PIA Group, backed by Belgian private equity firm Baltisse, continues its strategic European expansion by acquiring Argafin, a Belgian advisory firm, and GTK, a German tax and audit specialist. The combined transaction brings around 120 new employees into the group, reinforcing PIA’s footprint in Belgium and Germany.
Argafin, based in Ottignies-Louvain-la-Neuve and Charleroi, Belgium, employs 40 professionals focused on CFO-as-a-Service, budgeting, reporting, and profitability analysis primarily for small and medium-sized enterprises (SMEs). The acquisition also includes ArgAccount, Argafin’s accountancy and tax division.
GTK operates across multiple German cities including Brühl, Bornheim, Bonn, Cologne, Berlin, and Hamburg, with a team of approximately 80 employees. The firm offers a blend of national and international tax expertise, audit services, and business economic advisory, emphasizing cross-border client needs through dedicated country desks.
Steven Brouckaert, Executive Chairman of PIA Group, highlights the strategic value of GTK: “GTK is more than additional scale in Germany. Increasingly, entrepreneurs operate across borders and expect their advisors to support them internationally. GTK’s expertise not only benefits clients in Germany but also adds value across our other markets.”
Arnaud Navez, founder of Argafin, notes the growing demand for specialized advisory services: “Joining PIA Group allows us to expand our expertise, reach a broader entrepreneurial base, and maintain the entrepreneurial culture that defines Argafin.” The partnership also opens opportunities to extend Argafin’s services beyond Brussels and French-speaking Belgium.
Founded in 1999 in Belgium, PIA Group operates in Belgium, the Netherlands, Luxembourg, and Germany, with over 160 offices and 3,900 employees. In 2025, the group generated €440 million in revenue across the Benelux region.
Tom Verhaegen, Group CEO of PIA Group, explains the evolving M&A strategy: “Our ambition is to function as one international group sharing expertise across borders. Local strength remains key, but knowledge should transcend national boundaries. What we develop in Belgium should also benefit clients in Germany, the Netherlands, or Luxembourg, and vice versa. Targeted acquisitions accelerate this exchange and deepen our service offering.”
The acquisitions reflect PIA Group’s dual approach of scaling in strategic markets while enhancing specialized advisory capabilities. Argafin’s CFO-as-a-Service expertise complements PIA’s advisory portfolio, while GTK strengthens the group’s international tax and audit capacity.
Industry consolidation in professional services continues, with PIA Group positioning itself as a leading international player in accountancy, audit, and advisory. The integration will focus on harmonizing methodologies, leveraging cross-selling opportunities, and maintaining close client relationships despite geographic expansion.
Challenges include aligning organizational cultures across Belgium and Germany, standardizing processes, and managing regulatory complexities. Retaining key talent and ensuring smooth operational integration remain priorities.
Looking ahead, PIA Group aims to deepen its cross-border advisory services and expand CFO-as-a-Service offerings across its markets, reinforcing its competitive position in Europe’s evolving professional services landscape.
