Belgium

Europe

ΑΕΠ κατά κεφαλή ($)
$53854.2
Population (in 2021)
11.7 million

Αξιολόγηση

Κίνδυνος Χώρας
A2
Επιχειρηματικό κλίμα
A1
Προηγουμένως
A2
Προηγουμένως
A1

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Περίληψη

Δυνατά σημεία

  • Optimal trade-strategic location between the UK, Germany and France
  • Strong export focus with major ports in Antwerp (second-largest in Europe) and Zeebrugge
  • Diversified economy, with a focus on financial services, trade, agri-food, chemicals and pharmaceutical production
  • Presence of European institutions, international organisations and global groups
  • Well-trained workforce thanks to vocational education, multilingualism

Αδύνατα σημεία

  • Political and financial tensions between Flanders and Wallonia
  • Complex institutional structure and multiple administrative levels
  • Very dependent on the Western European economy: exports of goods and services = 87% of GDP, almost 60% of which goes to the rest of the EU
  • Heavy public debt (TOP 4 with the highest debt rate in the EU)

Εμπορικές συναλλαγές

Εξαγωγές αγαθών ως % του συνόλου

Γερμανία
19%
Γαλλία
14%
Ολλανδία
13%
Ηνωμένες Πολιτείες Αμερικής
6%
Ηνωμένο Βασίλειο
6%

Εισαγωγές αγαθών ως % του συνόλου

Ολλανδία 19 %
19%
Γερμανία 12 %
12%
Γαλλία 10 %
10%
Ηνωμένες Πολιτείες Αμερικής 7 %
7%
Κίνα 6 %
6%

Προοπτική

Αυτή η ενότητα είναι ένα πολύτιμο εργαλείο για εταιρικούς οικονομικούς διαχειριστές και διαχειριστές πιστώσεων. Παρέχει πληροφορίες σχετικά με τις πρακτικές πληρωμών και ανάκτησης χρεών που χρησιμοποιούνται στη χώρα.

Moderate growth continues thanks to stable purchasing power

The Belgian economy is set for another year of moderate growth in 2025. The purchasing power of households remains an important factor. In contrast to the rest of the eurozone (except for Luxembourg), it is maintained by the automatic indexation of Belgian wages, pensions and benefits to the cost of living, which was originally a public scheme, but has traditionally been copied by most unions and employers. In 2022 and 2023 these income modifications were huge, resulting in double-digit growth rates in some sectors, which contrasted to 2024 when the rise was a relatively small 2% (average over all sectors). January 2025 saw a further increase of 3.6%, but it did not include all sectors. Wage growth can be attributed to a relatively higher inflation trend. Towards the end of 2024, rents were slowly being adjusted to the higher inflation level, keeping the inflation rate of 2025 on average around 3%. While wage indexation should enhance purchasing power and therefore private consumption, global political uncertainty and the initiation of EU deficit proceedings against Belgium (see below), which stipulate a significantly tighter fiscal policy stance, resulted in an elevated gross savings rate of Belgian households in 2024 (average Q1-Q3: 13.7% vs. average 2014 - 2019: 11.6%). This is likely to continue in 2025 and reduce the momentum of private consumption.

Private investments by companies were particularly strong in the first half of 2024. This can probably be attributed to the pharmaceutical industry, which is likely to have a recorded robust sales growth rate of 9.1% in 2024 and should grow by 8.4% in 2025. The pharmaceutical industry benefits from being relatively independent of economic developments. The slowly declining interest-rate environment is also having a beneficial effect. In 2024, the European Central Bank (ECB) reduced its key interest rate (deposit rate) by 25 basis points on four occasions to 3.00%. In the spring of 2025, two further rate cuts of 25 basis points each followed, taking the key rate down to 2.5%. Two other rate cuts should be in the pipeline for 2025 until the “neutral” level of around 2% is reached. This interest rate should neither slow nor boost the European economy. While lower interest rates should also support investments in the construction sector, the knock-on effect will probably take some time given the low level of building permits granted in 2024 (especially in the private sector). Consequently, the initial recovery is only expected during the second half of 2025.

The greatest uncertainty for 2025 lies in government spending and foreign trade. Technically speaking, Belgium is eligible to receive EUR 5.3 billion (0.9% of GDP) under the EU’s Recovery and Resilience Facility, with the majority earmarked for infrastructure projects in the coming years. Some 17% of the funds have already been disbursed. Regarding the forthcoming payments, governments have to present a payment plan to the EU as part of their budgets. Due to the absence of a new government until February 2025, Belgium could not adopt a new spending plan in time. Nevertheless, the EU released the funds for 2025 in January to enable investment projects already under way to carry on. Foreign trade is also likely to continue to struggle, especially with a global trade war on the horizon. Representing 6% of total goods exported, the US is “only” Belgium’s fourth-largest trading partner, but the country is a trading platform for many large exporters in Europe, such as Germany and France with which the US has a larger share of foreign trade. In addition, single Belgian sectors such as the substantial pharmaceutical sector are very dependent on the US, with 20% of pharma-exports going to the US (e.g. the Covid vaccines produced by Pfizer/BioNTec). This represents a undisputed threat if the US includes pharmaceutical tariffs into their tariff rules. Apart from this, Belgian products are continuing to lose some of their price competitiveness due to wage increases, which is why a significant recovery in goods exports is not expected in 2025.

