Belgian Clubs Profits Soar – But Why Do They Spend So Little?

Belgium’s top football clubs made an unprecedented €345 million in player sales this summer, shattering the previous record of €230 million set in 2019.

However, in stark contrast, their spending was remarkably low, with only two clubs, Kortrijk and Dender, recording minor financial losses. This trend is part of a larger shift in European football, where financial prudence and caution have replaced the extravagant spending of previous seasons.

As the world recovered from the COVID-19 pandemic, the transfer market stabilised, and Belgian clubs have capitalised by selling high-value players to bigger European leagues. Igor Thiago’s €33 million move to Brentford and Antonio Nusa’s €28 million switch to RB Leipzig were among the standout deals. Racing Genk particularly benefitted, raking in €86 million through late-window sales of Bilal El Khannouss to Leicester and Mike Penders to Chelsea, making them one of the most profitable clubs this summer.

Despite these record earnings, Belgian clubs spent only €98 million, marking their lowest expenditure since 2017. Football agent Stijn Francis, talking to Belgian outlet Sporza, sees this restrained approach as a result of increased financial regulations across Europe. “Financial Fair Play rules are starting to bite,” Francis observed. He noted that sanctions such as Everton’s points deduction have caused clubs, particularly in the Premier League, to tread carefully. Furthermore, French clubs are also feeling the pinch due to declining TV rights revenues, which has led to a more conservative transfer market.

One contributing factor to the frugality of Belgian clubs is the financial pressure many face, forcing them to sell key players sooner than desired, often at a reduced price. “A number of clubs have to sell, that is now known. It is certainly possible that they will therefore miss out on part of the transfer fee,” Francis explained. This reality, however, has turned Belgium into a more attractive destination for young, ambitious players, knowing that a strong performance could quickly lead to a move abroad.

Another key change in strategy has been the shift away from high-cost signings towards free agents and affordable opportunities. A few summers ago, Club Brugge was particularly aggressive in the transfer market but has since scaled back. According to Francis, lessons have been learned, with clubs now preferring to “look much more for free agents and opportunities,” pointing to the example of Belgian international Dennis Praet as a recent signing without the hefty price tag.

This new wave of caution isn’t just confined to Belgium; the lack of massive spending by clubs from Saudi Arabia, who dominated the market in previous windows, has also played a role. This summer, their decreased involvement prevented transfer price inflation, allowing Belgian clubs to focus on maintaining a balance between sales and acquisitions.

Despite the financial pressures and restrained spending, Belgian clubs remain competitive in their domestic league and in European competitions. Their success in developing talent and willingness to sell to larger European clubs has become a sustainable model. Clubs like Genk and Club Brugge have shown that they can generate significant profits from player sales while maintaining a competitive balance on the field.

Yet, questions remain about how long this model can be sustained without impacting performance. While the current approach ensures financial stability, it could be challenging to keep up with Europe’s elite clubs, which have greater spending power. Retaining talent while making shrewd acquisitions will be key for Belgian clubs in the coming seasons.

As the Belgian Pro League enters the next phase of the season, the financial discipline demonstrated during this summer’s transfer window suggests that clubs focus on long-term stability over short-term success. Whether this strategy will pay off on the pitch remains to be seen, but for now, the impressive profit figures are a sign of smart management and strategic thinking across the league.