In the first half of 2025, the entrepreneurial dynamic in Belgium shows signs of shortness of breath: corporate creations are retreating, the cessations of activity decrease slightly, but bankruptcy starts upwards. Certain sectors such as construction and transport are particularly affected, while agriculture is experiencing an unexpected rebound.
To start with the annoying subject, let’s say that bankruptcy statistics are contrasting after this first half of 2025. With 6,041 judgments, the figures of 2024 at the same time (5,868) exceed 2.55%. Even if June 2025 is below the figures of 2024 with 1,070 judgments against 1,121 in 2024, the months of April (1,015) and May (935) were much worse than last year. Consequently, the quarter reflects a general degradation of statistics.
This is particularly the case in the Flemish region, where the figures have deteriorated all spring. It ends the quarter with 1,821 bankruptcies, against 1,643 last year. However, the Walloon Region does better, with 669 judgments against 720 in 2024. Brussels remains stable with 528 judgments against 515 in 2024.
The most affected sectors of the semester come unsurprisingly from the construction. The sector is sounding the alarm for months and is not very optimistic for those who come. Some sub-sectors, in sharp increase over 3 years, perfectly illustrate the problem:
| Subsector | S1 2023 | S1 2024 | S1 2025 | 2025 vs 2023 |
| 41201 – General construction of residential buildings | 262 | 305 | 383 | +46,18% |
| 43211 – Building electrotechnical installation work | 77 | 114 | 135 | +75,32% |
| 43910 – Cover work | 55 | 78 | 89 | +61,82% |
| 43999 – Other specialized construction activities | 124 | 148 | 169 | +36,29% |
For transport, the situation also continues to deteriorate, particularly for:
| Subsector | S1 2023 | S1 2024 | S1 2025 | 2025 vs 2023 |
| 49320 – Transport of travelers by taxis | 24 | 25 | 41 | +70,83% |
| 49410 – Freight road transport | 164 | 174 | 193 | +17,68% |
Without saying that the sector is completely recovered, the Horeca stabilizes. Even if it’s still at a high level, it’s good news in itself:
| Subsector | S1 2023 | S1 2024 | S1 2025 | 2025 vs 2023 |
| 56101 – Full service catering | 330 | 304 | 323 | -2,12% |
| 56102 – restricted catering | 338 | 367 | 322 | -4,73% |
| 56301 – Cafes and bars | 264 | 305 | 268 | +1,52% |
In parallel with bankruptcies, judge them use judicial dissolution to put an end to the life of Zombies companies, aggravated late publication of their annual accounts. However, there is a certain shortness of breath:
| Year | 2025 | 2024 | 2023 | 2022 | 2021 |
| 1is semester | 2.944 | 3.464 | 3.552 | 3.724 | 3.821 |
However, it should not be taken too quickly that companies are now more prompt to publish their annual accounts. To date, ± 20% of them are in (very slight) delay in publication. But the situation is gradually abstaining and the measure has its effect.
Starters
We must, in general, note a shortness of breath on the side of new businesses. Even if the figures are far from stabilized, we are today at 64,762 for this 1is half. We will therefore remain far from the 71,895 of the past year. We will console ourselves by saying that 2024 was exceptional and that we stabilize around the figures of 2022 (64.894) and 2023 (69.973). The biggest compassion of figures comes from international companies, with 2,646 new facilities, compared to 6,749 in 2024. But these figures were really exceptional.
Some sectors stand out positively:
| Subsector | S1 2023 | S1 2024 | S1 2025 | 2025 vs 2023 |
| 01500 – Associated culture and breeding | 342 | 314 | 560 | +63,74% |
| 47110 – Retail trade in non -specialized food predominance | 12 | 10 | 168 | +1.300% |
| 47299 – Other food retail businesses in specialized store NCA | 79 | 86 | 863 | +992,40% |
As for agriculture, it is a fairly remarkable rebound, which will break the negative curve observed for years. Hopefully it is not a straw fire. To be confirmed therefore.
On the food trade side, it is simply necessary to see the effect of the “franchization” of the sector. This multiplies companies, but not sales points.
On the other hand, many other sectors are on the other hand loss of attractiveness:
| Subsector | S1 2023 | S1 2024 | S1 2025 | 2025 vs 2023 |
| 41201 – General construction of residential buildings | 1.673 | 1.626 | 1.169 | -30,13% |
| 43211 – Building electrotechnical installation work | 1.248 | 986 | 783 | -37,26% |
| 47910 – Distance sale | 1.604 | 1.889 | 859 | -46,45% |
| 56101 – Full service catering | 650 | 653 | 566 | -12,92% |
| 56102 – restricted catering | 928 | 920 | 780 | -15,95% |
| 56210 – Cateurs services | 350 | 398 | 269 | -23,14% |
| 62020 – IT advice | 1.411 | 1.435 | 1.081 | -23,39% |
We see it here clearly, the large sectors remain a big providers of new businesses, but we are clearly less “slightly” than before. It is not necessarily negative, if the quality takes precedence over the quantity. But that cannot increase and it must also be confirmed. To be monitored.
Activity stops
With 49,232 activity stops to date, 2025 also marks a break from 2024 (56,528) and 2023 (53,081).
All sectors are experiencing the same trend. There is therefore a certain stabilization of the country’s population of the country. Fortunately, the figures remain positive and the global population is still growing by 15,530 new businesses, even if the food trade artificially boosts the figures of +/- 900 units in this first semester 2025.
Conclusions
Fewer starters, fewer stops, but no more bankruptcy. Food trade creates companies, but without real increase in sales points. Foreign societies shun a little. You may have noticed, but no mention is made in this article in the industry. The numbers are simply a chemado, aligned with those already dny -up from previous years …
What if, for the first time for a long time, it was agriculture that gave us a smile?
