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Mergers & acquisitions

What should you best be taking into account when selling your business or buying another business?

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Valuations
For organisations involved in a transaction, dispute, merger, acquisition or restructuring, the value of the company involved and its assets will be an important commercial consideration. A clear and thoughtful view of the respective value is therefore essential in such situations.
Due diligence
Due diligence identifies risks and examines potential financial, tax, legal or operational pitfalls. We offer robust due diligence services, clearly tailored to our clients' requirements.
Independent trusted advice
Do you want to sell your business or rather grow it through an acquisition?
Corporate reorganisations
Redesigning your group structure can mean significant cost savings and/or efficiency improvements. The restructuring provisions of the Companies and Associations Code (merger, demerger, contribution or transfer of branch of activity, etc.) provide you with the legal means to achieve this.
Legal support
Mergers and acquisitions represent a challenge for dynamic organisations. As a manager or entrepreneur, you want to look at this challenge from all sides to obtain the best conditions. That is why our professionals work on the basis of integral process management during merger, sale or acquisition processes.

Related insights:

Advisory A seller's market set to continue after a big year for M&A

Companies are increasingly focused on high-quality strategic transactions, with less time spent on investigating peripheral opportunities, according to our International Business Report (IBR), a survey of 5,400+ business leaders in 35 economies.

06 Jun 2016

Doing business internationally

If your business has some success domestically, a possible next step is to look at international entrepreneurship.

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Transfer pricing
Our experts help document your transfer pricing principles, intra company transactions and internal reporting and organisation. They design and implement settlement pricing structures for both national and multi-national companies. When services are centralized, they determine acceptable costs and margins.
Global mobility services
International employment has become a standard practice in today's HR policies. Nevertheless, it raises several questions for both the expat and the employer.
International tax & VAT
If your business has grown internationally or if you’re considering to take the step to expand abroad, you want to continue maximizing your efforts. Where domestic corporate tax laws may already be quite complicated, local legislation in other countries and international tax laws will most certainly add to the complexity of your business environment and organization.
IFRS reporting
IFRS reporting services for international groups and SMEs.

Audit & Assurance

Our services can strengthen your business and stakeholders' confidence. You'll receive professionally verified results and insights that help you grow.

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Financial statement audit
As a large organisation, you are required by law to appoint an auditor to report to the general meeting on the (consolidated) financial statements.
Agreed upon procedures
As an entrepreneur or manager, you may entrust specific work to your company auditor. The nature, extent and scope of these activities or procedures are always mutually agreed upon.
IFRS reporting
The European International Financial Reporting Standards (IFRS) have been mandatory for listed companies in the European Union since 2005. However, these standards also offer specific advantages for unlisted companies and SMEs.
Legal assignments
When significant events occur, the Companies Act imposes audit and reporting obligations on your company. In which cases is reporting required?

Advisory

Our progressive thinkers offer services to help create, protect and transform value today, so you have opportunity to thrive tomorrow.

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Transaction advisory services
As independent advisers, our transaction specialists offer independent advice, not just on the financial aspects, but throughout the transaction cycle. Their independence is beneficial both to buyers as well as sellers. Our advisers work according to a structured methodology, keeping track of all financial, operational and strategic elements.
Restructuring
Based on our "to-the-point" analyses, we identify with you the appropriate restructuring opportunities to help improve cash flows, results and balance sheet positions in the short term.
Risk and compliance management
What are the risks to my business? What steps should I take to avoid these risks? Our business-risk advisers will be happy to help you get started.
Internal audit
An effective internal audit function helps dynamic organisations better manage risks and turn them into opportunities.
Cyber risk services
Cybersecurity and data privacy threats evolve on a daily basis. It is essential to recognize the threats, understand your exposure, balance your priorities and formulate a comprehensive response. We provide support in addressing both global and local cybersecurity and privacy compliance needs. We assess the risks of cyberattacks and the maturity of security programs, and we recommend and implement workforce, process and technology solutions to protect information assets. Contact us for a solid strategy that will help you proactively manage cyber risks both inside and outside your organization. We are ready to help you safeguard your future.
Data analytics & process mining
Companies have a huge amount of data at their disposal, and that amount of information is also increasing every day. Gaining deeper insight through data analysis can increase the value, commercial challenge and level of understanding of the business.
Process optimisation and internal controls
Futureproof organisations need to regularly revisit their strategies and objectives thereby optimizing their tactics, processes, internal controls and systems
Forensic & integrity
Fraudsters become more inventive and can adopt different strategies depending on their target’s weaknesses. It is therefore crucial to ensure the appropriate level of fraud risk preventative measures are present in your organization.
Sustainability & Impact services
How do I really make sustainability part of my strategy? How do I realise valuable impact? How do I get a grip on climate-related risks and opportunities? We can help you in your ESG journey.
Whistleblow services
A whistleblowing programme helps your organisation to both prevent and detect fraud quickly. That way, you can reduce and even avoid fraud losses.

