Funding for game development in Belgium comes from a mix of public bodies, private investors, and specialized intermediaries. Six organizations are currently active, covering different stages of development and different regions of the country. The options range from public grants for early-stage prototypes to venture capital for studios with a commercial track record.
Belgium’s regional structure shapes the funding map. Flanders and Wallonia each have their own public funding body, and private investors tend to cluster in specific cities. Understanding who funds what, and where, is the first step for any Belgian studio looking for financial support.
Public funding
VAF (Flemish Audiovisual Fund)
Location: Brussels / Flanders
Website: vaf.be
VAF is the Flemish government’s primary funding instrument for audiovisual productions, including video games. The fund offers grants at multiple stages: concept development, prototype production, and full production. Game developers based in Flanders or working with Flemish partners can apply through dedicated game funding calls. VAF has been steadily increasing its commitment to games over the past decade, reflecting the growing economic weight of the Flemish game sector. For Flemish studios, VAF is typically the first place to look for public support.
Wallimage
Location: Mons
Website: wallimage.be
Wallimage is Wallonia’s economic fund for audiovisual and gaming projects. The organization has invested approximately 3.5 million EUR in around 30 game projects since 2021, making it the most active public game investor in the southern half of the country. Wallimage provides co-financing rather than grants, meaning it takes a financial stake in the projects it backs. For Walloon studios, Wallimage is the equivalent of what VAF offers in Flanders, though the funding model differs. The fund also supports film and television, giving it broad expertise in creative industry financing.
Tax shelter
Cronos Invest
Location: Antwerp
Website: cronosinvest.be
Cronos Invest is a tax-shelter intermediary that helps game and audiovisual productions access Belgium’s tax shelter system. The Belgian tax shelter allows companies to invest in eligible cultural productions (including games) and receive a tax break in return. Cronos Invest handles the administrative and financial structuring that connects game studios with corporate investors willing to use the scheme. For studios that qualify, the tax shelter can provide significant production funding without giving up equity. The process involves paperwork and compliance requirements, but Cronos Invest manages most of that on behalf of the developer.
Private investment
ForsVC
Location: Kortrijk
Website: fors.vc
ForsVC is a specialist venture capital firm with a focus on gaming. Based in Kortrijk, near the Flanders Game Hub and Howest’s DAE program, the firm invests in game studios and gaming-adjacent technology companies. Having a games-focused VC in Belgium is relatively unusual. Most Belgian game studios that seek venture capital have historically looked to funds in the Netherlands, the UK, or Scandinavia. ForsVC offers a local alternative with sector-specific knowledge and connections within the Belgian game ecosystem.
Noshaq
Location: Liege
Website: noshaq.be
Noshaq is a regional investment company based in Liege. It is not a games-only investor, but it has backed game studios and interactive media companies as part of its broader portfolio. Noshaq invests in companies across technology, health, and creative industries in the Liege region. For game studios based in eastern Wallonia, Noshaq can be a source of growth capital, especially for companies that position themselves as technology businesses rather than purely creative ones.
Syndicate One
Location: Brussels
Website: syndicate.one
Syndicate One is an early-stage investment syndicate based in Brussels. It pools capital from individual investors to back startups, including game studios, at the seed and pre-seed stages. The syndicate model means that individual deal sizes tend to be smaller than traditional VC rounds, but the process can be faster and less formal. For game studios looking for their first external investment, a syndicate like this can serve as a stepping stone before approaching larger funds.
Navigating the options
The funding path for a Belgian game studio depends on three factors: region, stage, and structure. A Flemish studio building a prototype should look at VAF first. A Walloon studio in production should explore Wallimage. Studios at any stage that qualify for the tax shelter can work with Cronos Invest to access corporate investment without diluting ownership.
For studios seeking equity investment, ForsVC is the only games-specialist VC in the country. Noshaq and Syndicate One offer alternatives for studios in specific regions or at early stages. The gap in the market is a mid-stage fund that invests specifically in Belgian game studios between the prototype and full commercial launch phases. Most studios in that position still look abroad for capital.
The total amount of money flowing into Belgian game development remains modest compared to countries like the UK, France, or Germany. But for a small market, having six distinct funding sources, each with different models and regional focuses, gives developers more options than they might expect.