April 23, 2024

Taylor Daily Press

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Bankruptcies are dominated by construction, transportation, garages, and restaurants

Bankruptcies are dominated by construction, transportation, garages, and restaurants

In the first quarter of this year, 211 companies were declared bankrupt in Limburg. This is the highest number since 2019, so to speak, since the Corona crisis. Of all the Belgian provinces, only Flemish Brabant was worse off.

Compared to last year, there was a 15% increase in bankruptcies in Limburg in the first quarter. Across the entire Flemish region, last year's record was wiped off the tables with 1,807 bankruptcies. Also at the sector level, a number of “records” were set after one quarter, according to GraydonCreditsafe:

Construction sector (+11.5%): This is due to economic conditions, but also to the intensified fight against fraudulent companies.

Transportation sector (+9.7%): This increase is mainly due to higher fuel prices and some post-pandemic effects.

Cars and garages trade (+27.8%)
: As a result of structural trends, such as the electrification of the vehicle fleet. The brands themselves are increasingly taking the lead in sales, while garages generate less income from maintenance work.

Restaurants sector: The sector was particularly hard hit in Flanders. In the past ten years there have been no more than 315 bankruptcies.

Among the 50 largest companies likely to have the biggest job losses due to bankruptcy, Limburg's Superdeal comes in third place with 113 job losses and Mark Weissen (62 jobs at Zizzoo I and II in Pilsen and Reemst).

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