Brussels, 17 December 2025 – The Belgian acquisition market continues to grow steadily: between 2020 and 2024, the number of acquired companies increased by 16.8%, from 1,998 to 2,334. This is shown by a new analysis from data intelligence expert Altares Dun & Bradstreet. Both very young companies and mature businesses are changing hands more frequently. The number of acquisitions involving companies younger than two years almost tripled (+278%), while companies aged between 25 and 50 years remain the largest group, with more than 700 transactions per year. Leader Data Science and Trade, Barry de Goeij, explains the underlying trend and outlines how the market is evolving.
Between 2020 and 2024, the number of acquisitions in Belgium increased steadily. The total rose from 1,998 to 2,334 transactions, representing a +16.8% increase. Activity also grew on the buyer side: the number of acquiring companies climbed by 17.1% to 1,784.
“This parallel growth in both the number of acquiring companies and the number of acquired businesses shows that the economy continues to turn steadily: there are no signs of overheating, but there is a constant flow of transactions,” says Barry de Goeij. “An increasing number of buyers are finding their way to suitable acquisition targets. It is also striking that some companies complete multiple acquisitions per year, pointing to increasingly focused and professional M&A strategies.”
Small and medium-sized enterprises are driving the growth
Micro-enterprises still make up the largest share of the Belgian acquisition market, but the real growth comes from small and medium-sized companies. Small businesses recorded 23% more acquisitions in both 2023 and 2024 compared with 2020, while medium-sized companies have become the fastest-growing segment (+45%). Large companies follow with an increase of 25% compared with 2020.
Looking at company age, the extremes stand out in particular. Very young companies prove to be remarkably popular: the number of acquisitions involving businesses younger than two years rose from 40 to 111, almost a threefold increase (+278%). At the same time, companies with many years of experience continue to attract a large number of buyers. In particular, businesses aged between 25 and 50 years change hands frequently, with more than 700 transactions per year.
Trade, business services and construction lead the way
Looking at the sectors, wholesale and retail trade remains by far the largest acquisition market, with more than 400 transactions per year and a stable index of 106% in 2024. Business services follow in second place, growing from 309 to 397 acquisitions (+28%). The construction sector completes the top three, rising from 155 to 212 transactions (+37%).
“Acquisitions remain mainly concentrated in a few major sectors, but growth is clearly coming from multiple directions,” says de Goeij. “Trade and business services remain important, but construction and healthcare are also making strong progress. Together, this creates a broad market in which both established sectors and emerging growth areas are making their mark.”
Financially sound targets
Most companies that change hands are in a strong financial position. Altares Dun & Bradstreet assesses the bankruptcy risk of companies using the D&B Rating, which ranges from Rating 1 (low risk) to Rating 4 (high risk). In 2024, 76% of acquisition targets fall into Rating 1 or 2. Another 17% are in Rating 3, while only 6.2% end up in the highest risk category.
The picture is also consistent in terms of profitability. Approximately 59 to 60% of the acquired companies are profitable before taxes. However, 27 to 30% are operating at a loss at the time of the transaction. “Acquisitions are therefore not an exclusive story of strong companies: businesses that are temporarily in the red can also find a buyer if their market position or potential is sufficiently attractive”, de Goeij explains. toe.
A broad and balanced acquisition market
Taken together, the figures paint a picture of an acquisition market with broad support: transactions take place across a wide range of sectors and among companies of different ages, and mostly involve businesses that are in sound financial health. This makes it clear that acquisitions in Belgium are primarily part of a normal and balanced business dynamic. “The analysis shows how diverse this market is,” says de Goeij. “Acquisitions do not arise solely from financial distress, but from a broad range of strategic choices within the business community.”
