Seize the business opportunities in Flanders/Belgium


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If you are looking for a new strategic location for a new business project, Flanders (northern region of Belgium) offers an unique blend of advantages. Setting up or expanding a business in Flanders is in two words: smooth and easy.

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Seize the business opportunities in Flanders/Belgium

  1. 1. SEIZE THE BUSINESS OPPORTUNITIES IN FLANDERS / BELGIUM FIT_Landenflyer_Algemeen_v6.indd 1 03-07-2013 09:36
  2. 2. 2 Make your move to the heart of Europe The largest industrial and consumer areas in Europe, such as the regions around Paris or London, the Ruhr area, and the Amsterdam-Randstad area, are but a stone’s throw away from Flanders. What’s more, over 60% of Europe’s purchasing power is situated within a tight 500 kilometer radius around Flanders. This means customers can be reached and served very rapidly; and that, from Flanders’ capital Brussels, you can travel to any major European city in no time. BULGARIA UKRAINE NETHERLANDS PORTUGAL FRANCE BELGIUM GERMANY POLAND FINLAND SWEDEN ROMANIA TURKEY ITALY GREECE SPAIN DENMARK LITHUANIA UNITED KINGDOM IRELAND NORWAY SLOVAKIA SWITZERLAND SERBIA CROATIA HUNGARY CZECH REPUBLIC AUSTRIA SLOVENIA Seize the business opportunities available in FlandersIf you are looking for a strategic location for a new business project, in whatever shape or form, Flanders – the northern region of Belgium – offers you a unique blend of advantages. Thousands of foreign companies are already deriving great benefit from these assets. In other words, setting up or expanding a business in Flanders can be summed up by two adjectives: smooth and easy. FIT_Landenflyer_Algemeen_v6.indd 2 03-07-2013 09:36
  3. 3. 3 The ins and outs of Flanders According to the World Trade Report, Belgium – and consequently Flanders – is one of the top 10 exporting countries in the world, and its per capita export figure is among the highest worldwide. Its position as a European hub makes Belgium (Flanders) one of the top importers as well. What’s more, Flanders as a region takes up the lion’s share of export a well as import in Belgium – more than 80%. The region’s most successful export products are minerals, vehicles, pharmaceuticals, organic chemical products and mechanical machinery. Germany, France and the Netherlands are the main recipients. Did you know? Ever since the 16th century, the City of Antwerp in Flanders has been world-renowned for its diamond district. More than 50% of the world consumption of rough, polished and industrial diamonds passes through Antwerp. In 2011, the Antwerp diamond trade grew by 47%. 0 10 20 30 40 50 Textiles Food and Drinks Diamonds Base metals Plastics Pharmaceuticals Vehicles Machines and Equipment Mineral products Chemicals 14.6% 12.3% 10.7% 10.4% 9.0% 8.5% 7.3% 4.7% 6.2% 3.1% TOP 10 Flemish Export Products in 2012 (in EUR billion and as % of total) SOURCE: National Accounts Institute (National Bank of Belgium), community concept FIT_Landenflyer_Algemeen_v6.indd 3 03-07-2013 09:36
  4. 4. 4 Effective EU Corporate Tax RateS (in %) Source: The Institute of International and European Affairs United Kingdom 23.2 Germany 22.9 Italy 22.8 Netherlands 20.9 Spain 20.9 Poland 17.7 Hungary 16.7 Sweden 16.4 Finland 15.9 Austria 15.7 Portugal 14.9 Slovenia 14.8 Greece 13.9 Ireland 11.9 Romania 10.4 Cyprus 9.4 France 8.2 Estonia 8.0 Czech Republic 7.4 Denmark 7.4 Slovakia 7.0 Latvia 6.5 Belgium 4.8 Bulgaria 4.6 Luxembourg 4.1 Advantageous tax environment  The main reason for our presence in Flanders is the presence of specialist financial expertise.” Alex Bongaerts, Finance Director, Atlas Copco, Sweden ‘Favorable’ and ‘fiscal’: two words that go together wonderfully in Flanders. That might be a coincidence, but the fact is that the region offers a wide range of tax benefits and financial grants, from tax exemptions to beneficial tax regimes for R&D and pension funds. The notional interest deduction (NID) is a good example. Thanks to this unique measure, companies using their own capital to finance their activities can lower their effective corporate tax rate to an average of 26.3%. But the notional interest deduction isn’t the only tax grant in Flanders. The region also offers tax exemptions, beneficial tax regimes for R&D and pension funds. In addition, a special ruling commission guides foreign investors through the fiscal aspects of their investment project in Flanders even further. The sum of all these tax incentives leads to one of the lowest effective corporate tax rates in the European Union. According to a study, conducted by the Institute of International and European Affairs, effective tax