institutions, to the multinational companies that cluster around them, and to the regulatory intelligence that flows from being embedded in the world's most significant regulatory environment. For buyers, acquiring a well-positioned Brussels business can mean acquiring access to decision-making processes that shape entire industries across 27 member states.
Belgian mid-market private equity is active and well-capitalised, with funds such as Waterland, Gimv, and Ergon Capital among the most consistent participants. International PE funds view Belgium as a stable, EU-anchored market with pragmatic deal execution. The bilingual business environment — French in Brussels and Wallonia, Dutch in Flanders — adds some complexity to integration planning but does not deter sophisticated buyers.
The businesses achieving the strongest outcomes in Brussels tend to have either EU-institutional client relationships that are genuinely difficult to replicate, multinational clients anchored by EU-operational rationale, or positions in Belgium's substantial chemicals and industrial base. Professional services businesses with retained EU affairs mandates are highly prized acquisitions for global communications and consulting groups.
Belgium's relatively favourable capital gains treatment for individual shareholders — in most circumstances, gains on private share disposals are not subject to capital gains tax — is a meaningful consideration in exit planning and affects the attractiveness of share sale versus asset sale structures for Belgian founders.
Key sectors driving Brussels M&A
Brussels' economy spans EU institutional services, financial services, chemicals, technology, logistics, and real estate. Buyer appetite varies significantly by sector — here is what the landscape looks like across each.
EU Institutions & Professional Services
Brussels' extraordinary concentration of EU institutions — the European Commission, European Parliament, Council of the EU, and dozens of agencies — creates a professional services market that does not exist anywhere else. Lobbying and public affairs firms, regulatory affairs consultancies, EU law practices, and policy advisory businesses serve a captive and growing client base. These businesses attract strategic acquirers — global law firms, communications groups, and consulting houses — seeking direct EU-institutional access. Revenue quality is high and client relationships are often long-duration.
Financial Services
Brussels hosts significant operations of ING, KBC, and Belfius — three of Belgium's major banking groups — alongside a substantial presence of European financial institutions using Belgium as their EU regulatory home. Fintech, payments, and insurtech businesses benefit from both the institutional financial services ecosystem and Belgium's pragmatic regulatory environment. FSMA licensing is a consideration in any regulated transaction, and the FSMA's approach to change-of-control filings follows EU frameworks closely.
Chemicals & Speciality Materials
Belgium has an internationally significant chemicals and speciality materials industry. Solvay — one of Europe's major chemical groups — and UCB in pharmaceuticals represent the large-cap end of a sector with significant mid-market depth. Chemical distribution, speciality compounds, and industrial intermediates businesses attract interest from global chemical groups seeking European distribution and from PE funds with materials mandates. REACH compliance and environmental liability are standard buyer diligence considerations.
Technology & Digital
Brussels' technology sector has grown substantially as the city has attracted digital businesses seeking proximity to EU regulatory developments — particularly in data, AI, and financial regulation. SaaS businesses serving EU institutional clients, regulatory technology, and compliance software attract both trade buyers and PE. The Belgian government's active investment in digitisation creates a steady pipeline of public-sector tech opportunities. Strong engineering talent from Belgium's universities supports the ecosystem.
Logistics & Supply Chain
Belgium's geographic position at the heart of the northwest European logistics corridor — with the Port of Antwerp (now Antwerp-Bruges) as Europe's second-largest port — creates significant logistics and supply chain M&A activity. Freight forwarding, contract logistics, cold chain, and last-mile businesses serving the Brussels and wider Belgian market attract interest from global logistics groups building European density. Infrastructure-adjacent logistics assets command premium valuations.
Real Estate & Construction
Brussels' real estate market is driven by EU institutional demand for office space, residential development in the expanding periphery, and significant renovation activity in the historic centre. Real estate services, property management, and construction businesses serving both public and private sector clients have seen consolidation as international groups expand their Belgian platforms. The EU's sustainable finance framework is increasingly shaping ESG requirements in commercial real estate transactions.
Belgian-specific considerations when selling your business
Selling a Belgian business involves legal, regulatory, and tax considerations specific to the jurisdiction. Belgium's pragmatic business culture means these are workable in practice — but they need to be understood from the outset.
