Belgium’s M&A market continues to show resilience in 2025, with deal activity remaining strong in the mid-market and private equity segments.
According to data from Dealmakerdata.be – the country’s growing database that tracks recent deals and highlights the professionals behind them – an increasing number of Belgian dealmakers are contributing to a clearer picture of the local M&A ecosystem.
Beyond serving as an information hub, the platform has also become an important visibility tool for firms and individuals active in the dealmaking space.
Data-analyst: Itai Oshri
Belgian M&A trends in 2025
While the record-breaking highs of 2021 and 2022 have not yet returned, the Belgian M&A market remains vibrant. Especially in the mid-market, many transactions continue to close, with private equity playing a significant role. Based on deals recorded in Dealmakerdata.be between January 1 and September 30, 2025, several firms and professionals have stood out in terms of activity and visibility.
Rather than a definitive ranking of “top performers,” this overview highlights those who have been most active and visible in the Belgian dealmaking landscape so far this year.
M&A Advisory
For this category, M&A Advisory and Financial Due Diligence (FDD) activities were combined, as Dealmakerdata.be currently does not have enough data to publish separate lists. The platform encourages all Belgian dealmakers to log their transactions regularly to ensure the most complete view of the market.
The 2025 League Tables show Finvision in first place, leading with a high number of SME transactions. Acting as a trusted Transaction Advisory Services provider, Finvision supports both entrepreneurs and private equity funds.
Eight Advisory follows in second position with 20 deals. Known for its strong due diligence expertise, the firm works across various deal sizes – from small-cap to large-cap transactions.
In third place, LDS Advisory completed 18 transactions during the first three quarters of the year. The Big Four firms follow closely, frequently acting as both advisors and due diligence providers.
Top Individual Dealmakers
Among individual professionals, Christophe De Paepe (Finvision) stands out as the most active dealmaker of 2025 so far, leading 32 transactions.
Stijn Potargent (KPMG) follows with seven deals totaling 1.04 billion euros in value, largely driven by his advisory role in Carmeuse Group’s acquisition of Chilean company Cementos Bío Bío.
Completing the top three, Pieter Wygaerts (Eight Advisory) led seven transactions, including the exit of Cenosco for Fortino Capital to Summit Partners – a deal valued between 250 and 500 million euros, for which he conducted due diligence on behalf of Fortino.
Legal Advisory
In the legal advisory category, Stibbe emerged as the most active law firm, advising on 13 transactions so far this year. Its largest deal was the Aedifica - Cofinimmo merger, where the firm advised the shareholders of Aedifica.
Cresco Law shares the second spot, also with 13 transactions, while Argo Law ranks third with 10 completed acquisitions.
In terms of deal value, A&O Shearman leads with a total of 3.79 billion euros, primarily due to its role advising Cofinimmo in the billion-euro-plus merger with Aedifica.
Top Individual M&A Lawyers
The most active individual M&A lawyers of 2025 to date are Olivier van Raemdonck (Cresco) and Timothy Speelman (AKD Belgium), each completing five transactions in 2025.
Private Equity Activity
Private equity remains a driving force in Belgian dealmaking. PMV (ParticipatieMaatschappij Vlaanderen) leads with 14 deals, including the acquisition of an additional stake in Brussels Airport Company from OTPP.
Gimv follows closely with 13 transactions, including majority acquisitions in Hemink and Alpine.
Fortino Capital completes the top three with 11 investments, notably including its exit from a majority stake in Cenosco.
A growing platform for the Belgian M&A Community
As Dealmakerdata.be continues to grow, it is proving to be more than just a deal database – it is becoming an essential resource for visibility, transparency, and recognition in the Belgian M&A community.
The platform’s success depends on active participation: by submitting their deals, firms and professionals ensure that the Belgian M&A landscape is accurately represented and celebrated.
Want to ensure your activity is reflected in future editions? Submit your deals, including full advisory teams, via [email protected] or directly at Dealmakerdata.be. The more data we receive, the more accurately we can reflect the true dynamics of Belgium’s M&A landscape.