rates in Belgium, and Flanders as a region, can be limited to a mere 4.8% if certain conditions are met. Belgium Netherlands Germany France Italy UK USA Japan 0 10 20 30 40 50 Effective (Average) Corporate Tax Rate (ECTR) 2012 Source: ZEW, Centre for European Economic Research, Mannheim. Effective Tax Levels – Final Report 2012 NCTR (Nominal Corporate Tax Rate) ECTR (Effective Corporate Tax Rate) P & L account Before NID With NID Profit before tax 4,000 4,000 NID (3%) / -3,000 Taxable 4,000 1000 Corporate tax (33.99%) 1,360 340 Effective tax rate 33.99% 8.5% Assets Liabilities Group financing Share capital 100,000 100,000 * Source: Federal Public Service Finance Example NID* The balance sheet of the Belgian entity shows that the share capital has been used for group financing. With the application of an intra- group interest rate of 4%, the profit before taxes is 4,000. Before the introduction of the NID, the corporate tax would have been 1,360 (or 33.99%). Thanks to the NID, the effective corporate tax rate to be paid is 340 (or 8.5%) only. FIT_Landenflyer_Algemeen_v6.indd 4 03-07-2013 09:36
  5. 5. 5 A glimpse into imec’s 300mm cleanroom (2012) ©imec The future starts in Flanders When it comes to research and innovation across a wide range of disciplines and a variety of sectors, Flanders is consistently at the forefront. No less than four Strategic Research Centers are constantly developing cutting-edge technologies and processes that will shape tomorrow’s society. Did you know? • Many European investors consider Flanders to be a unique place to invest in biotech opportunities. To encourage this, the government is limiting the risks for investors by providing far-reaching support to the industry. Companies seizing these opportunities today already include Biocartis, Galapagos, ThromboGenics, Ablynx, Pronota and many more. • Belgium – and Flanders as a region – is on the verge of becoming the European leader in the biopharmaceutical sector, according to an analysis conducted by the Health, Science and Technology (HST) Group and advisory firm Deloitte. The main reasons for this are the many tax incentives and the strong partnership between government and industry, which recently resulted in a large number of new pharmaceutical investments. • imec is Europe’s leading research center on nanoelectronics and nanotechnology. • VIB is a world-class center for life sciences expertise. • VITO is committed to technological research and consulting for product innovation and improved levels of business. • iMinds is Flanders’ research institute for tomorrow’s ICT. FIT_Landenflyer_Algemeen_v6.indd 5 03-07-2013 09:36
  6. 6. 6 Antwerp: the largest chemical cluster in Europe  After considering different options, Antwerp emerged as the perfect location. The positive investment conditions and the strong industrial policy of the government of Flanders were certainly decisive. Furthermore, we quickly learned about the advantages of Antwerp as the second largest chemical cluster in the world, and its assets as a major European port.” Mark Lebel, CEO, FRX Polymers, USA  Belgium – and Flanders as a region – is a world champion for chemicals and plastics. On a sales per capita basis, it is the number one chemical country in the world.” Koen Wilms, Managing Director France, 3M, USA Centrally located and easily accessible, the Port of Antwerp plays a key role in Flanders’ renowned chemical industry. Antwerp houses, among other facilities, five oil refineries and four steam crackers. With a portfolio of 300 different chemicals – the most diverse in the world – and over 500 chemical companies, Antwerp is the largest chemical cluster in Europe (the second largest worldwide). Companies located in the port area enjoy the immediate advantages of the cluster configuration by, for example, integrating their activities with those of other companies – particularly suppliers – in a stable business environment. A state-of-the-art pipeline network in the port area facilitates product interchange. FIT_Landenflyer_Algemeen_v6.indd 6 03-07-2013 09:36
