Annual results FY21 has been saved
Annual results FY21
Deloitte plans highest ever yearly hiring of 1,500 new employees
Deloitte Belgium grows by almost 5% in its 2021 financial year as economy rebounds
Brussels, 29 September 2021
Deloitte Belgium recorded strong growth in its financial year 2021 with a 4.7% increase in revenue, further solidifying Deloitte’s position as a market leader in Belgium. The professional services firm managed to grow the revenue of all of its business units, with Deloitte’s Consulting and Financial Advisory branches representing the strongest growth. The organisation is set to continue its growth trajectory in its next financial year and plans to hire more than 1,500 new colleagues between June 2021 and May 2022, the highest number ever.
Deloitte Belgium recorded a total revenue of €635 million in its 2021 fiscal year, which ran from 1 June 2020 to 31 May 2021. This marks a 4.7% increase compared to the organisation’s 2020 revenue of €607 million. Despite uncertain economic conditions and a continued impact of the COVID-19 crisis throughout fall 2020 and the first months of 2021, the professional services firm managed to register solid growth across all of its activities and business units. Notably, the 2021 growth numbers follow an already stellar growth in Deloitte’s 2020 financial year of 7.4%, meaning the firm managed to grow despite the COVID-19 crisis.
Piet Vandendriessche, CEO of Deloitte Belgium: “Over the past year our employees, clients, partners, and society as a whole have faced the largest health and economic crisis in decades. Looking back, I’m inspired and grateful that thanks to our shared resilience and a team effort, we were able to pull through this difficult period together. As we start to leave behind much of the uncertainty that has characterised the past 18 months, the time now comes to look forward with renewed optimism and ambition. Deloitte will continue to build upon its Purpose-driven work for positive societal impact, and we plan to hire a record number of 1,500 new colleagues to do our part in making sure Belgium rebounds quickly and sustainably after the COVID-19 crisis.”
1,500 new employees
On 31 May, the closing date of the financial year, Deloitte counted 4,646 employees in Belgium. The number currently stands at 5,116, representing 72 different nationalities. In its next fiscal year, Deloitte plans to hire more than 1,500 new colleagues to strengthen the capabilities of its team across all services. This is the highest ever hiring target in the history of Deloitte Belgium. In its 2021 fiscal year Deloitte hired 1,065 new colleagues, meaning the new target is an increase of 44% compared to the previous financial year. On average, Deloitte hired 1,015 new colleagues yearly between 2016 and 2020.
Taking into account employee rotation, Deloitte estimates its total number of employees will increase by at least 8% by the end of May 2022 (the end of its next financial year).
Deloitte’s hiring plans also indicate a marked shift toward new profiles, namely graduates and seniors with a background in STEM (Science, Technology, Engineering and Mathematics). For its 2022 fiscal year, Deloitte plans to hire 380 STEM profiles, or 25% of its total hires. In Deloitte’s 2020 fiscal year, STEM profiles accounted for ‘only’ 17.6% of all new hires. In 2021, this number had already risen to 23% and is now set to increase further.
Deloitte also continued to invest in its current team and employee development and wellbeing. Between May 2020 and June 2021, the firm launched a wellbeing charter and offered employees three Friday afternoons off to reward them for their hard work during the COVID-19 crisis. During its 2021 fiscal year, Deloitte promoted more than 1,100 colleagues, or 24% of its total team. The firm also appointed 20 new partners, of which 30% female. The full list of newly promoted partners includes: Philippe Artois, Bruno Peelaers, Tom Renders, Jan Van Looveren, Wesley Bille, Michele Gabriël, Maarten Moreels, Kevin Overdulve, Mira Sallamo, Frederik Van Holle, Stijn Van Hoof, Agné Vezbergiené, Sebastiaan Preckler, Wim Hermans, Wivine Massaut, Hans Vandewijer, Dries Bertrand, Sabine Boone, Timothy Bruneel, and Annelies Stragier. The proportion of female partners thus increases to 17%, setting Deloitte on track to achieve the goal of 30% female partners by 2030, and confirms the organisation’s commitment to diversity.
Piet Vandendriessche, CEO of Deloitte Belgium: “Deloitte traditionally offers its employees a workspace that focuses on wellbeing and personal development, and we’re confident these are strong drivers in attracting new talent. We’re anticipating our total headcount will increase by at least 8% in the next financial year and we’re also widening our scope for new joiners. What’s most important for us is new colleagues’ match with Deloitte’s culture and values. While we do want to attract specific groups such as STEM profiles, we’re also hiring professionals with a background in history or music. Thanks to our extensive training and coaching programmes, we believe anyone with a true commitment for advisory can have a bright future at Deloitte.”
