The fuels of rapid growth

Beer, cryptocurrency, trade show management… Behind the success of several Brussels scale-ups lie key growth factors relevant to any industry.

An encouraging breeding ground for future unicorns. In a nutshell, that was the portrait of Belgium drawn by Deloitte’s Scale-Ups Confidence Survey published last spring. "Belgium has strengthened its position among Europe's most dynamic innovation hubs," noted the authors with enthusiasm. Over the past few months, the country has indeed boasted no fewer than 8 companies valued at over €1 billion. Among them is Brussels-based Keyrock. During its fundraising round last March, the cryptocurrency trading facilitator was valued at €1.1 billion. Co-founder Jeremy De Groodt was a guest a few weeks ago at Club 500*, an event organized by Beci.

Alongside Ghent’s impressive tech ecosystem, which Deloitte ranks among the top 10 globally, "Brussels is pulling out all the stops to accelerate the pace," the authors report. A quick look at Beci’s website, which lists all key players, is enough to see why. The Region counts around 900 entities directly or indirectly contributing to this momentum. Drawn by an increasingly favorable environment, many have found the capital to be the ideal launchpad. European connectivity and centrality, multilingualism and multiculturalism capable of attracting top talent, reasonable office rents… there is no need to dwell on these well-known assets. But beyond these, what are the true drivers of their growth?

Customers

Deloitte surveyed 226 Belgian scale-up leaders on their outlook. At the top of their current priorities are market access and revenue generation. The main hurdle is no longer product development itself, but selling it. Beyond product or service quality, commercial execution and pipeline conversion have returned to center stage. This requires remaining laser-focused on market trends, target prospects' needs, and actual delivered value. Jean-Louis Van Hauwe, founder of Monizze, explains that by simplifying his alternative compensation solution as much as possible, he made it accessible to companies of all sizes, massively expanding his market. "For Brussels Beer Project, success stems from continuous listening and community building, leveraging data technology and community engagement to drive high-impact campaigns," explains Edouard Cambier of Beci, who also welcomed the brewery to Club 500 a few months ago.

AI, Data, and Processes

While customer experience is on everyone’s mind, AI has rapidly risen to become a core strategic priority. According to Deloitte, 53% of scale-ups consider it a top imperative. The remaining challenge is maximizing its potential by constantly testing and refining processes, be they operational, financial, marketing, sales, or HR.

The main obstacle? Integrating AI into business models that, even if developed just a few years ago, did not necessarily anticipate the technology's sheer power. Emna Everard, CEO of KAZIDOMI (and upcoming guest at Club 500), explains how automating her campaigns allowed her to reallocate marketing agency budgets toward field sales teams. "Many scale-up founders are at a pivotal crossroads between massive AI investment/integration and an exit strategy. Not all have made their decision yet," adds Emmanuelle Ghislain, CEO of Pulse Foundation and newly appointed Chair of the Board at hub.brussels.

Eric Everard, President of Easyfairs, also expects great things from AI. Back in 2004, he was a pioneer in the trade show industry by investing heavily in an IT platform. Today, his group still employs around fifty digital specialists. "We’ve launched about thirty projects. AI will notably make us far more efficient in assisting exhibitors and visitors with show prep and matchmaking. Since event admission is free, AI helps us identify visitors with the highest probability of no-showing, allowing us to focus our messaging on them in the days leading up to an event," he explains.

Operational Architecture and Scalability

The transformative power of AI is also driving scale-ups to invest heavily in "new operational architectures." Indeed, if data analytics is viewed merely as an extra layer tacked onto an existing business model, it is unlikely to deliver a genuine boost. According to Alain Heureux, advisor to Beci, this partly explains the massive valuation gap between major US and European tech companies. "Beyond ambition and strategy, you need a framework that integrates tech innovation and is truly built to scale. Many European companies urgently need to rethink their fundamental business model," he points out.

Rethinking the trade show business is precisely what Eric Everard did several years ago with short, highly focused events centered around niche vertical themes. Instead of large traditional booths, he offers exhibitors compact, customizable modules assembled and dismantled by Easyfairs. This gives exhibitors two days of targeted, intensive exposure and prospecting for the price of a full-page magazine ad, free from preparation stress. "Our scalability came from the novelty of this product, never developed by anyone else before, generating strong margins and easily deployable abroad," explains the founder, highlighting IT once again. "The hundreds of trade shows we organize all 'run' on the same platform. Our operational blueprint is identical worldwide. When a process improvement is proven in one country, every market benefits instantly."

Funding

And then, of course, there is the lifeblood of business: capital. In Belgium, as elsewhere, scale-ups turn primarily to venture capital and private equity. According to L'Echo, in the first half of 2026, they raised nearly €600 million in capital, the highest level recorded since 2022. "Scale-up founders often started out in previous start-ups that were successfully sold. They then branch out and invest in their former partners' new ventures, a phenomenon known as the mafia effect. After these early seed stages, they quickly pivot to international funds," notes Emmanuelle Ghislain.

Talent

What about talent? Eric Everard recalls that a key ingredient in Easyfairs' success has always been finding "the best people for every role." However, with AI integration and its promised productivity gains, head-count growth is increasingly less linked to business growth. According to Deloitte, 75% of scale-ups still plan to hire, but rather than focusing on sheer headcount, they are prioritizing AI capabilities. Rare talent remains in high demand, but the ideal candidate profile is shifting…