The number of small and medium-sized enterprises (SMEs) in Belgium increased again in 2024, but the growth was smaller compared to previous years.
Belgium counted 1.186 million VAT-registered SMEs in 2024, marking a 1.6% increase compared to 2023.
Growth has slowed over the past two years, with only 18,700 new businesses added in 2024 and 25,600 in 2023 – significantly lower than the annual increases of over 40,000 recorded in the three years before.
Meanwhile, the number of business closures hit a record high in 2024, with over 94,000 companies shutting down. Among these, 11,000 SMEs went bankrupt, an 8% rise compared to 2023.
This trend is partially attributed to the low bankruptcy rates seen in 2020 and 2021, according to the Federal Public Service Economy.
During those years, government Covid-19 support helped many businesses stay afloat. Current figures now resemble levels recorded prior to the pandemic.
