Annual results FY20 has been saved
Annual results FY20
Deloitte Belgium grows by 7.4 percent in financial year 2020
Deloitte generates revenues of €607 million and hires 1,131 new recruits, showing resilience during COVID-19 pandemic.
Brussels, 30 September 2020
Deloitte Belgium further strengthens its position as market leader. In the first three quarters of the financial year 2020 closing 31 May, the professional services firm recorded strong growth over all services and industries. Due to the COVID-19 pandemic, it experienced a limited revenue slowdown in the fourth quarter. However, Deloitte Belgium responded with resilience and continued to serve its clients, take care of its people, and act with Purpose. In total, Deloitte Belgium generated revenues of €607 million in the past financial year (1 June 2019 to 31 May 2020), a 7.4 percent increase compared to the previous year.
The past financial year was a solid year for Deloitte Belgium. In the first three quarters, Deloitte recorded growth across all services and industries. The emergence of the pandemic inevitably meant a setback in revenues in the fourth quarter. However, the professional services firm was able to limit the impact of the crisis because of ongoing projects and by meeting the changing demands of its clients thanks to its broad range of services, and particularly an accelerated increase in digitisation.
Piet Vandendriessche, CEO Deloitte Belgium: “We are pleased with the results Deloitte generated in the past fiscal year. We’ve seen a limited setback in revenue due to COVID-19, but the first three quarters helped us generate strong general revenues. Looking forward to financial year 2021, we expect COVID-19 to have an impact on the growth of our company results. However, the long-term effects on the business remain to be seen given the ever-evolving circumstances.”
Consulting experienced double-digit growth driven by the increase in demand for cloud services, customer centric digital transformation, and its services in SAP S/4 transformations and SAP SuccessFactors in the human capital field. Risk Advisory also recorded double-digit growth, assisting the banking sector with challenges imposed by Financial Crime regulation, advising the Life Sciences industry to develop reliable and compliant high tech solutions, and assisting different sectors in COVID-19 related crisis management. Its Cyber Risk department supported many clients through cyber challenges, as a result of the increase in cyber threats emerging from the virtual workplace. Tax & Legal grew as it was able to assist clients with their compliance challenges, and with the increased complexity and shifts in their business models.
Audit & Assurance recorded a slight decrease in revenues due to the regulatory rotation of audit mandates, and continued to deliver successful and timely audits with the teams working remotely. Accountancy increased its focus on advisory and remained committed to the digitisation and automatisation of accounting processes at its clients, while Deloitte Private, dedicated to serving family owned businesses, continued to cement its position in the market. Financial Advisory was impacted by the COVID-19 pandemic, but continues to support clients with M&A strategies to help them emerge stronger from the crisis.
The Financial Services and Government & Public Services industries showed double-digit growth in financial year 2020. COVID-19 had an impact on industries such as Consumer and Energy, Resources & Industrials: there was a decline in work for these industries because of the strict measures taken to contain the virus, with shops and manufacturers being closed during the lockdown and travel being restricted. Revenues from clients in the Government & Public Services and Life Sciences & Health Care industries, among other, rose due to their key role in the developing crisis.
Worldwide, Deloitte generated revenues of $47.6 billion in the financial year 2020, which is a 5.5 percent increase. As a result, Deloitte is still the world's most significant player in the professional services sector.
Continued investment in its people and their well-being
On 31 May, the closing date of the financial year, Deloitte Belgium counted 4,466 employees. The number currently stands at 4,577. In the past fiscal year, Deloitte Belgium hired 1,131 new recruits to support its continued growth. Accelerating digitisation and the growing importance of innovation and new technologies continue to drive the need to hire more people with engineering, informatics, mathematical, scientific, or technological profiles. In financial year 2020, 17.6 percent of its hires were STEM profiles.
The firm has continued to invest in its people and their career paths, resulting in a significant number of promotions. A wide range of virtual trainings have been launched to maintain its commitment to continuous learning, and the performance management process was conducted. The total number of people promoted (1,021) was higher than in previous years.
COVID-19 required quick and solid measures for its people. These measures resulted in no direct layoffs or temporary unemployment, ensuring the support benefits the companies in greater need. Switching to the new reality of full remote working, to prioritise employee safety, went quickly and smoothly at Deloitte, given the fact that the necessary infrastructure and a flexible homeworking policy were already in place. New initiatives, such as the Summer Flex Leave programme, which gave employees the required flexibility to take care of family and friends or enjoy a longer holiday during the quieter summer months, were introduced. Deloitte also adapted its internal well-being programme Energise@Deloitte to Energise@home to encourage remaining active, promoting good habits, staying connected, etc. during the lockdown and while working remotely.