New EU excessive budget procedure is forcing the government to make spending cuts

Suspended at the start of the pandemic, the public deficit rule was reinstated by the EU in summer 2024. Due to budget deficits in excess of 3%, a procedure was initiated against seven countries, including Belgium. According to the new EU regulations, the Belgian government must now draw up a structural reform plan to bring Belgian finances back within the Maastricht criteria over the next four to seven years. This involves reducing the deficit by 0.5 percentage points per year by increasing revenue and/or cutting expenditure. According to EU guidelines, a country has six months to initiate the necessary measures. If it fails to institute changes within that time frame, the EU could demand a penalty calculated at 0.05% of the previous year's GDP.

The Belgian government obtained some deadline extensions due to the fact that a caretaker government was in office until the end of January 2025 that could not implement major reforms. The new government set up a plan in the spring of 2025 to reduce the fiscal deficit to 3% of GDP by 2030, committing to a total budgetary cut of EUR 23 billion (3.7% of GDP). The structural reforms include labour market and pension reforms, capping unemployment benefits to two years and penalties for early retirement (from 2025, the retirement age is 67). The automatic indexation of pensions and wages to inflation remains unchanged. From 2026, a tax reform should increase revenues, which should include a 10% capital gains tax on share sales generating over 10 thousand euros of net profit. There are also plans to abandon the Senate (upper house of Parliament) to save on administrative costs while financial support for political parties will be frozen to the 2025 levels. While these reforms appear to be huge, they are made only at federal level, which is in charge of only 50% of all public expenditures. To enable a full turnaround in their finances, a comprehensive reform would have to include the regional governments in Flanders and Wallonia as well as the local government in Brussels. Given their very divergent views deriving from their respective economic structure, introducing such a reform would appear to be very unlikely.

The tiny current account deficit will probably improve slightly in 2024, and possibly in 2025, but only incrementally. The small trade in goods surplus should rise thanks to an improvement of the terms of trade. Again, this remains dependent on the economic growth of neighbouring trade partners as well as the impact of Donald Trump’s trade policy. Financial services are expected to recover in 2025, which should also improve the service’s trade balance as well as the primary income surplus.

After almost eight months, Belgium has a government again

The right-wing New Flemish Alliance (N-VA) won the June 2024 election for the Chamber of Representatives (the lower house of the Parliament) with 16.7% of the votes, which gave it 24 seats (-1) out of 150 seats. It came as a surprise as the far-right Vlaams Belang were leading in the polls. The latter won 20 seats (+2). The Walloon liberals MR won 20 seats as well (+6), followed by the Walloon Socialist Party (PS, 16 seats, -4), the Marxist Worker’s Party of Belgium (PTB/PVDA, 15 seats, +3), the Walloon centrists (Les Engagés, LE, 14 seats, +9), the Flemish socialists Vooruit (13 seats, +4 seats), the Flemish Christian Democratic Party (CD&V, 11 seats, -1 seat), and the Flemish liberals (Open Vld, 7 seats, -5 seats). The green parties were the main losers of the election. Its Flemish section lost 2 seats (now at 6) and the Walloon section 10 seats (down to 3 seats). Together with the Walloon social-liberal DéFl (1 seat, -1) they currently represent the smallest groups in the lower house. After the landslide defeat of his party Open Vld, former Prime Minister Alexander De Croo stepped down, but remained in office as a caretaker Prime Minister.

Forming a coalition in Belgium is not easy. Most political orientations are represented by two parties, one Flemish and one Walloon. This means that several orientations as well as their regional variants must find common ground which is time-consuming. After almost eight months of negotiations Bart de Wever from the N-VA was sworn in as Prime Minister in February 2025. He is the first Flemish separatist to hold this office. De Wever is leading the so-called “Arizona” coalition named after the colours of its constituting parties appearing on the flag of the US state. These include the Flemish right-wing N-VA, the Walloon Liberals (MR), the Walloon Centrists (LE), together with the Flemish Christian Democrats (CD&V) and last, as its only left-wing party, the Flemish Socialists Vooruit. The government is under heavy pressure, being caught between the EU deficit procedure and the unions, which call general strikes over the entire country against the austerity measures. Furthermore, the newly introduced tax reform, notably on the capital gains tax, remains a controversial issue for the MR and the Vooruit. The planned abolition of the Senate has conversely received more support. Several parties have in the past favoured the move. The role of the Senate has waned noticeably in recent decades; the upper house meets about 10 times a year. A two-thirds majority in the lower chamber is required to abolish the Senate, which the Arizona coalition does not have. Accordingly, the success of such a move is uncertain. The next regular election is scheduled for 2029.

