BDO acquires sector partner Cynex

BDO will celebrate its 20^th anniversary in Hasselt in 2023. Ever since 2003, the consultancy firm has beaten a path to becoming an established presence in Limburg. And with success. Limburg entrepreneurs know the company for its expertise in auditing and accountancy and consultancy related to mergers and acquisitions and anything related to the digitisation of businesses. Cynex’s acquisition underlines BDO’s ambitions to grow in financial and fiscal services. 

‘A BDO Hasselt strength is advising family companies about auditing and the different types of business risks. By joining forces with Cynex, one of the fastest growers in the Limburg accountancy landscape, we continue to increase our standing in financial and fiscal services in Limburg.’
Peter Van Laer, CEO of BDO Belgium

Fifty per cent increase in Limburg

In 2021, BDO acquired the Antwerp accountancy firm Beirens and Wellens, and, in Hainaut, a partnership was signed with Dekegeleer. Cynex’s acquisition leads to BDO in Limburg growing by 50% in terms of customers and colleagues.     

‘Just like in Antwerp and Hainaut, we very deliberately sought out a strong partner so we could grow in Limburg. There’s also huge potential in this province for financial consultants who want to grow with the companies they support. And it’s important to note that we do so driven by our DNA: personal and authentic. These two values closely align with Cynex’s values and make Cynex the growth company it is today.’
Dirk Vandendaele, Managing Partner, Accounting & Reporting BDO Belgium

‘Cynex’s acquisition is another step in BDO Belgium’s Limburg growth story. With Cynex, we bring on board a close-knit and dynamic team appreciated by entrepreneurial Limburg. Together, we will anchor ourselves even more strongly in the Limburg business community. To fulfil this ambition together with us, Kris Verhees and Wesley Clemens are coming on board at BDO Belgium as additional associates. In doing so, they emphasise their belief in continued joint growth in the coming years.’
Gert Maris and Alexi Vangerven, partners at BDO Hasselt

Warm Limburg family

Over the past 10 years, Cynex has become a fixture among Limburg’s entrepreneurial advisers. The financial services provider saw its sales jump 25% every year since 2013. The company owes this solid growth to the professional, warm and personal counselling provided to growing SMEs in Limburg, as well as its trusted staff and the family atmosphere. Cynex took note of the family atmosphere at BDO.

‘We’ve been approached several times in recent years by different players in the market, but our discussions with BDO immediately felt right to us. BDO’s warm environment and our shared values and ambitions were the deciding factors for us to partner with BDO. This acquisition marks another step in Cynex’s growth story. A narrative we will now continue to write jointly with BDO. BDO is the right partner not only for our customers, but also for our staff. Both our customers and our colleagues now have more career opportunities. Customers can expect additional support and advice on more complex and even international issues. Our colleagues will get a taste of other financial disciplines and take control of their personal development even more than before.’
Kris Verhees and Wesley Clemens, partners of Cynex

About BDO Belgium

BDO Belgium is an international consultancy firm with a solid reputation in financial services (Audit & Assurance, Tax & Legal, Accounting & Reporting) and complementary, specialised advice that supports customers in future-proofing their digital and sustainable growth (Advisory). Our services include advising our customers in strategy exercises, digital transformation, process optimisation, change and sustainability processes, sustainable finance, financial advisory, mergers & acquisitions and risk management. We advise and assist a broad customer base of large international companies, family businesses, SMEs and private individuals. The BDO approach is personal, hands-on, pragmatic, results-oriented and tailored to the customer’s needs. Companies always have one direct contact person in the vicinity of one of our offices. In Belgium, BDO has 950 partners and staff across the country. BDO Belgium has 11 offices (Antwerp, Antwerp-North, Brussels Airport, Brussels Centre, Ghent, Hasselt, La Hulpe, Liège, Mouscron, Namur-Charleroi and Roeselare) and relies on a strong international network that operates in 164 countries with an expert team of more than 95,000 partners and staff.

About Cynex

Cynex helps entrepreneurs run their businesses optimally, understands the meaning underlying their numbers, and provides direction, guidance and eagerness for the future. We call it ‘a guide to growth’. Cynex is a team of experienced entrepreneurs, financial experts, accountants, tax experts and lawyers ready to assist entrepreneurs and business leaders with issues related to the growth of their businesses. And all of this in the broadest sense. This mix of diverse expertise and backgrounds enables Cynex to bring its unique perspective to all of the services it provides its customers. As a financial advisor, we primarily focus on what is yet to come and not so much on past financial figures. Cynex converts dry figures into understandable language and the right context. And we do so with a clear path to the future.

Cynex is a digital front runner based in its Hasselt office and has been working for customers all over Flanders for years. It has a strong presence and roots in Limburg. The company’s fresh approach has led to a steep organic growth curve in recent years taking it from around 6 staff in 2013 to some 40 staff today. What started as a financial consultant focused on preparing business plans, banking cases and budgets has now grown into a multi-disciplinary financial consultancy firm with broad expertise in financial advice, accounting and fiscal issues.