Corporate governance develops at the speed of light. Recently in Belgian two corporate governance codes were issued: one for stock exchange listed companies (Code Lippens, December 2004) and one for non-listed entities (Code Buysse, September 2005). This article briefly assesses the similarities and differences of both codes and in particular analyses the legal enforcement mechanisms of both codes. Notwithstanding the lack of mandatory rules, several legal mechanisms oblige companies to carefully consider their corporate governance and governance publication policy.