Πληρωμές και πρακτικές Ανάκτησης

Αυτή η ενότητα είναι ένα πολύτιμο εργαλείο για εταιρικούς οικονομικούς διαχειριστές και διαχειριστές πιστώσεων. Παρέχει πληροφορίες σχετικά με τις πρακτικές πληρωμών και ανάκτησης χρεών που χρησιμοποιούνται στη χώρα.

Payment

Debt Collection

Amicable phase

There are no special provisions for out-of-court debt recoveries between businesses. Creditors should attempt to gain payment from debtors by sending written reminders. Before beginning legal action against a debtor company, it is often worthwhile asking a lawyer to check the database of seizures.

Legal proceedings

Judgments are normally delivered within 30 days after closure of the hearings. A judgment is rendered by default in cases where debtors are neither present nor represented during the proceedings.

Fast track proceedings

This procedure is rarely used in business-to-business cases, and cannot be implemented when the debt is disputed. A 2016 law implemented a new set of procedural rules, creating an out-of-court administrative procedure for non-disputed debts. When an order of payment has been issued, the debtor has a month to pay the amount. If the debtor refuses, the creditor can request a bailiff to issue a writ of execution. Moreover, under the new rules, lodging an appeal against a judgment will no longer suspend the enforceability of this judgment. Consequently, even if the debtor starts appeal proceedings, the creditor will be able to pursue the recovery of the debt.

Retention of title clause

This is a contractual provision stipulating that the seller retains title of goods until receipt of full payment from the buyer. Unpaid creditors can make claims on goods in the debtor’s possession. It therefore follows that the retention of title clause is enforceable in all situations where creditors bear losses arising from insolvencies, whatever the nature of the underlying contract. When goods sold under retention of title are converted into a claim (after a sale), the seller-owner’s rights referring to this claim (the selling price) are known as real subrogation.

Ordinary proceedings before the commercial court

All disputes between companies can be tried by the Commercial Court in Belgium. In cases of cross-border claims using European legislation, a European execution for payment proceedings can be enabled. Claimants also have recourse to European small claims proceedings.

Summon on the merits

The bailiff assigns the debtor a court date for the introduction of the case. If discussions do not take place, judgement will follow within four to six weeks. If there are discussions pending, parties need to put their intentions in written conclusions. After judgement, there is a possibility to appeal – if no appeal is filed, the execution will follow through the bailiff.

Attachment procedure

This judicial proceeding is conducted for the benefit of only one party (ex parte). There are three essential conditions to proceed with an attachment:

urgency of the measure;

prior authorisation of the judge is required to lay a conservatory attachment;

the debt must be certain, collectable and liquid.

A debtor may request the cancellation of the attachment if it has been unjustly imposed. However, once an attachment has been imposed, it remains valid for a period of three years. Subsequently, a conservatory attachment may be transformed into an execution order.

Enforcement of a Legal Decision

A judgment becomes enforceable once all venues of have been exhausted. If the debtor refuses to execute payment, a bailiff can attach the debtor’s assets or obtain payment through a third party (Direct Action).

Foreign awards can be recognised and enforced in Belgium, provided that various criteria are met. The outcome will vary depending on whether the award is rendered in an EU country (in which case it will benefit from particularly advantageous enforcement conditions), or a non-EU country (for which normal exequatur procedures are applied).

Insolvency Proceedings

0

BANKRUPTCY PROCEEDINGS

Debtors can file for bankruptcy when they have ceased making payments for some time, or when the creditor’s confidence has been lost. If bankruptcy is granted, creditors must register their claims within the time prescribed in the court’s insolvency declaration. Failure to do so on the part of a creditor will result in the cancellation of their priority rights. The court then appoints a trustee, or official receiver, to verify the claims. The retention of title clause can be cited by the creditor, in order to claim his property.

Since 2017, submissions of claims where bankruptcy procedures are involved must be made electronically, via the Central Solvency Register (www.regsol.be), which records all bankruptcies over the last 30 years

JUDICIAL RESTRUCTURING PROCESS

The judicial restructuring process (reorganisation judiciaire), designed to reorganise a company’s debts with its creditors, can be granted by the court upon request of any debtor facing financial difficulties that threaten its continued business in the short- or medium-term. The debtor makes a reasoned application to the Registry of the Commercial Court in order to be granted an extended period to pay the debt. This extended period is normally set at six months, during which the debtor must propose a reorganisation plan to all of its creditors.

Outstanding creditors (those whose claims arose before the commencement of the extended period) cannot begin any execution procedure for the sale of real or personal property of the debtor, but can request enforcement of their retention of title clause. Nevertheless, the extended period does not prevent the debtor from making voluntary payments to any the outstanding creditors. In addition, the extended period does not benefit co-debtors and guarantors, who are still required to meet their commitments.

Last updated: March 2025

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