Belgian start-up market gets a boost from next-gen start-ups and angel syndicates as a new investment model

But also increasing complexity in valuation and taxation: BDO Belgium and BeAngels join forces.

BeAngels partnership
The Belgian start-up market is gaining momentum. Innovations in AI, robotics, and blockchain are giving the sector a boost, driven by a new generation of small, agile teams rapidly building scalable business models. There is also significant movement on the investor side, with more flexible investment structures such as angel syndicates becoming increasingly popular. At the same time, complexity continues to grow. Increased valuations, more sophisticated deal structures, and the introduction of the capital gains tax are creating new challenges. That is why consultant BDO Belgium and leading investor network BeAngels are joining forces to support start-ups and investors navigate this evolving landscape. 

More investments in early-stage start-ups 

The Belgian start-up scene is currently performing better than in previous years. Deal flow remains relatively strong, fueled by innovations in AI, robotics, and blockchain. Particularly noteworthy is the rise of small, agile teams that are already generating revenue from a very early stage thanks to generative AI and are quickly developing scalable solutions. At the same time, the way investments are made, is also changing. Angel syndicates — networks of business angels investing together in start-ups — are gaining popularity and allow investors to participate more flexibly and with smaller ticket sizes across multiple opportunities while demultiplying the support network for founders. 

Start-up valuations have risen significantly in recent years, including during early funding rounds. This has changed the dynamics of early-stage investing: investors today are more likely to request protective clauses, such as anti-dilution protection and liquidation preferences. As a result, negotiations have become more complex, and we see founders seeking legal and financial guidance much earlier in the process.

Claire MunckCEO of BeAngels

Additional complexity due to capital gains tax 

This complexity is now further amplified by the introduction of the new Belgian capital gains tax. The reform raises additional questions for both investors and start-ups, particularly regarding the valuation of young companies. Additional requirements, costs, and uncertainties surrounding valuation methods are making the investment process less transparent and increasing the need for specialized guidance. 

“The fundamentals of successful investments remain unchanged — strong teams, product-market fit, and execution capabilities — but the context in which those decisions are made has become considerably more complex,” says Claire Munck. “Today’s investors need clear frameworks, reliable data, and practical guidance.” 

Through their collaboration, BDO and BeAngels aim to provide an answer to these challenges to reduce friction for the entrepreneurial ecosystem. BDO’s Tax & Legal and Deal & Valuation Advisory teams will work directly with the BeAngels community to help investors and entrepreneurs prepare for the practical implications of the tax reform, anticipate potential hurdles, and work with advisors who understand them. 

The market today demands clear, well-substantiated insights and tailored guidance. Through this partnership, we can bring our expertise directly into a dynamic ecosystem of investors and fast-growing companies, supporting them with concrete solutions.

Alexander VeithenManaging Partner Deal & Valuation Advisory at BDO Belgium

The collaboration underscores a shared ambition by both organizations to promote greater transparency, knowledge sharing, and success in early-stage investments, thereby contributing to a stronger entrepreneurial climate in Belgium.

About BeAngels

BeAngels is Belgium leading business angel network, connecting ambitious entrepreneurs with experienced investors since 1999. With hundreds of active members and tens of millions deployed into startups across Belgium, Luxembourg, and Northern France, BeAngels has built one of Europe's most active early-stage investment communities. The network offers flexible investment solutions for every profile: from direct deal-by-deal investing to SPV structuring with full back-office and legal support. For those seeking a more hands-off approach, BeAngels also manages ScaleFund, a pan-European fund targeting high-potential companies in deeptech, digital transformation and cleantech. Beyond capital, BeAngels members roll up their sleeves - bringing expertise, networks, and board-level support to the startups they back, and share experiences about their experience. For founders raising your first round or investors looking to make their money work smarter, BeAngels is where it starts.