Brussels, February 12, 2025 – Belgium ended 2024 with the highest number of bankruptcies ever, according to a recent analysis by Altares Dun & Bradstreet. A total of 12,097 companies went bankrupt, a 4.63% increase compared to 2023, when the bankruptcy figure stood at 11,562. While trade intensity rose in Q3 and Q4 of 2023, it is now declining again. Despite the increase in bankruptcies, the bankruptcy risk remains below pre-COVID-19 levels and is only slightly higher than what was calculated during COVID-19.
The hardest-hit sectors in 2024 were construction (2,816), followed by the trade industry (2,540) and hospitality (2,085). "The increase in the number of bankruptcies in the construction industry does not come as a surprise," says Barry de Goeij, senior data scientist at Altares Dun & Bradstreet. "Due to the decline in building permits in Belgium, an increase in bankruptcies in this sector was in line with expectations. The first half of 2023 was, for example, known for the lowest number of permits granted (for new-build houses and apartments in Flanders), so we do not expect a massive turnaround anytime soon.”
Antwerp businesses took the hardest hit
By province, Antwerp ranks highest with 1,776 bankruptcies. The trade sector leads with 379 bankruptcies, followed by hospitality (357) and construction (342). Other frequently affected provinces include the Brussels-Capital Region with 1,599 bankruptcies and East Flanders with 1,120.
| Region | Number of bankruptcies | Percentage |
| Antwerp | 1776 | 14,68% |
| Brussels-Capital Region | 1599 | 13,22% |
| East Flanders | 1120 | 9,26% |
| Liège | 960 | 7,94% |
| Hainaut | 903 | 7,46% |
Belgian companies pay better in 2024
In 2024, slightly fewer Belgian companies paid their invoices on time. However, there was a slight improvement in the speed of late payments. The average delay for overdue payments was reduced to 9.50 days, compared to 10.01 days in 2023. The sectors with the most late payments past the due date were restaurants and cafés (16.3 days), the mining industry (11.5 days), and transport and energy (10.1 days). Additionally, the percentage of companies that paid invoices punctually declined., from 60.21% in 2023 to 58.56% in 2024.
Payment behavior in Antwerp
In Antwerp, companies in 2024 settled late payments on average within 8.68 days, slightly faster than the national average. The slowest-paying sectors in the province were hospitality (14.98 days), followed by transport, communication, and energy (10.60 days), and the hotel sector (9.04 days).
Outlook for 2025
“As previously predicted, Belgium reached the highest number of bankruptcies in years in 2024. However, the risk of bankruptcy remains relatively low. The risk level for 2024 stood at 0.95%, a slight increase compared to 0.92% in 2023, but still below the pre-COVID level of 2017-2019, when the risk fluctuated between 1.02% and 1.10%.
“At this moment, I expect the number of bankruptcies in 2025 to either slightly increase or remain stable," says De Goeij. "There are no indications of an explosive increase. However, this could change, as various geopolitical factors influence the Belgian economy. Consider the formation of a new government in Belgium, the political situation in the United States and its potential consequences, as well as economic developments in Germany, one of Belgium’s key trading partners.”
View the full report here.
