Market leader looks ahead to upcoming financial year with cautious optimism.
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With 11.3% growth in FY23, Deloitte Belgium is strengthening its position as the country's largest professional services firm.
The geopolitical and economic context was challenging, and remains so. The attention on generative AI is also raising a range of questions among our clients,
said Rolf Driesen, partner and CEO of Deloitte Belgium.
"The complexity of today's challenges requires interdisciplinary collaboration. That is precisely our strength, so we look to the future with confidence."
In the current financial year, Deloitte plans to recruit a further 1,040 employees. To maximise its response to market opportunities, it also plans to embed increased collaboration with Deloitte competence hubs in Europe, and beyond.
Deloitte Belgium achieved total revenue of EUR 785.6 million in the 2023 financial year (1 June 2022 to 31 May 2023). This is an increase of 11.3% compared to FY2022. Regulated activities (Audit & Assurance, Accountancy and Tax & Legal) accounted for as much growth as advisory services-related activities (Financial Advisory, Consulting and Risk Advisory).
"The energy crisis and consequences of the war in Ukraine were felt in many companies, and there is also the rapid rise of generative AI. In the short term, this creates uncertainty for clients. But for many, there are also medium and long-term opportunities. Our multidisciplinary teams, with their in-depth sectorial knowledge, know how to address clients' challenges from start to finish and can therefore provide the solutions clients expect. Our work within advisory and regulated activities ensures we remain a balanced organisation that enjoys the trust of its customers. The fact that we work for all industries and types of clients, including large multinationals, family-owned companies and governments, further contributes to a good balance as they all respond differently to changing economic cycles."
Rolf Driesen
In the first half of the financial year, Deloitte recorded strong growth; this slowed down in the second half of the year, mainly in consulting.
Deloitte was able to achieve growth in all six sectors. The largest sector is Consumer which, like Government & Public Services, realised the largest growth at 15% in FY2023.
Deloitte Private (accounting for EUR 168 million in turnover) is increasingly developing as a trusted partner for family businesses in all sectors and segments, growth companies, private equity and investors. We provided support in areas like intergenerational transfers, ‘delisting’ operations and long-term investments. Given the current context, Deloitte Private is happy to contribute to anchoring and ensuring the efficiency of strong Belgian, often family-controlled, companies. Maintaining a robust local ecosystem for growing companies and private equity is also more crucial than ever to sustaining our prosperity.Globally, Deloitte achieved revenue of USD 64.9 billion, up 14.9%.
Net revenues by business unit and net fees across our industries:
* Includes revenues Deloitte Private (EUR 168M)
At the close of the financial year on 31 May 2023, Deloitte had 5,679 employees in Belgium. Today, that tally stands at 5,983, with 81 nationalities. A total of 1,342 new employees joined Deloitte in 2023. This number is less than the 1,700 projected in 2022 as fewer people left Deloitte, resulting in fewer vacancies. Thanks to substantial investment in extensive learning and an internal mobility programme, 172 employees changed departments internally. Clients were slower and more cautious when it came to deciding on projects in the second half of the financial year, so Deloitte tempered its recruitment efforts.
Of the recruits to the firm, both recent graduates and experienced professionals, half were women. At the level of partner, the percentage of women in the partnership increased to 22%, slightly higher than the 20% ambition for 2023. The increase was thanks to a combination of internal promotions and external hires. Effective 1 June 2023, Deloitte appointed the following as partners: Ellen Bonte, Yoann Busigny, Bianca Chang, Joke Decaestecker, Ben Desmet, Bram Fouache, Gregory Hameeuw, Matthias Lommers, Kristof Mantels, Maren Mintjens, Jens Ophalvens, Karel Pinxten, Fran Ravelingien, Jo Van Baelen, Kevin Van der Plas, Nele Verbieren, Cliff Verschueren and Aled Walker. Deloitte Legal appointed Astrid Peeters and Filip Smet as partners.
In this financial year, we aim to hire 1,040 new employees. To address a shortage of specific profiles and skills in the market, we are increasing our focus on international cooperation with our competence hubs in Europe and beyond, engaging talent through a ‘flexible delivery model’.
"At the same time, we can use Deloitte's global scale to integrate new technological developments. Together, we will address cross-border challenges, promote innovation and foster sustainable growth. We are also proud to contribute to confidence in the financial markets through our (regulated) services,"
said Rolf Driesen
In relation to sustainability, Deloitte focuses on four areas: mobility, business travel, infrastructure and greening our firm in our daily operations. Every day, Deloitte is committed to achieving science-based net-zero with 2030 goals. You can read more about Deloitte's corporate and ESG initiatives in the 2023 Impact Report (publication November 2023). As a market leader, Deloitte creates impact by supporting clients with their sustainability challenges. In this context, for example, we conducted a study on the potential of hydrogen for European ports and coastal industrial areas and on the usability of biomethane in the energy mix. We also developed a roadmap towards a circular and net-zero plastics industry.
Looking ahead
"We are aware of the challenging, dynamic business environment that next year holds for us and our clients. But we are cautiously optimistic for the short term, and confident for the long term, thanks to our new strategy 2024-2027. Indeed, it is precisely these major challenges that present opportunities for Deloitte to help clients successfully navigate their way through these situations. I have full confidence in our multidisciplinary model and global network to prepare our customers for the future."
Rolf Driesen
Deloitte in Belgium
With more than 5 700 employees in 11 offices in Belgium, Deloitte is the largest organisation in the field of audit, accounting, legal and tax advice, consulting, financial advisory services and risk advisory services.
Our services are aimed at the largest national and international companies as well as at SMEs, the public sector and non-profit organisations. Deloitte Belgium is an independent and autonomous organisation and a member firm of Deloitte Touche Tohmatsu Limited. For the financial year 2024, a turnover of €819,4 million was realised.
Deloitte Belgium BV is the Belgian affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited that focuses on the highest quality in delivering professional services and advice. Its services are based on a global strategy covering more than 150 countries. To this end, the expertise of over 460 000 professionals is available in all continents. For the financial year 2024, the turnover was more than 67,2 billion US dollars.
Deloitte refers to a Deloitte member firm, one or more associated companies, or Deloitte Touche Tohmatsu Limited, which is a private limited liability company in the UK ("DTTL"). DTTL and its member firms are each legally separate and independent entities. DTTL (also known as "Deloitte Global") does not provide services to clients. Please visit http://www.deloitte.com/about for a more detailed description of the legal structure of DTTL and its member firms.