Despite a record number of bankruptcies and business closures, and a slowdown in new company formations, the total Belgian business population still grew by 1% in 2025. However, this growth was significantly lower compared to previous years. As a result, we approached the first quarter of 2026 with some concern. – Tommy Browaeys
To be clear: those concerns proved justified. While the number of new company formations during the past quarter (37,354) increased slightly (+4%), closures, including bankruptcies (35,298), rose sharply by 20%.
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International |
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Other |
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Belgium |
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The increase in closures is observed across the entire country, although with notable regional differences. While Flanders (+18%) and Brussels (+14%) show similar trends, Wallonia records a significantly higher increase of 29%.
When it comes to new company formations, the regional picture differs. In absolute terms, Flanders remains in the lead, but with 20,246 new companies in the first quarter of 2026 compared to 21,010 last year, this represents a decline of 4%. Brussels shows growth of 7% (4,928), while Wallonia records an increase of 18% (9,764). It is important to note that the number of new businesses typically stabilizes only after several weeks.
In response to rising closures and bankruptcies, we previously highlighted a positive note: there were still more company formations than closures, allowing the total business population to continue growing. That argument is now becoming harder to sustain. While the Belgian business landscape grew by 6,680 companies in the first quarter of 2025, the figure for 2026 stands at just +2,056. This brings us dangerously close to zero growth, if not outright stagnation.
Regional figures reveal further disparities. Brussels and Wallonia continue to grow, albeit at a slower pace. The Brussels-Capital Region declines from +1,121 to +987, while Wallonia drops significantly from +1,050 to +374. The most significant impact is seen in Flanders, which shifts from growth (+3,118) in 2025 to a contraction (-805) in 2026.
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Belgium |
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If this trend continues, negative figures may emerge by the end of the second quarter. The current economic and geopolitical context is not conducive to encouraging new entrepreneurs or helping struggling businesses recover.
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