  7. 7. 7 Extensive know-how in ICT Nanotechnology, banking solutions, telematics and geo-ICT, telecoms and network equipment, digital audio/video and printing solutions, and software products: they hold no secrets for Flanders. Apart from its enviable reputation in nanoelectronics, nanotechnology and microelectronics, the region is also a pioneer in financial security solutions and smart card technology. Furthermore, your company can draw on leading technology expertise in telematics, GPS, cartography, location-based services, geo- ICT, and in telecommunication and network equipment. Digital audio/video and printing solutions, and a wide range of software products – from industrial design to gaming – complete the picture. On top of that, according to a report by US-based service provider Akamai, Flanders has the tenth fastest broadband connection worldwide. Flanders puts its shoulder to the wheel  This place simply breathes cars. Vilvoorde made us feel at home immediately, because of the nearby presence of many renowned car manufacturers.” Tej Soni, President & Founder, izmocars, India  After visiting Flanders with Flanders Investment & Trade, we decided Zeebrugge was the perfect setting for the expansion of our European Distribution Center. We are confident that this location will be a powerful instrument for our company to establish itself strongly in the European market.” V. Krishnaram, CEO and Joint Managing Director, Emrald Resilient Tyre Manufacturers, India If cars – or any motor vehicles for that matter – are your business, Flanders is without a doubt the place to be. The region serves as the European gateway for automotive companies the world over. In the Port of Zeebrugge, more than 3 million cars are handled each year. Thanks to the abundance of know-how and expertise in the construction of vehicles, components and related services, big car manufacturers like Audi, Volvo, Toyota, Mazda and Honda are all present in the region, either with assembly plants, R&D and engineering centers, or regional headquarters. Furthermore, did you know that some of the world’s most prominent car designers, including Dirk van Braeckel, Lowie Vermeersch and Pierre Leclercq come from Flanders? They are responsible for some of the top-notch designs for brands like Alfa Romeo, BMW, Volkswagen, Lamborghini, SEAT, Ferrari, Maserati, Skoda and Bentley. FIT_Landenflyer_Algemeen_v6.indd 7 03-07-2013 09:36
  8. 8. 8 Flanders supports your R&D projects Enterprises with innovation activity (% of all enterprises) Germany 79.3 Luxembourg 68.1 Belgium 60.9 Portugal 60.3 Sweden 59.6 Ireland 59.5 Estonia 56.8 Netherlands 56.7 Austria 56.5 Italy 56.3 Innovation activity and co-operation during 2008-2010: Top 10 EU countries Source: EUROSTAT 2010 Community Innovation Survey The government of Flanders awards generous grants and subsidies (up to a rate of 75%) for the R&D of innovative products and processes. In fact, according to US-based professional services firm Deloitte, Flanders offers the best R&D related incentives in Europe. This leads to much reduced employment costs, which gives Flanders-based companies a major advantage over their competitors in neighboring countries when it comes to attracting talent. With IWT, the region’s government agency for Innovation by Science and Technology, Flanders has a one-stop-shop for non-refundable grants in direct support of R&D programs. Private investors as well as well-capitalized venture capital funds are keen to invest in the many promising life sciences projects in the region. In addition, companies investing in Flanders can take advantage of a number of helpful tax incentives for R&D staff. As a result of this support – and the presence of many world-renowned research institutes – Flanders ranks among the most innovative regions in Europe according to the 2012 Regional Innovation Scoreboard, issued by the European Commission. In this scoreboard, the innovative performances of 190 EU regions are studied based on key aspects such as the research system, intellectual assets and financial support. The world’s most exciting cleantech region Always at the forefront when it comes to sustainable energy, Flanders boasts a wide range of innovative cleantech initiatives with a focus on knowledge acquisition and sharing. Three of the major clusters and incubators are: • Greenbridge Science Park in Ostend, which specializes in renewable energy. • Ghent Bio-Energy Valley in Ghent, Europe’s first open innovation and education center for a bio-based economy. • Energyville in Genk, with its expertise in renewable energy, smart grids and sustainable cities. Some of the highlights of sustainable energy projects in Flanders include: • The off-shore wind and wave energy projects, which are set to produce 42GW by 2020; • The sustainable chemistry and valorization of solid waste and waste gasses in Antwerp; • Testing of 600 electrical vehicles by eight research centers and 51 companies, making Flanders a living lab for sustainable mobility. © C-Power FIT_Landenflyer_Algemeen_v6.indd 8 03-07-2013 09:36
