Year in Review
Belgian Games Industry
A data-driven look at the companies, talent, games, and funding that shaped Belgium’s game industry in 2025.
Active Companies
381
Total FTE (2024)
638
+7.6%Full-time equivalent
Games Released
56
In 2025
Funding (2025)
€3.1M
52 allocations
Key Observations
The most important findings from our data.
- 1
Belgium counts 381 active game companies in our directory, spanning developers, publishers, and service providers. The ecosystem continues to grow beyond traditional game development into adjacent services and support structures.
- 2
The workforce reached 638 FTE in 2024, based on 46 reporting companies. This represents a +7.6% increase from 593 FTE the year before, showing continued momentum in hiring.
- 3
56 Belgian games were released in 2025, up from 38 in 2024 (+47%). Of the 49 titles with Steam reviews, 43received positive or better ratings — a 88% positive reception rate.
- 4
Reporting companies generated €77.5M in combined turnover (fiscal year 2024), with 7 out of 12 reporting a profit. The top three companies alone account for €69.1M.
- 5
Public funding totals €23.5M across 425 allocations since 2012, supporting 257 game projects at 184 companies. In 2025, 52 allocations worth €3.1M were awarded (-7% vs. 2024).
- 6
PC remains the dominant platform with 48 out of 56 games (86%) releasing on PC. Console releases include Switch (10), PS5 (10), Series X|S (7), reflecting multi-platform ambitions.
- 7
Flanders leads in total employment with 402.8 FTE (63%), while Wallonia shows the highest average team size at 19.3 FTE per company — fewer but larger studios.
- 8
Developers make up 58% of the ecosystem (222 companies), but a growing support network of service providers and industry associations reflects an ecosystem maturing beyond pure game development.
- 9
Koira won Belgian Game of the Year at the 2025 Belgian Game Awards, where 9 different titles from 9 studios took home 14 awards. Internationally, Baldur's Gate III by Larian Studios won Best Community Support at The Game Awards.
638
Full-time equivalents
+7.6% from 593 FTE in 2023
Employment & Growth
Tracking the Belgian game industry workforce through official financial filings.
Employment data is sourced from the National Bank of Belgium (NBB) filings, covering companies that publicly report their workforce. In 2024, 46 companies reported a combined 638 full-time equivalents (FTE), with an average of 13.9 FTE per company.
The sector added approximately 45 FTE year-over-year, a growth rate of +7.6%. This suggests the industry continues to expand, building on the workforce gains of recent years.
Total FTE Over Time
Based on 4 years of NBB filing data. The number of reporting companies increased from 29 to 46 over this period, meaning part of the growth reflects improved coverage rather than purely new positions.
Top Employers
By FTE (2024)
Larian Studios78.8 FTE
Larian Studios
78.8 FTE
Everstory Productions68.3 FTE
Everstory Productions
68.3 FTE
Gunfire Games Europe35.5 FTE
Gunfire Games Europe
35.5 FTE
Fishing Cactus32.5 FTE
Fishing Cactus
32.5 FTE
Sensotec32.4 FTE
Sensotec
32.4 FTE
Triangle Factory30.3 FTE
Triangle Factory
30.3 FTE
Smart Games29.7 FTE
Smart Games
29.7 FTE
Sparkers28.5 FTE
Sparkers
28.5 FTE
Balio Studio24.1 FTE
Balio Studio
24.1 FTE
Azimut21.2 FTE
Azimut
21.2 FTE
The largest employer, Larian Studios, employs 78.8 FTE in East Flanders.
Regional Distribution
Employees by region (2024)
Flanders402.8 FTE(63%)
31 companies · avg 13.0 FTE/company
Wallonia231 FTE(36%)
12 companies · avg 19.3 FTE/company
Brussels4.3 FTE(1%)
3 companies · avg 1.4 FTE/company
Flanders has the most companies but a moderate average team size, while Wallonia’s fewer studios tend to be larger operations.
56
Games released in 2025
Up from 38 in 2024 — a 47% increase
Games Released in 2025
56 titles from Belgian studios.
The output demonstrates a vibrant and productive development scene, with titles ranging from intimate indie experiences to ambitious multi-platform releases. Reception on Steam has been strong: 88% of reviewed titles received a positive or better rating, with 21earning “Very Positive” and 3 achieving “Overwhelmingly Positive” status.
