Turnover of enterprises increased by 12.7% in the fourth quarter of 2022
The turnover of Belgian enterprises, excluding the agricultural and financial sectors, amounted to 456 billion euros in the fourth quarter 2022, i.e. a 12.7% increase compared to the same period the year before.
In the fourth quarter of 2022, we see the largest turnover increases compared to the same period of 2021 in the sectors ‘Arts, entertainment and recreation’ and ‘Accommodation and food service activities’, where the increase in turnover amounts to 29% and 24% respectively. These increases are obviously due to the fact that in these sectors, in the fourth quarter of 2021, enterprises were still struggling with restrictive measures due to the Covid-19 crisis (there was a closing hour in the horeca and there were still restrictions on the number of spectators allowed at events). In the fourth quarter of 2022, on the other hand, enterprises in these sectors were again fully active.
In all but two other economic sectors, we recorded turnover increases of between 3% to 17% in the fourth quarter of 2022 compared to the same period in 2021. These increases are due to increased activity on the one hand and inflation (increase in sales prices) on the other.
The results for the fourth quarter 2022 are provisional. These results can be revised when additional data become available.
Purpose and brief description
Turnover includes all amounts (excluding VAT) corresponding to the sale of goods and services by the VAT-registered unit to third parties in Belgium or abroad. Investments are the expenditure (excluding VAT) by the VAT-registered unit for the acquisition of goods and services which constitute a business asset.
VAT-registered units, excluding the following NACE codes (NACE 2008 classification): A, 50.3 and 50.4, K, L, 69.1, 0, P, Q, 91, 92, 94, T and U.
Results available 2 months after the reference period.
Investments are the expenditure (excluding VAT) by the VAT-registered unit for the acquisition of goods and services which constitute a business asset: formation expenses, intangible fixed assets, land and buildings, plant, machinery and equipment, furniture and vehicles, leased fixed assets and other fixed assets. The wages of staff (who, for example, would be recruited to build or renovate a building) and other social charges and the purchase of other services, work and studies (e.g. architect's fees) are therefore not part of the investments.
Turnover includes all amounts (excluding VAT) corresponding to the sale of goods and services by the VAT-registered unit to third parties in Belgium or abroad. It also includes all other charges (transport, packaging, etc.) passed on to the customer, even if these charges are listed separately in the invoice. Reduction in prices, rebates and discounts as well as the value of returned products must be deducted (via credit notes). Income classified as other operating income, financial income and extraordinary income in company accounts is excluded from turnover.
Due to late VAT returns and/or derogations, the data of the last 2 years should be considered provisional and subject to revision.
Turnover and investments based on VAT declarations (absolute figures).pdf