The fortune of Antwerp entrepreneur Fernand Huts has almost doubled in three years. He thus jumps from sixth place to second place in the list of the richest entrepreneurs in the province of Antwerp. The richest family in the province lives in the Kempen. This is evident from the new edition of the book The 100 richest Belgians, which is now for sale.
If you are asked on a quiz who is the richest Belgian, the answer should be Eric Wittouck. In the latest edition of the book The 100 richest Belgians, he tops the rankings. According to the book, the Brussels resident has a fortune of 10.8 billion euros, which was built up thanks to the Tiense Suiker family business and a substantial investment in the American slimming group Weight Watchers.
The Roussis-Van Gorp family is number 1 on the list of richest Antwerp residents. Three years ago, that family was still in 2nd place, but it has now deposed the Van Rompuy family, who built the Argenta bank, from the golden throne. The couple Theo Roussis and Gunhilde Van Gorp have long been the driving force behind the company Ravago in Arendonk, which, among other things, recycles plastics and sells plastic granules and chemical raw materials to 49,000 companies around the world. Since 2022, Axel, Theo’s son, has taken over the role of CEO of Ravago.
Billion more
The family never gives interviews, but is an important sponsor in Arendonk club life. Her assets have grown from 2.2 to 3.18 billion euros in three years. This is mainly due to acquisitions, which have increased the value of Ravago significantly. For example, in 2022 Ravago acquired its French sector colleague Emeraude.
“Ravago’s net profit has increased from 281 million euros in 2021 to 796 million euros in 2022,” says Ludwig Verduyn, author of The 100 richest Belgians. “The value of the families’ assets are calculated, among other things, on the basis of the profits that a company makes. The more profit a company makes, the higher the future acquisition price of the company can be.”
Theo Roussis. Photo: rr
Jump by Fernand Huts
In the case of Fernand Huts, something remarkable is going on. According to the editors of The 100 richest Belgians, his fortune has increased from 1.5 to 2.8 billion euros in three years. “We base this, among other things, on the consolidated annual accounts that Huts and his company Katoen Natie file in Luxembourg,” says author Ludwig Verduyn. “This shows that its net profit has risen sharply in one year: from 135 million euros in 2021 to 185 million euros in 2022. Also his so-called EBITDA (that is the gross profit of Katoen Natie, without taking into account interest that must be paid on loans) are paid, taxes and depreciation, ed.) has risen sharply. For a company like Katoen Natie, you can assume that an acquirer will pay at least six or seven times that EBITDA.”
Katoen Natie’s net profit of 185 million euros in 2022 was the second highest in the company’s history. Fernand Huts says that the good result is partly due to higher productivity. About ten million euros of the profit was paid out in dividends to the Huts family in 2022. Fernand Huts, together with Katoen Natie, also owns the waste processing company Indaver and has also purchased the Boerentoren in Antwerp.
Fernand Huts Photo: Victoriano Moreno
Moortgat family
There is another remarkable shift at the top of Antwerp’s richest families. The Moortgat family, owner of the Duvel Moortgat brewery in Breendonk (Puurs-Sint-Amands), was still in 10th place in 2022 with a capital of 757 million euros. Today it is in 5th place with 1.7 billion euros.
“That strong increase has to do with an inheritance issue,” says Ludwig Verduyn. “The Moortgat family is preparing the succession. The company’s shares are held in private foundations. The children receive bare ownership of the shares. The parents, such as CEO Michel Moortgat, retain the management of the company and therefore decide, for example, on the payment of dividends.”
Michel Moortgat. Photo: Sebastian Steveniers
Okay, but why does preparing an inheritance lead to such a strong increase in assets? “This is because the value of the company is optimized with such an arrangement,” says Ludwig Verduyn. “Suppose a warehouse has been in the accounts for ten years with a value of 250,000 euros. Now that the true value of a company has to be determined, it may turn out, for example, that such a warehouse is now worth 2.5 million euros. Then that value can be adjusted in the books and the company has suddenly increased in value, making the family behind it richer. To be clear: such an increase in value is of course only possible under the supervision of an independent auditor and the tax authorities often also keep an eye on things.”
The Rich List: Antwerp Entrepreneurs Edition
Ah, the @rich list! An annual celebration of the top 100 richest Belgians, where we find out who rolled in dough while the rest of us are still trying to figure out how to roll out a pizza without it sticking to the counter. Let’s dive into this delightful snapshot of wealth, shall we?
Fernand Huts: The Comeback Kid
First up, we have the phenomenal Fernand Huts, who seems to be giving a masterclass on how to double one’s fortune in three years — and without doing reality TV! He skyrocketed from sixth to second place in the wealth rankings with a fortune that jumped from 1.5 billion euros to 2.8 billion euros. I’m beginning to feel like my investment strategy of “putting my savings in a piggy bank and hoping for the best” might need an overhaul.
According to Ludwig Verduyn, the man behind the numbers in The 100 Richest Belgians, Huts’ company, Katoen Natie, has had a net profit rise that’s more impressive than my attempts at flirting in awkward social situations — soared from 135 million euros in 2021 to a whopping 185 million in 2022! And when a company with a name like Katoen Natie, which literally means “Cotton Nation,” is raking in profits, you’ve got to wonder: are they cottoning on to something the rest of us are missing?
The Roussis-Van Gorp Dynasty: Placing for Gold
Now, if you thought Huts was impressive, let’s talk about the Roussis-Van Gorp family, who have recently dethroned the Van Rompuy family from the top spot in Antwerp. Their wealth has surged from 2.2 billion to a jaw-dropping 3.18 billion euros, thanks to acquisitions that turned Ravago into a shiny, plastic recycling empire. It’s like the Kardashians of the plastics world — you know, just a bit more relatable, and less likely to break the internet with a “leaked” video.
The Moortgat Family: Brewing Up More Wealth
And then we have the Moortgat family, who have jumped from 10th place with a mere 757 million euros to 5th place at 1.7 billion euros. That’s an impressive rise, and no, it’s not just because their brewery produces Duvel! Apparently, the magic lies in their inheritance strategy, which sounds about as thrilling as watching paint dry. But, hey, if optimizing warehouse valuations is what it takes to boost your wealth, I’d like to apply for a position as a warehouse auditor right now!
For many of these families, wealth isn’t just about the numbers; it’s a legacy, a craft honed over generations. And the way they’re optimizing asset values? It makes you wonder if they have a secret handbook titled “How to Become Rich Without Actually Working Too Hard.” One can dream…
Wrap-Up: Riches & Reality
So there you have it, folks! The glittering, glamorous lives of Antwerp’s richest are laid bare. While they’re off doubling fortunes and acquiring plastic recycling empires, the rest of us will be here getting excited about discount sales and wondering where our next 10 euros will come from. Just remember, in this crazy economy, when in doubt, invest in a good pair of shoes — because at least those will take you places, right?
So, who needs a fortune when you can just have a solid Wi-Fi connection, unlimited Netflix, and perhaps a nice cup of coffee? Cheers to the wealth gods!
