Finance salaries in Europe: how competitive is Belgium?

 New analysis shows Belgium's position in the European battle for finance talent.

The demand for finance professionals remains high across Europe, but salaries and compensation structures vary significantly from country to country. While Switzerland continues to offer the highest wages in Europe and CFO salaries are rising again in the Netherlands, Belgium remains a relatively stable market. This is according to a new analysis by global talent solutions specialist Robert Walters on salaries and trends for finance professionals in Europe.

Belgium remains stable but competitive

Belgian salaries for senior finance positions rank in the upper-middle tier of Europe. CFOs typically earn between €140,000 and €250,000, while Finance Directors earn between €97,000 and €180,000. Specialist roles also remain competitive. For example, a Senior (Group) Accountant earns between €76,000 and €146,000 depending on years of experience. The gross annual salary of a Financial Controller in Belgium ranges from €83,000 to €130,000.

"Belgium offers a stable and attractive market for finance professionals, with competitive salaries and interesting benefits," explains Asia Skifati, Director at Robert Walters Belgium. "Those who bring digital or strategic skills are well-positioned for future growth."

For comparison: CFO salaries in the Netherlands start around €160,000, a level close to Germany and the United Kingdom. Switzerland remains the absolute leader, where CFOs can earn up to nearly €500,000.

However, these higher salaries in Switzerland must be viewed in context. The country is among the most expensive places in the world to live, with significantly higher costs for housing, healthcare, and daily expenses. The higher wages largely reflect this elevated cost of living.

Stability offers security for candidates

In Belgium, salaries for senior finance positions remained largely stable over the past year. This is partly due to moderate economic forecasts and relatively limited job mobility at executive levels. However, accountants and controllers have seen slight increases of 3% to 5%, mainly driven by inflation adjustments and sustained demand for experienced profiles.

In other European markets, movements are sometimes more pronounced. For instance, CFO salaries in the Netherlands are rising by 5% to 6% this year, with even stronger increases in sectors such as defence and artificial intelligence.

Digital skills shape the future of finance

While salaries remain relatively stable, the profile of finance professionals is evolving rapidly. Companies increasingly expect finance teams to take on strategic roles within their organizations. Professionals with expertise in data analysis, ERP systems like SAP S/4HANA, financial process automation, ESG reporting, and compliance are particularly sought after in the job market.

Additional benefits make a difference

Although gross salaries in Belgium may sometimes be lower than those in certain neighbouring countries, they are often supplemented with extensive benefits packages.

Typical elements of Belgian finance compensation packages include:

• Bonuses ranging from 5% to 20%

• Company car or mobility budget

• Hospitalization and group insurance

• Meal vouchers and eco-cheques

• Hybrid working hours

The (electric) company car remains notably popular in Belgium due to tax advantages. However, stock options and equity programs are less common compared to the United Kingdom or the Netherlands.

Additionally, Belgium’s system of automatic wage indexation ensures that salaries are better protected against inflation than in many other European countries.

European differences remain significant

While demand for finance professionals remains high across Europe, countries respond differently to labour market shortages:

• Switzerland offers the highest salaries in Europe due to its high cost of living.

• The Netherlands has recently seen rising CFO salaries.

• France focuses primarily on increasing variable compensation.

• The United Kingdom places significant importance on professional qualifications such as ACA, CIMA, and ACCA.

Meanwhile, Belgium continues to be a stable and competitive market with strong demand for experienced finance professionals and a growing need for digital skills.

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