What does the De Wever budget agreement mean for SMEs and the self-employed?
January 2026 - On 24 November 2025, the federal government reached a budget agreement for the coming years. Those who work and do business should have more net income, while those who build up wealth through financial assets will contribute more. As an SME entrepreneur, what new tax rules do you need to take into account?
The federal budget agreement also provides scope for targeted incentives for investment, greater flexibility for business leaders and some significant adjustments to personal and corporate income tax. The various measures still need to be translated into legislation, but the broad outlines have been decided.
1. Capital gains tax on financial assets
For the first time, Belgium will introduce a genuine capital gains tax on financial assets for private individuals. From 1 January 2026 – although this date is still under discussion – investors will pay 10% on realised capital gains on shares, bonds, funds, ETFs, trackers and even cryptocurrencies, provided these are not held for professional purposes.
Capital gains accumulated until the end of 2025 will remain unaffected: the value on 31 December 2025 will be the “starting line” for the new tax calculation. There will be an annual exemption for the first €10,000 of profit. Capital losses may be offset within the same year, but cannot be carried forward to later years.
As an SME manager, do you have a significant stake in your company? If so, a separate framework will continue to apply. In the case of a “significant interest” (20% or more), there will be an adjusted scheme with broader exemption brackets and progressive rates. Anyone planning an exit in the medium term – such as the sale of shares, a takeover or a family transfer – would therefore be well advised to have the timing and structure of such a deal calculated now.
2. Securities tax: higher costs for large portfolios
The existing securities tax is becoming stricter and more expensive. The rate is rising to 0.30% on securities accounts above €1 million. In addition, there are additional reporting requirements and anti-abuse measures designed to discourage certain structures or shifts.
For entrepreneurs with a larger investment portfolio, this creates a double tax layer: 0.30% annually on the portfolio and 10% on the realisation of profits. Periodic restructuring, diversification and a better planned sales strategy are therefore becoming more important than ever.
3. Withdrawing money from the company: new puzzle, new opportunities
The government is adjusting various payment mechanisms, but is retaining the popular routes with minor adjustments.
- VVPRbis remains, but becomes slightly more expensive
The favourable regime for small companies remains in place, but the withholding tax on these dividends increases from 15% to 18%. For many business leaders, this remains an attractive option, but the difference with other forms of payments is becoming smaller.
- Liquidation reserve becomes usable more quickly
The liquidation reserve will be retained, with an anticipatory levy of 10% on creation. The waiting period for paying it out at the reduced rate will be reduced from five to three years. The final levy will be slightly increased, so that the effective tax rate will also be around 18% in this case.
For SMEs, this means more flexibility to transfer funds to private accounts more quickly, for example for investments in real estate, pension accrual or the financing of private projects.
4. Corporation tax: SME-friendly, but stricter conditions
The reduced SME rate will remain in place, but the conditions will be tightened. In particular, the minimum remuneration for company directors will become stricter: the threshold will rise to 50,000 euros (plus indexation) and there will be a limit on the share of fixed benefits of any kind in the total remuneration.
The DBI regime will also become stricter, especially for larger groups or passive participations. In addition, even for DBI, a minimum director's remuneration would apply in order to be able to retain certain offsets.
On a positive note, investments by SMEs will receive better tax support: increased investment deductions will be expanded and made fully transferable. The phasing out of tax benefits for hybrid cars will continue according to the previously established timetable: from 2026 onwards, only fully electric cars will be deductible, unless ordered before 30 June 2023.
5. Personal income tax and self-employed persons: more scope for entrepreneurship
Self-employed persons will benefit from three specific reforms that will primarily improve cash flow: a flat-rate entrepreneur's allowance, the abolition of penalties for insufficient advance payments and the reintroduction of declining balance depreciation. In addition, the government is working on a simpler and more consistent framework for pension accrual via VAPZ, IPT, POZ and the 80% rule.
For start-up entrepreneurs, this mainly means more breathing space during the first few years. For established SMEs, this measure opens up additional opportunities to review the optimal mix of wages and dividends.
6. VAT: no general increase, but targeted measures
There will be no broad VAT increase, but sector-specific adjustments. Various services that are currently taxed at 6% will move to 12%. These include hotel stays, takeaway meals, non-alcoholic beverages and certain leisure activities.
For construction and renovation, the government will continue to focus on low-emission projects, with incentives for renovation and demolition-reconstruction. For businesses, this means that VAT planning and correct pricing will be crucial to protect margins.
7. New taxes and broader economic policy
Among the smaller but noticeable measures are a €2 parcel tax for non-EU webshops, a higher air passenger tax and changes to excise duties, making gas and fossil fuels more expensive and electricity slightly cheaper.
In addition, the government is strongly committed to labour market policy: stricter activation and restrictions on long-term unemployment are intended to increase the employment rate.
