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.
Based on data from Dealmakerdata.be – the country’s fast-growing database that tracks announced transactions and highlights the professionals behind them – participation from Belgian dealmakers continues to rise. As a result, the platform offers an increasingly comprehensive and transparent view of the local M&A ecosystem.
In addition to serving as a central information hub, Dealmakerdata.be has evolved into a key visibility tool for firms and individuals active in the Belgian dealmaking landscape.
With the deal year 2025 now concluded, it is time to take stock. Which advisors closed the most deals? Who led the market in terms of deal value? As every quarter, the League Tables answers these essential questions for the Belgian M&A community.
Note that what follows is not a definitive list of top performers, but as an overview of who was most visible on Dealmakerdata.be in 2025. Please add your deals to the database to be included in future editions.
M&A Advisory & Financial Due Diligence
In the M&A Advisory & FDD category, BDO tops the rankings by number of deals, finishing the year with 77 transactions and a total deal value approaching 200 million euros. Finvision follows closely, having advised on 67 deals in 2025.
When ranked by deal value, KPMG Belgium leads the table with 2.75 billion euros in completed transactions. It is followed by Eight Advisory Benelux with 2.17 billion euros.
A standout transaction for KPMG Belgium was its advisory role to the shareholders of Clarebout Potatoes on the more than 1 billion dollars acquisition by Simplot—one of the largest Belgian transactions of 2025.
One of Eight Advisory’s most notable transactions involved providing due diligence to Bencis Capital Partners on the sale of a majority stake in Equine Care Group to CNP – a deal that recently received industry recognition at the M&A Awards Belgium.
Rounding out the top rankings by deal value are EY Belgium (1,44 billion euros) and PwC Belgium (1,10 billion euros).
Looking at individual performances, Christophe De Paepe (Finvision) tops the rankings with an impressive 63 closed deals in 2025.
The largest transaction by value – amounting to 1.5 billion euros – was led by Stijn Potargent (KPMG), who advised the Carmeuse Group on its acquisition of Cementos Bío Bío S.A. (CBB), a publicly listed Chilean cement producer.
Legal Advisory
Turning to Legal Advisory, BDO Legal emerges as the clear leader, having completed 36 transactions. Cresco Law and Argo Law follow at some distance, with 16 and 14 deals respectively. In value terms, A&O Shearman stood out, advising on several mega-deals, most notably Ageas’s acquisition of Esure.
The most active legal professional on the Belgian market was Christophe Krzewinski, Founding Partner at K/Partners, who advised on 10 transactions. He is followed by Frederiek Adams, Partner in Corporate M&A and Private Equity at A&O Shearman, with 6 deals. Adams also leads by deal value (1,48 billion euros), achieved in part by advising IK Partners with the sale of Innovad Group to PAI Partners.
Finally, the Belgian private equity league tables paint a clear picture. Gimv and PMV lead the rankings with 18 transactions each, followed by Fortino Capital with 11 investments.
According to leading dealmakers, substantial dry powder remains available in the market, suggesting that M&A activity is set to remain strong in the year ahead, driven in no small part by private equity.
Disclaimer
The League Tables are always a snapshot in time. As a result, the published results on MandA.be may differ from what is shown on Dealmakerdata.be at a later date. The online version on Dealmakerdata.be always reflects the most up-to-date status.
Please keep adding your deals to the database.
Do you have questions or need assistance? Our deal team is ready to support you.
Data-analyst: Itai Oshri
