This paper investigates the link between audit and non-audit fees and company characteristics that can be observed in the financial statements: size of the client, complexity and business risk. Data on 83 listed companies in Belgium partly confirm the literature. The relation between fees and variables such as sales, total asses, solvency and the existence of losses agree with previous literature. For liquidity, return on assets and the ratio current assets/total assets, there are differences with the existing literature. The paper uses two different definitions for audit fees, taking into account the differences between US and Belgian regulations on disclosure. It is demonstrated that these differences have an impact on the relation between fees and company characteristics. Non-audit fees show similar relations to company characteristics as audit fees.