  9. 9. 9 Flanders’ multimodal transport network and logistics hotspots  The logistics knowledge accumulated in Flanders plays a crucial role in Nike’s worldwide success.” Luc Hooybergs, General Manager, Nike ELC Laakdal, USA The logistics hub of Europe With nearly 800 European Distribution Centers (EDCs) and an average of over five EDCs per 100 km2 , Flanders boasts the highest EDC density in Europe. Furthermore, the region is among the world’s best when it comes to the density of road, railroad and inland waterway networks. It is, in short, a paradise for any logistics operation. Many multinationals already serve Europe from Flanders: Bose, Duracell, Honda, Mazda, Nike, Pfizer, Procter & Gamble, Samsonite, Sara Lee, SKF, Stanley Black & Decker, Toyota, Volvo, etc. So, it is no coincidence that Flanders ranks 7th in the World Bank’s Logistics Performance Index 2012, beating major economies like Japan, the United States and the United Kingdom. FIT_Landenflyer_Algemeen_v6.indd 9 03-07-2013 09:36
  10. 10. 10 Top-notch education  The investment in a state-of-the-art European Development Center in the city of Ostend proves Daikin Industries’ confidence in the capability, know-how and experience of our employees in Flanders.” Frans Hoorelbeke, Chairman of Daikin Europe N.V. and member of the Board of parent company Daikin Industries, Ltd. in Japan, Daikin Europe N.V. Belgium, and Flanders as a region, ranks among the world’s top 10 where education systems are concerned. In the World Economic Forum’s Global Competitiveness Report 2012-2013, for instance, the region’s educational system ranks 5th . For math and science education in particular, the region takes the 3rd  position worldwide. When it comes to higher education, Flanders has a lot to offer as well. No less than three universities in the region – Louvain, Ghent and Antwerp – feature in the world top 200 ranking of universities, published by UK newspaper The Times. Louvain even ranks 58th  worldwide, while Ghent takes up the 93rd  place. The region also boasts a multitude of renowned international schools, including four European schools in Brussels and one in the town of Mol. In the Antwerp and Brussels area, there are several Chinese schools. In 2012, the city of Ghent, together with the university of Ghent, has opened an international school. Furthermore, the city of Prices in €/m²/year Flanders/Antwerp 57.46 Lille 72.98 Rotterdam 74.52 Hamburg 79.84 Warsaw 83.06 London 266.54 Lots of affordable logistics space Although Flanders has a long logistical history, there is still availability here and spare capacity for logistic units. The seaports of Antwerp, Zeebrugge, Ghent and Ostend have no congestion. On average, half a million m2 are rented out yearly, mainly storage facilities of 5,000 m2 or more. In 2012, prime logistics space in Flanders traded at less than EUR 60/m2 , according to fDi Intelligence – a major economic driver of globalization through FDI. The prime rent in Belgium, of which Flanders is the northern region, is one of the lowest in Western Europe, thanks to its low property and building costs. Source: fDi Intelligence Warehouse renting prices Q1 2012 Louvain, KU Leuven University and imec research institute recently announced their intention to establish an international private primary school that offers courses in English. FIT_Landenflyer_Algemeen_v6.indd 10 03-07-2013 09:36
  11. 11. 11 Did you know? • Belgium – and Flanders as a region – ranks 16th in the global Corruption Perception Index (CPI) conducted by civil society organization Transparency International, which makes it one of the least corruptive countries in the world. • According to the 2012 KOF Index of Globalization, Belgium – and Flanders as a region – has the most open economy in the world, outclassing Ireland, the Netherlands, Austria and Singapore in the top 5. A place that speaks your language Because the region is located right on a nodal point where Europe’s three major cultural and language groups meet, most people in Flanders are multilingual. Dutch, French and German, the three official languages in Belgium – of which Flanders is the northern region – are spoken fluently by many. Furthermore, most people in Flanders possess an excellent knowledge of English. In fact, (British) English is as widely used as French in the education system in Flanders. The fact that foreign television programs and movies are subtitled rather than dubbed certainly plays a role in developing the language skills of the region.  The multilingualism of the local workforce constitutes yet another major asset for the European headquarters.” Etienne Plas, Spokesman, Toyota Motor Europe, Japan Highly productive workforce According to a survey conducted by US-based research institute The Conference Board, Belgium – and Flanders as a region – is the fourth most productive country in the world. Compared to neighboring countries, Belgium offers the highest ‘GDP per person employed’ ratio. In Flanders, the 2012 labour productivity is estimated at € 72,600 purchasing power parity (PPS). That is 25% higher than the EU27 average. Flanders’ neighbours France (€ 67,300 PPS), the Netherlands (€ 64,400 PPS) and Germany (€ 61,800 PPS) all have lower productivity scores.  Employees in Flanders are able to work independently. When you present them with a business strategy, they almost immediately put the ideas into action.” Celso Armando, Manager/Director, JBS-Toledo, Brazil FIT_Landenflyer_Algemeen_v6.indd 11 03-07-2013 09:36
