Belgian SMEs: 93% see ESG as a driver of efficiency and competitiveness
According to a BNP Paribas Fortis survey of 600 Belgian SMEs, more than 90% are already involved in Environmental, Social, and Governance (ESG) initiatives, not just due to regulatory obligations but also for economic reasons. However, challenges remain: in addition to the administrative burden, cost is a barrier. Currently, 46% of SMEs cannot pass on transition-related costs to their customers.
In Belgium, SMEs play a key role in our economy: they account for 61% of employment in the commercial sector, 56% of its added value, and contribute to high productivity.
"According to Eurostat, the added value per employee in Belgian SMEs is almost twice the EU average," notes Arne Maes, Senior Economist at BNP Paribas Fortis. "Our SMEs are also looking to the future: their adoption of AI and green energy exceeds the European average."
It is in this context that BNP Paribas Fortis conducted a survey of 600 Belgian SMEs on their ambitions, actions, and needs regarding ESG matters. The survey reveals a transition already underway in many SMEs, though the speed and prioritisation vary depending on the areas of action, company size, and industry sector.
SMEs are taking action, but governance remains lagging behind
First observation: interest in ESG issues increases with company size. Overall, 78% of SMEs pay attention to these aspects, compared to 90% among companies with 50 to 250 employees. Among family-owned SMEs, this proportion reaches 77%.
This interest is already translating into concrete initiatives: 93% of surveyed companies report taking action in at least 1 of the 3 ESG areas. This is also the case for more than 9 out of 10 family businesses. When including SMEs that plan to start developing ESG initiatives, this percentage rises to 96%.
However, engagement remains uneven across the different areas. While actions primarily focus on social aspects (cited by 81% of companies) and environmental aspects (79%), governance is only marginally addressed (34%). That said, among companies with 50 or more employees, governance accounts for 65% of actions.
These findings illustrate that commitment to ESG initiatives does not necessarily imply a uniform approach. Some companies may have already implemented multiple initiatives without having defined a strategy encompassing all 3 dimensions.
ESG commitment faced with the reality of costs
Among companies that are taking or considering action, 89% first cite regulation. However, economic motivations are significant drivers of transformation, with cost reduction at 75%, better risk management at 72%, customer expectations at 70%, maintaining competitiveness at 65%, and pursuing growth at 62%. ESG issues thus appear as both a compliance challenge, an operational management concern, and an economic positioning factor.
However, nearly half of SMEs (46%) state they cannot pass on the additional costs related to ESG areas to their customers. This proportion reaches 58% in real estate, 56% in agriculture, and 52% in wholesale and retail trade. This situation may limit SMEs' ability to finance their investments or force them to prioritise between competing demands.
Financing and expertise: varied needs among SMEs
More than 1 in 3 SMEs (36%) express a need for support, primarily on environmental issues (33%). Among SMEs seeking environmental support, 57% consider their bank a suitable partner. This result highlights the role SMEs are willing to assign to their bank in preparing ESG projects, thanks to the combination of financing, sectoral expertise, and practical guidance.
At BNP Paribas Fortis, sustainable loans to businesses reached €7.6 billion in Q2 2026, up from €6.6 billion 2 years earlier. Beyond financing, the bank’s Sustainable Business Competence Center has supported over 720 projects, linked to a total of €3.7 billion in sustainable financing. These figures illustrate the bank’s dual role: financing and supporting SMEs in their ESG-related projects.
"Belgian SMEs are already widely engaged in ESG issues, but the implementation of their initiatives can face various constraints," notes Annemie Goegebuer, Head of Engagement and Sustainability at BNP Paribas Fortis. "Our role is to support them by offering tailored solutions, whether adapted solutions or sector-specific expertise, to help them take the next step while considering their economic reality, industry sector, size, and investment priorities."
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About the survey
The survey, conducted between April and May 2026, examines the ambitions, actions, and needs of Belgian SMEs regarding ESG. It covers 6 sectors: wholesale and retail trade, construction, manufacturing, transport and storage, agriculture, and real estate. The sample consists of 600 respondents. Certain sectors and company categories were oversampled to enable more precise analysis by sector or company size. The overall results were then weighted based on Statbel statistics to best reflect the actual structure of the business population in Belgium. The respondents held managerial or executive positions within their companies. The margin of error is approximately 4%.
