The median total remuneration of CEOs at publicly listed companies in Belgium increased in 2024, according to an annual study by Vlerick Business School.
The total remuneration includes fixed salary, short-term bonuses, and long-term compensation. For Bel 20 companies, the median rose to €3,092,587 in 2024, from €2,810,634 in 2023. Bel Mid companies showed a median salary of €1,293,480, compared to €1,061,653 the previous year. For Bel Small firms, the median reached €941,191, a jump from €545,705 in 2023.
The study analysed 41 Belgian-listed companies with comparable data for 2023 and 2024. CEOs in 49% of these firms received pay increases exceeding 10%. In 12% of companies, the increase was between 5% and 10%. Remuneration remained relatively stable in 17% of companies, while 22% implemented cuts exceeding 5%. The median percentage change across all examined CEOs was 9%.
The researchers also compared remuneration in Belgium to that of other European countries within the Stoxx 600 index, which represents the 600 largest listed companies in Europe. Belgian firms had a median CEO remuneration of €3,092,587 in 2024 (€3,066,938 in 2023).
This was notably lower than the medians in the Netherlands (€4,663,320), Germany (€4,780,021), France (€4,392,510), and the United Kingdom (€4,925,029).
