Belgian companies scale more slowly: four persistent myths about scaling

Antwerp Management School and BDO Belgium bring together 25 years of research on scaling to show why speed, capital and early professionalisation do not guarantee sustainable growth

Read the report Debunking Scaling Myths
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Belgium continues to see a growing number of new businesses, yet relatively few young companies go on to become major employers. On average, Belgian companies experience less growth in their first five years than their counterparts in neighbouring countries. While this represents a challenge for the Belgian economy, it does not explain why some businesses successfully scale while others do not. To better understand what drives sustainable growth, Antwerp Management School and BDO Belgium reviewed 25 years of international academic research on scaling. Their new report debunks ten common myths about growth. Four of those myths are highlighted below, with the remaining findings available in the full research report.  

In 2025, more than 130,000 new businesses were registered in Belgium, the highest number recorded in the past decade. This reflects strong entrepreneurial activity, but does not reveal how many of these businesses will achieve sustainable growth over time. Separate figures from the National Bank of Belgium indicate that Belgium underperforms compared with several European peers when it comes to business growth. Among young companies, employment increases by an average of 46% after five years in Belgium, compared with 150% in France. Fast-growing businesses account for 5% of employment in Belgium under the National Bank's definition, compared with 10% across Europe. For young high-growth companies, often referred to as gazelles, the figures stand at 0.2% in Belgium versus 0.7% across Europe.  

Although these indicators measure different groups and are not directly comparable, together they suggest that more Belgian businesses need support to achieve sustainable growth. 

Belgium does not lack entrepreneurial ambition. The real challenge begins when companies need to turn early success into repeatable and sustainable growth. To better understand what this requires, Antwerp Management School and BDO Belgium consolidated 25 years of academic research on scaling in a new research report. These four persistent assumptions illustrate why scaling is often more complex than it first appears. 

1. Scaling is mainly about growing as quickly as possible 

Rapid growth is often viewed as a sign of success. However, a steep revenue curve says little about the long-term sustainability of that success. Research shows that many fast-growing companies never become profitable, while excessive growth can place considerable operational, financial and governance pressure on an organisation. Scaling requires more than acceleration: companies must ensure that their processes, leadership capabilities and systems evolve at the same pace as the business itself. In some cases, a slower start creates a stronger foundation for future growth.  

2. First win customers, then build the organisation

The idea of "sell first, organise later" may sound logical, but it can quickly create challenges. Companies must first establish whether sufficient demand exists for their products or services. At the same time, they need to prepare for the consequences of growth. Businesses that introduce extensive processes, systems and management layers too early often become more expensive and less agile than necessary. Those that wait too long risk winning more customers than the organisation can effectively deal with. Successful scale-ups continuously balance these competing priorities: by testing the market, addressing critical bottlenecks and strengthening their organisation step by step.  

There is no universal formula for progressing from start-up to scale-up. Every company must determine what its next phase of growth requires, whether that is more customers, stronger processes, better leadership or additional funding. Founders do not automatically need to step aside either. Their role can evolve alongside the business. This is also why policy support should not stop once a company has been established. Growth businesses need targeted support throughout later stages of development as well.

Robin De CockProfessor of Innovation and Entrepreneurship at Antwerp Management School
Prof. Dr. Robin De Cock

3. The faster you professionalise, the better

As companies grow, adding processes, management structures and governance often seems like the logical next step. Yet premature professionalisation frequently has the opposite effect. Businesses may formalise rules and procedures before they fully understand what works, making them slower and less adaptable. Successful scale-ups introduce structure gradually, aligning it with the challenges they face at each growth stage. What matters is not how quickly a company professionalises, but how well its approach matches the organisation's actual needs at that moment in time. 

4. You cannot scale without substantial financial resources

Access to capital can help companies attract talent, develop technology and enter new markets. However, funding alone does not make a business scalable. Without a strong business model, effective leadership and an organisation ready for growth, additional investment can simply amplify existing problems. Abundant financial resources may also encourage businesses to expand too quickly or avoid making difficult strategic choices. Investors often become interested only after a company has demonstrated that its model works. Capital can accelerate growth, but it is rarely the foundation on which growth is built. 

Dave Vanhaute BDO

In practice, we often see growth companies trying to tackle too many challenges at once. The greatest progress is made when businesses first identify the key constraint limiting their next growth phase and focus their people, time and capital on addressing it. That challenge may be commercial, operational or organisational. Scaling is therefore not about following a long checklist. It is about making the right decisions at the right time.

Dave VanhautePartner Deal & Valuation Advisory at BDO Belgium

More information about the research and the collaboration between Antwerp Management School and BDO Belgium is available here. 

About the research

For the report Debunking Scaling Myths, Antwerp Management School and BDO Belgium brought together 25 years of academic research on growth and scaling. The research team reviewed more than 2,800 publications and selected 359 studies for further analysis. Based on these findings, the researchers identified ten common myths relating to growth rates, customer acquisition, leadership, financing, professionalisation, regulation and acquisitions.