1. Financing for Belgian SMEs: Credit Remains Accessible, but Banks Are Becoming More Selective

The latest data released by Febelfin and the National Bank of Belgium (BNB) show that Belgian SMEs continue to invest despite an uncertain economic climate.

Some key figures:

• A 0.6% increase in loan applications

• +7.6% increase in requested amounts

• +2.6% increase in new loans granted

• 202 billion euros in outstanding business loans, a record high

While access to financing remains favorable, its cost is on the rise again. The average interest rate on new loans rose from 3.51% at the end of 2025 to 3.75% in April 2026.

Banks aren’t cutting off credit, but businesses are finding it harder to access financing.

Between January and April 2026, the percentage of companies that considered credit conditions to be unfavorable rose from 13.4% to 26.9%, despite lending policies that remained largely unchanged and a stable rejection rate. Now more than ever, a strong financial profile makes all the difference.

👉 What This Means for Your Small Business

Today, financial institutions are placing increasing importance on:

• recurring and sustainable EBITDA;

• a strong cash position;

• a proven ability to repay;

• effective working capital management;

• a business plan and credible financial projections.

Financial Way’s advice: Your banking reputation is essential and is built over time through solid financial figures that are reported on time. In addition, a well-developed business plan will strengthen your company’s credibility with your banker and allow you to take advantage of additional financing options.

2. Business Succession: A Market That Remains Dynamic in Wallonia

The latest report from Wallonie Entreprendre confirms that the market for business transfers remains strong despite a more challenging financing environment.

Key Figures:

• 544 business transfers completed in 2025.

• The average valuation remains stable at 5.6x EBITDA.

• Financing structures are becoming more flexible: 25% of transactions include a vendor loan; 17% include an earn-out.

• Strategic buyers now account for 52% of transactions.

Today, buyers prefer companies that:

• recurring profitability;

• reliable financial information;

• a company that is less dependent on its leader;

• a diverse customer base;

• sustainable cash flow.

👉 What This Means for Your Small Business

Valuation is no longer limited to applying an EBITDA multiple. Buyers now place increasing importance on the quality of earnings, the visibility of future performance, and the company’s ability to generate sustainable cash flow.

Financial Way’s Take: A successful business transition requires planning several years in advance. Thorough financial and strategic planning remains one of the best ways to maximize the value of your business.

3. Mandatory Time Tracking Starting in 2027: Is Your Small Business Ready?

The Belgian government plans to implement, effective January 1, 2027, an objective, reliable, and accessible system for recording working hours.

Employers must be able to reliably demonstrate the following:

• the start time;

• end time;

• the duration of work performed.

However, this requirement does not necessitate the installation of a traditional time clock. Digital solutions such as HR software, a mobile app, or an integrated ERP system already meet these requirements.

👉 A constraint… that can become a valuable management tool

Integrated solutions such as Odoo make it possible, in particular, to: :

• Record the arrival and departure times;

• record hours worked;

• track time by project or by client;

• improve cost and profitability calculations;

• streamline payroll and billing;

• meet the requirements of social audits.

By integrating time tracking with accounting, human resources, and project management, small and medium-sized businesses can turn a regulatory requirement into a real driver of performance.

Financial Way’s Perspective: Through our Information Way offering, we help small and medium-sized businesses implement integrated solutions such as Odoo to meet new regulatory requirements while improving their operational efficiency.

4. Tax News: 5 Key Updates to Keep in Mind

The Belgian tax system continues to evolve in response to reforms, case law, and statements issued by the tax authorities. Here are five recent developments that deserve your full attention.

💻 Software developers are once again subject to the copyright tax regime

This measure is currently included in a bill. If the bill is passed, software developers will once again be eligible for the copyright tax regime retroactive to January 1, 2026, although some uncertainties remain, particularly regarding the ONSS.

⚖️ Greater protection in the event of a first-time income tax error

The Constitutional Court has confirmed that an initial error made in good faith regarding income tax should no longer automatically result in a tax assessment. This decision could also benefit certain cases that are still pending.

🌍 Stricter VAT rules for transfers of equipment within the European Union

Businesses that temporarily move goods between several Member States will need to verify their VAT obligations. In some cases, simply holding a VAT number in another Member State is no longer sufficient to qualify for the simplifications provided for in the regulations.

📈 New Details Regarding the Capital Gains Tax

The government has provided important clarifications regarding the application of the FIFO method by securities account, as well as the valuation of shares received as dividends.

🚗 An increase in the tax-exempt mileage allowance

As of July 1, 2026, the tax-exempt mileage allowance has been increased to €0.4761 per kilometer. Employers should adjust their travel expense reimbursement policies accordingly.

Any questions? Our team will be happy to answer any questions you may have. Thank you for reading this far, and see you soon for the next edition.

business@financialway.be www.financialway.be