OCDE - Financing SMEs and Entrepreneurs 2026 - Bélgica de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Key facts on SME financing In 2024, Belgium’s real GDP grew by 1.0%, reflecting moderate economic momentum in a c ontext of persistent geopolitical and monetary uncertainty. Credit conditions for SMEs in Belgium exhibited tentative signs of improvement relative to the previous year. The average interest rate on SME loans stood at 5.08%, marginally higher than the 4.93% recorded in 2023. However, this annual figure mas ks a gradual easing of borrowing costs observed during the second half of the year, in line with broad er euro area monetary developments. In this context, the total outstanding volume of SME loans reached a historic high of EUR187.3 billion, representing 69.6% of all business loans. While this constitutes a modest annua l increase of 1.6%, it reflects a continued expansion trend, albeit at a slower pace than in 2021–2022. Long-term loans now account for nearly three-quarters of outstanding SME credit (EUR139.6 billion), with short-term credit rising slightly to 30.3% of total business loans in 2024. Credit access conditions remain broadly stable, with a loan rejection rate of 5.6% and a utilization rate of 77.25%. On the non-bank financing side, venture and growth capital investments declined sha rply to EUR 516.9 million in 2024, down by 37.5% year-on-year. Payment delays in businessto-business transactions increased further, reaching 18 days on average in 2024, the highest level since 2012. Finally, the number of registered bankruptcies rose again in 2024 to 11 067, a yea r-on-year increase of 8%, returning to levels close to those observed before 2020. SMEs account for the overwhelming majority of cases. From a policy perspective, the Walloon Region introduced two complementary fi nancial instruments in

8%, returning to levels close to those observed before 2020. SMEs account for the overwhelming majority of cases. From a policy perspective, the Walloon Region introduced two complementary fi nancial instruments in February 2024 , Garantie Online and Prêt Online , to enhance access to finance for SMEs and selfemployed individuals. Garantie Online offers partial guarantees covering up to 75% of eligible bank loans (ma x EUR 75 000), targeting projects related to business creation, growth, innovation, transfer, or energy transi tion. It is backed by the regional budget and the European Investment Fund under InvestEU, with guarantees issued via SOCAMUT through an automated online platform. Prêt Online, on the other hand, provides subordinated loans of up to EUR 75,000 at favorable rates (bank rate minus 2%, with a 2.5% minimum), repayable over up to 15 years and requ iring no personal guarantees. It supports similar business objectives and is co-financed by Walloni e Entreprendre and the EU’s ERDF program. Both pro grams are accessible to financially sound SMEs and self-employed individuals in eligible sectors. In 2024, nearly 850 guarantees (EUR 33.5 million) and 700 loans (EUR 36 million) were granted. The two instruments can be combined to enhance financing conditions and risk c overage. Their fully digital application process ensures rapid approval and disbursement. Together, they represent a significant step toward easing credit access and fostering entrepreneurship in Wallonia. Belgium2 

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Table 1. Scoreboard for Belgium Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs

Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs EUR billion 82.8 89.1 88.9 93.9 100.0 109.6 109.5 100.7 104.4 108.0 115.7 123.9 130.9 136.8 171.4 179.8 184.4 187.3 Outstanding business loans, total EUR billion 134.2 149.4 141.8 150.6 153.7 167.6 162.0 151.7 164.6 163.4 173.6 184.1 193.0 200.0 242.3 247.1 258.8 269.0 Share of SME outstanding loans % of total outstanding business loans 61.72 59.62 62.73 62.35 65.07 65.43 67.60 66.39 63.44 66.12 66.66 67.31 67.8 68.39 70.76 72.77 71.25 69.6 Outstanding short-term loans, SME EUR billion 37.4 40.4 34.1 35.4 36.5 34.5 33.8 31.4 30.9 32.0 33.6 36.7 36.7 34.7 35.1 39.6 40.7 42.3 Outstanding long-term loans, SME

Outstanding long-term loans, SME EUR billion 59.7 66.1 72.2 77.2 79.3 82.5 83.9 80.3 84.8 90.8 97.8 103.4 109.6 115.5 124.4 129.6 134.3 139.6 Share of short-term lending, total % of total business lending 45.14 45.31 38.37 37.71 36.46 31.45 30.90 31.13 29.58 29.62 29.05 29.60 28.07 25.39 25.44 21.2 20.77 30.34 Government loan guarantees, SMEs EUR million

