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In a labor market plagued by 163,000 unfilled blue-collar vacancies across Europe, Belgian startup Ringtime has raised 1.8 million euros to transform how recruiters connect with candidates.

The Philippson family, co-founders of Bank Degroof, has become the majority shareholder of the renowned Belgian bakery chain Les Tartes de Françoise.

From humble beginnings to global ambitions: The Belgian startup journey.

Trixxo Jobs NV and A.M. Group NV have agreed to end their partnership, less than two years after Trixxo acquired the Belgian recruitment group in late 2024.

Jurimesh, the Ghent-based tech company for legal due diligence, announced today that Maurits Arnauw has joined the company as Head of M&A and Legal Innovation.

According to Tony Yoseloff, head of the credit hedge fund Davidson Kempner, Wall Street is severely underestimating the challenges facing the private equity (PE) industry. This is not a future concern but an existing issue, reports The Financial Times.

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The world of mergers and acquisitions is entering a new era. Despite geopolitical tensions and ongoing macroeconomic uncertainty, M&A activity is showing clear signs of recovery. But how are the world’s leading dealmakers navigating this volatility? And what strategies and mindsets are required to succeed in this evolving environment?

German Investor Orlando Capital has been given permission to further shape the strategic direction of the retail formulas.

Using M&A as a tool to improve your strategic position in a world defined by AI, decarbonization and de‑globalization.

TINC delivered outstanding financial results for the year ending December 31, 2025, marking a significant step in its growth strategy.

Puratos and Dawn Foods announced today a definitive agreement for Puratos to acquire Dawn Foods, subject to customary regulatory approvals.

European private equity firm CVC Capital Partners is exploring the acquisition of a stake in Belgian state-owned bank Belfius, ahead of a possible initial public offering (IPO), according to two sources familiar with the matter. Reuters reports this.

The League Tables – based on data by Dealmakerdata.be – show which firms and dealmakers really matter. The biggest deals, the most deals, the most active firms and dealmakers: everything is included.

The acquisition marks a strategic expansion for Barco, positioning the company as a fully integrated provider of audiovisual solutions.

The Dutch VDL Groep has acquired Limoco, a Belgian family-owned company specializing in turnkey industrial ventilation and extraction systems.

Belgium’s entrepreneurial boom continued unabated in 2025, with 132,199 new businesses registered in the Crossroads Bank for Enterprises (KBO) – the highest figure in a decade.

Private equity activity in the European defense sector is structurally higher than in the past decade.

Warranty & Indemnity insurance has become an increasingly important part of the M&A toolkit, used not only to transfer risk but also to improve deal certainty, ease negotiations and, in some cases, preserve post-deal relationships.

Walloon chemical group Silox has acquired select assets related to sodium hydrosulfite production from German chemical giant BASF.

Compagnie du Bois Sauvage has finalized the acquisition of the remaining 34 percent stake in renowned chocolatier Jeff de Bruges, securing 100 percent ownership of the brand.

steute Technologies, a global leader in medical and industrial switching solutions backed by U.S.-European investor Battery Ventures, has acquired Oldelft Ultrasound, a Dutch pioneer in transesophageal echocardiography (TEE) probes.

TMC, the Eindhoven-based technology consultancy, has acquired WEB, a fellow Eindhoven engineering and consultancy specialist.

PK Consumer Health, a joint venture between Yvan Vindevogel’s Damier Group and U.S. private equity firm Avista Healthcare Partners, has acquired Healthaid Ltd (UK) and Healthaid USA, marking a strategic expansion into the vitamins, minerals, and supplements (VMS) market.

Patrick Putman’s advice is grounded in hard-won experience: "Involve IT early, plan for every scenario, and never underestimate the human and contractual dimensions of change."

Aedifica has successfully acquired 79.57 percent of Cofinimmo’s shares during the initial acceptance period of its exchange offer, a major step toward creating a leading European healthcare real estate investment trust (REIT).

The partnership underscores ConXioN’s commitment to measurable tech value, from standardized service models for SMEs to tailored solutions for larger organizations.

All Seas Capital, a pan-European private capital fund from London, has invested in Sereni, a leading funeral services platform across Belgium, Germany, and Poland.

