In all 30 million euros was raised with businesses and private individuals using crowdfunding to source funds.
Expert Simon Douw says businesses are inspiring one another to use the procedure: "Good examples in Belgium and abroad manage to convince others and stimulate growth."
"In Belgium the authorities have shown a very positive attitude towards crowdfunding providing a beneficial tax regime. This creates confidence. We also see financial experts advising clients to various crowdfunding platforms. Banks and financial advisers are encouraging people to seek funds in this way."
Simon Douw believes that there is still room for growth in the crowdfunding sector, though warns people may be deterred because they never see their money back!
In 2016 29.9 million euros was raised through crowdfunding compared to 10 million in 2015. 1,194 projects were started last year compared to 423 in 2015. On average 25,000 euros was raised per project, a similar amount to the 2015 average. Projects in various sectors are involved including company start-ups to young musicians wishing to produce a video clip.