In 2024, Belgium experienced a staggering wave of job losses and business closures, with 27,187 people losing their jobs—the highest annual redundancy count ever recorded.
Additionally, 11,549 companies declared bankruptcy, a figure surpassed only in 2013 and 2019, according to a January 2 report by financial research firm GraydonCreditsafe. The 2019 spike, however, was partly attributed to new legislation that prompted technical bankruptcies.
Flanders, Brussels, and Wallonia all reported increases in bankruptcies, marking troubling trends across the regions. Flanders broke its own record for the second consecutive year, with a 5.49% rise in closures compared to 2023. Brussels faced an even sharper increase of 15.08%, while Wallonia recorded its third consecutive annual rise, up 4.95%.
The construction, transport, and automotive sectors bore the brunt of the downturn. Construction alone accounted for 2,627 bankruptcies, a 14.16% increase over its previous record-breaking year in 2023. Sub-sectors such as residential building construction, electrical installations, roofing, and project development also reported significant increases in closures.
The transport sector, though smaller in scale, saw 675 bankruptcies in 2024, a 5.48% jump that marked an all-time high for the industry. Garage owners weren’t spared either, with 442 closures—a 12.9% rise compared to the previous year.
Large-scale closures compounded the economic strain, with 15 companies employing over 100 workers shutting down in 2024, up from six in 2023. The automotive industry was hit especially hard, with major collapses like bus manufacturer Van Hool, which left 2,204 employees jobless, and the closure of Audi Brussels, resulting in 3,000 job losses.
The economic fallout of these events highlights the challenges Belgium faces in stabilizing key sectors and addressing rising financial pressures on businesses and workers alike.