Sweco, Europe's largest architectural and engineering consultancy, has integrated the Belgian operations of CONIX RDBM Architects into its architecture division, effective immediately under the legal entity Sweco Architects.

team.blue, a leading European AI-powered digital enabler for small and medium-sized businesses (SMBs) and agencies, announced the acquisition of Saleskit today.

Vertical Compute has secured a total of 57 million euros in seed funding to tackle AI’s memory bottleneck, a critical challenge as global demand for high-density memory outpaces supply. "It’s like replacing a single-story home with a skyscraper.”

Sofindev has agreed to acquire a minority stake in Elindus and its sister company Smart at Energy, marking a strategic move to fuel the group’s expansion in the Belgian B2B energy market.

Before the M&A Trend Forum officially kicked off at BDO Brussels, a select group of Belgian M&A directors gathered for an exclusive roundtable on one of the most pressing topics in dealmaking today: the impact of AI.

The first M&A Trend Forum of the year kicked off with a buzz at BDO Brussels, where Belgium’s sharpest dealmakers gathered to dissect the trends shaping 2026’s mergers and acquisitions landscape.

The M&A Trend Forum brought together M&A experts, CFOs, and Directors to dive into the key issues shaping the future of mergers and acquisitions.

What’s Cooking families launch 148 euros-per-share bid to take the company private after turbulent years.

iDocta, a leader in print and document solutions, has acquired Michiels (a Canon partner) and Picard (a Kyocera specialist), merging three of Belgium’s strongest print providers into one.

Two of Belgium’s leading IT service providers, Dynamate and VanRoey, have announced their intent to merge, forming a 140 million euros revenue unified managed IT group under the Dynamate brand.

Smile Sail, the tech fund led by serial entrepreneur Urbain Vandeurzen, has acquired a majority stake in Twikey, a Ghent-based payment orchestration scaleup.

Nova Reperta, a Brussels- and Amsterdam-based management consulting firm, has secured Tilleghem as a new strategic investor, replacing previous backer Ardian (2021–2026).

Belgian coffee group House of Coffee is accelerating its international expansion with the acquisition of Dutch peer Café Salento and a strategic partnership with private equity fund Down2Earth Capital III (D2E).

Big Pony Ventures (BPV) has announced its acquisition of a majority stake in Collect Online, a move aimed at accelerating the company’s technological and geographic expansion.

This is your playbook for turning family values into global growth. Whether you’re a family business owner, investor, or M&A advisor, the insights in this whitepaper will help you avoid costly mistakes in international expansion, leverage ‘patient capital’ as a competitive edge, and build governance and financing strategies that align with long-term vision.

In a move to strengthen the sustainable e-commerce sector, Dutch zero-waste online supermarket Pieter Pot has announced a merger with Belgian counterpart Andy.

Exclusive insights from Magali Fiechter-Deloof, founder of Nextwire, on how AI is reshaping dealmaking, leadership, and post-merger integration. Her vision: “AI transformation is 90 percent people and 10 percent technology. The technology is the easy part. The leadership, the operating model, the culture, that's where real differentiation happens.”

Syndicate One, the international network-driven investment firm, has successfully closed an oversubscribed 22 million euros fund to further accelerate its mission of backing exceptional Belgian tech talent.

SD Worx, Europe’s leading HR and payroll solutions provider, has acquired Paie & RH Solutions, a fast-growing French payroll outsourcing specialist and early adopter of Yeap, France’s most advanced cloud-native payroll technology.

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Software and AI investor Smile Sail has acquired a majority stake in RegLab, a leading Dutch provider of anti-money laundering (AML) compliance software for law firms and investment funds.

In the European SME market, access to capital and buyers is not the main constraint. Increasingly, the differentiator is readiness.

Gimv, the Belgian investment company, has announced robust results for its shortened financial year 2025, achieving a record investment level of 466 million euros and expanding its total portfolio to over 2.1 billion euros – a 31 percent increase in just nine months.

The Argos Index® fell to 8.3x EBITDA in Q4 2025, its lowest level since 2014, as European and Belgium’s mid-market M&A landscape faced persistent downward pressure on valuations.

