As every year, BDO has analyzed the financial balances of the Belgian carriers. Based on the 2024 annual accounts, it is very clear that the pressure on liquidity is extremely high.
These are the main conclusions of BDO’s analysis:
- the average payment term for customers has decreased since 2021, but remains two days longer than the average payment term for suppliers. This confirms that there is still a need for liquidity;
- the solvency ratio (43%) increases by 1%, but nevertheless remains below the Belgian average (almost 50%);
- the share of companies with negative equity increases and reaches a new record of almost 11%;
- the EBITDA margin on turnover has fallen to below 8%, after a strong increase in 2020 and 2021
- Return on equity (12%) continues to deteriorate due to fixed cost pressures, including interest costs, combined with a slowdown in the sector.
Alexandre Streel (Partner) and Maxime Ledent (Senior Manager Deal & Valuation Advisory) from BDO summarize this financial balance as follows: “Our observations for 2024 confirm and reinforce those of last year: the transport and logistics sector continues to struggle with declining profitability, a cautious deleveraging in the light of rising interest rates and an increasing vulnerability of some of the players, as evidenced by the rising number of bankruptcies and the larger share of companies with negative equity Although liquidity remains generally healthy and added value per employee is stable (in constant euros), pressure on margins, labor shortages and investment needs related to the energy transition emphasize more than ever the importance of a strategic and organizational adjustment to get back on a sustainable path.”
This calls for a response from Michaël Reul, Secretary General of the UPTR: “BDO’s conclusions are not surprising: the turnover of companies in the transport and logistics sector is stagnating and profit margins are low. The consequences are now clearly visible in the ITLB figures, as the growth in the number of transport companies appears to have reached its peak, with a (hopefully peak) of 10,938 companies on January 1, 2025. With the bankruptcy of 284 companies at the end of the third quarter of 2025 (+ 41% compared to the same period in 2023), the signals are now in the red. Pending better times, the hunt for cash is on!
