Share article:
Share article:

More business failures in September that a year before

Photo by Tina Bosse on Unsplash

More businesses in the Brussels region filed for bankruptcy in September last year that a year before, at the height of the Covid-19 pandemic.

In the month just ended, 159 businesses went bust, 12.8% more than September 2020, according to figures from financial services consultant Graydon. The increase is all the more remarkable placed beside the year-on-year changes in Flanders (-11.1%) and Wallonia (-26.4%). In the country as a whole, there were 10.9% fewer bankruptcies.

The pandemic came as some relief to struggling business. There was a huge outpouring of official support measures, for example allowing workers to go on temporary unemployment and be paid by the state rather than the business.

But that does not explain why Brussels should show such a change of fortunes when the other regions go in the opposite direction. The pandemic affected everyone more or less equally.

As well as state support, businesses enjoyed a rather more flexible approach from banks and other financial institutions, who preferred not to be seen as taking a scythe to companies already suffering.

As long as they remain reticent with regard to the summons for bankruptcy (an attitude that we expect to be maintained at least until the end of this year) and the granting of payment deferrals, we expect a continued low level of bankruptcies,” Graydon said in the report.

The report also reveals that despite regional differences, the figures are also going up in East Flanders, Leuven and in Walloon-Brabant province.

Latest news

‘Fourth wave’ has begun: These are the rules
The expected fourth wave of the coronavirus pandemic has begun, according to Belgium’s Health Minister Frank Vandenbroucke (Vooruit). Belgium’s ...
Coronavirus: Ending the pandemic is ‘a choice,’ says WHO chief
The Covid-19 pandemic will end “when the world chooses to end it” because “all the tools” are now available to fight the virus, the World Health ...
‘Can’t keep count’: Instagram page for sexual assault testimonies overwhelmed
An Instagram account compiling testimonies in an effort to give a voice to victims of sexual violence in bars and nightclubs has been overwhelmed ...
Increase in number of people ‘asking King for mercy’ through royal pardons
More and more people living in Belgium have been seeking royal pardons, mainly for fines, largely as a result of it now being possible to send in ...
England now accepting cheaper Covid tests from fully vaccinated travellers
Fully vaccinated travellers who enter England from non-red countries will only be required to book a lateral flow test to take following their ...
Re-introducing face masks indoors considered as Covid-19 situation worsens
Belgium's council of ministers will hold an emergency meeting on Monday to discuss the worsening epidemiological situation, and reintroducing face ...
Federal museums to receive €2.9 million booster shot
Federal museums will receive an additional €2.9 million in support from the government for the fiscal year 2021, of which the first payouts will be ...
European Parliament emphasises healthy food and animal welfare in EU Farm to Fork Strategy
The European Parliament adopted this week a resolution on the EU Farm to Fork Strategy calling for a fair, healthy and environmentally-friendly food ...
Threats of strike action could affect Brussels’ STIB network from Monday
Brussels public transport operator STIB's trams, buses and metros could be affected from Monday 25 October onwards as the union representing the ...
Number of international adoptions in Belgium continues to drop
The number of regulated international adoptions authorised by Belgium further dropped in 2020, continuing an ongoing decreasing trend. Last ...
Disaster drill with emergency services held at Brussels Airport
Around 300 people took part in a disaster drill held was organised on Saturday by Brussels Airport in collaboration with external emergency services ...
Austria presents bill to legalise euthanasia
Austria’s government on Saturday presented its proposals for legalising assisted suicide, in response to a Constitutional Court ruling that the ...