  12. 12. 12 Brussels: the center of Europe Brussels, the capital of Flanders (Belgium), can easily be considered Europe’s lobbying capital: more than 3,800 diplomats are active in Brussels. The only city in the world where you will find more is New York City. Measured by the number of events, it is the world’s second international conference center. It is, after Washington DC (USA), the world’s largest center for advocacy and the place with the most foreign journalists. Brussels houses: • over 10,000 lobbyists • 700 professional associations • 400 organized interest groups • 150 international consulting firms • 150 law firms specializing in European law • 30 chambers of commerce • over 1,000 accredited journalists • a permanent representation of over 220 regions and federal entities • 1,300 European Headquarters or sales subsidiaries of foreign companies Set up office in a flash True the region’s no-nonsense culture, setting up a subsidiary in Flanders requires only few formalities: • notarial deed and a one-stop registration process; • no government approvals are required; • up and running in less than 10 days (except for certain registration and publication formalities, which may take 2 to 4 weeks after incorporation); • no public register of share ownership; • no formalities regarding share transfers, other than registration of the transfer in the company’s share register.  All the necessary permits to set up a state-of-the-art factory in Flanders were granted quickly. And this, of course, is very important in the decision process of any investment project.” Erika Wouters, General Manager of Chillfis – subsidiary of Struik Foods Europe, Struik, the Netherlands Low cost of living According to Mercer’s ‘2011 Cost of Living Survey’, Brussels is an inexpensive city to live in for expatriates. The city ranks only 62nd in Mercer’s list of the world’s highest priced cities for expats. This is mainly due to the relatively low cost of living in Brussels. The average rental price for a nice apartment is EUR 1,500 a month on average, which is much less in comparison to London (EUR 3,300) or Paris (EUR 2,300). FIT_Landenflyer_Algemeen_v6.indd 12 03-07-2013 09:36
  13. 13. 13 High quality of life Belgium, and Flanders as a region, ranks 12th in the ‘2011 Quality of Life Index’ by the OECD, the Organization of Economic Cooperation and Development. The social fiber in Flanders is strong and people are open-minded. The region offers an exceptionally high standard of living for expatriates and their families, including: • favorable taxation measures; • first-class healthcare standards; • high quality housing at affordable prices; • one of the best education systems worldwide, including many international schools; • a rich cultural heritage, e.g. the medieval centers of cities like Bruges, Ghent and Antwerp; • a strong and diversified culinary tradition with numerous gourmet and ethnic restaurants. It thus comes as no surprise that people in Flanders (Belgium) are more pleased with their general quality of life compared to other citizens of OECD member countries.  The social fiber in Flanders is great, the number of cultural events is impressive, and there are a lot of very good restaurants. The people in Flanders are very friendly and very kind.” Celso Armando, Managing Director of JBS-Toledo, the world’s largest protein producer and exporter, Brazil Did you know? • If you like French fries, you should know that this delicious food actually originated in Flanders. The adjective ‘French’ was probably added by American soldiers who arrived in Belgium during World War I, as French was the official language of the Belgian Army at that time. In the south of the Netherlands, however, they have always been called Vlaamse Frieten or Flemish fries. • Speaking of delicacies, Flanders (Belgium) is also the place to be for quality beers, chocolate and waffles. But you probably already knew that, didn’t you? • According to figures published by Eurostat, the people of Belgium – including Flanders – are the richest in Europe, with total household assets amounting to EUR 981 billion. FIT_Landenflyer_Algemeen_v6.indd 13 03-07-2013 09:36
