Takeaway's Belgian unit receives €5.4 million capital injection from parent

Takeaway.com Express Belgium, which manages delivery logistics and marketing operations for the online food platform in the Belgian market, has received a significant capital contribution from its sole shareholder.

© Just Eat Takeaway.com

The €5.4 million cash injection was recently finalised for Takeaway.com Express Belgium. Active since June 2021, the entity operates as a service arm of the Dutch food delivery group, providing logistics support to partners, coordinating ancillary activities, and carrying out brand promotion – with couriers serving as mobile brand ambassadors through uniformed equipment bearing the company's livery.

Under the group's operating model, Takeaway Express absorbs costs as a service provider and is subsequently reimbursed through an intercompany service fee. According to the most recent available accounts, for the year ended 31 December 2024, the company recorded revenues of €36.8 million against operating costs of €36.6 million, yielding a net profit of just €132,404.

On the balance sheet, equity stood at slightly above €1.8 million against total assets of €12.3 million, with short-term liabilities – those maturing within 12 months – amounting to €9.2 million.

"Current and planned activities do not entail any particular financial risk, and liquidity should remain adequately secured," the country manager for Belgian operations noted in the filing – a remark made in the context of a broader restructuring in which the Just Eat Takeaway.com group closed "several hubs in order to optimise cost efficiency."

Those restructuring efforts have extended beyond Belgium. In July 2025, Just Eat Takeaway announced a significant headcount reduction in Germany, with its logistics arm, Takeaway Express, cutting its own-fleet workforce by approximately one-fifth – roughly 2,000 delivery drivers.

Against this backdrop, the parent company's decision to inject €5.4 million into its Belgian subsidiary represents a substantial financial commitment. The contribution effectively quadruples the entity's equity, materially strengthening its balance sheet relative to creditors.

The transfer documentation specifies that the shareholder will release the funds "as soon as the board of directors so requests" – meaning the Belgian unit's equity increases on paper even before the cash is transferred.

In the capital-intensive food delivery sector, where the logistics model demands constant liquidity, the deferred-disbursement structure is telling. The arrangement appears less designed to retire existing liabilities than to establish a standing financial reserve – a committed credit line of sorts that shores up the balance sheet and provides a buffer to absorb future operating costs or debt obligations as they arise.