Key insights
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Key number
The sector's directory lists 403 active companies.
The directory counts 403 active companies, 60% of them developers. In 2024, 84 reporting companies recorded 726 full-time equivalents.
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- 01The Belgian game industry grew to 726 full-time equivalents in 2024, up 7.3% (about 49 FTE) from 677 in 2023, across 84 reporting companies tracked via National Bank of Belgium filings.
- 02Output rose sharply in 2025, with 67 games released, a 34% increase from 50 in 2024, and 88% of reviewed titles on Steam earning a positive or better rating.
- 03Public funding reached €3.1M across 52 allocations in 2025, bringing total public support since 2012 to €24.8M across 448 grants for 272 game projects, though 2025 was below the 2023 peak of €3.5M.
- 04Flanders dominates employment with 455.4 FTE (63%), while Wallonia's 24 companies average 10.6 FTE each, indicating fewer but larger studios; Brussels accounts for just 2% of FTE.
- 05Larian Studios is the largest employer at 78.8 FTE, and Smart Games (€34.3M) and CrazyGames (€22.8M) lead by Belgian-entity revenue in fiscal 2024, with combined turnover of €77.5M from 12 reporting companies, the top three making up 89%.
- 06Koira by Studio Tolima won Belgian Game of the Year at the 2025 Belgian Game Awards, while Baldur's Gate III by Larian Studios won Best Community Support at The Game Awards.
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Summary
The Belgian Game Industry: Year in Review 2025 is a data-driven overview of Belgium's game sector, covering companies, employment, game releases, financial performance, public funding, and awards. It presents the ecosystem as growing and maturing, with 403 active companies in its directory, 60% of them developers, and a workforce of 726 full-time equivalents in 2024, up 7.3% from the prior year across 84 reporting companies.
Output and reception were strong in 2025. Belgium released 67 games, a 34% increase over 2024, and 88% of the 52 titles with Steam reviews earned positive or better ratings. PC dominated with 72% of releases, though 10 titles each reached Switch and PS5, indicating growing multi-platform ambition. Financially, 12 reporting companies generated a combined €77.5 million in turnover for fiscal year 2024, with seven reporting profits, and the top three firms accounting for 89% of that total.
Public funding has reached €24.8 million across 448 allocations since 2012, with annual awards rising from €694,000 in 2012 to €3.1 million in 2025, though 2025 represented a 7% decline from the 2023 peak of €3.5 million. The Flemish VAF fund accounts for 95% of tracked funding. Regionally, Flanders holds 63% of employment, while Wallonia's fewer companies average larger teams.
The report's methodology relies on National Bank of Belgium filings, Steam and IGDB data, and public funding and award records, with acknowledged limitations including filing lags of up to a year, Belgian-entity-only financials for multinationals, and growth figures that may partly reflect expanded reporting coverage rather than purely new positions.