  14. 14. 14 If it works in Flanders…  All this makes Flanders (Belgium) an ideal test market for innovations. If it works in Belgium, we’re pretty sure that it’ll also work elsewhere.” Hessel De Jong, General Manager Benelux Operation at the Coca-Cola Company  The political commitment to support Genzyme’s expansion project in Geel in Flanders was obvious and, at the same time, an essential argument to convince the board in the US of the advantages Flanders has in store.” Piet Houwen, Vice President, Genzyme, USA  Until recently, Chinese companies were hesitant to venture outside China. I am confident that this will change in the future. Within Europe, we consider Belgium to be the best place to invest in.” Feng Jun, President and Chairman of Aigo Digital Technology, Founder of the Aigo Entrepreneurs Alliance, China  Flanders simply exudes trust. It may be a small region, but great dreams come out of it.” Richard Trackx, Director Sales & Marketing, Fujifilm Europe, Fujifilm, Japan Forward with Flanders Become a fan of Flanders Recently, VRT, the public broadcaster of Flanders, launched a new project called “Fans of Flanders”. It consists of a website and a TV show in which expats can learn more about Flanders and its many offerings. Through the program, expats also get the opportunity to give their own views on the region. And that’s not all. Flanders also has a wide variety of expat communities and organizations for people from the four corners of the world residing in the region. For example, there is a thriving Chinese community of approximately 40,000 people living in Antwerp – in the officially recognized China Town, including a Buddhist temple, multiple restaurants, supermarkets and hairdressers – and Louvain. The most important organization to help you get in touch with your community in Flanders (Belgium) is Expatica: By 2020, Flanders aims to be the 5th most important region in Europe by putting into practice the guidelines set out in its ‘Nieuw Industrieel Beleid’ (NIB – New Industrial Policy). Key aspects in this policy are the rapid modernization of the industry, related services and the social fabric by means of value creation, productivity and flexibility. One of the first concrete decisions in this respect was the establishment of the industrial transformation fund TINA (Transformation, Innovation and Acceleration). Other actions include the promotion of a cluster policy, the speeding up of government decisions concerning industry and economics and a continued focus on sustainability and infrastructure. Foreign investors can count on a pro-active approach from various industrial clusters in Flanders and a customized package of all the assets Flanders has in store for them. Many companies and organizations consider Flanders to be the ideal test market for innovations and new products. Not only does the region have the highest purchasing power in Belgium, it is also situated at the crossroads of three major cultures: Germanic, Roman and Anglo-Saxon. This makes the people of Flanders very open and receptive to all sorts of influences from abroad: cultural, culinary, social and professional. In addition, international business cities, such as Antwerp or Brussels, have a thriving culture of expat communities from all four corners of the world. FIT_Landenflyer_Algemeen_v6.indd 14 03-07-2013 09:36
  15. 15. 15 Canberra BuenosAires São Paulo Santiago de Chile Beijing Guangzhou Shanghai Cairo Montreal Seoul Johannesburg New York LosAngeles Chicago Atlanta Hanoi Abu Dhabi Dubai Istanbul Bangkok Taipei Singapore Riyadh Saint Petersburg Nizhny Novgorod Moscow Mexico City Casablanca Tripoli Tokyo Tel Aviv Tehran Jakarta New Delhi Mumbai Bangalore Hong Kong Copenhagen Berlin Cologne Stuttgart Zurich Stockholm London Edinburgh Prague Madrid Barcelona Ljubljana Bucharest Lisbon Warsaw Poznan Oslo The Hague Rome Milan Dublin Budapest Athens Lille Paris LyonBordeaux Helsinki Vienna Professional support in setting up Flanders Investment & Trade provides potential investors with assistance and information regarding: • Site selection • Overview of all tax benefits, financial grants and incentives • Introduction to the country’s decision-makers Gaucheretstraat 90 BE-1030 Brussels | Belgium T +32 2 504 88 71 Visit our website for more information: and follow us on Twitter:! Flanders Investment & Trade has more than 70 regional offices worldwide to assist you wherever you are, free of charge. For foreign investors interested in establishing commercial operations in Flanders (Belgium), initial contact can be made through our experienced staff close to you: • Legal aspects of setting up locally • Identify business opportunities • Integration into local community life FIT_Landenflyer_Algemeen_v6.indd 15 03-07-2013 09:36
  16. 16. 16 Gaucheretstraat 90 | BE-1030 Brussels | Belgium T +32 2 504 88 71 | F +32 2 504 88 88 | FIT_Landenflyer_Algemeen_v6.indd 16 03-07-2013 09:36