Fractional CFO services in Belgium

R&D wage tax exemption

Belgian companies can claim a partial exemption from payroll withholding tax on R&D personnel - 80% of the income tax that would otherwise be remitted to the state. Effectively a hidden wage subsidy worth 8-15% of total R&D personnel cost. One of the most-claimed innovation incentives in Belgium.

PMV (Flanders)

PMV is the Flanders public investment company. Provides equity, mezzanine and lending across stages including PMV Welvaartsfonds and PMV ARKimedes Fund for venture-stage tech. Often the institutional anchor in Flemish tech rounds.

Sowalfin (Wallonia)

Sowalfin and the SRIW group provide equity, lending and guarantees for Walloon SMEs. Investbar (W.IN.G), Noshaq and other regional vehicles co-invest at seed and Series A in Walloon tech companies.

finance.brussels and Innoviris

finance.brussels and Innoviris cover the Brussels-Capital Region with equity, lending and innovation grants. Smaller in scale than PMV and Sowalfin but materially relevant for Brussels-based startups.

Belgian VC ecosystem

Belgium's VC scene is mid-sized, anchored by funds including Hummingbird Ventures (Brussels-based, global), Capricorn Partners, Volta Ventures, Vesalius Biocapital and Pitchdrive. Cross-border participation from Dutch, French and German investors is common at growth stage.

Venture debt

Less developed than the broader European market but functional. Kreos Capital, Claret Capital Partners and HSBC Innovation Banking operate in Belgium alongside regional public lending vehicles. Typically deployed against ARR or contracted revenue from Series A onwards.

1999 Stock Option Law

Belgian stock options are taxed at acceptance (within 60 days of grant) on a deemed taxable value calculated as a percentage of the underlying share value at grant (typically 9-18% depending on exercise period). No further income tax at exercise or sale - gains beyond the deemed value typically tax-free as private capital gains.

Tax effect of the upfront model

The upfront tax means founders pay tax on options regardless of whether they ever vest into value. Works well when share value at grant is modest and stable; poorly when grants are made just before a priced round that materially repricies the underlying shares.

Warrants and convertibles

Belgian warrants are an alternative to options that broadly mirror the Stock Option Law treatment but with different drafting and acceptance mechanics. Used in some Belgian startup grants where the 1999-Law option mechanics don't fit the specific use case.

Phantom shares and SARs

Cash-settled equity-like instruments - the holder receives a cash bonus equal to the value of a notional option at exit. Taxed as employment income at payout (marginal rates up to ~50%). Used as an alternative when the Stock Option Law's upfront tax model is not workable.

Option and warrant valuation

Belgian startups typically structure grants around the deemed valuation percentages set by the Stock Option Law, with the underlying share value pegged to the most recent priced round. Independent valuations are useful for material grant programmes to support the FOD Financiën position.

Reporting and FOD Financiën

Option grants and acceptances flow through Belgian payroll (RSZ social security) and tax reporting. Annual employer reporting on equity events required. Worth aligning between cap-table tool, Belgian payroll provider and tax advisor at each material equity event.

Accounting

• •Yuki - modern Belgian/Dutch SME accounting platform.
• •Octopus or WinBooks - established Belgian alternatives common at accounting firms.
• •Exact Online - Dutch-Belgian alternative for cross-border SMEs.

Payroll

• •SD Worx, Acerta or Securex - the three dominant Belgian payroll providers.
• •Officient - modern Belgian-built HR + payroll platform.
• •Deel or Remote - for hiring contractors and staff outside Belgium.

Business banking

• •KBC, BNP Paribas Fortis or Belfius - for treasury, FX and traditional debt facilities.
• •ING Belgium - alternative with strong domestic coverage.
• •Wise Business - for multi-currency operations.
• •Revolut Business - for early-stage simplicity.

Cap table & equity admin

• •Ledgy - strong European coverage; common at Belgian venture-backed startups.
• •Carta - for Belgian companies with US investors or a US parent.
• •Pulley - modern alternative at later stage.

Expenses & corporate cards

• •Pleo - European default; clean integrations with Belgian accounting tools.
• •Spendesk - strong approval workflows for larger teams.
• •Mollie corporate features - for ecommerce-focused operators.