TFS Gulf 
- Moore Belgium, the 11th-largest accounting network globally, just “passed KPMG in headcount”. (Reported by Consulancy.eu)
- It now has 2,200+ employees after acquiring Brussels-based consulting firm DNA33.
- FYI: KPMG still earns far more €302Mn vs. Moore’s €216.9Mn
Secret Sauce…
In 2020, Waterland, a growth-focused private equity firm, acquired a 55% majority stake in Moore Belgium.
With Waterland’s capital, Moore went from steady growth to hyperdrive.
- 2008 – 2020: 37 acquisitions
- 2020 – 2025: 63 deals
- 2025: On July 31, 2025, Moore closed its biggest Belgian deal yet with the acquisition of DNA33.
DNA33 itself is a network of five specialised firms, each keeping its brand identity under Moore:
- ngage – strategy and sustainability
- Darwind – digital talent
- asUgo – Salesforce implementation
- Squareflow – ERP and e-commerce with Odoo
- Net Circular – circular business models
What happened next?
200 more consultants added to Moore’s advisory division.
Moore’s consulting arm now boasts a total of 350 professionals.
It now has a significantly stronger foothold in French-speaking Belgium
By adding expertise in Salesforce, ERP, and sustainability consulting, Moore is aligning itself with the digital-first needs of Belgium’s mid-market companies. It’s a space the traditional Big 4 often overlooks.
And most importantly, their total headcount has grown to 2,200 employees.
Moore targets SMEs and mid-sized clients, a space where the traditional Big 4 rarely play aggressively.
Peter Verschelden, chairman of Moore in Belgium, was quick to clarify, “Our target is different from that of the Big Four. We focus on small, medium-sized, and large companies, while the Big Four mainly target large companies,” he told Consultancy EU.
India is catching up steadily
Globally, private equity has quickly made its way into accounting/professional services networks.
And the new growth playbook for accounting firms is simple: get acquired by private equity, go on an acquisition spree, and keep scaling.
Several large/mid-sized firms in India are eager to take PE cash, but ICAI regulations are quite complicated!
But we do see a surge in non-audit firms taking a step forward and welcoming external capital, and in doing so, they’re reshaping the age-old partnership model.
- KNAV: The Tax, Accounting & Advisory Services Firm received a minority investment from Zerodha’s Nikhil Kamath.
- Uniqus Consultech: The global tech-enabled consulting company that specialises in Accounting & Reporting, ESG and Tech Consulting, raised approximately $42.5 million.
- It was reported that BDO India is restructuring from an LLP to a private company, open to PE funding.
- GT Bharat is also exploring PE.
The bigger question: Could India see its own “Big 4 challenger” emerge, powered by private equity or outside investment?
FAQ
1. Who are the Big 4 accounting firms in Belgium today?
As of 2025, the Belgian Big 4 includes PwC, EY, Deloitte, and Moore. Moore overtook KPMG in headcount following its acquisition of DNA33.
2. How big is Moore Belgium compared to Deloitte, EY, PwC, and KPMG?
- Moore Belgium: €216.9m revenue (2024), 2,200 employees
- Deloitte Belgium: €819.4m, 5,705 employees
- EY Belgium: €486m, ~2,500 employees
- PwC Belgium: €427.4m, ~1,800 employees
- KPMG Belgium: €302m, ~1,900–2,000 employees
3. How is private equity reshaping the accounting industry?
Private equity is driving consolidation globally.
Firms like Moore (Belgium), Citrin Cooperman, EisnerAmper, and Cherry Bekaert (US) have all scaled rapidly after PE investments. The model: get backing, acquire aggressively, and expand consulting services.
