All articles · 2026-09-29 · Investing
Inflation climbs to 4.69%: what does that mean for you as an entrepreneur?
Inflation in Belgium rises to 4.69%, energy even +24%. What does that mean for your business and how do you protect your savings from loss of value?
By Jan Hermans, CEO & founder of Lyff.
Short answer
Belgian inflation rose to 4.69% in September 2026, mainly due to expensive energy (+24.37% year-on-year) and fuel (diesel +44.1%). For entrepreneurs, this means higher operational costs, pressure on margins, and a significant wage indexation coming up. At the same time, savings in a regular account lose purchasing power every month. Those who examine their costs, prices, and assets today will be stronger in the future.
Inflation is a word that often comes up, but rarely becomes truly concrete. Until you feel it: at the pump, on your energy bill, in your team's labor costs. And in a place where you don't immediately see it: in the value of the money you set aside. In this article, you can read exactly what is going on, what it means for your company, and what questions you should ask yourself today.
What do the figures say?
In June, inflation in Belgium was still at 3.4%. Three months later, it is 4.69%. This is not a small fluctuation, but a clear trend. The biggest driver is energy: inflation for energy alone was 24.37% in September, compared to 10.59% in July.
Price increase compared to September 2025:
- Diesel: +44.1%
- Natural gas: more than +33%
- Petrol: +29.1%
- LPG: +21.2%
- Heating oil: approximately +20%
It's also moving fast in the short term. In one month, natural gas became 6.9% more expensive and electricity 4.2%.
There is also a silver lining: food became slightly cheaper in September. Fresh fruit, vegetables, grains, and plant-based milk cost less than a year ago. Electronics such as TVs, speakers, and power banks also decreased in price. But that's no reason to be complacent.
Why is inflation rising so sharply?
The direct cause is the ongoing war in the Middle East, which drives up oil and gas prices. Energy is a basic raw material for almost everything that is produced, transported, or heated. As a result, an energy shock spreads like an oil slick: first, fuel and energy bills rise, then transport and production follow, and finally the prices of ordinary goods and services.
This also explains why food is not yet more expensive. This ripple effect usually comes with a delay. Those who are budgeting for next year should therefore take into account that price increases are not yet over.
What is the impact on entrepreneurs in Flanders?
Your operational costs rise faster than your revenue
Do you have a fleet of company cars, a production environment, a warehouse, or a practice with a lot of heated space? Then you feel this immediately. For a dental practice, a physiotherapy practice, or a consultancy firm with a handful of cars, energy is no longer a detail on the income statement. These costs are rising today, while your revenue often only adapts later.
Your labor costs follow, with a delay
Belgium has an automatic wage indexation [loonindexering]. For white-collar workers in joint committee 200 [paritair comité 200], the largest joint committee in the country, this happens annually in January, based on the price evolution of the past year. The higher the inflation now, the stronger that indexation will be later. For your staff, that's good news, for your wage budget it's a challenge. Factor this increase into your planning for 2027 today.
Your margins come under pressure
Do you work with fixed price agreements or long-term contracts? Then you bear the rising costs yourself, without being able to pass them on. If you can adjust your prices, the challenge is mainly to time it well and communicate clearly, without scaring off customers.
Your cash slowly loses value
This is the least visible impact, but in the long run it often weighs the heaviest. Many entrepreneurs have a strong cash position in their company [vennootschap] or in a private savings account. If the interest on that money is far below 4.69%, it becomes less valuable in real terms every month. The amount on your bank statement remains, but you can buy less with it.
What can you do now to protect your business?
Map out your energy costs
Review your current contracts. Do you have a fixed or variable rate, and when does your contract expire? Compare suppliers and check whether energy-saving investments, such as solar panels or better insulation, are now recouped faster. The higher the energy price, the shorter the payback period for such investments usually is.
Review your mobility
With diesel at this price level, it pays to recalculate the total cost of your vehicle fleet. Look not only at fuel, but also at maintenance and residual value. And consider whether every trip is truly necessary.
