Already more than 1,000 construction companies bankrupt this year

In the construction sector, more than 1,000 companies have already been declared bankrupt this year, from January to May. The number of bankruptcies in the logistics sector (transport and storage) is also at record levels. That show figures from the Belgian statistical office Statbel.

During the first five months of this year, precisely 1,094 construction companies went bankrupt in Belgium. The number of bankruptcies is almost one-fifth higher than the previous record – 906 business failures from January to May 2023.

"Major reasons for the high figures are last year's sharp rise in mortgage rates, high - but stabilising - construction material prices, exceptionally high wage indexation in 2023 and the very limited measures for demolition and reconstruction," stated the Bouwunie, the Flemish federation of construction SMEs, recently concerning the many bankruptcies in the sector.

The Bouwunie’s managing director Jean-Pierre Waeytens called for, among other things, a VAT rate of 6 per cent for demolition and reconstruction, and a tax advantage for builders and renovators.

Construction is the hardest-hit sector in the country. There were however also just over 1,000 bankruptcies recorded in the trade sector, and about 850 in the hotel and catering industry. The logistics sector (transport and storage) also has 10 per cent more bankruptcies than its previous record, in 2023, with 302 business failures in five months.

Across Belgium, 4,727 companies went bankrupt from January to May. This left almost 15,000 jobs at risk. April stands out, with over 5,100 jobs lost. That has much to do with the bankruptcy of vehicle manufacturer Van Hool, in which more than 2,000 jobs were lost.

Mason at work to replace a window © BELGA PHOTO BELPRESS


Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.


Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.


Arduinkaai 29 1000 Brussels