The number of companies that went bankrupt in 2024 was the highest in recent years, resulting in record job losses. A sharp increase is not expected this year, but neither is an improvement.
A total of 12,097 companies went bankrupt last year, the latest analysis by business data specialist Altares Dun & Bradstreet showed. This marks an increase of almost 5% compared to 2023, when the number of bankruptcies stood at 11,562.
"In 2024, Belgium recorded the highest number of bankruptcies in recent years," said Barry de Goeij, the company's Senior Data Scientist. Previous data compiled by finance service company Graydon pointed to 11,549 businesses going bankrupt last year. This resulted in over 27,000 people losing their jobs in Belgium.
The construction sector was the worst affected. Here, 2,816 companies went bust. "The rise in bankruptcies in construction is not a surprise," said de Goeij. "With the drop in building permits [especially in the first half of 2023], the increase in bankruptcies in this sector was expected." No immediate improvement is on the cards for the sector.
In second place was the trade sector (2,540), followed by hospitality (2,085).
Brussels and Antwerp worst-affected
The hardest-hit province in the country was Antwerp. It topped the list with 1,776 bankruptcies. "The trade sector leads the way with 379 bankruptcies, followed by hospitality (357) and the construction sector (342)," said de Goeij. The Brussels-Capital Region was in second place, with 1,599 bankruptcies.
Slightly fewer Belgian companies paid their invoices on time, but the missed payments are being paid slightly quicker. The average delay in late payments was reduced to just under nine days, compared to just under ten days in 2023.
Despite the increase in the number of bankruptcies, the risk level was 0.95%, well below pre-Covid levels (2017-2019), when the risk fluctuated between 1.02% and 1.10%. It is only slightly higher than what was calculated during the pandemic.
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The company expects the number of bankruptcies to increase slightly or remain stable in 2025. "There is no indication that there will be a dramatic increase. But that could change, as several geopolitical factors are affecting the Belgian economy," de Goeij noted.
He pointed to the formation of the new Federal Government, the political situation in the United States and its possible consequences, as well as economic developments in Germany, one of Belgium's main trading partners.
