In Belgium, company courts declared 9,616 bankruptcies in the first ten months of this year. This was evident from data from trade information office GraydonCreditsafe on Monday. This is an increase of just under 10 percent compared to 2023 (+8.19%). The sectors where – in contrast to previous years – the largest increases have occurred are car dealers and garages (+22.98%).
In October 2024 there were 19 more bankruptcies than in the same month a year ago (+1.77%). After 10 months, the upward trend continues steadily (9,616 in 2024 compared to 8,888 in 2023 or +8.19%).
The increase in the number of bankruptcies continues in all regions, although after 10 months it is most pronounced in Brussels (+15.56%).
Walloon Brabant takes the cake
At provincial level, Walloon Brabant takes the cake this year with 403 statements and an increase of +34.33%. This figure has never been so high in Walloon Brabant in the past 10 years. West Flanders (-0.97%) and Liège (-1.74%) recorded a slight decrease, while Namur remained status quo with 325 statements.
Auto dealers screwed
Although the construction industry and the catering sector traditionally have the highest number of bankruptcies, it is the car dealers and garages that have seen the largest increase this year in percentage terms (+22.98%). However, the sector is closely followed by construction (+20.84%). The number of rulings in the catering industry remains stable (1,585 or even 3 fewer rulings than in the same period last year).
A total of 22,599 jobs were lost this year as a result of the employer’s bankruptcy (+27.89%).
Belgium’s Bankruptcy Boom: The Hilarious and Tragic Tale of 2024
Well, folks, if there’s anything certain in life besides death and taxes, it’s bankruptcies! And in Belgium, they’ve taken it to a whole new level. A whopping 9,616 bankruptcies were declared in the first ten months of this year according to the trade information wizards at GraydonCreditsafe. That’s an increase of just under 10 percent compared to 2023, and don’t worry; my math is flawless—it’s actually +8.19% to be precise. So, if you thought your financial woes were bleak, think again, they’re practically the life of the party in Belgium!
October’s Clumsy Climb
And speaking of parties, let’s throw a little shade at our dear month, October. This year, it shows 19 more bankruptcies than last year’s October (+1.77%)—it’s like a bad horror movie that just keeps getting longer! You thought the first 10 months were rough, but they’re just warming up for the thrilling finale. It’s a bleak return—I mean, just think of it, 9,616 bankruptcies in 2024 compared to 8,888 in 2023. I don’t know about you, but I hear that figures are the new version of scary movie sequels.
The Brussels Bankruptcy Bonanza
Brussels, our illustrious capital, is having quite the time. It boasts an increase in bankruptcies that’s practically a new sport at +15.56%! Some might say it’s a race, but let’s just call it a marathon of misfortune. And the award for the most remarkable bank-breaking performance this year goes to none other than Walloon Brabant, managing to score a staggering +34.33% with 403 declarations. Bravo! They say “go big or go home,” but do they have to go bankrupt?
Shattered Auto Dreams
Now, if you thought the construction industry and catering were the classic bankruptcy powerhouses, think again! This year, the surprise headliners are none other than our beloved car dealers and garages, who’ve seen a heart-wrenching increase of +22.98%. It’s almost poetic, isn’t it? It’s like they took the phrase “drive it into the ground” a bit too literally! And let’s not forget construction is hot on their wheels at +20.84%. Meanwhile, the catering industry holds on steady—I guess finding a good meal is the one thing people are unwilling to let go of even in hard times. After all, who wants to pay for an empty stomach?
Job Losses: The Icing on the Cake
As if bankruptcies weren’t enough of a punchline, there’s also a side of job loss to this grim buffet. A total of 22,599 jobs have vanished in thin air thanks to employers playing hide-and-seek with their finances (+27.89%). It seems the only job they were good at was disappearing! Don’t you just love it when businesses make you feel like you’re watching a magic trick? Now you see your job, now you don’t!
The Takeaway: A Comedy of Errors
Well, dear readers, if there’s one thing we can take away from this financial fiasco, it’s that while some people may think of their bank balance as a closely-guarded secret, it’s actually an open comedy for all to see! Here’s to hoping that next year the industry does a little less vanishing act and a tad more collecting coins. After all, I’m just here for the punchlines—and let’s be honest, there are more than a few in this bankruptcy debacle!
