Company financing in Belgium: Analysis using supply and use tables

The issue of how companies are financed, notably small companies, has been a recurring topic in the news and in numerous surveys and studies. It is especially relevant in the wake of the recent financial crisis. By using a table of aggregate revenue and expenditure developed by the Central Balance Sheet Office for individual companies, the article describes the characteristics of companies with a financing need at the end of their financial year and the reason for the need. Statistics are broken down by company size, sector and region. The article then looks at the external resources used to meet those financing needs and finds, notably, an increase in equity financing among small companies in recent years. The analysis is supported by various statistics supplied by the Central Corporate Credit Register and by recent qualitative studies.