Deloitte Belgium saw its revenues grow by 4.4% last year to €819.4 million, as the firm expressed "cautious optimism" for business in Europe, despite lingering concerns about the manufacturing industry.
The Belgian division of the global consulting firm employs more than 5,700 people nationally, across 11 offices, specialising in audit, accounting, legal and tax advice, consulting, financial, and risk advice.
For the financial year to 31 May 2024, Deloitte Belgium reported a turnover of €819.4 million, "despite challenging market conditions", it said in a press release.
The firm saw the strongest growth in regulatory activities like audit and insurance (+9% growth to turnover of €76.5 million), tax and legal services (+8% to turnover of €204.1 million) and accountancy (+5.5% to €130.1 million in turnover).
Deloitte Belgium said that its financial advisory business remained stable (with €28 million in revenue) in a "challenging market" for mergers and acquisitions and real estate, with higher interest rates leading to fewer and relatively smaller transactions.
The firm said that it saw growth in most industries apart from life sciences and healthcare, where the pace of growth is now slowing down after the "exceptional increase during the COVID period".
Rolf Driesen, CEO of Deloitte Belgium, said that in the context of slowing economic growth, persistent inflationary pressures, geopolitical instability, and a demanding environment in terms of compliance and reporting, it "makes sense that regulated activities outperform others".
Concerns about manufacturing sector
Driesden said he is looking to the future with "cautious optimism", especially with sectors such as ESG, artificial intelligence and data, but said the future of the manufacturing industry "remains a point of attention".
"Providing a future perspective for our manufacturing industry remains a concern. Several sectors are currently going through severe weather, and this is largely due to high energy and material costs, inflationary pressures, but also the lack of a consistent and predictable licensing policy," he said. "This causes great concern for many entrepreneurs and investors."
"We are fortunate in Belgium to still have a number of strong ecosystems such as chemistry in Antwerp, bio-tech in Charleroi, the tech communities around Imec in Leuven, the tech start-up hubs in Ghent and in Liège, the cybersecurity centre in Redu around the EuroSpace Center, and I'm certainly forgetting others," he added, calling on policymakers to work out a long term vision for Belgian industry.
Ramping up recruitment
The firm is also intensifying its recruitment efforts, citing demographic challenges in Belgium as the number of active workers and supply of school leavers is decreasing every year.
As reported by Belga, Deloitte Belgium is aiming to recruit 900 people by the end of its current financial year in May 2025.
Today Deloitte Belgium employs 5,705 people from 87 different countries. The percentage of female associates rose to 25% (compared to 22% last year).
Driesden said that the firm continues to look for school leavers and experienced candidates, and is increasingly relying on international recruitment to "adress talent shortages and meet client needs".
