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.

Philippe is the fund coordinator of Change since its creation in 2019. He is responsible for the relations with the investors and for the follow-up of the investments. 

As 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 coach at Solvay Entrepreneurs and then as Director of Innovation and Development, an incubator affiliated to the network of European Business and Innovation Centrers. Philippe joined Crédal in 2014 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.

Alexia de Jonghe

Analysis and follow-up of the investments

Alexia is in charge of the analyse of the future investments and the follow-up of the investments. 

After obtaining her master’s degree in Louvain School of Management and a master in Development Cooperation in ULB, she started her career as management trainee at ING. She spent there 6 years in different positions (M&A – Credits). In 2014, she joined Triodos Bank as relationship manager for sustainable businesses where she developed her expertise in sustainable food and circular economy. Alexia joined Change in 2022. 

Marguerite de Viron

Business and impact analyst.

Marguerite is the first contact person for the entrepreneurs who want to raise money. she is also in charge of the analysis of the funding requests. 

Marguerite holds a master in Business Management from ICHEC Brussels Management School. Passionate about the sustainable finance world, she began her career within the Citizenfund. Then she followed her passion and joined Solifin, the belgian network for responsible institutional financial actors. Marguerite joined Change in 2019. 


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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