Adjust your prices timely and well-founded
Provide indexation clauses in new contracts and quotes. A small, well-explained adjustment now is better accepted than a large correction afterwards. Customers understand that costs rise, as long as you are transparent.
Plan your labor costs ahead
Take into account the indexation in January and include it in your budget for next year. This way, the increase won't come as a surprise, and you can adjust in time where necessary. Your own remuneration as a manager also deserves a critical look: examine how you approach wage optimization [loonoptimalisatie].
Maintain a healthy buffer, but no more than necessary
In uncertain times, liquidity is important. A buffer of a few months' fixed costs gives you breathing room. Money that remains idle in an account above that amount loses value with this inflation.
How do you ensure your savings do not lose value?
Inflation acts as a silent tax. You don't pay it to the government, but you do pay it.
Example calculation
Suppose you have €100,000 in a savings account at 1% interest, and inflation remains at 4.69% for five years. After five years, you will have approximately €105,100 in your account. But because everything has become more expensive, that amount now only has the purchasing power of approximately €83,600 today. You have earned money on paper, but in reality you have lost more than €16,000 in purchasing power. (Illustrative example, actual inflation fluctuates.)
How do you prevent that?
Distinguish between buffer money and assets
Money you need within a year belongs in an easily accessible account. There, it's about availability, not return. For money you won't need in the coming years, the question is how it can retain its value during that period. Making that separation is the first and most important step.
Think about your pension accrual
As a business owner, you have various options to build up your pension through your company [vennootschap]. Which formula suits you depends on your age, your horizon, and your situation. It pays not to postpone this, because the sooner you start, the more time your assets have to grow. You can read more about this in pension planning.
Don't put all your eggs in one basket
No single investment reacts the same to inflation in every situation. Diversification ensures that you are not dependent on a single choice. How you implement this depends on your goals, your horizon, and how much fluctuation you can and want to bear. Review our approach to investment advice.
Review your strategy regularly
Inflation fluctuates, interest rates move, and rules change. What is the right choice today may be different a year from now. Plan a check of your financial situation at least once a year, and especially when the economic context is changing as rapidly as it is now.
What you better not do
- React in panic. Making hasty decisions because inflation is rising rarely leads to good results. Always start from your goals and your horizon.
- Leave everything as is out of caution. It feels safe, but as the example calculation shows, doing nothing during high inflation also comes at a price.
- Blindly follow one trend. What works for someone else does not necessarily suit your situation. Let your choices depend on your own plans, not on what is popular at that moment.
Frequently asked questions about inflation for entrepreneurs
How high is inflation in Belgium in September 2026?
Inflation in September was 4.69%, compared to 3.4% in June. Energy rose by 24.37% year-on-year, diesel even by 44.1%.
Why is inflation rising so sharply?
Mainly due to high energy and fuel prices, linked to the ongoing war in the Middle East. These higher energy costs have a delayed impact on the prices of other goods and services.
What does high inflation mean for my labor costs as an employer?
Due to automatic wage indexation [loonindexering] in Belgium, your staff's wages rise with a certain delay. For white-collar workers in joint committee 200 [paritair comité 200], this happens annually in January.
Do I lose money if my savings are in a savings account?
In real terms, yes. If the interest on your savings account is lower than inflation, the purchasing power of your savings decreases every year, even if the amount in your account remains the same or increases slightly.
How do I protect my assets from inflation as a business owner?
Start with a clear distinction between your buffer and your long-term assets. Then, together with an advisor, explore what options are available through your company [vennootschap] and what approach suits your horizon and situation.
Do I need to increase my prices due to inflation?
If your costs are structurally rising, a timely and well-founded price adjustment is often inevitable to protect your margin. Indexation clauses in new contracts help to automatically absorb this in the future.
Make your business and your assets inflation-proof
Every business is different. Which choices yield the most for you depends on your company structure [vennootschapsstructuur], your cash position, your pension plans, and your long-term goals. An advisor from Lyff. will look with you at where you are losing purchasing power today and how you can put a plan in place to counteract it. Plan a free consultation.
This article contains general information and is not personal financial or tax advice.