Nicolas Debray

The through-line

Nicolas Debray's writing keeps circling back to one idea: the Belgian startup ecosystem is built by connecting people and capital who otherwise stay in separate silos, students and founders, business angels and operators, Wallonia and Flanders, Belgium and its neighbors. Early posts frame this through personal metaphor, tracing a line from streetball on Brussels playgrounds to "the boardroom" and describing how "the intensity of streetball never really leaves you" . Over the run of posts the focus shifts from personal narrative toward infrastructure and policy: chronicling the physical construction of WAT.BXL as a tech hub , organizing roadshows to funnel graduates into startups , and pushing for regulatory fixes on stock option taxation . Alongside this, a separate thread of candor emerges in his "Untold stories of a Business Angel" series, where he walks through a deal that did not work out, admitting plainly "Did I make a ton of money? No" .

On building bridges

Debray describes ecosystem-building explicitly as connective work rather than a solo pursuit: "Building a startup ecosystem isn't a solo game. It's about connecting the dots across borders" . For the Belgium Startup Ecosystem, he states "it's all about building bridges" and that "Tangible value is created when we connect the right stakeholders" . This shows up concretely in the WAT.BXL project, where instead of waiting for a 10,000 square meter hub to finish construction, the team ran a live MVP, "Connecting talent, founders and stakeholders from day one" . The same logic drives the graduate roadshow with FirstMovers and Student Team, aimed at making "the innovation and startup economy the #1 destination for top Belgian graduates" .

On stock options and taxation

Debray treats employee stock options as core startup infrastructure, not a perk: "Stock options are an easy tool for startups to open and share their capital with their key employees... It's a great tool to align all the interests in the long term. It's not a quick hack" . He pairs this with a pointed critique of Belgian tax treatment, framing the math starkly: "Up to 60% of taxes. About 70% chance of making 0€. Shouldn't we change that?!" and calling directly for "a special Startup Regime for Stock Options" . He also points outward for comparison, noting that Luxembourg "has agreed to upgrade its ESOP (Employee Stock Option Plan) framework, paving a clear fiscal pathway to attract top minds" .

On being a business angel

Debray is candid that angel investing is a financial activity with a return expectation, not charity: "The drive is definitely about giving back, learning and elevating people. But a startup has responsibilities... and money has value. It remains a financial activity, not philanthropy" . His retelling of a specific deal walks through both the discipline and the disappointment: negotiating terms so that "As a business angel, I accepted fewer shares with a high valuation but protected my downside with a liqpref" , while ultimately conceding "Did I make a ton of money? No. Unfortunately I did not succeed in elevating the project to another level" . He also details the operational strain that followed a capital raise, noting that "€30k MRR doesn't cover many salaries" once a fully loaded cost per FTE is factored in .

Takeaways

• When negotiating a deal with a high pre-money valuation, secure a liquidity preference to protect downside as an investor
• Belgian founders should treat stock options as an alignment tool, not a quick hack or bonus substitute
• Advocate for a dedicated startup stock option tax regime given the current combination of up to 60% taxation and roughly 70% odds of zero payout
• Use graduate-facing roadshows (with partners like FirstMovers and Student Team) to funnel talent directly into startups rather than established employers
• Launch a functioning MVP of a hub or program during buildout instead of waiting for the space or product to be fully finished
• Treat angel investing as a financial activity with real return expectations, even while emphasizing mentorship and giving back