Formation and structure·FindingNo link

Newly incorporated companies are no more likely to open a site in another municipality

Companies with incorporation were no more likely to have a new site in another municipality between October 2025 and September 2026 than similar companies: 1.11% against 0.98%. Both measurements rule out a link of 1.4 times or more.

Site in another municipality between October 2025 and September 2026

Both measurements combined · 33,023 companies

1.1×

No meaningful difference from similar companies.

95% interval
1.0× to 1.3×
Companies
33,023
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–May 2025, outcome Oct 2025–Sep 20261.07%0.95%1.1×
Measurement 2event Jun–Sep 2025, outcome Oct 2025–Sep 20261.15%1.01%1.1×

How often does this happen?

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

Incorporation4,779 a month on average
Site in another municipality476 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–May 2025, outcome Oct 2025–Sep 2026; event Jun–Sep 2025, outcome Oct 2025–Sep 2026
Observed and expected
367 cases, 324 expected
Factor (95% interval)
1.1× (1.0× to 1.3×)
Multiple testing
q = 0.2 (Benjamini-Hochberg)
Second measurement
p = 0.089
Other comparison groups
economically active companies 1.4× (1.3× to 1.6×); all companies 1.7× (1.5× to 1.9×)
Absolute difference
0.1 percentage points; following 764 companies with the event yields one extra case
Size of the groups
active 76,760, economically active 332,232, all 1,141,228 companies
Strata
94 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 no more likely to open a site in another municipality. Data up to September 2026. https://hunchleads.com/en/lab/oprichting-vestiging-elders

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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