Impact investing: A tool for societal change

Society is facing challenges at many levels. Our response is to support those that are taking steps to make positive changes at their level. Impact investing provides a way to magnify this while offering a moderate and reasonable financial return.

Our impact-first approach looks first at the potential social impact of supported projects. We then look closely at their long-term financial viability. We are building a community of committed investors for whom “impact-first” approach makes sound societal sense. They look to us for a return on the moderate to long-term return of their investment.

  • Investing in solidarity

    Change is a Belgian impact investment fund operated by Credal.

    Our vision is to transform the current economic world to make it more sustainable and fair. We would like to make Belgium a hub for social innovation through the emergence of new companies that contribute to the positive transformation of our society.

    To do this, we invest in innovative social enterprises in the start-up (seed) or growth (scale-up) phase.

  • Our approach

    Change is an “impact first” investment fund. We:

    • Foster social innovation: we support ambitious entrepreneurs who provide an innovative response to societal challenges
    • Measure the social impact: we work with entrepreneurs to put in place a methodology for rigorous measurement of the social impact of their project and to integrate it into their business model
    • Think long-term: we support projects to ensure their capacity to respond to societal challenges
    • Collaborate closely: In addition to financial intervention, we support projects through access to our network of investors and our entrepreneurial ecosystem


Philippe Herbiet

Ensures overall coordination and monitors the investments.

A graduate of the Solvay Business School, Philippe began his career in 1982 as an audit manager at Arthur Andersen and left after 8 years. He then joined the Transcor group/Astra, a subsidiary of the Compagnie Nationale à Portefeuille. For nearly 15 years he served as CFO, managing director of the Belgian subsidiary and member of the group’s Board of Directors. In 2003, he directed his career towards human resources consultancy, career assessment and outplacement. For 5 years, he worked as a startup supporter at Solvay Entrepreneurs and then as Director of Innovation and Development, an incubator affiliated with the network of European Business and Innovation Centres. Philippe joined Crédal four years ago where he worked as a credit analyst and took over agency consultancy assignments before developing Change. He is also a volunteer chairman of the Board of Directors of a professional Insertion Centre in the carpentry sector.

In addition to his academic background, Philippe is an ICF certified coach, NLP Master Practitioner and an MBTI certified trainer.

Daniel Sorrosal

Handles the international development and relations with the EU.

Daniel Sorrosal holds a master’s degree in culture and development from the KUL and an MBA from the HES Rotterdam. Daniel began his career in corporate finance at General Electrics in 1998. He gradually moved into microfinance, working in development projects with Planet Finance, especially in Africa and Palestine. In 2010, he joined the European Microfinance Network as general secretary. Since 2014, Sorrosal splits his time between advocacy at the European level for FEBEA – the European Federation of Banks and Finance Ethics and Alternatives – and solidarity finance with Crédal. 

Within Crédal, he works on the development of innovative investment tools in order to support the growth of social enterprises and mobilises the resources of the European Union for this purpose. 

Anne-Laure Rase

Business and impact analyst.

Anne-Laure Rase holds a master’s degree in management engineering from the Louvain School of Management with additional interdisciplinary training in the creation of small and medium-sized enterprises. She began her career as senior auditor at Deloitte in 2008. Anne-Laure then undertook business controller functions in major groups such as Lactalis, Eurofins and Delhaize. Passionate about social entrepreneurship, she is involved in various volunteer citizen activities, notably in the non-profit Camp de Partage, which organizes camps for children in care, and non-profit sports clubs. She will handle the analysis of the files and the implementation of the impact assessment.

Crédal, money as solidarity

Change has been launched by Crédal, a cooperative for social purposes which proposes, in Belgium:

  • Ethical investment: around 3,700 investors/co-operators have chosen to invest money in Crédal which, in full transparency, uses these funds to finance projects.
  • Alternative credit: in addition to credits for associations and companies that bring social added value, Crédal finances sustainable enterprises, entrepreneurs excluded from bank resources and individuals with modest incomes.
  • Project support: Crédal provides the social economy consulting and accompanies entrepreneurs that want to create their business.

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