After a record-breaking February 2024, the number of bankruptcies fell by 2.1% last month, with 1,019 businesses closing down.
The decrease was seen in both Flanders (-6.2%, 601 bankruptcies) and Wallonia (-13.1%, 205 bankruptcies) of the country.
However, Brussels experienced nearly as many bankruptcies as Wallonia, with 200 closures, marking a 36% annual increase, according to data released on Monday by business information agency Graydon.
Since the beginning of this year, Flanders has seen a 2.4% decrease in bankruptcies (1,161 cases), whereas Wallonia experienced a drop of nearly 8% (427 cases).
On the other hand, Brussels reported a 6% increase in the number of businesses permanently closing their doors (371 cases).
Construction remains the most affected sector in Belgium, with 452 bankruptcies since the start of the year, a 4.4% increase compared to the first two months of 2024.
The transport sector is also struggling, with 127 bankruptcies, a 16.7% rise.
Hospitality shows a slight decline in bankruptcies (- 1.7%), totalling 339 closures.
As a result of these closures, over 5,000 jobs have been lost, a 16.7% increase compared to January-February 2024.
The largest bankruptcies included Lunch Garden and Tupperware.
This year, four companies with over 100 employees have closed, compared to 15 such closures throughout 2024.
