Formation and structure·FindingLess often

Newly incorporated companies are less likely to see a board change

Of the 50,310 companies with incorporation, 5.6% also had a board change within nine months, against 10.6% among similar companies.

Board change within nine months of the event

Both measurements combined · 50,310 companies

0.52×

Less often than among similar companies.

95% interval
0.50× to 0.54×
Companies
50,310
Measurements
2, independent
Source: Hunch Lab, cohort study of 1,141,228 Belgian companies. Compared within sector, size and age, with companies active in the same period.hunchleads.com/en/lab

Does it hold up?

Each measurement uses different companies and a different period. A link only counts if it shows up in both.

MeasurementPeriodWith the eventSimilarFactor
Measurement 1event Feb–Jun 2025, outcome Jul 2025–Mar 20265.8%10.0%0.58×
Measurement 2event Jul–Dec 2025, outcome Jan–Sep 20265.4%11.1%0.49×

How often does this happen?

Belgian companies with the event, per month, over the last twelve complete months.

Incorporation4,779 a month on average
Board change8,802 a month on average

More on incorporation

9 other findings

FindingWith the eventSimilarFactorResult
Newly incorporated companies are less likely to move their registered officeFormation and structure0.3%4.0%0.07×Less often Newly incorporated companies are less likely to apply for a renovation or extension permit NewFormation and structure0.23%0.79%0.30×Less often Newly incorporated companies are less likely to change their legal formFormation and structure0.06%0.16%0.36×Less often Newly incorporated companies are less likely to file another type of planning application NewFormation and structure0.32%0.83%0.39×Less often Newly incorporated companies are less likely to have their registered address struck offFormation and structure0.72%1.66%0.43×Less often
All findings on incorporation

Technical note

Methodology
Design
Retrospective cohort study
Population studied
1,141,228 Belgian companies (the full business register)
Comparison group
Companies without the event that had another publication or event in the same entry period (active group), from the same stratum: NACE section, size class and age class; indirect standardisation
Cohorts
event Feb–Jun 2025, outcome Jul 2025–Mar 2026; event Jul–Dec 2025, outcome Jan–Sep 2026
Observed and expected
2,803 cases, 5,354 expected
Factor (95% interval)
0.52× (0.50× to 0.54×)
Multiple testing
q < 0.001 (Benjamini-Hochberg)
Second measurement
p < 0.001
Other comparison groups
economically active companies 0.74× (0.71× to 0.77×); all companies 1.3× (1.2× to 1.3×)
Absolute difference
-5.1 percentage points
Size of the groups
active 120,261, economically active 370,738, all 1,141,228 companies
Strata
131 strata of at least 300 companies (section × size × age; smaller strata merged)
Data up to
September 2026
Cite this findingFree to reuse with attribution (CC BY 4.0).
Hunch Lab (2026). Newly incorporated companies are less likely to see a board change. Data up to September 2026. https://hunchleads.com/en/lab/oprichting-bestuurswijziging

Figures for this finding (CSV)

About Hunch Lab

Hunch Lab is the research programme of Hunch. Every finding is free to reuse with attribution. Questions are welcome.

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