Belgium reported over 11,000 bankruptcies last year

Belgium reported 11,067 bankruptcies during 2024, an 8% increase on the previous year and the highest figure since 2013, new data from Statbel has found.

According to the findings, December alone saw 1,002 bankruptcies filed in Belgium, up 9.3% on the same month in 2023.

Statbel’s data indicates a number of regional variations – the Flemish Region reported a record 6,323 bankruptcies (up 7% from 2023), the Walloon Region recorded 2,821 bankruptcies (a 6.2% increase), and the Brussels-Capital Region saw 1,923 bankruptcies (a 14.5% increase). In the latter case, bankruptcies were at their highest level for the past five years, the data showed.

Increase across all sectors

Apart from Belgium’s accommodation/foodservices and agriculture and fisheries industries, all sectors saw an increase in bankruptcies last year, with notable challenges recorded in construction and transportation, both of which set bankruptcy records.

The construction sector saw 2,619 bankruptcies last year (17.4% higher than 2023), while transportation and storage saw 724 bankruptcies (up 11.7%).

Bankruptcies among the self-employed reached 2,250 last year, the second-highest in recent years, while limited liability companies saw 7,137 bankruptcies.

Job losses

Job losses linked to bankruptcies reached 32,566 in 2024, which was an 18.3% increase on 2023 and the third-highest total in the past 12 years. The Flemish region experienced its highest job losses linked to bankruptcies since 2013, while the Walloon region saw its highest losses since 2015.

‘When interpreting the figures, account should be taken of the fact that there is a certain delay between the termination of the economic activity and the notification of bankruptcy by the business court,’ Statbel noted. ‘As a result, the economic impact is only reflected in the figures after a certain period of time.’ Read more here.