Zaventem, December 2024 – KPMG Belgium saw a 5.3% increase in revenue for the financial year 2024, reaching a total of 302 million euros. Thanks to continued resilience and commitment to its people, clients, and communities, even during economic and geopolitical uncertainty, the firm has maintained its position as fastest-growing Big Four firm in the country for the fourth year in a row.
Even during continued economic and geopolitical uncertainty, we achieved strong results and consistent growth at KPMG Belgium.
The Tax, Legal and Accountancy function and Audit function achieved impressive double-digit growth, with respective revenues of a €103 million and €98 million. Environmental Social and Governance (ESG) reporting is already contributing to the growth, with CSRD reporting becoming required in 2025 having a tangible impact.
Over the past four years, the Advisory function has achieved remarkable growth with an impressive expansion of 67%. Recent conjunctural fluctuations have led to a more moderate revenue of €102 million in FY24, as the typically large-scale, long-term Advisory projects occasionally face delays due to geopolitical and economic uncertainties. Looking ahead, we're mindful of the continued challenges for economic stability, but we're committed to supporting our clients in navigating these times so they can achieve their goals and grow.
At KPMG, our people are at the heart of our success. Despite the war for talent, we remain committed to identifying the appropriate specialists for each role to best serve our clients. In the past year, we welcomed 600 new hires and interns across all functions and levels, bringing our total workforce in Belgium to 2,040 talented professionals representing 60 different nationalities. We also celebrated the promotion of 500 colleagues whose leadership, dedication and collaborative spirit have positively impacted both our organization and our clients. As we continue to grow, we remain focused on hiring specialists in rapidly growing fields such as ESG and artificial intelligence (AI), while maintaining our commitment to quality, trust, and long-term growth across all functions.
Our ongoing investments in Inclusion, Diversity, and Equity (IDE) initiatives remain a priority. Women represent 46.3% of our workforce in FY24, and we are proud to see a shift in our growing partner group, welcoming three new female partners this year. We remain dedicated to fostering more opportunities for women in leadership through initiatives like our Female Leadership Program, and make sure everyone is heard thanks to our different communities (Parents, Gender, Pride and International communities, and the community of Young Professionals).
Our KPMG Foundation embodies our commitment to creating a positive impact by mobilizing our people to give back to the communities we work and live in. It reinforces our mission to be a socially responsible organization and fosters a culture where our people can thrive both personally and professionally.
Over the past year, our employees carefully selected and supported 17 volunteering projects, with 741 participants contributing a total of 2,600 volunteer hours. These efforts reflect our long-term commitment to the planet, our communities, and each other. From donating blood, over cleaning up and restoring nature, to supporting vulnerable youth and children with disabilities, our people showed that many hands make warm hearts.
We also planted our very own KPMG Forest. Over 400 KPMG people and their family came together during the planting days to give 4000 saplings a new home in Holsbeek. The site spans 1,6 hectares, equivalent to the size of three football fields, and was meticulously chosen for its central location and accessibility. Our partner BOS+ carefully selected a perfect mix of local tree species to reforest the plot.
Through our Together@KPMG program, we offered our people a Human Energy Scan to help them gain insights into their mental and physical health, complemented by tailored wellbeing journeys. 330 colleagues completed a Human Energy Scan; 290 of them signed up for a personalized journey, focusing on either exercise, sleep, nutrition, or stress management. Additionally, 650 colleagues participated in 15 runs and cycling events the past year, showing their sportsmanship in races such as the Baloise Antwerp 10 miles, Brabantse Pijl, Brussels Airport (Half-)Marathon and Engie Stadsloop Gent.
2025 promises to be another highly challenging year given the various geopolitical risks, the uncertain political climate, and the looming threat of a potential trade war. Undoubtedly, we too will feel the impact of these developments.
But even then, our firm stands out by seamlessly combining our traditional strengths in audit, tax and legal services with cutting-edge technology advisory and services in transformation and change management. By integrating these capabilities, we help clients navigate the complex challenges that lay ahead, ensuring they remain secure, compliant, and innovative.
We will continue supporting our clients with their ESG and innovation journeys, through initiatives like the ESG District and AI Hub. Developed in collaboration with De Tijd and L’Echo, these platforms empower clients and organizations to navigate the complexities of ESG and AI while fostering innovation and resilience. And through our alliances with specialized technology players, including Belgian pentacorn Odoo, Microsoft, SAP and ServiceNow, we keep on offering wide-ranging support for any technological transformation.
This unique blend of expertise and forward-thinking solutions continues to position KPMG as a trusted partner for driving meaningful change and delivering exceptional value, even in the most difficult of times.
With over 2000 employees across the country, KPMG Belgium offers your company personalized and multidisciplinary support in audit, accountancy, tax and legal advice. We also support a wide range of management services: from operational efficiency and cost management, to digital transformations, risk management and deal advice. Our local consultants will support you thanks to their knowledge and through the use of innovative tools to help you face each of your challenges.