Tax

Our tax services help you gain trust and stay ahead, enabling you to manage your tax transparently and ethically.

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Corporate tax
Laws on taxation are dynamic. Making sure your organization’s liabilities are met, requires constant monitoring and managing. Our advisers can offer case-by-case advice, help you coordinate, assist in filing reports, assess your risks, … or fully execute compliance processes.
VAT
This requires a high level of experience, knowledge and insight of indirect tax, but also of your industry and organisation. Our team of full-time VAT specialists can assist you in various fields, ranging from advice and risk control to implementation and optimisation. As companies need advice as well as assistance and support, we execute and assist in fulfilling the necessary formalities and apply for permits.
International tax & VAT
If your business has grown internationally or if you’re considering to take the step to expand abroad, you want to continue maximizing your efforts. Where domestic corporate tax laws may already be quite complicated, local legislation in other countries and international tax laws will most certainly add to the complexity of your business environment and organization.
Compensation & benefits
To recruit and retain the best talent, it is essential to offer optimised and competitive pay packages. Grant Thornton helps you put together attractive packages tailored to your activity and the profile and expertise level of your employees.
Transfer pricing
Our experts help document your transfer pricing principles, intra company transactions and internal reporting and organisation. They design and implement settlement pricing structures for both national and multi-national companies. When services are centralized, they determine acceptable costs and margins.
Global mobility services
In a globalised world, businesses must work seamlessly across borders. Organisations operate in multiple countries and view international expansion as a strategic objective. International talent mobility is a key element of a successful global business and with it comes challenges and risks, as well as opportunities. With ever changing global tax regulations, an effective, compliant and cost-efficiently managed international mobility program is a critical component of successful talent management and business operations.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.

Related insights:

Direct tax The wealth tax deadline is approaching: what you need to know

Prepare your wealth tax declaration with our guide. Discover the key changes since 1 January 2024 and ensure that your tax return is submitted on time and correctly by the deadline of 31 March 2025

Wendy Rombouts

| 2 min read | 30 Jan 2025

Legal

Our legal services help you understand the legal risks and opportunities when making business decisions.

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Legal support & contracts
Running your business on a day-to- day basis often has legal consequences. Not only key moments such as take-overs, shares transactions and mergers require legal support, but also your organisation’s daily operations. This is why our legal advisers are equipped to provide you with advice in many fields, both at a national and at an international level. They develop an understanding about your organisation’s activities and development plans. This allows them to offer you up-to date, relevant advice supporting your business.
Company law & acquisitions
Your organisation is accountable towards many stakeholders: shareholders, board members, management and many more. Needless to say expert support to fulfill all reporting requirements can mean added value to your business.
Labour and social security law
Belgian labour and social security legislation is a maze of schemes and regulations that employers tend to get lost in. Our legal experts issue advice and assist you, from the employee joining the company until leaving the company due to termination, retirement etc
IT law & GDPR
Every business depends on ICT support. Given the business-critical nature of many ICT applications, concluding solid contracts is an absolute must. Grant Thornton has extensive expertise in consulting on and drafting various types of ICT contracts.
Legal Counsel as a Service
Does your company need a 100% committed 'specialised' generalist who really knows the ins and outs of your company? Someone who thinks from your business perspective and provides pragmatic legal support by knowing your business strategy, its operations and business specifics? We can answer this need with "Legal counsel as a service".