88%
Positive reception rate
21
Very Positive titles
3
Overwhelmingly Positive
Featured Releases
Top rated
Kyoto Anomaly
Steam: Very Positive
AdventureIndieSimulator
The genre breakdown reveals Belgian studios’ creative focus. Indie is the most common tag (39 games), followed by Adventure and Simulator. The diversity of genres reflects a broad creative landscape, with studios exploring everything from narrative adventures to competitive multiplayer experiences.
PC is the clear default with 48 releases (86% of all games). Console releases are noteworthy: Switch saw 10 and PS5 saw 10 Belgian titles, requiring additional porting effort and publisher relationships that suggest growing commercial maturity.
Genre Breakdown
Indie39 games
Indie
39 games
Adventure29 games
Adventure
29 games
Simulator16 games
Simulator
16 games
Puzzle12 games
Puzzle
12 games
Strategy9 games
Strategy
9 games
Arcade4 games
Arcade
4 games
Platform4 games
Platform
4 games
Role-playing (RPG)3 games
Role-playing (RPG)
3 games
Platform Breakdown
PC48 games
PC
48 games
PS510 games
PS5
10 games
Switch10 games
Switch
10 games
Mac8 games
Mac
8 games
Series X|S7 games
Series X|S
7 games
Android4 games
Android
4 games
Linux3 games
Linux
3 games
PS43 games
PS4
3 games
14
Belgian Game Awards won in 2025
9 games from 9 studios
Awards & Recognition
Belgian games honoured at home and abroad in 2025.
The Belgian Game Awards (BGA) celebrated its latest edition in 2025, recognising outstanding achievements across 14 categories. The ceremony highlighted both established studios and emerging talent, from narrative-driven adventures to experimental XR experiences.
Belgian Game of the Year
Koira
by Studio Tolima
“Koira is a beautiful and heartfelt adventure with enchanting musical design and a story that made you feel for its characters, without using a single spoken word. It very nearly took home best visuals as well, so it's only fitting that a title which manages to accrue two wins and a narrow second...”— BGA Jury
Belgian Game of the YearBest AudioBest Narrative
On the international stage, Baldur's Gate III by Larian Studios won Best Community Support at The Game Awards — a testament to the calibre of Belgian-made games gaining global recognition.
Belgian Game Awards 2025
All winners
Off
Mortis Ghost
Koira
Studio Tolima
A Long Goodbye
Polygoat
Koira
Studio Tolima
No Players Online
Beeswax Games
Wait What's That?
Oisoi studio
Koira
Studio Tolima
What The Hack!
Digital Arts and Entertainment
LuGus Studios
30 Birds
Ram Ram
BiteMe Games
Stip
Sixtyfour
Valem Studio
Wall Town Wonders
Cyborn
International Recognition
Belgian wins at international ceremonies
Baldur's Gate III
Larian Studios
€77.5M
Combined turnover (FY 2024)
From 12 reporting companies — top 3 account for 89%
Financial Performance
Revenue and profitability from the latest available filings (fiscal year 2024).
Based on the most recent NBB financial filings, 12 Belgian game companies reported a combined turnover of €77,462,249. 7 of these were profitable, while 5reported losses — a ratio that reflects the high-risk nature of game development, where years of investment precede potential returns.
The revenue distribution is heavily concentrated at the top. Smart Games leads with €34,330,027 in turnover, followed by CrazyGames (€22.8M) and Larian Studios (€12.0M). Together, these three represent 89% of total reported turnover — a concentration common in creative industries.
Smart Games and CrazyGames and Larian Studios stand out for profitability, each generating over €1.0Min profit. Meanwhile, several smaller studios are in their investment phase, operating at a loss as they develop first commercial titles — a normal trajectory for game startups.