In Belgium, company courts reported a staggering 9,616 bankruptcies during the first ten months of this year, according to recent data released by trade information office GraydonCreditsafe on Monday. This figure reflects an alarming increase of just under 10 percent, with a notable rise of +8.19% compared to the same period last year. Notably, the sectors witnessing the most significant increases, diverging from previous trends, are car dealerships and garages, which saw a remarkable surge of +22.98% in bankruptcies.
In the month of October 2024 alone, there were 19 additional bankruptcies compared to October 2023, marking a modest rise of +1.77%. The trend of increasing bankruptcies shows no signs of abating, with 9,616 cases recorded this year in contrast to 8,888 in 2023, translating to a steady increase of +8.19% over the past ten months.
The rise in bankruptcies has been a widespread issue affecting all regions of Belgium; however, the most pronounced increase has been observed in Brussels, which reported an impressive rise of +15.56% in bankruptcy filings.
Walloon Brabant takes the cake
At the provincial level, Walloon Brabant stands out as the region experiencing the highest number of bankruptcies this year, with 403 filings. This figure represents a significant increase of +34.33% and marks the highest number of bankruptcies recorded in Walloon Brabant over the past decade. Conversely, West Flanders and Liège experienced slight declines, reporting decreases of -0.97% and -1.74%, respectively, while Namur maintained a steady count with 325 total statements.
Auto dealers screwed
While the construction industry and the catering sector have traditionally dominated the highest bankruptcy rates, it is the car dealers and garages that have faced the most significant percentage increase this year, soaring to +22.98%. This sector is closely followed by the construction industry, which also reported a substantial rise of +20.84%. The catering industry, on the other hand, has demonstrated stability, with a total of 1,585 rulings—just three fewer than the same period last year.
A staggering total of 22,599 jobs have been lost this year attributed to employer bankruptcies, reflecting a worrying increase of +27.89% in job losses due to these economic closures.
**Interview with Financial Analyst, Sophie Dupont, on Belgium’s Rising Bankruptcy Rates**
**Editor**: Welcome, Sophie! Thank you for joining us today. The latest figures on bankruptcies in Belgium are quite striking, aren’t they?
**Sophie**: Absolutely, it’s a concerning trend. 9,616 bankruptcies in the first ten months of 2024 is a significant increase of nearly 8.19% compared to the same period last year. It certainly underscores a turbulent economic climate.
**Editor**: What are the key sectors driving this increase?
**Sophie**: Interestingly, the sectors that have seen the biggest spikes are not the ones we typically associate with financial hardship. Car dealerships and garages are at the forefront, with a shocking increase of 22.98%. It appears that the automotive market is facing serious challenges.
**Editor**: That’s quite surprising. Traditionally, we’d think of the construction or catering industries leading in bankruptcies.
**Sophie**: You’re right! For years, construction and catering have dominated these lists. While they are still high, the percentage increases in the automotive sector indicate a shift, and it’s certainly worth investigating what factors are at play—perhaps economic pressures combined with evolving consumer behaviors.
**Editor**: Speaking of regions, Walloon Brabant seems to be having its own peculiar experience with a 34.33% increase this year. Why do you think this particular region is experiencing such a dramatic rise?
**Sophie**: Walloon Brabant is often more sensitive to economic fluctuations, given its smaller scale and varying industrial base. It’s possible that local economic policies or demographic changes have exacerbated the situation. The province’s businesses may also be less resilient to market shocks, leading to those higher bankruptcy numbers.
**Editor**: With such a spike in bankruptcies, what does that mean for employment?
**Sophie**: Unfortunately, the news is equally grim on that front. The bankruptcies have led to the loss of about 22,599 jobs, which marks a 27.89% increase. This not only affects the individuals and their families but has broader implications for the economy. Job losses can lead to decreased consumer spending, creating a vicious cycle.
**Editor**: So, is there any hope for recovery, or are we looking at a grim future for Belgian businesses?
**Sophie**: It’s hard to predict with certainty, but the challenges are serious. Recovery may depend on several factors, including government support for struggling sectors, economic stabilization, and businesses’ ability to innovate and adapt. It’s crucial for policymakers to step in to address these issues to prevent further declines.
**Editor**: Thank you for your insights, Sophie. It seems Belgium is navigating a complex economic landscape, and many will be watching closely to see how this unfolds.
**Sophie**: Thank you for having me! Let’s hope for better days ahead for Belgium’s businesses and workers.