Belgian Corporate Code & SA/NV and SRL/BV Structures
Belgium implemented a comprehensive new Corporate Code (Code des sociétés et associations / Wetboek van vennootschappen en verenigingen) in 2020, fundamentally reforming Belgian company law. The two dominant structures for mid-market businesses are the SA/NV (société anonyme / naamloze vennootschap) and the SRL/BV (société à responsabilité limitée / besloten vennootschap) — the latter significantly reformed to allow flexible share capital. Buyers will conduct detailed corporate law due diligence under the new Code, and sellers should ensure their governance documents are up to date. The Code introduced new flexibility but also new requirements that older businesses may not yet have adopted.
FSMA & Financial Services Regulation
The Financial Services and Markets Authority (FSMA) regulates Belgium's financial sector. Businesses in banking, insurance, investment management, payment services, and related activities require FSMA authorisation and are subject to change-of-control notification and approval requirements. Belgian financial services regulation is closely aligned with EU frameworks (CRD, MiFID, PSD2, Solvency II), which is an advantage for European buyers already familiar with those regimes. However, FSMA has its own procedural requirements and timelines that need to be planned for in any transaction involving regulated Belgian entities.
Belgian Competition Authority (BMA) & EU Merger Control
The Belgian Competition Authority (Autorité belge de la Concurrence / Belgische Mededingingsautoriteit) reviews mergers meeting Belgian thresholds: combined Belgian turnover above €100M with at least two parties each above €40M. For larger transactions, EU Merger Regulation jurisdiction may apply and displace national filings. Brussels-based businesses — particularly those with EU-wide client bases in professional services — may trigger EU Merger Regulation thresholds even where Belgian domestic turnover thresholds are not met. Early assessment of merger control exposure is essential in any cross-border transaction.
Belgian Tax — Capital Gains & Notional Interest Deduction
Belgium does not impose capital gains tax on share disposals for individual shareholders in most circumstances — a significant advantage compared to most European peers. However, the specific conditions for this exemption require careful analysis, and the distinction between normal management of private assets versus professional investment activity is a recurring source of scrutiny. Belgium's notional interest deduction (aftrek voor risicokapitaal) — which allows companies to deduct a notional return on equity — can be relevant to deal structuring. Belgian tax authorities have been active in challenging certain M&A-related structures, and specialist Belgian tax advice is essential.
What Brussels buyers are looking for right now
The Brussels buyer market in 2026 is characterised by strong interest from international groups seeking EU institutional proximity, continued PE consolidation in professional services and specialised business services, and strategic acquirers in chemicals and logistics building European density. Businesses that can demonstrate EU-anchored client relationships, regulatory expertise, or strategic geographic positioning are consistently outperforming the market on valuation outcomes.
EU institutional relationships and regulatory expertise
For professional services businesses in particular, the strength and longevity of relationships with EU institutions — Commission, Parliament, agencies — is a primary valuation driver. Buyers are acquiring access and expertise that cannot easily be replicated by entering the market organically. These relationships need to be documented and shown to be transferable.
Multinational client base with EU-anchored rationale
Brussels businesses that serve multinational companies maintaining Belgian or EU operations — law firms, consultancies, real estate managers, IT service providers — have client relationships that are stickier than in many other markets because the client's presence in Brussels is itself structurally motivated. Buyers value this client retention profile highly.
Bilingual operational capability
Belgium's French-Dutch bilingual environment is a commercial reality. Businesses that operate effectively across both language communities — and in English for international clients — have a broader addressable market than those confined to one linguistic region. Buyers, particularly international acquirers, want to understand how language is managed operationally.
Earnings resilience in an institutional market
Professional services businesses serving EU institutional clients tend to have highly resilient earnings — the EU budget is multi-year, institutional spending is counter-cyclical, and client tenures are long. Buyers price this resilience positively. Demonstrating contract duration, renewal rates, and client concentration metrics clearly is essential in positioning.
Considering selling your Brussels business?
We offer an initial confidential consultation at no charge and without obligation. We will give you an honest assessment of what your business is likely worth in the current market, what a sale process would look like, and whether the timing is right. If it is not the right time, we will tell you that too.