PwC Belgium continues strong growth

Annual report FY19

  • PwC Belgium increased its revenue for the year ended 30 June 2019 by 10% to 340.9 million euros (from 310.2 million euros in FY18)
  • Growth across the business: Advisory (+24%), Assurance (+1%), Tax & Legal Services (+10%)
  • Axel Smits re-elected as Chairman
  • 587 new hires

Thursday 23 January 2020 - PwC Belgium looks back on another successful year of growth. In FY19, (ending 30 June 2019), net revenues grew by almost 10% to 340.9 million euros thanks to continued investments in people and technology that have enabled the firm to respond to changing client needs and help future-proof the workforce. Incumbent Chairman and Territory Senior Partner Axel Smits secured re-election in December for a new four-year term, starting on 1 July 2020. Axel Smits, who’s been with PwC Belgium since 1990, has over 25 years of experience in advising on a wide variety of international tax topics. He took on the position of Chairman of PwC Belgium in 2016.

He says: “PwC’s been constantly growing for over 150 years and we continue to do so, but we can only remain relevant if we’re perpetually questioning who we are, adapting where necessary and always looking ahead. When I look at PwC a decade ago or even just half that, I see a different firm from that of today. And that’s a very positive thing. Change and evolution are crucial if you want to lead the way, especially in a world that’s moving so fast. It takes conscious effort to open up to new ideas and adopt new ways of doing things.

It’s not just the transformation of our own firm that we’re focusing on, but that of our clients too. Every day, we work with clients to make sure they’re not paralysed by the changing world around us, but embrace it, in a clever, forward-looking way, able to prepare their businesses for the future. Companies choose to work with PwC because they trust our advice and guidance.

I look forward to the future with great enthusiasm, to what we can continue to achieve. I’m proud to be able to extend my mandate for a second term. It testifies to the confidence of the Belgian Partners in my ability to continue to work with them to drive PwC forward and assure our relevance for our people, our clients and society as a whole.”

Growth in all domains

In a market that’s growing by about four to five percent, the 24% growth of PwC Belgium’s Advisory practice (from 71.2 million euros in FY18 to 88.4 million euros in FY19) is an impressive achievement. To help the unit realise its strategic ambitions, it made a number of important acquisitions in FY19, in particular Human Interface Group and ABSI.

The sustainable growth of the firm’s Assurance activities (1% growth in FY19 from 114.6 million euros to 116.,2 million euros) is positive in many ways. The largest contribution remains the audit department, which grew by 4% compared to FY18 (from 82.5 million euros in FY18 to 85.7 million euros in FY19). As a result, PwC remains the largest player and market leader in auditing in Belgium. It continues to invest in maintaining this position.

The Tax & Legal Services (TLS) practice has grown strongly in FY19 with a 10% increase in net revenue from ​ 124.4 million euros to 136.3 million euros compared to last year. PwC will therefore continue to invest in the ongoing transformation of TLS to ensure its future relevance.

Innovative growth

PwC Belgium is also continuing the digital transformation of its own organisation thanks to a culture that encourages innovation. For PwC Belgium, its people are not only part of the company's transformation process, but are even at the heart of it. The necessary investments must be made to ensure that the expertise and services remain relevant in the future. PwC employees were given the opportunity to become 'intrapreneurs' and to present their business ideas to a jury of internal experts in order to obtain resources and advice to make them a reality.

The digital skills of its people were also continuously updated. At the same time, PwC also focuses on attracting crucial competencies and teams. PwC Belgium's 'Experience Consulting' team facilitates innovative ideas to initiate new services and solutions.

Green growth

As a company, PwC also pays great attention to its ecological footprint and the impact it leaves on the world. That's why PwC Belgium is trying to limit its travelling as much as possible, thanks to the introduction of the basic right to work from home one day a week and to work from anywhere, supported by technology and tools, including cloud-based access to documents.

It’s been recycling waste and water for more than two decades and continues to reduce energy consumption. The firm already uses 100% green energy in its offices in Brussels, Ghent and Hasselt. Its new buildings in Brussels and Antwerp (due to open in 2022 and March 2020 respectively) will be as energy efficient as possible. In 2019 alone, PwC Belgium again reduced its paper consumption by almost 50% to limit its ecological footprint.

We guide. We support. You grow.

That's the promise that PwC Belgium makes as an employer. In FY19 alone, every PwC colleague followed an average of 12 days of training within PwC. As an employer, we stand by our people, stimulate training and encourage them to learn and grow. PwC's focus on continuous learning is one of the many reasons why it is regarded as the 'best business school in the world'. People trust PwC Belgium to be the place where they learn the skills they need in a rapidly changing world.

As one of Belgium's leading employers, PwC actively strives to create opportunities. In FY19, it welcomed 587 new people at all levels: recent graduates and experienced specialists.  

Looking ahead

In an ever more rapidly changing society where trust is often lacking, PwC Belgium aims to restore that trust by providing complete solutions that help customers navigate through increasingly complex regulations and successfully complete transformation processes and transactions. Just as PwC Belgium will continue to assist its customers in the coming year to ensure their relevance in this new context, PwC Belgium will continue to reinvent itself in the future.

The full Annual Report is available at: ​

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