156.5 411.9 553.9 317.5 266.0 480.2 265.6 448.2 398.3 458.4 612.2 520 777 1 022 569.4 Government guaranteed loans, SMEs EUR million

312.7 832.7 888.4 561.7 484.3 826.1 476.7 805.6 735.9 828.3 1 130 993 1 318 2 087 1 106 Direct government loans, SMEs EUR million

113.7 142.2 141.9 148.3 170.5 235.6

Non-performing loans, total % of all business loans 5.25 5.35 4.53 3.98 3.50 3.35 3.55 3.63 2.88 2.85 3.18 Non-performing loans, SMEs % of all SME loans 5.65 5.70 5.18 4.38 3.55 3.35 3.48 3.35 3.08 3.00 3.35

Non-performing loans, SMEs % of all SME loans 5.65 5.70 5.18 4.38 3.55 3.35 3.48 3.35 3.08 3.00 3.35 Interest rate, SMEs % 5.45 5.70 3.01 2.51 2.88 2.32 2.06 2.09 1.83 1.72 1.66 1.60 1.58 1.55 1.57 2.06 4.93 5.08 Interest rate, large firms % 4.72 5.05 2.09 1.70 2.22 1.74 1.76 1.77 1.60 1.34 1.40 1.35 1.31 1.40 1.44 1.91 4.84 5 Interest rate spread Percentage points 0.73 0.65 0.92 0.81 0.66 0.58 0.30 0.32 0.23 0.38 0.26 0.25 0.27 0.15 0.13 0.15 0.09 0.08 Collateral, SMEs % of SMEs needing collateral to obtain bank lending

74.30 71.90 78.60

Percentage of SME loan applications SME loan applications/ total number of SMEs

22.22 26.46 30.20 29.33 29.36 39.33 36.61 36.71 37.18 35.38 33.87 33.07 35.09 33.21 31.6 25.32 Rejection rate (SME loans authorised/ requested)

0.52 5.13 6.44 10.40 10.91 5.88 5.71 6.13 5.07 2.75 3.39 7.62 5.59 6.77 7.10 5.6 Utilisation rate SME loans used/ authorised

77.80 79.05 80.69 80.07 80.16 77.45 77.79 79.76 79.62 80.01 79.86 80.39 80.64 80.58 80.33 81.57 78.42 77.25 3

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Note: due to a change in methodology by the National Bank of Belgium, there is a break i n the loan statistics series from 2021 onwards. From 1 January 2022, the Nati onal Bank of Belgium replaced the former Corporate Credit Register (CCE) with the Register of Credits to Enterprises (RCE). This implies a change in the underlying reporting/collection framework used to compile the enterprise loan figures, aligned with the legal set‑up of the new register, which can result in a break in series around the transition pe riod. The reform was also intended to harmonise data collection and avoid duplicate reporti ng needs (national vs. European framework). This change was intended to align with the ECB’s AnaCredit framework (implemented in Belgium via the BECRIS application). As a result, the underlying reporting and compilation approach changed, which can affect coverage and definitions and may therefore create a break in series when comparing figures before and after the change.

Non-bank finance Venture and growth capital EUR million 227.50 316.05 377.16 181.90 238.20 288.68 264.04 399.67 379.78 605.45 460.42 351.05 542.28 454.28 1 211 947.26 827.25 516.85 Venture and growth capital (growth rate) %, year-on-year growth rate

Venture and growth capital (growth rate) %, year-on-year growth rate

38.9 19.3 -51.8 31 21.2 -8.5 51.4 -5 59.4 -24 -23.8 54.5 -16.2 166.5 -21.8 -12.7 -37.5 Leasing and hire purchases EUR million 4 406 4 856 3 756 4 005 4 439 4 450 4 121 4 357 4 801 6 010 5 800 668.4 6 382 5 863 6 628 7 549 8 635 8 787 Factoring and invoicing EUR million 19.2 22.5 23.9 32.2 36.9 42.4 47.7 55.4 61.2 62.8 69.6 76.3 84.8 81.7 99.4 124.2 135.7 138.6 Other indicators Payment delays, B2B Number of days 17 17 15 19 18 19 13 10 8 9 7 3 12 11 16 18 Bankruptcies, total Number 7 680 8 476 9 420 9 570 10 224 10 587 11 740 10 736 9 762 9 170 9 968 9 878 10 598 7 203 6 533 9 265 10 243 11 067 Bankruptcies, total (growth rate) %, year-on-year growth rate 10.36 11.14 1.59 6.83 3.55 10.89 -8.55 -9.07 -6.06 8.77 -0.90 7.29 -32.03 -9.30 41.82 10.56 8.04

