Entrepreneurship in Belgium flourished like never before in 2024. With as many as 127,171 new companies, our country registered an absolute record. This is according to the latest edition of the Start-up Atlas, a detailed annual study by GraydonCreditsafe, UNIZO and UCM on the number of start-ups in Belgium. While the figures are impressive, the report also tells a nuanced story about regional differences, financial health and the real net growth of the Belgian entrepreneurial landscape.
Record growth with regional nuances
Compared to 2023, we saw a 6.3% growth in the number of new businesses last year. Brussels stands out with a spectacular 31.5% increase, largely thanks to the reform of access to the profession, which significantly eased the conditions for setting up craft and trade activities. Wallonia recorded a modest growth of 1.1%, while Flanders experienced a slight decline (-1.3%). Nevertheless, Flanders remains Belgium's economic centre of gravity with over 55% of all new companies.
Provisional figures for the first half of 2025, however, show that this trend will not be maintained. Compared to the first six months of 2024, there is a decrease in 2025, both in Flanders (-4.7 per cent), in Brussels (-8.6 per cent) as well as at the Belgian level (-9.4 per cent). The figures for 2025 may still change for the first half of the year, but after the first quarter of 2025 - for which the figures are indeed fixed - we see a clear drop in the number of start-ups at -12.8 per cent compared to the same period in 2024. Undoubtedly, the uncertain geopolitical context, the juggling of import tariffs, and the increasingly marked international dependence on primary commodities makes many aspiring entrepreneurs doubt the chances of success of their project.
Sole proprietorship still popular, but partnerships gaining ground
More than half (52%) of all new businesses start as sole proprietorships. This legal form remains popular for its simplicity and flexibility. Yet the popularity of partnerships is growing steadily, especially private limited companies (BVs), reflecting a greater professional approach among start-ups and their ambition to grow faster.
Sectoral insights
Start-ups are massively choosing the service sector. Business services, and particularly real estate, i attract many new entrepreneurs, confirming the ongoing shift towards a knowledge-based economy. Other notable sectors include the liberal professions, construction and retail. The strong growth in sectors such as transport (+23.1%) and automotive (+9.6%) is also worth noting and offers interesting prospects for suppliers and service providers in these sectors.
Financial health after five years: where do we stand?
What about the sustainability of all these new businesses? Five years after creation, an average of 64% of Belgian start-ups are still active. The figures vary regionally, with the highest survival rates in West Flanders and Wallonia.
Sector-wise, companies in wholesale trade (75.4% after five years of operation) appear to be the strongest financially. The lowest survival rates are found in retail (51.2%), transport (54.7%) and hospitality (57.2%). This provides valuable insights for service providers and suppliers to strategically and purposefully build their customer portfolio.
Net growth remains a concern
While the number of start-ups is impressive, we must also consider the number of companies that have ceased operations. This was also a record in 2024, with 107,112 closures. This brings the net growth of the Belgian business landscape to a moderate 1.52%. Especially the Brussels Region (+2.97%) and the Flemish Region (+1.99%) pull up net growth, while Wallonia (+1.51%) is in line with the national average.
Relatively low net growth remains a concern. Sectors that have traditionally been the economic engine of Belgium and Europe face challenges that may affect future employment and economic stability.
Shock resilience increasingly important for start-ups
Another - essential - concern that emerges from the Start-up Atlas 2025 is the shock resilience of new ventures. Start-ups founded just before crises such as the COVID-19 pandemic were found to be less well prepared in practice for unexpected economic shocks such as inflation, energy prices and geopolitical uncertainties. This highlights the importance of sufficient financial buffers and resilient business models from the very beginning. Entrepreneurs who shock-proof their business model from the outset significantly increase their chances of success and continuity.
Prospecting: seizing opportunities with targeted approach
Nevertheless, the Start-up Atlas shows that there are still enough healthy companies being created to make targeted prospecting. However, it is essential to select critically and focus prospecting efforts on companies and sectors with proven high financial stability and growth potential.
It is especially relevant to identify start-ups that anticipate possible setbacks from the early stages and are therefore shockproof. They can become more reliable and sustainable customers over time.
With the help of detailed business data, companies can already better arm themselves. This allows them to tailor their sales and marketing strategies to businesses that are more likely to succeed in the longer term, thus maximising the efficiency of their sales force.
Conclusion
Despite the challenges, the Belgian business environment is robust and dynamic, with significant opportunities for targeted and strategic prospecting. By using accurate business data and insights from studies such as the Start-up Atlas, companies can strengthen their commercial strength and grow sustainably.
Download the latest Start-up Atlas with all the details (only available in Dutch or French).