Turnover and investments

Turnover of enterprises down by 3.9% in the first quarter of 2024

Enterprises
Turnover of enterprises down by 3.9% in the first quarter of 2024

The turnover of enterprises in Belgium, excluding the agricultural and financial sectors, amounted to 400.7 billion euros in the first quarter of 2024, i.e. a 3.9% decrease compared to the same period the year before.

This decline is caused by a turnover decrease in trade, industry, electricity, gas, steam and air conditioning supply, transportation and storage and, to a lesser extent (this is a very small sector), mining and quarrying. These 5 sectors together account for 78% of the total turnover of Belgian enterprises. The turnover decrease in electricity, gas, steam and air conditioning supply is mainly due to lower energy prices.

In all other economic sectors, we recorded increases in turnover in the first quarter of 2024 compared to the same period of 2023. The largest turnover increases are recorded in the sectors “Arts, entertainment and recreation” (+18.4%) and “Administrative and support service activities” (+17%).

The results for the first quarter 2024 are provisional. These results can be revised when additional data become 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