Bankruptcies, SMEs Number 7 679 8 476 9 418 9 570 10 222 10 583 11 739 10 736 9 760 9 168 9 967 9 878 10 596 7 197 6 532 9 265 10 242 11 063 Bankruptcies, SMEs (growth rate) %, year-on-year growth rate 10.39 11.21 1.44 6.94 3.45 10.96 -8.62 -8.90 -6.11 8.77 -0.75 7.17 -32.09 -9.24 41.84 10.55 8.024 

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Macroeconomic and financing conditions In 2024, Belgium’s real GDP grew by 1.0%, reflecting moderate economic momentum in a c ontext of persistent geopolitical and monetary uncertainty. Inflation in Belgium picked up again in 2024, climbing to 4.3% after having eased to 2 .3% the previous year. This increase, based on the Harmonized Index of Consumer Prices (HICP), was largely driven by a rebound in energy prices. Although both core and food inflation moderated during the year, they remained significantly above their historical norms. The employment rate among individuals aged 20 to 64 in Belgium saw only a margi nal increase, rising from 72.1% in 2023 to an average of 72.2% during the first three quarters of 2024. This modest growth i n job creation meant that the employment rate remained close to the levels observed following the Covid-19 pandemic. When compared to the European Union average, Belgium continues to trail significantly, by as much as 3.7 percentage points, and this disparity has grown wider over time. SMEs in the national economy In 2023, small and medium-sized enterprises overwhelmingly shaped the Belgi an business landscape,

pandemic. When compared to the European Union average, Belgium continues to trail significantly, by as much as 3.7 percentage points, and this disparity has grown wider over time. SMEs in the national economy In 2023, small and medium-sized enterprises overwhelmingly shaped the Belgi an business landscape, representing 99.9% of all active firms. Among the 1,169,062 VAT registered enterprises, 83.5% were businesses without employees, while micro-enterprises employing between 1 and 9 peo ple made up 14.2%. Small firms (10–49 employees) and medium-sized firms (50–249 employees) accounted for 2.5% and 0.5% of the total, respectively. In contrast, large enterprises with 250 or more employees represented just 0.1% of all firms, highlighting the dominant role of SMEs in the Belgian economy. Table 2. Distribution of firms in Belgium, 2023 Firm size Number % All firms 1.169.062 100 SMEs (0-249) 1.167.351 99.9% No employees 976.699 83.5% Micro (1-9) 154.872 14.2% Small (10-49) 29.746 2.5% Medium (50-249) 6.034 0.5% Large (250+) 1.711 0.1% Source: Statbel, legal units subject to VAT, 2023 SME lending In 2024, lending to SMEs in Belgium reached a record EUR 187.3 billion, continuing a steady upward trend observed since 2007. Although the share of SME loans in total business lendi ng slightly declined from its 2022 peak of 72.77% to 69.6%, SMEs still represented the bulk of outstanding loan s, underscoring their central role in the business credit market. The rise in SME lending was driven primarily by an increase in

2022 peak of 72.77% to 69.6%, SMEs still represented the bulk of outstanding loan s, underscoring their central role in the business credit market. The rise in SME lending was driven primarily by an increase in long-term loans, which grew to EUR 139.6 billion, while short -term loans also rose modestly to EUR 42.3 billion. However, despite the continued growth in volumes, demand for new SME loans appears to be weakening. The loan application rate dropped to 25.3% of SMEs, its lowest level since 2 009, suggesting that fewer small businesses sought new external financing , possibly reflecting still ‑elevated borrowing costs and tighter credit conditions. At the same time, the rejection rate fell slightly to 5.6 %, indicating that access to 5

