Brussels, April 30, 2025 – Belgium saw an increase in the number of bankruptcies in the first quarter of 2025, according to the quarterly report by Altares Dun & Bradstreet. With 3,146 bankruptcies, the number rose by 1.06% compared to the previous quarter, which recorded 3,113. “Cette légère augmentation peut être due au climat économique instable. Inflation decreased from 4.08% in January to 2.91% in March., but the higher trade tariffs imposed by President Trump and ongoing geopolitical tensions make the future uncertain,” explains Barry de Goeij, senior data scientist at Altares Dun & Bradstreet.
In the first quarter of 2025, the number of bankruptcies increased for the second quarter in a row. Altares Dun & Bradstreet recorded 3,146 bankruptcies – slightly more than the previous quarter (3,113) and also more than the same period last year (3,109).
Hardest-hit sectors and regions
Most bankruptcies occurred in the hospitality sector (+0.52%), followed by transport and storage (+0.42%) and the construction sector (+0.34%). "These are traditionally sectors with an increased risk," says De Goeij. “They are vulnerable to economic fluctuations and external factors, such as changing consumer behavior and delays in building permits. The decline in consumer confidence in March is therefore not a positive sign.”
Regionally, most bankruptcies occurred in Antwerp, with 464 cases (14.75%), followed by the Brussels-Capital Region with 462 bankruptcies (14.69%) and East Flanders with 305 bankruptcies (9.69%).
| Region | Number of bankruptcies | Percentage |
| Antwerp | 464 | 14,75% |
| Brussels-Capital Region | 462 | 14,69% |
| East Flanders | 305 | 9,69% |
| West Flanders | 265 | 8,42% |
| Flemish Brabant | 254 | 8,07% |
| Liège | 229 | 7,28% |
| Limburg | 211 | 6,71% |
| Hainaut | 209 | 6,64% |
| Walloon Brabant | 111 | 3,53% |
| Namur | 108 | 3,43% |
| Luxembourg | 36 | 1,14% |
Trade intensity is increasing, but not everywhere
Despite the challenging economic climate, trade intensity – an indicator of business transactions between companies – rose from 87.5 points in the fourth quarter of 2024 to 88.1 points in the first quarter of 2025. This is also significantly higher than a year ago, when the figure stood at 83.9 points.
Trade intensity increased particularly in agriculture, forestry and fishing (+11.6%), restaurants and cafés (+8.2%), and the financial sector (+7.7%) compared to the previous quarter. However, not every sector followed this upward trend. Mining (-7.8%), industry (-4.5%), and trade (-4.4%) actually saw a decline in trading activity compared to the previous quarter.
Fast payers in Q1
Companies paid faster in the first quarter of 2025 than in the previous quarter. On average, they did so 6.88 days after the due date, compared to 9.18 days in the previous quarter. More than six in ten companies (65.51%) paid their invoices on time, compared to 59.10% a quarter earlier and 58.15% a year ago.
Among the companies that paid late, 29.75% were between one and thirty days overdue, compared to 35.16% in the previous quarter. The number of companies that took between thirty and sixty days also decreased to 1.48%, down from 1.69% in the previous quarter. Sectors such as restaurants and cafés (-4.83 days), mining (-4.42 days), and the financial sector (-3.12 days) showed the most significant improvement in payment speed.
Outlook for Q2 and further risks
“Based on recent years, one would expect the number of bankruptcies to remain stable. However, the economic situation remains unpredictable. The impact of trade tariffs is yet to be seen and, as recently demonstrated, is subject to rapid changes. At the same time, consumer confidence is declining. There are, however, some bright spots: lower inflation and rising wages are giving consumers more spending power. This provides a welcome boost to sectors such as hospitality and retail,” concludes De Goeij.