Carbon neutral by 2030
Deloitte is committed to achieving carbon neutrality by 2030, and continued its efforts to reach this goal throughout 2020 and 2021. Since announcing a dedicated mobility plan in 2017, Deloitte managed to reduce both its CO2 emissions and the total mileage driven by its people by more than 30%. Over the past months, the organisation announced a collaboration with the mobility app Skipr and the purchase of 140 extra MINI Electrics in order to offer its employees a wide range of flexible and sustainable mobility options.
Steady growth across services
Deloitte’s new hiring goals serve to prepare the professional services firm for continued growth in the coming financial year(s). Between June 2020 and May 2021, the firm registered growth across all of its business units.
Deloitte’s Consulting unit realised near double-digit growth in a year that was characterised by the pandemic and new lockdowns. The unit’s revenue surpassed the €200M mark, 5 years after first hitting the €100M revenue mark. Consulting’s growth was driven by strong digitalisation demands from clients, the acceleration of clients’ business transformation through the cloud, and an increased share of international engagements supported out of Belgium. Deloitte also acquired Aptys Consulting, further reinforcing Deloitte’s leading position in the SAP market.
The Financial Advisory unit of Deloitte represented the strongest growth, with a double digit (+16.1%) increase when compared to the 2020 financial year. Deloitte strengthened its position as a leading corporate finance firm, with a specific focus on small- and mid-cap transactions. Deloitte Transaction Services contributed to some of the most significant transactions in Belgium, with vendor due diligence and carve-outs representing significant growth engines in the 2021 financial year.
Accountancy recorded a strong growth in its International Accounting and Tax Services and continues to grow in advisory services. The unit also remains committed to the digitisation and automatisation of accounting and compliance processes among its clients.
Despite the effect of mandatory audit rotation as a result of which Deloitte rotated off from a large number of audit mandates, the firm’s Audit & Assurance business unit has shown stable revenues (+0.1%). Besides the onboarding of new audit mandates in the private companies segment, the further deployment of Assurance solutions was accelerated and has offset the impact of rotation.
The Risk Advisory unit of Deloitte noted stable growth (+2.7%) in part thanks to the work of its Cyber Risk and Crisis Management teams. An additional growth driver was the work of Risk Advisory’s dedicated Sustainability team, which provides solutions to help clients to achieve their sustainability goals and assist them in their clean energy transition.
Deloitte’s Tax & Legal arm achieved single digit growth (3%) despite the fact that the year was impacted by COVID and significant investments were made in new services. As was expected, the drop in travel had a significant impact on mobility and immigration services, but this was to some extent replaced by advice on remote working policies. Traditional advisory services in both indirect and direct tax continue to be highly sought after and as clients look to future-proof their tax functions. Deloitte assisted clients with operating some of their tax and finance processes, or with improving their tax-related data and ERP solutions.
Deloitte Private, which services entrepreneurs, family businesses, and private equity-owned companies, continued to increase its footprint in the Belgian market during Deloitte’s 2021 fiscal year. Working for a wide range of clients, ranging from startups to global family owned-businesses, Deloitte Private offers a tailor-made service and close, personal contact with clients. These values were
particularly valuable as businesses globally were shaken up by a pandemic and
Individual industry growth still impacted by pandemic
In terms of industries serviced by Deloitte, the performance of individual sectors is still impacted by the pandemic. With a double-digit growth the Life Sciences & Healthcare (+26%) and Government & Public Services (+23%) industries are the fastest growing industries in Deloitte’s financial year 2021. The Financial Services and Technology, Media and Telecom industries are still impacted by COVID-19, whilst the Consumer, and the Energy, Resources & Industrials industries remain stable despite the pandemic. With a promising pipeline, all industries are confident for the next fiscal year.
Globally, Deloitte reported a total revenue of US$50.2 billion, a 5.5% USD increase.
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 5,100 employees in 11 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 635 million euros in the financial year 2021.
Deloitte Belgium BV 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 345,000 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 2021, DTTL's turnover reached over $50.2 billion.
Deloitte refers to a Deloitte member firm, one or more of its related entities, or Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms.