Near-record bankruptcies in Belgium as business growth falls to a decade low
Belgium endured a difficult year for businesses in 2025, with bankruptcies reaching their highest level since 2013. A total of 11,697 insolvency rulings were recorded, an increase of 5.9 per cent compared with 2024, according to figures from business intelligence firm Graydon.
The rise was driven entirely by Flanders and Brussels, while Wallonia saw a slight decline. Several sectors experienced record levels of bankruptcies, including construction, real estate, transport and services. In construction and property, failures mainly affected small firms, whereas transport and logistics also saw large companies collapse. Job losses totalled 26,778, slightly fewer than in 2024 but still the second-highest figure of the past decade.
Entrepreneurial activity also weakened. The number of start-ups fell by 2 per cent, while business closures rose by 3.25 per cent, resulting in a net increase of just 18,631 companies. This is the lowest level in ten years.
Graydon warns that the gap between new businesses and closures has never been narrower, with net business growth down by a quarter compared with 2024 and more than halved since 2021, signalling a structural cooling in entrepreneurship. A growing share of new businesses are sole proprietorships, up 23 per cent, which Graydon describes as a clear break with past trends.
Overall, Graydon characterises 2025 as a year in which Belgian entrepreneurship proved resilient but increasingly focused on caution and survival rather than expansion. Looking ahead to 2026, pressure on companies is expected to remain high, particularly in the first half of the year, when bankruptcies could rise further. At the same time, Graydon notes a broader European shift towards greater economic resilience and strategic autonomy.
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