Belgian digital transformation specialist dear digital has announced the acquisition of Rezolv, a Hasselt-based Odoo partner.

Belgian publisher Lannoo, based in Tielt, has acquired Ludion, a renowned art publisher from Nazareth-De Pinte.

Minitab, LLC, a global leader in data analytics and process improvement, has acquired Effex, a cutting-edge design of experiments (DOE) and optimization platform and spin-off from KU Leuven.

The Luxembourg company CLdN has announced a definitive agreement to acquire Samskip’s quay-to-quay and door-to-door freight operations between continental Europe and the UK & Ireland.

Getax Logistics, headquartered in Tessenderlo-Ham, Limburg, has finalized the acquisition of Dutch counterpart QBC The Netherlands, based in Maastricht.

US private equity firm Ampersand Capital Partners has acquired Purna Pharmaceuticals, a Belgian contract development and manufacturing organization (CDMO) specializing in liquid and semi-solid drug formulations.

Polpo, the smart platform for political and policy monitoring in the Netherlands and Belgium, proudly announces that as of 12 February it has welcomed a new investor. CNBB acquires a small majority stake in Polpo, whereby the current investors transfer their shares. The remaining shares will stay in the hands of the existing shareholders: Caspar Pille, Johan van Zaanen, Desmin Dekker and Hans van Krevel.

Positive financial conditions within the sector are revitalizing deal activity.

Vic Swerts, founder and owner of global sealants giant Soudal, has acquired a majority stake in Iris Industry Solutions, a specialist in industrial coatings.

Backed by 30 Dutch and Belgian families and an institutional investor

HERAN Partners has secured 90 million euros at the closing of its second healthtech investment vehicle, HERAN HealthTech Fund II, with plans to expand the fund to between 110 million euros and 120 million euros.

Vectis Private Equity has announced the first closing of its fifth investment fund, Vectis 5, securing 85 million euros in fresh capital to support the growth of promising Belgian small and medium-sized enterprises (SMEs).

International food retailer Ahold Delhaize closed 2025 with resilient earnings and a strengthened balance sheet, while stepping up its M&A activity to support long-term omnichannel expansion.

Salary growth for professionals in the European private capital market remains subdued.

Belgian hygienic interiors specialist PolySto Group has acquired German FRP panel manufacturer Hydewa, marking another step in the group’s buy-and-build strategy following the investment by Sofindev in 2025. Financial terms were not disclosed.

It’s not enough to make a good deal financially and legally; it also requires an understanding of what makes the market like, trust, and remain loyal to your brand, as this may have a critical impact on the businesses’ long-term viability.

Smile Sail has acquired a majority stake in Rsult Group, an award-winning Oracle NetSuite partner, in a move aimed at accelerating the technology company’s growth across the EMEA region.

Belgian investment holding Groupe Bruxelles Lambert (GBL) has signed definitive agreements to acquire a 45 percent co-controlling stake in Rayner, a leading manufacturer of intraocular lenses and other ophthalmic products.

East Flanders entrepreneur Dominique Desrumaux has completed his second acquisition in the motorhome sector with the purchase of Urbano Motorhomes, a well-known company based in Ostend.

Looking to stay ahead in a rapidly evolving deal landscape? Vlerick Business School’s flagship M&A Conference returns with fresh insights, top-tier speakers and unmatched networking opportunities for investors, advisors and business leaders ready to shape their next move.

Argos, an independent European private equity group with offices across France, Italy, the Benelux and DACH regions, has promoted Arne Louwagie to Senior Director within its Benelux investment team.

AKD has strengthened its Brussels tax practice with the appointment of Elien Van Malder as partner, alongside tax adviser Adrien D'Heure.

Agomab Therapeutics has priced its initial public offering at 16 dollars per American Depositary Share (ADS), raising expected gross proceeds of approximately 200 million dollars before underwriting discounts and expenses.

Four specialized companies in the Flemish media and entertainment sector – Media Partners, Flanders Tax Shelter, Brightside Productions and Famework – have merged to form a new group, Brightside Media Group.

