544 Flemish companies bankrupt in January, construction sector hardest hit

544 Flemish companies bankrupt in January, construction sector hardest hit
544 Flemish companies bankrupt in January, construction sector hardest hit
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During the month of January, 980 companies went bankrupt in Belgium. That is the highest number for a January month in four years, according to figures from the trade information office GraydonCreditsafe on Thursday.

Compared to January 2023, the number of bankruptcies increased by 17%. In Flanders there were 544 bankruptcies (+9.5%) and in Wallonia 226 (+1.8%). “In Brussels there was a decline in the number of bankruptcies for a considerable period of time. With 201 rulings in January, this trend appears to be reversing for the time being,” says GraydonCreditsafe.

More than one in five bankruptcies in January involved a company in the construction sector. With 218 bankruptcies, that sector was the largest bankruptcy supplier. “Of course, the increase in interest rates and rising costs of building materials have their share in this evolution. After all, we have been seeing permit applications and demand for mortgage loans plummeting for some time.” The catering industry came in second place (170 bankruptcies), followed by retail trade (104).

The bankruptcies in January put 2,391 jobs at risk. The largest bankruptcy was that of the Waregem textile company MC Three Carpets, with 262 jobs, according to Graydon.

The article is in Dutch

Tags: Flemish companies bankrupt January construction sector hardest hit

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