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

credit remained relatively stable. The utilization rate of authorized loans also declined, falling to 77.25%, the lowest figure since 2007. The share of short-term credit in total business lending ticked up to 30.3%, reversing a long-term downward trend. This rebound may partly reflect weaker long ‑term borrowing linked to subdued investment, while short‑term credit is typically used for working‑capital needs, however, this aggregate indicator does not by itself imply weaker SME financial stability Credit conditions Between 2020 and 2021, Belgian SMEs benefited from historically low interest rates, with annual averages of 1.55% in 2020 and 1.57% in 2021, in a context of massive support from the European Central Bank for the post-COVID economy. In 2022, the average rate rose to 2.06%, marking the beginning of a monetary tightening cycle in response to high inflation. This trend accelerated sharply in 20 23, with the average annual rate surging to 4.93%, and continued into 2024, reaching 5.08%, a level not s een since the 2008 financial crisis.

tightening cycle in response to high inflation. This trend accelerated sharply in 20 23, with the average annual rate surging to 4.93%, and continued into 2024, reaching 5.08%, a level not s een since the 2008 financial crisis. It is important to note that these figures represent annual averages. The ECB’s first rate cut in June 2024 marked the start of monetary easing, but financing conditions remained res trictive and lending rates only began to decline gradually , so annual averages for 2024 may still look high, with effects more visible in later data. In its quarterly Bank Lending Survey, the European Central Bank summarizes change s in loan requirements from the main financial institutions. The survey highlights a general tightening of lending conditions in 2008-09, as well as in 2012. Credit conditions eased throughout the Euro area, and especially in Belgium from 2013 to 2018. However, a gradual deterioration in credit conditi ons for SMEs has been reported since the fourth quarter of 2018. Figure 1. Changes in credit standards for SMEs in Belgium and the Euro zone

Source: (National Bank of Belgium, 2025[1]), ECB – Bank Lending Survey

-60 -50 -40 -30 -20 -10 0 10 20 30 Belgian SMEs Euro zone SMEs6 

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Alternative sources of SME financing Leasing Leasing and factoring are two substantial sources of funding for Belgian ventures. In 2019, total leasing production amounted to EUR 6 382.4 million, representing 8.2% of gross fixed capital formation. In 2020, total leasing production decreased to EUR 5 863 million. Since then, leasing has experienced steady growth, reaching EUR 7 549.4 million in 2022, a 13.9% increase from the previous year, supported by high inflation pushing up asset prices and tax changes for vehicles.

total leasing production decreased to EUR 5 863 million. Since then, leasing has experienced steady growth, reaching EUR 7 549.4 million in 2022, a 13.9% increase from the previous year, supported by high inflation pushing up asset prices and tax changes for vehicles. In 2023, total leasing production continued to expand, reaching EUR 8 634.8 million (14.4% year-on-year), while in 2024, production reached EUR 8 787.3 million, representing a more moderate growth of 1.8% compared to 2023. The penetration rate of leasing relative to gross fixed capita l formation stood at 8.7% in 2023 and 8.5% in 2024. Factoring Factoring turnover has continued its strong upward trajectory over the past decade. B etween 2012 and 2024, total factoring turnover increased almost threefold, reaching EUR 138.6 billion in 2024. Growth moderated to 2.1% in 2024 (after 9.3% in 2023 and 25% in 2022), suggesting a normalis ation following the post‑pandemic surge. This moderation is consistent with a softer macroeconomic backdrop in 2024 and wi th the EU Federation for Factoring and Commercial Finance’s assessment that the European slowdown reflected s lower GDP growth, alongside factors such as higher base rates in some countries and weaker demand. Factoring's penetration relative to GDP remained stable at historically high levels, accou nting for 22.6% of GDP in 2022, 22.8% in 2023, and 22.6% in 2024. Table 3. Total leasing production and factoring volumes in Belgium 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Non-real estate leasing (financial and operational)

Table 3. Total leasing production and factoring volumes in Belgium 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Non-real estate leasing (financial and operational) 4 087.9 3 683.4 3 765.5 4 184.9 5 116.4 5 020.7 5 366.7 5 657.2 5137.4 5 803.7

6 812.8 7 853.9 Real estate leasing 362.3 438.3 591.4 615.5 893.3 779.3 701.7 725.2 725.6 824 736.6 780.9 Total production 4 450.2 4 121.7 4 356.9 4 800.5 6 009.6 5 800.1 6068.4 6382.4 5863 6627.7 7549.4 8634.8 8787.3 Year-on-year growth, % 0.3 -7.4 5.7 10.2 25.2 -3.49 4.63 5.17 -8.14 13 13.9 14.4 1.8 Gross fixed capital formation 57 701.4 57 292.6 60 014.3 64 189.4 67 813.8 69 923.7 72 754.2 77 789.7 73 774.1 79 666.9 90 542.1 99 696.6 102 810.1 Relative importance of leasing in capital formation 7.7 7.2 7.3 7.5 8.9 8.3 8.3 8.2 7.9 8.3 8.3 8.7 8.5

