Fractional CFO services in Brussels
Brussels punches above its population in European tech - Collibra ($5.25bn data intelligence), Odoo ($5.3bn SME software) and Showpad (sales enablement, $185M+ raised) are all Brussels-founded companies that built global category leaders from Belgium.
The city captures 55% of Belgium's VC deal volume, with the national ecosystem deploying €650M across 220+ deals in 2024 - weighted toward B2B SaaS, fintech and a fast-growing deeptech and biotech cluster.
We work with Brussels-based startups from seed to Series B+, supporting them on board packs, fundraise prep, monthly close, KPI tracking, runway management and financial modelling.
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Brussels startup ecosystem
EU regulatory intelligence as a competitive advantage
Brussels houses the European Commission, European Parliament and most major EU regulatory agencies. That concentration of regulatory and policy expertise feeds directly into startups building in govtech, legaltech, sustainability reporting, data governance and financial regulation - sectors where proximity to rule-makers is a genuine moat.
B2B SaaS, fintech and deeptech anchor the scene
Belgium's two unicorns - Collibra (data intelligence) and Odoo (open-source ERP) - are both Brussels-area B2B software companies, signalling the city's strength in enterprise tooling. Fintech accounts for 22% of Brussels deals; deeptech and biotech together represent 38%, anchored by the VIB research institute and Brussels' four major research universities.
Ixelles, Tour & Taxis and the EU Quarter
The Ixelles and Flagey area around the VUB and ULB campuses is the creative and startup residential cluster. Tour & Taxis, a converted goods depot in the north of the city, has become Brussels' primary innovation campus hosting co-working, events and early-stage tenants. The EU Quarter's concentration of law firms, lobbyists and policy shops creates a unique environment for regulatory-adjacent startups.
Multilingual engineering and policy talent
The Université Libre de Bruxelles (ULB), Vrije Universiteit Brussel (VUB), KU Leuven (30 minutes away) and UCLouvain supply engineering, computer science, bio-engineering and economics graduates. Brussels' bilingual French/Dutch character and large international population produces operators fluent in three languages - a practical advantage for pan-European market entry.
Government grants, tax incentives and public co-investment
Brussels has one of Europe's most structured public-sector startup support systems - Innoviris, Finance&invest.brussels and hub.brussels together provide grants, co-investment, workspace subsidies and internationalisation support. These are the programmes most relevant to early-stage Brussels founders.
Innoviris
Innoviris is Brussels Capital Region's public R&D and innovation agency. In 2024 it financed 325 projects, disbursing €44.6M to 215 unique beneficiaries. The Innovative Starters Awards grants up to €500k to early-stage startups; the Attract programme funds international researchers joining Brussels companies.
Finance&invest.brussels
Finance&invest.brussels is the Brussels Capital Region's public investment arm, providing €5k–€150k co-investment tickets in early-stage startups alongside private investors. Also manages mezzanine finance and guarantee products for growth-stage companies. Priority sectors: fintech, civic tech, sustainability and digital health.
hub.brussels
hub.brussels is Brussels' official business support agency, offering free advisory, workspace subsidies, trade mission access and the 1819 startup hotline. Runs the Brussels Invest & Export programme for founders scaling beyond Belgium, with market entry support in 90+ countries.
Belgian Investment for Growth (BIG)
BIG is a €500M public fund-of-funds investing alongside Belgian private VCs to catalyse later-stage growth rounds. Managed by SFPI/FPIM, Belgium's federal holding company. Acts as anchor LP in funds including Volta Ventures, Fortino Capital and Astanor Ventures.
Volta Ventures
Volta Ventures is the most active Benelux seed-stage SaaS fund, writing €300k–€2M tickets into B2B software companies. Brussels portfolio companies include Teamleader, Intuo and Guardsquare. Operates a structured post-investment support programme covering sales, hiring and international expansion.
Fortino Capital
Fortino Capital is a growth-stage Belgian fund investing €5M–€20M into B2B software and tech-enabled services companies. Portfolio includes Efficy (CRM), EffectConnect and CloudSuite. One of the most active Series A and B investors in the Belgian market, with a strong track record of supporting Brussels-area founders through scale-up.
Brussels startup accountants vs Flow fractional CFO
Most Brussels startups work with a registered accountant (Expert-Comptable/Bedrijfsrevisor) for NBB filings, TVA returns and annual statutory accounts. That role is required by Belgian company law - but it does not replace a fractional CFO.
Annual accounts, corporate tax, TVA and NBB filings. The firms most-used by Brussels venture-backed startups.
- BDO Belgium
Multidisciplinary firm offering audit, accounting, tax and consulting from its Brussels headquarters at Rue de Stassart 35. Broad tech and growth-company coverage with an increasingly active startup advisory practice.
- Moore Belgium
Belgian mid-market accountancy firm with Brussels offices - positioned explicitly for entrepreneurs, covering accounting, audit, business consulting and legal advisory from startup through growth stage.
- Vandelanotte
Top-10 Belgian accounting and auditing firm, headquartered in Kortrijk with a Brussels presence. Known for sector-specific advisory including tech, fintech and family-owned growth businesses. Co-launched AI-GUST, a financial benchmarking tool built with BDO Belgium.
- Forvis Mazars Belgium
International firm with Brussels and Ghent offices, offering audit, tax, and advisory to growth-stage and VC-backed companies. Well-regarded for cross-border structuring as Belgian founders expand into France, the Netherlands and the UK.
- Grant Thornton Belgium
Mid-tier firm with a dedicated entrepreneurial advisory practice covering Belgian startups and scale-ups through seed, Series A and PE-backed growth - audit readiness, R&D incentives and M&A transaction support.
Financial modelling, FP&A and fundraise prep. We work alongside your accountant - not instead of them.
- Builds the financial model - revenue assumptions, headcount, unit economics, runway.
- Sets up the monthly FP&A cycle: budget, forecast vs actual, variance analysis.
- Puts together the monthly board pack - P&L, cash, KPIs and forward outlook.
- Prepares the fundraise: investor model, deck financials, data room and diligence prep.
- Keeps the cap table tidy and handles warrant plan grants and Belgian tax-ruling valuations.
- Reports on the KPIs that move the business - ARR, gross margin, CAC payback, retention.
- Pressure tests hiring, pricing and big spend decisions against the model before the founder commits.
- Sits in board meetings and is embedded week-to-week, not just engaged annually for compliance.
We provide fractional CFO services across Brussels and beyond
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for Brussels startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
Recently completed fractional CFO projects
Selected fractional CFO engagements and prior CFO experience.
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