100 Deals, Zero Rejections: What Belgium’s FDI Report for 2024-2025 Reveals

The Belgian Interfederal Screening Commission (ISC) has released its Annual Report on Foreign Direct Investment (FDI) Screening 2024–2025, providing valuable insights into how the country has tried between July 2024 and June 2025 to navigate the fine line between remaining an open economy and safeguarding its strategic interests.

Almost no corrective measures

During this second year of Belgium’s foreign investment screening mechanism, the Belgian Interfederal Screening Committee received 100 notifications of foreign investments. The outcome was striking: not a single notification was rejected outright. Two investors withdrew their notifications, and eight cases remained under review at the time of reporting. The other 89 notifications were approved without conditions, while only one was approved with corrective measures. Those corrective measures included conditions such as placing sensitive technology in escrow with a trusted Belgian third party, providing guarantees for the continuity of critical processes, or appointing a compliance officer.

Interestingly, for 16 investments that had not been formally notified, the authorities requested additional details to assess whether they should in fact have been submitted to the screening mechanism.

Timing

Between July 2024 and June 2025, most reviews began within two days of submission, although 15 cases were delayed due to missing information. On average, the review phase lasted 31 days—only one day longer than the basic 30-day legal timeframe—because deadlines were sometimes extended to request further details or adjust for non-working days.

Out of the 100 notifications received, five proceeded to a full screening. Three of these have already been approved, including two that were fast-tracked in just under 50 days since no corrective measures were required. As indicated above, only one investment was cleared subject to conditions, while two cases remain pending.

Who invested and where?

The report shows that the majority of investors originated from outside the EU, with the United States leading (45 cases), followed by the United Kingdom (22), Japan (8), Canada (7), and China (5). Geographically, investments were concentrated in Flanders (71 cases), followed by the Brussels Capital Region (31) and Wallonia (16).

In terms of sectors, five areas stood out:

1. Sensitive information and personal data (21 cases)
2. Digital infrastructure (14 cases)
3. Energy (13 cases)
4. Health (12 cases)
5. Dual-use technologies (9 cases)

Looking ahead

Belgium’s screening mechanism, introduced in July 2023, functions within the broader EU framework established by Regulation (EU) 2019/452. This framework entered a period of reform during Belgium’s Council presidency in 2024. In the context of this reform, the European Commission and Member States try to harmonise rules, expand cooperation, and make screening mechanisms mandatory across the EU. Consequently, amendments to the current legal framework can be expected in the future. The report has concluded that Belgium’s FDI screening mechanism has matured into an effective and proportionate tool. It strengthens national security without undermining the country’s position as one of Europe’s most open economies. By combining transparency, proportionality, and interfederal cooperation, Belgium is ensuring that foreign investors continue to find a stable and predictable environment, while sensitive assets remain protected.

Written by

• Carmen Verdonck

  Partner

• Beatrijs Gielen

  Counsel