102 810.1 Relative importance of leasing in capital formation 7.7 7.2 7.3 7.5 8.9 8.3 8.3 8.2 7.9 8.3 8.3 8.7 8.5 Non-real estate leasing 8 531.8 8 613.7 8 729.9 9 179.7 9 845.4 10 188.2 11 132.4 12 333.9 12 740.7 13 191.6 14 312.2 16 269 Real estate leasing 4 123.7 4 170.2 4 269.9 4 326.9 4 713.5 4 930.7 5 041.2 5 206.8 4 849.2 4 764.5 4 793.4 4 962.1 Outstanding stock of leasing (end of year) 12 655.5 12 783.9 12 999.8 13 506.6 14 558.9 15 118.9 16 173.6 17 540.7 17 589.9 17 956.1 19 105.5 21 231 Factoring turnover (domestic and international) 42 352 47 684 55 374 61 169 62 846 69 641 76 340 84 818 81 716 99.368 124 166 135 734 138 610 Year-on-year growth, % 14.9 12.6 16.1 10.5 2.7 10.8 9.6 11.1 -3.7 21.6 25 9.3 2.1 GDP 387 934.9 394 616.3 404 958.3 415 538.0

GDP 387 934.9 394 616.3 404 958.3 415 538.0 428 467.1 443 407.2 459 491.8 479 444.9 463 750.9 506 047.2 563 710.5 596 202.7 613 983.9 Factoring as a proportion of GDP 10.9 12.1 13.7 14.7 14.7 15.7 16.6 17.7 17.6 19.6 22.0 22.77 22.58

Source: EUF Factoring & Commercial Finance, Febelfin Following the takeover of the Belgian Leasing Association (BLV-ABL) by Febelfin, detailed data on leasing is not yet available 7

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Venture and Growth capital In Belgium, venture capital and its various sub-segments exhibit significant yearly fluctuations, largely due to the limited number of registered transactions in this market segment. This feature makes venture capital data particularly sensitive to one-off deals and outliers. In 2024, total investment in venture capital and growth capital amounted to EUR 516.85 million, continuing the decline observed since the 2021 peak of EUR 1 210.48 million. This represents a 45% drop compared to 2023, and a 57% fall from 2022, reflecting both tightening financial conditions and a cautious investor environment. This decline is mainly driven by the sharp contraction in growth c apital in 2024, despite a rebound in venture capital investment • Seed capital investments reached EUR 22.44 million in 2024, a slight decli ne of 2.6% from 2023 but an increase of 11.5% compared to 2022. The 2024 figure remains below the h ighs seen in

rebound in venture capital investment • Seed capital investments reached EUR 22.44 million in 2024, a slight decli ne of 2.6% from 2023 but an increase of 11.5% compared to 2022. The 2024 figure remains below the h ighs seen in 2017 and 2018 but suggests relative stability in early-stage deal flow. • Start-up capital experienced a sharp rebound, jumping to EUR 289.82 million in 2024, more than doubling from EUR 132.09 million in 2023. This makes it the highest value recorded for this segment over the entire 2014–2024 period. • Later-stage venture capital declined slightly to EUR 178.86 million in 2024, a de crease of 2.3% from the previous year. Despite this dip, investment levels remain significantly higher than those seen prior to 2020. • Growth capital fell sharply again in 2024, reaching EUR 337.99 million, down 47.5% from 2023 and less than a third of the 2021 peak. However, the figure is still close to the historical average for the 2014–2024 period, which hovers around EUR 451 million. • In terms of broader private equity, total investments declined further in 2024 to EUR 2 132.28 million, following a decrease from EUR 2 407.92 million in 2023. This remains above the long-term average of EUR 1 899.9 million but marks a continued normalization after the 2021 record year. Table 4. Venture capital investments in Belgium In EUR million Stage 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Seed 4.28 0 11.77 45.93 37.75 23.73 25.23 18.18 20.12 23.03 22.44 Start-up 67.03 59.79 53.06 81.02 180.68 278.56 246.88 287.54 152.10 132.09 289.82 Later Stage Venture 56.86 36.48 103.30 83.07 87.56 131.87 158.53 83.59 204.97 183.03 178.86 Total venture 128.17 96.27 168.14 210.03 305.99 434.16 430.65 389.31 377.19 338.15 491.12 Growth capital 342.81 343.30 502.15 377.34 263.48 410.41 295.74 1 126.89 742.28 644.21 337.99 Venture and growth Capital 399.67 379.78 605.45 460.42 351.05 542.28 454.28 1 210.48 947.26 827.25 516.85 Rescue/Turnaro und 0.18 10.07 1.48 0.00 0.65 0.49 21.09 7.94 4.00 4.08 3.45 Replacement capital 17.95 9.14 26.37 8.96 0.00 8.43 5.75 9.74 13.91 314.06 61.31 Buyout 612.22 1 342.67 643.65 1 370.46 1 541.92 971.45 663.96 2 911.71 1 653.39 1 107.42 1 238.41 All private equity 1 101.3 1 801.45