Accountancy & reporting

Our accountancy and outsourcing services remove the burden and worry of back office processes and reporting requirements across multiple jurisdictions.

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Accounting & reporting
At Grant Thornton, we offer you our accounting services either on a fully outsourced basis or a co-sourced basis. Whether you choose to have our experts to take care of all of your financial reporting requirements on your behalf or you choose to use our services for a project or a part of your accounting function, we have the skills and experience to deliver the right quality output you need.
CFO-as-a-service
Are you a dynamic SME and do you want to be able to fall back on the expertise of a CFO? But is a full-time CFO still too big a step for your organisation? Grant Thornton offers you CFO-as-a-service.
Outsourcing
Your financial information is an important management tool. That is why it is important your entire reporting process, from budgeting to filing financial statements is in line with your strategy and information needs.
Consolidation
Our experts have a broad practical experience in consolidation. The methodology that we apply, guarantees a complete transparence of the consolidated data.
Global Compliance and Reporting Solutions
As an entrepreneur operating in different countries, you are often confronted with various local obligations (VAT, direct taxes, financial reporting, etc.). Thanks to our Global Compliance and Reporting Services (GCRS), we offer you the solution in this regulatory tangle.

Grant advice

As an entrepreneur, you are occupied with the core business of your company every day. As a result, you often do not have time to find out which grants and...

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Career

Whether you are a young graduate, professional with experience or experienced manager, at Grant Thornton we’ll focus on your development, while respecting your...

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How we realise your ambitions

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Values and business culture
Our values guide us globally in the right direction to support our clients and ensure our own evolution, both individually and within our teams.
Flexibility and work-life balance
Flexibility and responsibility are our core values, both at work and beyond. So you can be ambitious while continuing to pursue a good work-life balance.
Client portfolio
We learn and grow together with our customers. That is why you get a varied customer portfolio with companies from very diverse sectors.
International network
With 62,000 colleagues in over 140 countries, we are one of the largest accountancy and advisory firms worldwide. You benefit from that enormous expertise.
Inclusive business culture
Whatever your experience, background, race, diploma, gender or orientation, you are welcome! We are interested in you as a person, so bring your full story with you.

Young graduates

Recently graduated? As a junior in audit, accountancy, tax & legal or advisory you have room to grow. While respecting your own rhythm and work-life balance.

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Experienced professionals

Professional with experience and ready for a new step in your career? With a customised career plan you will grow at your own pace and in line with your...

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Experienced managers

Plenty of expertise in audit, accountancy, tax & legal of advisory? Join our growth project and be part of a world-class consultancy firm.

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Portal

Equinox Client Portal

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Client Web-accounting

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MyInsights Digitised Accounting

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Remote support

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Client feedback

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Benefit in kind company cars

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Legal

Combating social dumping and unfair competition

By:

Sophie Vissers

27 Jan 20255 min read

What new measures does your company have to take into account in 2025? Social dumping not only puts pressure on employees but also disrupts fair competition among businesses. In this article, you can read about the latest measures that compel businesses to respect social standards and thereby create a level playing field in the struggle against exploitation and unfair competition. Is your company’s business model compliant with the new rules of the game?

Contents

Ban on purely financial subcontracting

Since 1 January 2025, subcontractors will be prohibited from accepting a task from a (main) contractor and in turn outsourcing that task in whole or in part to another subcontractor or retaining solely the coordination thereof. This prohibition applies to subcontractors in the construction, meat, and removal industries but not to main contractors.

An infringement can result in a level 4 sanction, with a prison sentence of up to 3 years and fines of up to €56,000. In addition, the court may also impose a prohibition on participating in public tenders or obtaining concessions. It is important therefore to check whether your company will continue to carry out an operational task itself in the event of subcontracting.

