Falling activity, increased competition … 2023 meant the end of a period of economic recovery for Belgian transporters. An analysis of their annual accounts shows that large companies have nevertheless done well.
In 2023 the increase in the cost price was mainly caused by the automatic wage indexation (+13.9 %for driving staff), the financing costs (+22.88 %), specific costs such as the kilometer charge (+15.91 %) and the depreciation of vehicles (+7.91 %).
The transport volumes fell in 2023, especially in international transport. The relapse of German industry was very much in the activity of Belgian transporters. The figures from Viapass about the number of kilometers driven by trucks on the Belgian Tolweg network show that the activity has been declining since January 2023.
The turnover of the Belgian transporters only had a slight increase. However, part of that turnover is the result of the calculation of the kilometer charge and diesel clauses. Because the diesel price fell in 2023, the impact on the turnover was therefore negative. On the other hand, the indexation of the kilometer charge had a direct effect on the turnover.
The fact that the turnover at small companies fell is probably due to a less intensive use of subcontracting. The outsourcing index of the ITLB fell by 6.4 % compared to 2022.
The creation of added value, on the other hand, was above inflation in 2023, which was not the case in 2022. This was especially the case with large companies, while small companies had a negative added value – a phenomenon that has noticed on average two in three years for twenty years.
According to the National Social Security Office, there was a very slight increase in the number of jobs in employees (+0.06 %) compared to 2022, while the number of jobs in workers fell slightly (-0.08 %). On the other hand, the number of workers employed falls by 0.9 %, while the number of employees is increasing by 6 %, according to the business survey of the ITLB. This suggests an increase in part -time employment among employees. The decrease in the number of employees also continued in 2024.
Productivity per employee (added value / VTE) increased on average by 5.75 % in 2023 (more than inflation), but the differences per business size are large: +5.90 % at large companies, +8.89 % at small, and only +0.99 % at medium -sized companies.
Profitability
Since only a few companies publish their turnover, the profitability ratio is not representative of the entire sector and mainly reflects the situation of large companies. In 2023 it was 2.75 % (-0.29 %).
The percentage of companies that made a profit, on the other hand, have calculated the full sample. In 2023 that was 75 % (+0.1 % compared to 2022, but 2.9 % lower than in 2021). This figure is in line with the average of the past ten years.
Cash flow
Small and medium -sized companies managed their liquidity less well than large. In total, the cash flow rose barely, and even dropped even if you include inflation. This is typical of years in which payment terms become longer. In 2023, the ITLB also reported more liquidity problems (12.3 % of respondents, compared to 8.8 % a year earlier).
EBITDA
The automatic indexing of wages has cut heavily on the EBITDA because it has increased the operating costs excessively. On average, the EBITDA growth was limited to the inflation level, with the exception of Wallonia, where the rise was much more robust. In general, the EBITDA rises faster as the company size increases.
Equity
In 2023, 441 million euros of the total profit of 717 million euros was re -injected into the equity of Belgian transporters. It is immediately the strongest increase in equity since the period 2005-2007. Overall, equity increases faster as the company is greater.
Opinion of Lawrence Vanhove (ING)
“This analysis confirms what we have observed in recent years. After the COVID-related tree (especially in e-commerce) in 2021-2022, 2023 had a correction year with a clear decrease in volumes in road transport. Especially the small companies that often work as subcontractors and especially in a lot of competing, had their hard-to-do the hard-to-do the hard-to-serve destroying, the hard-to-serve destroys have been settled hard-grooming. To keep their position even, thanks to better contractual agreements and long -term collaborations such as this trend, the expected wave of consolidation will continue. “