643.65 1 370.46 1 541.92 971.45 663.96 2 911.71 1 653.39 1 107.42 1 238.41 All private equity 1 101.3 1 801.45 1 341.8 1 966.79 2 112.05 1 825 1 417 4 445.6 2 790.78 2 407.92 2 132.28

Source: Invest Europe, Investments: market statistics.8 

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Figure 2. Sectoral breakdown of venture capital and all private equity in Belgium, 2024 Percent

Source: Invest Europe, Investments: market statistics.

The chart above presents the sectoral distribution of venture capital and total private equity investments in Belgium in 2024. As in previous years, venture capital activity remains highly concentrated, with two sectors accounting for the vast majority of investments. In 2024, biotech and healthcare attracted 46.5% of venture capital investments, surpassi ng ICT, which captured 31.5%. Together, these two sectors represented more than three-quarters of all vent ure capital funding. Other sectors benefiting from venture capital, although to a much lesser extent, include Business products and services (12.1%), Energy and environment (5.2%) and Agriculture (2.1%) Sectors such as chemicals and materials, consumer goods and services, and transportation received only marginal shares (each below 1.2%), while no venture capital investments were re corded in construction, financial and insurance activities, or real estate. In contrast, the sectoral distribution of total private equity, which includes growth capital and buyouts, is more balanced. In 2024, ICT emerged as the leading sector, attracting 37.5% of all private e quity investments, followed by Business products and services (24.9%) , Consumer goods and services (9.1%)

more balanced. In 2024, ICT emerged as the leading sector, attracting 37.5% of all private e quity investments, followed by Business products and services (24.9%) , Consumer goods and services (9.1%) and Biotech and healthcare (17.2%). Other notable sectors include energy and environment (6.0%) and agriculture (4.4%). Sectors such as construction, real estate, and financial activities remained marginal or entirely absent from the 2024 private equity landscape. 0 5 10 15 20 25 30 35 40 45 50 Venture All Private Equity 9

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Other indicators Payment Delays Intrum Justitia publishes an annual survey tracking payment delays across E urope. In Belgium, the average B2B payment delay increased again in 2024, reaching 18 days, the highest level since 2014. This follows a notable deterioration in 2023, when average delays already rose to 16 days, up from 11 days in 2022. The recent rise reverses the positive trend observed between 2016 and 2020, when payment delays had steadily declined, reaching a low of just 3 days in 2020. Between 2017 and 2020, del ays consistently remained under 10 days. Bankruptcies In 2024, the total number of bankruptcies in Belgium reached 11 067, marking the hig hest level observed over the past decade. This represents a continued upward trend following 9 265 bankruptcies in 2022 and 10 243 in 2023, highlighting a sustained increase in business closures since the phasing out of COVID-19 support measures. This surge follows a temporary decline during the pandemic years (2020 –2021), when emergency public support helped many firms avoid bankruptcy. SMEs (enterprises with fewer than 250 workers) remain at the heart of this trend. In 20 24, 11 063 SME

