Driven by business failures in Flanders, Belgium recorded 8,597 bankruptcies in the first three quarters of 2026, a new 9-month record, according to business intelligence firm Graydon.
Across the board, several bankruptcy records were set as businesses across Belgium feel the strain of tightening economic conditions, including ongoing inflation and rising interest rates.
In Flanders, 5,066 bankruptcies were reported, up 5.7% on the same time last year. According to Graydon, this is the first time Flanders has seen more than 5,000 bankruptcies in 9 months.
According to Philippe Ledent, expert economist at ING Belgium, the situation is not new, with Flanders being affected due to the size of its business sector and its export intensity compared to other parts of Belgium.
"The private sector accounts for a larger share of the economy in Flanders, and the region’s economy is larger overall. It is therefore only logical that the number of bankruptcies is also significantly higher," Ledent told The Brussels Times.
"Flanders is also more export-oriented, making its economy more sensitive to the business cycle than those of the country’s other regions. Persistently weak growth therefore continues to weigh on corporate health, with Flanders logically more affected than the other regions."
The results are stark when compared against 2025, which was already declared one of the worst years for bankruptcies in Belgium.
East Flanders has seen 1,092 bankruptcies, a figure up 13.04% from the previous year and the first time records have breached 1,000 in 9 months. West Flanders has similarly seen a 14.84% increase in bankruptcies over the same period, with 797 business failures.
According to Graydon, Limburg was the only Flemish province to see a decline in bankruptcies, down 11.3% to 526 businesses.
Bankruptcies rose notably in the business services sector, with 1,339 firms closing. This is another record and a 7.62% increase from last year.
Graydon notes in their report that "the increase is occurring, among others, in subsectors that are heavily exposed to digitalisation, automation, and the rapid rise of artificial intelligence."
For example, printing companies, publishing houses, and media companies have seen the number of bankruptcies rise by 31.75% to 63.
"A new record was also reached among the liberal professions. Across the various professional groups, 217 bankruptcies were declared, an increase of 17.97% compared to the same period last year," Graydon said.
While Flanders has been breaking records, Brussels and Wallonia are seeing the opposite effect.
In Wallonia, the number of bankruptcies in the first 9 months of the year fell by 2.18% compared to the previous year. Meanwhile, in the Brussels-Capital Region, bankruptcies fell by 4.31%.
According to Ledent, changes in 2023 to create a new Belgian Restructuring Law may explain some of the regional differences in bankruptcy figures.
The judicial reorganisation procedure allows a form of semi-bankruptcy, shielding businesses from creditors while they attempt to restructure their debts. This procedure avoids bankruptcy.
"Some courts may use this procedure more frequently than others, which could also contribute to regional differences," he noted.