C for Growth has acquired a majority stake in Damhert Nutrition, a Belgian producer of organic, sugar-free and vegetarian foods.

Philipp Remy has been promoted to Managing Partner at Fortino Capital, marking a further step in the growth of the European venture and private equity firm’s presence in the DACH region.

Ghent-based HR tech company Talentguide has secured 1.3 million euros in growth capital to support its expansion into the Dutch market and scale its AI-driven skills platform.

Belgian water solutions provider Ekopak has acquired the New Water Business Tilburg (NWB) industrial wastewater treatment facility in Tilburg, marking a step forward in its strategy to strengthen sustainable and circular water management in the Netherlands.

Building Technology Group, a fast-growing provider of integrated building installation services in Belgium, has acquired Vrints, an HVAC and plumbing installer based in Brecht.

Belgian-founded AI startup pleasefix.ai has secured 2.1 million euros in a pre-seed funding round led by Pitchdrive, with participation from Syndicate One, Entrepreneurs First, Transpose and 100IN, alongside several finance industry investors.

Belgian sports tech company Runeasi has secured 1 million euros in growth funding to expand its AI-driven movement analysis platform.

Belgian regtech provider RiskConcile has acquired Substance over Form (SOF), a London-based specialist in regulatory reporting solutions for investors in private and alternative markets.

High-tech consultancy firm TMC has acquired Sioux Technologies NV, the Belgian subsidiary of high-tech solutions provider Sioux Technologies, headquartered in Eindhoven.

Belgian supermarket chain Delhaize has completed the acquisition of Delfood, including all louis delhaize-branded stores, affiliated partner shops, logistics operations, and the company’s Belgian headquarters.

Delaware Belux has acquired ML2Grow, a Belgian specialist in artificial intelligence and machine learning, further reinforcing its position in the fast-growing Belgian AI market.

Eurocircuits, a European specialist in printed circuit board (PCB) and printed circuit board assembly (PCBA) prototyping and low-volume production, has entered into a strategic partnership with Avedon Capital Partners.

Beaulieu International Group (B.I.G.) has signed an agreement to acquire 100 percent of the shares in IFG Asota GMBH, an Austria-based fibre specialist and a recognised player in the global market for synthetic staple fibres.

Altix strengthens investor support with strategic appointments in the Netherlands and Belgium.

Which Belgian firms and dealmakers were most active in 2025? The League Tables provide insight into the leading players across M&A Advisory & Financial Due Diligence (FDD), Legal Advisory, and Private Equity.

The Belgian Competition Authority (BCA) has approved Delhaize’s acquisition of Delfood, owner of the Louis Delhaize retail chain, subject to a number of conditions aimed at safeguarding competition.

PIA Group, the international accountancy, advisory and audit group headquartered in Ghent, has started the year with five new acquisitions, further strengthening its footprint in Belgium and beyond. One of the newly added firms is DSM Consulting, based in Lier.

Belgian investment company Gimv has announced a strategic refocus on its core investment platforms, discontinuing new investments in Life Sciences while strengthening its emphasis on Anchor, Consumer, Healthcare, Smart Industries and Sustainable Cities.

Baker Tilly Belgium and Baker Tilly Netherlands are joining forces to form a single regional platform, creating a leading accountancy, audit and advisory group across Belgium and the Netherlands.

German medtech startup Altavo GmbH has closed a 3 million euros Series A2 financing round to accelerate the development of its Artificial Voice technology, aimed at restoring natural-sounding speech for people who have lost their voice.

The Dutch competition authority Autoriteit Consument en Markt (ACM) has once again urged lawmakers to give it greater powers to intervene in smaller mergers and acquisitions, warning that growing market concentration is undermining competition in the Netherlands.

Belgian managed ICT provider VanRoey has acquired The Collective, a Microsoft-focused cybersecurity specialist based in Zele. The transaction strengthens VanRoey’s security portfolio and gives the company its first permanent foothold in East Flanders.

Puratos has acquired Vör Foods, a fast-growing producer of clean-label nut pastes and nut-based fillings based in Trevose, Pennsylvania, as the Belgian group strengthens its manufacturing footprint and innovation capabilities in the United States.