Turnover and investments

Turnover of enterprises increased by 23.1% in the second quarter of 2022

Enterprises
Turnover of enterprises increased by 23.1% in the second quarter of 2022

The turnover of enterprises in Belgium, excluding agricultural and financial sectors, amounted to 432.3 billion euros in the second quarter of 2022, i.e. a 23.1% increase compared to the same period the year before.

In the second quarter of 2022, we see the largest increases in turnover compared to the same period of 2021 in the ‘Arts, entertainment and recreation’ sector (+ 86%) and in the 'horeca’ sector (+ 76%). These increases are of course due to the fact that in the second quarter of 2021, companies in these sectors were still struggling with restrictive measures as a result of the Covid-19 crisis: the ‘horeca’ sector could only offer takeaway in April and in the first week of May and in the weeks thereafter, there was a closing hour; events were prohibited until 8 May and after that, there were still restrictions on the number of spectators. In the second quarter of 2022, on the other hand, companies in these sectors were again fully active.

In all other economic sectors, we recorded increases in turnover of between 12% and 29% in the second quarter of 2022 compared to the same period of 2021. These increases are due, on the one hand, to an increase in activity as a result of the removal of the Covid measures and, on the other hand, to inflation (increase in output prices).

The results for the second quarter 2022 are provisional. These results can be revised when additional data becomes available.

Turnover
Investments

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.

Population

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.

Periodicity

Quarterly.

Release calendar

Results available 2 months after the reference period.

Definitions

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.

Comments

Due to late VAT returns and/or derogations, the data of the last 2 years should be considered provisional and subject to revision.

Metadata

Turnover and investments based on VAT declarations (absolute figures).pdf