support measures. This surge follows a temporary decline during the pandemic years (2020 –2021), when emergency public support helped many firms avoid bankruptcy. SMEs (enterprises with fewer than 250 workers) remain at the heart of this trend. In 20 24, 11 063 SME bankruptcies were recorded, compared to 10 242 in 2023 and 9 265 in 2022. Similarly, mic ro and small enterprises (0–49 workers) accounted for 11 030 bankruptcies in 2024, continuing their upward trajectory after 10 218 in 2023 and 9 246 in 2022. Although the number of bankruptcies in 2022 was still below the pre-COVID levels recorded from 2 017 to 2019, the data for 2023 and 2024 clearly show a return, and even surpassing, of pre-pandemic figu res. Government policy response Regional Segmentation Public initiatives to support SME financing in Belgium are implemented through a combination of federal and regional programmes. One of the key instruments used by public authorities is the guarantee scheme, which serves to protect the collateral provided by entrepreneurs and SMEs. These guarantees reduce the risk borne by financial institutions, encouraging them to extend credit to borrowers who may lack sufficient collateral, a common reason for loan refusals in the traditional banking system. Since the regionalisation of the Fonds de Participation on 1 July 2014, the management of public loans and guarantees has been entrusted to the regional authorities. As a result, the conditions for granting such financial support may vary, reflecting each region’s specific economic priorities and p olicy objectives.10 

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

Table 5. Regional segmentation of financial support to SMEs in Belgium In EUR Million Indicator 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brussels-Capital Region Government loan guarantees, SMEs

In EUR Million Indicator 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brussels-Capital Region Government loan guarantees, SMEs 8.3 8.4 12.3 26.5 15.5 11.6 12.2 15.4 11.7 20.0 21.7 Government guaranteed loans, SMEs 14.9 16.0 19.2 40.1 28.6 19.8 24.2 28.8 23.1 43.7 42.0 Direct government loans, SMEs .. .. .. .. .. .. .. .. .. .. .. Walloon Region Government loan guarantees, SMEs 80.5 93.0 111.1 130.4 143.0 160.2 214.1 188.9 181.1 240.1 192.7 Government guaranteed loans, SMEs 189.8 228.3 246.6 286.5 308.6 356.7 421.0 376.2 381.3 534.5 418.1 Direct government loans, SMEs 206.5 200.3 195.6 197.4 227.9 171.8 307.9 390.0 479.3 485.5 460.2 Flemish region Government loan guarantees, SMEs 176.8 346.8 275.0 301.5 453.8 348.2 550.6 817.1 376.6 .. .. Government guaranteed loans, SMEs 272.1 561.3 470.1 501.7 793.0 616.2 873.0 168.1 701.7 .. .. Direct government loans, SMEs

Government guaranteed loans, SMEs 272.1 561.3 470.1 501.7 793.0 616.2 873.0 168.1 701.7 .. .. Direct government loans, SMEs 37.1 50.4 83.5 62.2 63.1 64.0 171.0 147.9 101.2 .. .. Belgium Government loan guarantees, SMEs 265.6 448.2 398.3 458.4 612.2 520.0 777.0 1 021.5 569.4 .. .. Government guaranteed loans, SMEs 476.8 805.6 735.9 828.3 1 130.3 993.0 1 318.1 2 086.6 1 106 .. .. Direct government loans, SMEs .. .. .. .. .. .. .. .. .. .. ..

Source: PMV, Finance & Invest.Brussels, Wallonie Entreprendre Policy Measures 2024 was marked by a significant electoral calendar in Belgium, which had a direct i mpact on the pace and scope of new policy initiatives. No new policy initiatives have been recorded at the federal, Flemish, or Brussels regional levels during this period.

Walloon region Online Guarantee ("Garantie Online") The "Garantie Online" program, launched in February 2024 by the Walloon Region, is an ongoing initiative aimed at improving access to finance for small and medium-sized enterprises and sel f-employed individuals. It provides partial guarantees , covering up to 75% of eligible bank loans, with a maximum commitment of EUR 75,000, to support projects involving business creation, growth, innovation, transfer, or energy transition. 11

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

The program is financed through the Walloon regional budget and benefits from a 50% counter-guarantee

or energy transition. 11

FINANCING SMES AND ENTREPRENEURS 2026: BELGIUM © OECD 2026

The program is financed through the Walloon regional budget and benefits from a 50% counter-guarantee provided by the European Investment Fund (EIF) under the InvestEU programme, specifically the SME competitiveness window, with a cap rate. Guarantees are issued to banks under a full delegation principle through SOCAMUT, a subsidiary of the regional administration. Aft