PwC Belgium invests in people and AI to sustain growth

In the past financial year, PwC Belgium booked revenue of EUR 427.4 million, realising growth of 2.2% compared to the previous financial year.

In the past financial year, which for PwC Belgium ended on June 30, 2024, revenue increased by 2.2% to a new peak of 427.4 million euros. Despite realising record revenue, the growth achieved by PwC Belgium was lower than in previous years. This is primarily attributable to external causes. Geopolitical events in Europe and the Middle East and the elections in the US also have an impact on business processes in Belgium. In addition, domestic challenges such as labour market shortages, inflation and an uncertain business climate are causing companies to cut back on spending.

During the past financial year, PwC Belgium chose to invest in the future by focusing on three main areas: people, sustainability and technology.

Patrick Boone, appointed as Chairman of PwC Belgium at the start of FY25, stated: “While FY24 was a more challenging year for PwC Belgium than the previous one, we were able to continue to invest significantly in securing the relevance of our firm and, importantly, in our people. We accelerated our use of AI and expanded our capabilities, both internally and in terms of client services. As part of that we also notably broadened our strategic alliance portfolio and have put an even greater emphasis on collaboration and co-creation. Our platforms approach really took hold during the fiscal year, enabling us to secure the delivery of truly holistic services to clients. This approach is as much appreciated by our clients, as it enables us to fully address the challenges they face, as it is by our people, who enjoy a richer work experience. I’m proud of what we’ve achieved together and look forward to building on it for the future.”

An inclusive group of problem solvers

PwC has focused on creating a truly inclusive and diverse workforce over the past years. The feminisation of PwC continues across all levels of the company and there were more nationalities on board than in the previous year, resulting in greater diversity and cultural enrichment for PwC Belgium and its people. The past financial year also saw a focus on people’s physical and mental wellbeing. This included family-friendly work schedules, sports challenges and mental wellbeing programmes.

Lastly, PwC Belgium attaches great importance to lifelong learning. On average last year, each PwC employee spent about 109 hours - nearly three full working weeks - on training, a large portion of which was mandatory.

PwC as client zero for AI applications

One of the training themes that PwC Belgium focuses on heavily is knowledge of and experience with generative AI applications. At network level, PwC invested nearly USD 1.5 billion in AI and launched ChatPwC, a secure and ring-fenced internal version of OpenAI's application. Significant investments have also been made in Belgium in licences and the upskilling of employees. PwC sees itself as client zero, an approach whereby many applications are tested internally and/or alongside clients to enable PwC to support other companies as experienced experts. 

Accelerating on the path to zero emissions

PwC Belgium continued to pursue its ambition, announced in 2019, to operate on a climate-neutral basis by 2030 in FY24. Energy consumption was reduced by 15% compared to the previous year, and compared to 2019 energy consumption has already been more than halved. Since the beginning of FY24, staff can now only choose electric cars, ensuring that the entire company car fleet, which accounts for one-third of current emissions, will be fully electric and emission-free by 2028.

Financial details

After three years of strong growth in the Advisory practice, FY24 was more challenging. Technology and Risk Consulting continued to grow, but Management Consulting and Deals were under pressure, causing revenue to fall by 3.55% to 144.2 million euros after an exceptionally strong 2023. The uncertain and volatile market conditions played a role here. This, combined with challenges around technological and climate change and increasingly complex regulation means that clients have to make more choices about their short- and long-term priorities than previously. There was thus greater demand in the market in FY24 for strategic support when evaluating these matters. The importance of understanding the impact of technological developments, particularly in AI/GenAI, also gained significant traction.

The Assurance practice realised growth again, with revenue increasing by 5.92% to 144.9 million euros, an excellent result in a mature and yet competitive market. The continued focus on quality and industry expertise are important explanations for this success. The Corporate Sustainability Reporting Directive (CSRD), which has been relevant for a first wave of companies since January 2023, also led to growth within the practice and will remain important in the coming years. By applying new technologies such as GenAI, we can also provide better service to our clients and enable them to derive more value from the various data points collected during the audit process.

After a downturn in FY23, revenue in the Tax & Legal Services practice increased by 4.93% to 138.3 million euros. Investments in technology and alternative delivery models (ADMs) contributed to this, as did the upskilling of our staff to work with new technologies. The strongest growth was booked in areas in which regulations underwent the most significant changes. Notable examples include Pillar 2 and CBAM. Our services and applications are well geared to meet our clients’ need for greater transparency and accurate data collection and organisation. High interest rates initially slowed transactions, but deal volumes began to improve towards the end of the financial year, and we’re confident that this upward trend will continue in the coming months.

Axel Smits, who after eight years leading PwC Belgium is moving on to a European role, looks back with pride. “One of the most notable events at the end of FY24 was my handover as Chairman of PwC Belgium after eight years at the helm. I’m delighted to say that over that time, I was able to achieve many of my ambitions. We went through a significant digital transformation and have become much more innovative. Today, we’re a warmer and more inclusive workplace that places priority on people’s wellbeing. Quality has always been the foundation of our licence to operate, and we made sure to invest adequately to ensure that it remains the cornerstone of our brand. Importantly, we’ve begun to play a more active role in society and the communities around us. I’m extremely proud of everything we’ve achieved over the past years, and I’m indebted to our people for their hard work and commitment. I know that the firm is in extremely capable hands going forward and that the future is bright with the new leadership team that will take PwC Belgium into the next chapter.”

Read the full Annual Report on FY24.

Patrick Boone

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Press contact

Kasper Demol – kasper.demol@pwc.com – +32 472 586 376

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