Many organisations aim to create economic or societal impact. Yet demonstrating whether that impact is achieved requires more than good intentions. For Participatie Maatschappij Vlaanderen (PMV, the investment company of the Flemish Government), IDEA Consult conducted an independent impact assessment to analyse how PMV-supported companies evolved over time and what value their investments generated for the Flemish economy. The study illustrates the importance of evidence-based impact measurement as a foundation for strategic decision-making.

The challenge

Public investment organisations increasingly face the challenge of demonstrating the value they create. While investment volumes, supported projects or success stories provide part of the picture, they do not reveal the full impact on economic growth, employment or business performance.

As the investment arm of the Flemish government, PMV supports companies through a broad range of financial instruments, including loans, equity investments and guarantees. To assess the long-term contribution of these interventions, PMV wanted an independent analysis of how supported companies performed over time and how this translated into broader economic value creation.

The challenge was not only to assess financial performance, but also to develop a robust methodology capable of measuring impact across a highly diverse portfolio of companies, sectors and investment instruments.

Approach & results

Impact measurement is about more than reporting indicators. It requires the ability to connect data, understand context and translate complex realities into meaningful evidence.

For PMV, the investment arm of the Flemish government, IDEA Consult developed an analytical framework to assess how companies evolved after receiving support through loans, equity investments and guarantees. By combining investment data with large-scale company databases and startup ecosystem intelligence, we were able to examine performance across employment, productivity, value creation and business growth over time.

The study revealed clear patterns in the development of supported companies and provided a quantified estimate of the broader economic value generated through PMV’s interventions. Most notably, the analysis showed that every euro invested by PMV through loans and equity participations was associated with more than €10 of additional direct added value among supported companies.

While the findings themselves were significant, the real value of the exercise lies elsewhere. The study enabled PMV to move beyond anecdotal success stories and gain a systematic understanding of where and how value is created. It provided an evidence base for strategic reflection, accountability and future decision-making.

This is precisely where IDEA creates value. Whether the objective is economic development, innovation, sustainability or social impact, measuring results is the first step towards improving them.

Want to understand the real impact of your organisation, programme or investments? IDEA Consult helps public and private organisations develop robust impact measurement frameworks that turn ambitions into evidence-based insights.