Capital gains tax: what the new levy changes for entrepreneurs, executives and shareholders of Belgian companies.
Since 1 January 2026, Belgium applies a new tax regime on capital gains on certain financial assets. Beyond investment portfolios, the reform directly affects the sale and transfer of company shares.
Since 1 January 2026, Belgium has a new tax regime on capital gains on certain financial assets. As a general rule, when an individual sells a financial asset at a profit, the gain may now be subject to a 10% tax, subject to exemptions and special regimes. The assets covered include shares, bonds, ETFs, options, derivatives, certain investment-insurance products, currencies, investment gold and crypto-currencies.
For entrepreneurs and executives, this reform should not be read as a simple measure aimed at private investment portfolios. It can also affect much more structural situations: share sales, shareholder exits, transfer of holdings, holding-company organisation, equity-based incentives or trade-offs between dividends, compensation and future capital gains.
What changes in practice
The general logic is simple: if a financial asset is sold for more than its acquisition value (as recognised for tax purposes), the difference may constitute a taxable capital gain. The headline rate is 10%, but the tax does not necessarily apply from the first euro: an annual exemption of €10,000 is provided for tax year 2027, with a partial roll-over mechanism that can bring this exemption up to €15,000 in certain situations.
For assets already held before 1 January 2026, the reform sets an important rule: the reference value is, in principle, the value as of 31 December 2025. In other words, capital gains built up before that date are not intended to be captured by this new regime; only the appreciation in value after that date enters the calculation.
This "snapshot" as of 31 December 2025 therefore becomes a central element. For unlisted shares, family-owned holdings or shares held in private companies, the question of valuation and documentation may become decisive.
Why executives are directly concerned
An executive who holds shares in their own company, directly or through a structure, must now factor this reform into their wealth-related decisions. The taxation of an exit is no longer limited to the classic alternatives between salary, dividends or liquidation. The future sale of shares now also becomes a parameter to anticipate.
The reform is particularly sensitive for shareholders of unlisted companies. In these situations, the value of the shares is not observable on a market. It will therefore be necessary to be able to justify a coherent valuation, especially when the shares already existed on 31 December 2025.
Significant holdings also call for specific attention. Professional analyses note that a separate regime is provided for taxpayers holding a significant stake, including an exemption on a first tranche of capital gain and progressive rates above that threshold.
What to check today
For entrepreneurs, executives and shareholders, several practical questions are already arising.
First, you need to identify the assets concerned: investment portfolio, company shares, instruments linked to an incentive plan, unlisted holdings or shares held within a family context.
Next, you need to document the values. For assets acquired before 2026, the value as of 31 December 2025 becomes an essential tax reference point. Insufficient documentation could complicate a future sale, particularly where unlisted shares are involved.
You should also revisit exit strategies. A share sale, donation, restructuring or family transmission is not decided solely by reference to the new 10% rate. You must factor in existing taxation, the dividend regime, holding-company rules, governance, registration duties, the shareholder's personal situation and the timing of operations.
Finally, the collection mechanism must be tracked. The Belgian Federal Tax Service (SPF Finances) distinguishes between a regime with withholding by the bank or broker and a regime under which the taxpayer reports the relevant gains themselves.
Key takeaways
The new capital gains tax on financial assets does not automatically turn every sale into a tax problem. It does, however, impose a new discipline: identify the assets concerned, document the values, anticipate the exit and integrate capital gains taxation into the broader structuring of professional and private wealth.
For executives and shareholders of Belgian companies, the topic therefore goes well beyond portfolio management. It touches on how you hold, develop, transfer or sell a company.
In practice, the right question is not only whether a capital gain will be taxed, but how the legal and wealth structure should be organised before the decision to sell is taken.