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.
Before the main event, an exclusive roundtable brought together M&A directors for a deep dive into one of the hottest topics in the industry: the role of artificial intelligence in dealmaking.
Leading the discussion was Magali Fiechter-Deloof, a C-suite advisor and AI transformation expert, who later joined the panel to share her insights with the full audience. (Stay tuned for a full recap of this discussion on MandA.be – subscribe now so you don’t miss it!)
Fiechter-Deloof didn’t hold back during the roundtable, delivering a provocative truth: "Leaders who delegate AI transformation to their IT departments are setting themselves up for failure." Her message was clear: real AI success starts at the top. "You need a vision, hands-on experimentation, and a deep understanding of how AI can drive value for your business", she emphasized.
The M&A Directors Round Table about AI was a great succes.
After a lively start with bubbles and networking, the crowd filled BDO’s auditorium, where Melle Eijckelhoff, founder of the M&A Community Belgium, welcomed guests and thanked partners, including host BDO, platinum partner PwC and principal sponsor Ansarada.
"Thank you all for making time in your busy schedules", Eijckelhoff began. "At the M&A Community, we believe in the wisdom of the crowd and with over 500 years of collective M&A experience in this room, I know we’ll uncover some powerful insights today. But first, let’s take a deep dive into a topic that’s often overlooked in dealmaking: branding."
"We’re all just gorillas in suits"
The stage then belonged to Stef Verbeeck, brand strategist at BDO-Pavlov, who delivered a keynote that challenged everything dealmakers thought they knew about M&A success.
"Branding is often dismissed as an intangible. Sometimes it’s not even part of the deal", he began. "But here’s the truth: branding is the secret weapon in realizing a deal’s full value."
Verbeeck dropped a startling statistic: 70 percent of M&A deals fail to meet expectations and 60 percent of leaders blame integration issues. But the real problem? Ignoring the emotional power of branding.
To drive his point home, he flashed a giant image of a gorilla on screen. "With all due respect, we’re still emotionally driven creatures, just like this primate", he said. "We like to think our decisions are rational, but in reality, M&A always comes down to emotion."
The implications were clear: while deals may seem rational on paper, their success hinges on intangibles: trust, culture, loyalty, and brand perception. "If you lose the cultural essence of a company, you lose what made it valuable in the first place", Verbeeck warned.
He outlined the risks of neglecting branding; from losing key employees and damaging productivity to alienating customers and eroding investor trust. "Only 30 percent of customers believe companies consider how M&A affects them", he revealed. "But if you focus on retaining the best parts of the brands involved, 74 percent of deals succeed."
So, how can companies keep stakeholders happy post-deal? Verbeeck offered practical advice:
• Identify and empower key influencers within the organization to champion the transition.
• Retain high performers and involve them in post-merger integration.
• Appoint cultural ambassadors to bridge gaps between merging teams.
• Understand customer emotions tied to the brands.
• Leverage brand experiences to maintain loyalty.
• Claim a clear narrative: what makes the combined entity unique?
He wrapped up with a real-world example: Toy Champ’s acquisition of Dreamland (Belgium) and Intertoys (Netherlands). After surveying 11,000 customers, they chose to keep the Dreamland name, even though it meant leaving behind their family business’s legacy. "The CEO told De Tijd that branding is about customer emotions, not nostalgia", Verbeeck recounted. "And that’s how you make the right choice."
2026: The Year of the strategist (not PE), SaaSpocalypse, and Belgian scale-ups
With the branding deep dive complete, Eijckelhoff opened the floor to the expert panel and audience for a lively discussion on 2026’s M&A trends. He started with a simple question: How do you expect deal volume in Belgium to evolve this year? The room split evenly: a third predicted growth, a third expected stagnation, and a third foresaw a decline.
"Why the pessimism?" Eijckelhoff asked.
One word dominated the conversation: SaaSpocalypse. "Software companies are under pressure because AI tools are disrupting long-term revenue models", one attendee noted. Magali Fiechter-Deloof expanded on this: "The SaaS sector lost 2 trillion dollars in value. How do you even evaluate these targets now? What’s the real worth of an AI-driven software company?"
Bart Cauberghe (Managing Partner, Smile Invest) added another layer: "Sellers are still dreaming of 2021 valuations, but reality will catch up. The gap will close. It’s just a matter of time."
Dave Vanhaute (Partner, BDO Belgium) offered a European perspective: "After years of slowdowns – from the Russia-Ukraine war to political crises – we’re seeing a shift. The U.S. is becoming less reliable as an investment partner, so Europe is building its own deal ecosystem. It’s not the fastest move, but it’s steady and that’s a good sign."
The panel agreed that cross-border deals will continue, but mostly within Europe rather than across continents.
Robin De Cock (Academic Director, Antwerp Management School) highlighted another trend in the VC space: he observes that the VC/startup landscape in Belgium went through several phases. Twenty years ago, a deal of a few million was a big deal. Then, in the second phase, there were several scale-ups that were acquired for around 300 million euros. And now, several companies have scaled way beyond that and became unicorns. These companies with huge valuations, like Odoo and Deliveract, have not yet been acquired by big (US) buyers. Another trend De Cock sees is AI start-ups who can scale with fewer people. They need less early stage capital.
Strategists vs. private equity: who will dominate 2026?
Eijckelhoff then posed a critical question to the room: "Will strategists or private equity funds dominate M&A in 2026?" The majority bet on strategic buyers. "They’ve refined their strategies and are ready to buy", one attendee explained.
But Bart Cauberghe offered a counterpoint: "PE funds are sitting on dry powder and need exits. That could drive activity this year."
Thomas Lenne (Loyens & Loeff) brought a dose of realism: "Advisors always say, ‘Next quarter will be the one.’ But global cycles are too complex to predict."
Another factor? Family businesses planning succession. "Baby boomers are retiring, and that creates opportunities for PE buyers like us", Cauberghe noted.
Champagne, networking, and the energy that proves M&A is alive and well
As the discussion wrapped up, the panel shared final words of wisdom:
Magali Fiechter-Deloof: "Focus on what makes you unique. Internalize AI, but use it to elevate your skills, not replace them."
Bart Cauberghe: "Invest in relationships with entrepreneurs: they’re the heart of every deal."
Dave Vanhaute: "Don’t chase the next shiny object. Focus on what you can actually execute operationally and commercially with a target."
Robin De Cock: "Keep an entrepreneurial mindset. In times of crisis, the best opportunities emerge."
Then came the surprise of the night: Eijckelhoff revealed it was his 55th birthday – cue champagne toasts to "the new deal year!"
The evening closed with what everyone had been waiting for: networking, great drinks, and an electric atmosphere. Though many don’t expect a booming year in deal volume, the energy in the room was undeniable.
"It’s not going to be a record year, but it’s going to be a smart one", one dealmaker remarked. "And in M&A, smart always wins."
Don’t Miss the Next Chapter!
Mark your calendar for the next M&A Community events: where Belgium’s brightest dealmakers shape the future of M&A!