Deloitte closed its 12 offices across Belgium at the start of the COVID-19 nationwide lockdown. All offices have since been reopened following the easing of the COVID-19 restrictions, taking all the necessary precautionary measures to ensure the health and safety of its people and its clients.
“We are first and foremost a people business. Our priority is to ensure that our people remain healthy and safe and continue to have the opportunity to grow. We have taken several measures to keep everyone on board in these unprecedented times, and continue to invest in our people. While life as we know it has changed, we want to ensure that everyone has the support they need to thrive both professionally and personally. Currently we are evaluating the ‘new ways of working’ and how they will evolve, focusing on the interest and well-being of our people,” said Piet Vandendriessche, CEO Deloitte Belgium.
Diversity remains a key priority
In the 2020 financial year, Deloitte appointed eleven new partners, namely Roeland Baeten (Risk Advisory), Lieven Comeyne (Consulting), Sara De Mulder (Risk Advisory), Els D’hauwer (Accountancy), Kelly Dorekens (Consulting), Tim Paridaens (Consulting), Toon Peeters (Financial Advisory), Sarah Philips (Risk Advisory), Valentin Toubeau (Financial Advisory), Pieter-Jan Van Durme (Audit & Assurance) and Bart Verdickt (Deloitte Legal, formerly known as Laga).
“This year 4 out of our 11 new partners are women, increasing the proportion of female partners to 16 percent, and we are on track to achieve our goal of 30 percent female partners by 2030. This target confirms our commitment to diversity. We also strive to have diverse teams, in the broadest sense of the word. We can achieve better decision-making, better performance and develop new ideas if we have a good balance of gender, ethnicity, sexual orientation, but also academic background and personality. Currently, 63 nationalities are represented at Deloitte Belgium, 44 percent of our employees are female and 56 percent male,” said Piet Vandendriessche.
Acting with Purpose
Deloitte Belgium’s Purpose—to make an impact that matters for its people, clients and communities—is embedded in its DNA and part of its key activities. As a result of the COVID-19 pandemic, it has become even more of a focus.
In line with its Purpose, the firm contributed over €700,000 in donations to support good causes and has introduced many new initiatives to address the needs of communities impacted by the pandemic, including Virtual Hugs and donating laptops to DigitalForYouth. Virtual Hugs was launched in April by Deloitte together with its long-term partner Close the Gap, and VUB, to help the elderly in care homes and patients in hospitals stay in touch with their family and friends while visits are not allowed. To date more than 4.000 tablets and smartphones have been donated to care homes and hospitals, and Virtual Hugs has been extended to enable people with a disability to avoid loneliness during this crisis. In light of the growing digital divide due to COVID-19, Deloitte Belgium also contributed 1,000 PCs to DigitalForYouth that will be distributed to underprivileged students in Wallonia and Brussels.
In the past fiscal year, Deloitte has continued to focus on making responsible climate choices through various sustainability and mobility initiatives such as the introduction of more electric vehicles in its fleet and responsible mileage, a programme aiming to reduce the average mileage per car. Through all these initiatives the firm is well on its way to achieve and even surpass its goal to reduce CO2 fleet emissions by 25 percent by 2021 (excluding COVID-19 impact) and has committed to achieving net-zero emissions by 2030.
Deloitte in Belgium
A leading audit and consulting practice in Belgium, Deloitte offers value added services in audit, accounting, tax and legal, consulting, financial advisory services, and risk advisory services.
In Belgium, Deloitte has more than 4,500 employees in 12 locations across the country, serving national and international companies, from small and middle-sized enterprises, to public sector and non-profit organisations. The turnover reached 607 million euros in the financial year 2020.
Deloitte Belgium CVBA is the Belgian affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited. Deloitte is focused on client service through a global strategy executed locally in more than 150 countries. With access to the deep intellectual capital in the region of 330.000 people worldwide, our member firms (including their affiliates) deliver services in various professional areas covering audit, tax, consulting, and financial advisory services. Our member firms serve over one-half of the world’s largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global companies. In 2020, DTTL's turnover reached over $47.6 billion.
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