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Research:
Research
26 Jun 2026
5 minute read

Belgian start-ups have strong foundations compared to EMEA peers, but they lack in ambition

Two in three Belgian start-ups and scale-ups point to commercial execution as biggest growth challenge for 2026

Scale-Ups Confidence Survey Belgium 2026
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Scale-Ups Confidence Survey EMEA 2026
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The latest Scale-Ups Confidence Survey takes the pulse of Belgium's start-up and scale-up economy, benchmarked against peers across EMEA. Based on 498 responses (including 226 Belgian companies), the data shows a maturing ecosystem focused on execution, operational excellence, and sustainable scaling, not growth at any cost. Confidence remains solid at 7.7/10, easing from last year's 8.1. 

The growth constraint has shifted: 64% now point to market demand and sales execution as the biggest hurdle, far ahead of access to capital (30%). This moves the spotlight from fundraising to revenue generation, sales effectiveness, and disciplined go-to-market. Belgium, however, lags European peers where the AI era rewards boldness most: private funding confidence, IPO ambition, AI monetization, and cross-border scaling. 

For founders, investors, and policymakers, the takeaway is practical and urgent: pair revenue-led execution with bolder capital strategies, defined AI monetization plays, and repeatable cross-border expansion. Explore the full report to benchmark against EMEA leaders, understand what separates top performers by sector and stage, and turn insights into concrete priorities for 2026.

Key findings Belgium

Commercial execution is the main growth challenge. Nearly two thirds of Belgian start-ups and scale-ups (64%) identify market demand and sales execution as their biggest challenge. As a result, customer and revenue expansion is now the top priority for 80% of respondents, while 72% identify sales funnel optimization as their main area for improvement.

European fragmentation continues to slow cross-border scaling. Belgium is the only surveyed geography where the domestic market remains the primary expansion target (34%), ahead of  North America (33%) and the Netherlands (31%). The fact that Belgian scale-ups often find the US easier to enter than neighboring EU markets underlines the need for a simpler European framework for growth.

Exit ambition remains modest. Only 37% of respondents have an exit plan. Among those that do, 89% target M&A while virtually none aim for an IPO, compared to 17% in the Netherlands and 15% in the United Kingdom.

AI moves to the core, but monetisation still lags. 53% now prioritize AI and automation as a technology investment. 25% of Belgian respondents already position AI as their core product and primary revenue driver - ahead of the United Kingdom, where AI is still predominantly used for internal efficiency (57%), but behind Switzerland (43%) and Spain (27%) on AI monetisation. 75% still plan headcount growth, but hiring freezes rise to 21% as companies do more with leaner, AI-enabled teams.

Key findings EMEA

Commercial execution is the primary growth constraint across EMEA, cited by 60% of respondents, with particularly high levels in Switzerland (71%), Belgium (64%), the United Kingdom (63%) and Spain (61%).

Customer and revenue expansion is the top 2026 priority in every surveyed geography, peaking in Spain (89%), the United Kingdom (88%) and the Nordics (87%), while optimizing the sales funnel is the most cited area for improvement across the region (66%).

Exit planning remains limited: only 39% of companies have a defined exit plan. Among those that do, 81% target M&A and just 7% aim for an IPO, with IPO ambitions most prominent in the Netherlands (17%) and the United Kingdom (15%).

Funding appetite remains widespread but more selective: 70% of companies seek additional funding, rising to 100% in the Nordics, with equity from new investors as the primary source and the UK standing out for its reliance on high growth debt financing (37%).

AI moves to the core of growth strategies: 54% of scale-ups prioritize advanced automation and AI as a technology investment, but maturity differs sharply, from AI as core product and revenue driver in Switzerland (43%), Spain (27%) and Belgium (25%) to predominantly internal efficiency use in the United Kingdom (57%).

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Anaïs De Boulle

Anaïs De Boulle

Partner & Scale-Up Leader Deloitte Belgium
+ 32 476 66 12 53

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