For further information, please see our previous publication: Ban on purely financial subcontracting in certain sectors from 2025

The new ‘parcels law’ - changes in the transport sector

The ‘parcels law’ was recently adopted, with the aim of improving the working conditions of parcel deliverers. The new law applies to parcel delivery companies that have parcels delivered (within and beyond Belgium) by parcel deliverers (both employees and self-employed persons). This law comprises the following new provisions:

Since 7 January 2024, contract-awarding companies can be held liable for infringements by their subcontractors in the area of the working terms and conditions of parcel deliverers
Since 1 May 2024, principals and subcontractors must register with the Belgian Institute for Postal Services and Telecommunications (BIPT). Since 1 August 2024, they are required to half-yearly report on their activities. Starting on 1 April 2025, principals must inform the NSSO of the subcontractors they appeal on
Since 1 May 2024, principals and subcontractors must appoint a coordinator
Since 1 August 2024, principals and subcontractors must introduce a time registration system.
As from April 2025, all registrations via an online system must be forwarded to a database maintained by the NSSO
Since 1 October 2024, principals must provide a minimum remuneration to subcontractors
Starting on 1 July 2026, the parcel distribution time for employees will be limited to a maximum of 9 hours per day (with a few exceptions) and 56 hours per week, with a maximum of 90 hours over two weeks.

Expansion of the registration obligation to cleaning activities

Since 1 September 2024, the registration of the beginning and end of the working time and breaks is mandatory for every worker (employee, self-employed, interim worker, or trainee) who performs certain types of cleaning. Employers must set up a registration system and inform their staff.

New rules in the removal industry

In addition to the aforementioned changes, other new legislation came into force on 1 January 2025 which fundamentally changes the rules about subcontracting in the removal industry:

The subcontracting chain for removal activities carried out on behalf of a principal are limited to three levels, and each subcontractor must inform its subcontractor of its position in the chain
A joint and several liability is introduced for wage debts. The principal or (sub)contractor must retain 50% to 65% of the invoice amount and pay it into a fund if the subcontractor is listed in a wage debt database
Principals and contractors are jointly and severally liable for the social debts of their (sub)contractors and must pay 35% of the amount due to the NSSO in case of debts
Starting on 1 January 2027, a “declaration of works” is required via the NSSO, including the registration of each natural person at each workplace where removal activities are carried out

More stringent rules on the chain of liability in the event of illegal employment in Flanders

The Flemish government has approved new rules that tighten criminal liability in the event of illegal employment in Flanders. Since 1 January 2025, the duty of care of the (intermediary) contractors is expanded: they must request certain documents from their direct subcontractors in advance, such as contact information and information about the residency and employment status of foreign employees/self-employed persons. Failure to comply with this obligation can lead to a level 4 sanction. It is therefore very important to review all services contracts with subcontractors and incorporate additional provisions if necessary.

For further information, please see our previous publication. Flanders to tighten up regulations on sequential liability in the event of illegal employment from 2025

New registration and withholding obligation in the construction and cleaning industries

Since 1 July 2024, companies in the construction and cleaning industry must register their working partners and assistants via a specific application of the Crossroads Bank for Enterprises before they can begin the work. The NISSE verifies that registration. In the event of non-registration, you risk paying a fine of between €500 to €4.000 per infringement.

Starting in 2026, there will also be a withholding obligation: in addition to tax and social security debts (for staff), principals must determine whether the (sub)contractor has other outstanding social security contributions.

For further information, please see our previous publication. New registration and withholding obligation in the Belgian construction and cleaning sectors

To comply with the new regulations in the struggle against social dumping and unfair competition, it is essential that companies take proactive steps.

Check your subcontractors: ensure that each link in the chain fulfils the new liability and registration obligations
Adapt your contracts: update existing contracts with your subcontractors to fulfil the new legal requirements
If necessary, implement a registration system
Stay informed of any additional changes

By taking action now, you will prevent problems later and contribute to fair competition.

If you have any questions, the advisors at Grant Thornton are available with expert advice and practical assistance.

Combating social dumping and unfair competition

Ban on purely financial subcontracting

The new ‘parcels law’ - changes in the transport sector

Expansion of the registration obligation to cleaning activities

New rules in the removal industry

More stringent rules on the chain of liability in the event of illegal employment in Flanders

New registration and withholding obligation in the construction and cleaning industries

To comply with the new regulations in the struggle against social dumping and unfair competition, it is essential that companies take proactive steps.

By taking action now, you will prevent problems later and contribute to fair competition.

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