In 2018, across the whole of Belgium, 10,714 companies had to close their doors, only 1% fewer than in 2017. Despite this slight reduction, the number of bankruptcies in Belgium is unfortunately still high, resulting in the loss of more than 18,000 jobs.
More bankruptcies in Brussels
In 2018, the number of bankruptcies in Wallonia fell by 6% to 2,606. There was also a 6% fall in Flanders, with 4,969 bankruptcies. In Brussels, however, the number of bankruptcies rose by 15% to 3,102. The largest number of bankruptcies occurred in the province of Antwerp. The smallest number occurred in the province of Luxembourg.
Hotels, restaurants and catering still at the top
The hotel, restaurant and catering sector, which was overtaken by the construction sector halfway through the year, is the sector most affected by bankruptcies in Belgium, with 1,999 bankruptcies in 2018, which is 7% fewer than in 2017. Reductions have also been seen in the wholesale (-8%) and retail (-9%) sectors. The number of bankruptcies increased, however, in the construction sector (+2%) and in the car industry (+14%).
Over 25% of insolvencies result from non-payment by customers
Did you know that only 1/3 of businesses pay their suppliers on time? That means 2/3 of businesses suffer from late payments or even unpaid bills. Unpaid bills are a threat to cash flow for businesses. To avoid running short of cash and the resulting risk of bankruptcy, it is therefore essential to protect your business.
Protect your business from unpaid invoices and bankruptcy
A credit insurance policy protects you from unpaid invoices and from your customers going bankrupt. You are guaranteed to receive payment for your products and services, even if the customer goes bankrupt. In the event of non-payment, Euler Hermes will pay your claim after 60 days.