The number of businesses filing for bankruptcy in Belgium in September 2023 was almost the same as in the correspondent month of last year: 1,026 as against 1,024.
However, over the first nine months of this year, bankruptcies increased by 8.5% to 7,811. These closures resulted in 15,725 job losses, 33.5% more than in the first three quarters of 2022, according to data published on Monday by business research firm GraydonCreditsafe.
The number of bankruptcies increased in Flanders and Wallonia, but dropped in Brussels. In Flanders, an all-time high of 4,648 bankruptcies was reported between January and September (+10.9%), while in Wallonia, 1,944 businesses went bust (+23.5%). In the capital, 1,196 bankruptcies were registered, a fall of 11.4%.
At the provincial level, a record 1,031 companies that went bankrupt were based in East Flanders. All Walloon provinces also experienced increases, with Liège recording the highest jump (+42%, to 718 bankruptcies).
Unsurprisingly, the worst-hit sectors remain construction, hospitality and transport. In fact, construction registered a record number of bankruptcies in the first three quarters of the year, with 1,605 closures (+8.3%).
The hotel and catering sector, usually at the top of the league table, was in second place with 1,386 bankruptcies (+19.1%), its highest tally since 2017, while transport had a record 484 bankruptcies (+12%).
