Research Database 2024

199 Belgian Family Offices
Managing €73 Billion

The most comprehensive database of Belgian family offices, combining public financial data with market intelligence.

199
Family Offices
€72.8bn
Financial Assets
81%
Median FVA Ratio
21
New since 2020
01
Extreme Concentration
18 family offices (9%) control 51% of all assets. The bottom 82 FOs (<€100M) together hold just 5%.
02
Ultra-Conservative Financing
Median debt/equity of just 0.07x. For every euro of equity, barely 7 cents of debt. 48% have a net cash position.
03
Structural Growth
Two in three FOs are growing. Total FVA up 16.9% over 2022-2024. At current pace, the market hits €100B around 2030.
04
Post-2020: Generation Effect
21 new FOs since 2020 with €14.4B. But 82% of that FVA comes from generational splits, not new fortunes.
05
West-Flemish Surge
48% of new FOs are West-Flemish (vs 27% historically). Industrial clusters around Kortrijk, Waregem and Knokke are the epicenter.

Market Analysis

Interactive data visualization of 199 Belgian family offices

Size Distribution
Number of FOs per asset size bracket. Bar = relative count.
Geographic Distribution
Number of FOs per province. Bar = relative count.
Formation Timeline
FOs founded per decade. Gold = post-2020 wave.
Financial Specialization
FVA as % of total balance sheet. Higher = more purely financial holdings.

Structural Profile

Concentration, growth, leverage and profitability of 199 Belgian family offices

Wealth Concentration
18 family offices (9%) control 51% of all financial assets
% of total FOs
% of total assets (€72.8B)
>€1B 18 FOs · €37.1B
9%
51%
€500M - €1B 21 FOs · €13.4B
11%
18%
€250M - €500M 28 FOs · €10.2B
14%
14%
€100M - €250M 50 FOs · €8.0B
25%
11%
€50M - €100M 36 FOs · €2.6B
18%
4%
<€50M 46 FOs · €1.4B
23%
2%
Reading example: the top bracket (>€1B) contains just 9% of all FOs, but holds 51% of all assets.
Growth Profile (2022-2024)
Two in three FOs are growing. Total FVA up 16.9% in two years.
66%
FOs growing
+8.1%
Annual aggregate growth
6.5%
Median CAGR (12yr)
Largest FOs (>€500M) grow structurally faster: 13.0% median CAGR vs 3.4% for smallest. At current pace, total FVA reaches €100B around 2030.
Leverage: Ultra-Conservative
Median debt/equity ratio: 0.07x
0.07x
Median D/E ratio
76%
Low leverage (D/E <0.3x)
48%
Net cash position
Total sector debt €10.5B vs €77.4B equity. Larger FOs are the most conservative (median D/E 0.04x). Post-2020 formations are virtually debt-free (0.01x).
Profitability & Operations
Compact teams managing vast portfolios
74%
Profitable FOs
€5.0B
Total reported profit
~680
Total employees
Median 3 employees per FO. Two-thirds operate with 1-4 people. FOs with 5+ staff manage 3x more assets (median €340M vs €104M). Outsourcing to banks, lawyers and fiduciaries is the norm.
⚡
The Post-2020 "Boom" is a Generation Effect
21 new FOs in five years, with an average FVA of €688M (3x the historical average). But 82% of that wealth comes from generational splits (Frère: 4 new vehicles, Vanhalst: 3, Thermote: 2). Only 3 FOs (€0.2B) represent truly new fortunes. The same wealth is spreading across more entities.

Complete Database

All 199 Belgian family offices, sortable and searchable

Name ▼ FVA €M ▼ Ratio % ▼ Year ▼ Province ▼ Size ▼

Methodology

This is, to our knowledge, the first quantitative mapping of the Belgian family office market. In March 2024, De Tijd (Piet Depuydt) published a list of 73 family offices with €23 billion in equity. That list was the starting point of our research.

All data is sourced from public company filings via openthebox.be: published annual accounts, director networks, shareholder structures and KBO company data. After screening on FVA (minimum €20M), holding structure, family governance and media validation, we identified 206 entities. After correction for double-counting in cascade structures (7 entities, €5.0B removed across 4 families), 199 unique family offices remain.

We cross-checked against the "Rijkste Belgen" ranking (top 300 families): 134 families (45%) appear in our database. The remaining 166 are absent for methodological reasons: their wealth sits primarily in operational businesses, listed holdings or foreign structures.

Scope: Private family offices managing substantial financial assets (typically >€20M FVA). Excludes listed holding companies (Sofina, GBL, VGP), institutional investment companies, government-related holdings, and foreign corporate holdings.

Limitations: All figures are book values, not market values. Foreign structures (Luxembourg, Swiss, Dutch) are invisible. Real estate, art and alternatives are only partially captured. The actual total wealth of Belgian families in FO structures is certainly significantly higher than the €72.8B reported here.

References: Michiels, A. et al. (2023), "Single Family Offices in België", Hasselt University. Depuydt, P. (2024), "De miljardenbusiness achter het family office", De Tijd.

Privacy

This website does not process personal data. All information displayed relates exclusively to corporate entities (company names, financial data, registered offices) sourced from legally mandated public filings: annual accounts deposited with the National Bank of Belgium (NBB), the Crossroads Bank for Enterprises (KBO/BCE), and the Belgian Official Gazette.

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