Top Companies by Revenue
Fiscal year 2024, from NBB filings
Smart Games€34.3M
Smart Games
€34.3M
CrazyGames€22.8M
CrazyGames
€22.8M
Larian Studios€12.0M
Larian Studios
€12.0M
Gunfire Games Europe€5.2M
Gunfire Games Europe
€5.2M
Cartamundi Digital€1.4M
Cartamundi Digital
€1.4M
Rogueside€1.2M
Rogueside
€1.2M
Rhinox€353K
Rhinox
€353K
Pirate PR€166K
Pirate PR
€166K
Pandaroo Interactive€38K
Pandaroo Interactive
€38K
Mantis€7K
Mantis
€7K
Revenue figures represent the Belgian entity only. Companies like Larian Studios have significant international operations not reflected in their Belgian filing.
€23.5M
Total public funding since 2012
425 allocations supporting 257 game projects
Funding & Support
Public funding awarded to Belgian game projects over the years.
Public funding has been a crucial enabler for the Belgian game industry, providing early-stage capital that allows studios to develop original IP without immediate commercial pressure. Since 2012, a total of €23,500,815 has been allocated across 425 grants, supporting 257 game projects at 184 companies.
Annual funding has grown significantly over the past 13 years, from €694K in 2012 to €3.1M in 2025. The peak year was 2023 with €3.5M awarded. This trajectory reflects growing institutional recognition of games as a cultural and economic sector worth investing in.
Annual Funding
The VAF (Vlaams Audiovisueel Fonds) is by far the largest funding source, responsible for €22.1M across 362 allocations — 94% of all tracked funding. Tax Shelter Belgium provides fiscal incentives that don’t appear as direct grants but are increasingly important to studio financing.
Funding Sources
All-time allocations by source
VAF€22.1M
VAF
€22.1M
EACEA€1.1M
EACEA
€1.1M
WALL€290K
WALL
€290K
TSB€0
TSB
€0
Funding by Programme Type
How funding is distributed across development stages
Production€15.0M
Production
€15.0M
Vertical Slice€3.1M
Vertical Slice
€3.1M
Pre-production€2.0M
Pre-production
€2.0M
Promotion€1.5M
Promotion
€1.5M
Prototype€1.3M
Prototype
€1.3M
Recoverable Advance€290K
Recoverable Advance
€290K
€274K
€274K
Innovation€30K
Innovation
€30K
Production funding accounts for the majority of allocated funds. Prototype and vertical slice grants provide crucial early validation.
381
Active companies in our directory
222 developers (58%), 44 service providers, 1 publishers
Company Landscape
The composition of Belgium’s game industry ecosystem.
The Belgian game industry is more than just developers. Our directory tracks 381 active companies across 6 categories. Game developers form the core at 222 companies (58%), supported by a growing network of service providers, publishers, and industry associations.
Service providers — offering QA, localisation, sound design, and marketing — enable developers to focus on their core creative work, while co-working spaces and incubators provide supportive environments for early-stage studios.
Companies by Category
Developer222 companies
Developer
222 companies
Service Provider44 companies
Service Provider
44 companies
Association7 companies
Association
7 companies
Funding7 companies
Funding
7 companies
Co-working / incubator3 companies
Co-working / incubator
3 companies
Publisher1 company
Publisher
1 company
About this report
Data Sources
This report is generated from the Belgian Game Industry database, which aggregates data from multiple authoritative sources:
- Company data: Our curated directory of Belgian game companies, maintained through community submissions and research.
- Employment figures: Full-time equivalent (FTE) data from official National Bank of Belgium (NBB) annual filings.
- Financial data: Turnover, profit/loss, and balance sheet figures from published NBB annual accounts.
- Game releases: Tracked via IGDB, Steam, and manual curation of Belgian studio output.
- Funding allocations: Public records from VAF, Wallimage, Creative Europe MEDIA, and Tax Shelter approvals.
- Awards: Official results from the Belgian Game Awards (BGA), The Game Awards (TGA), and other international ceremonies.
Limitations
- Employment and financial data reflect NBB filings, which lag by up to one year.
- Multinational companies (e.g., Larian Studios) report only their Belgian entity’s figures, not global operations.
- Funding data covers tracked public grants and may not include all programmes.
- Game release counts depend on our database coverage.
Methodology
All figures are computed dynamically from the latest available data at the time of page load. Year-over-year comparisons use the same data sources for both periods. FTE growth percentages compare reporting companies in successive years; because the pool changes, part of the observed growth may reflect improved coverage rather than purely new jobs.