Natascha Rommens 
16/10/2024
The upward trend we’ve been seeing in the market data of our beloved #belgiangamesindustry is steady. The Belgian game sector in 2023 shows solid growth in terms of number of companies. Turnover and employment, however, are down slightly, a sign that the sector is being curtailed in its growth. Grab the main takeaways of the survey below or download the full report right here.
With an increase of 20%, the Flemish game sector grouped 133 companies in 2023 and has never been bigger. These companies accounted for a turnover of €58,7 million and employed 565 people. In “full-time equivalent” (FTE) terms, employment was 27% lower than in 2022. Revenue was down 16% from 2022, when it was EUR 70 million.
Declining trend in turnover figures
The explanation for the declining sales figures can be found in an adjusted methodology. Not surprisingly, Larian Studios has a major impact on the sales figures for Flanders. For the 2023 report, only the revenue for the Larian studio in Ghent was included (as disclosed in the 2023 financial statements), where in previous reports our total revenue also included the worldwide estimated revenue of the parent company behind Larian. For one thing, Larian itself shared neither clear sales figures of Baldur’s Gate 3 in 2023 nor sales figures of the parent company, and for another, it is methodologically more correct to include only the Ghent studio’s sales figures and not those of the Dublin parent company, since the latter is not Belgian.
This new methodology brings to light an important conclusion: once a Flemish company grows and begins to realise significant turnover, it is more fiscally attractive to move away (in part) from Belgium. Despite the large talent pool in Flanders and the close-knit ecosystem, companies are stunted in their growth by our complex tax system. While the recently granted tax shelter offers oxygen to young and midsized game companies to attract investments, this system brings little solace to companies that already show substantial growth. It demonstrates the challenge facing the future federal government: creating a fiscally advantageous climate for game companies that contribute a lot to employment and the economy of our region. Only in this way will Flanders soon be able to reap all the benefits of its intensive game policy.
Interesting take-aways on Belgian scale
- For Flanders: impressive increase of 20% to 113 companies compared to 2022, when 90 companies were active. This represents 69% of all Belgian game companies in 2023.
- With 27 companies, Wallonia is stagnating and Brussels is growing exponentially with 23 companies (coming from 15 companies in 2022).
- For the fourth time in a row East Flanders remains province with most game companies. Each Flemish province sees its number of game companies rising from 2022.
- In Wallonia Hainaut remains in the lead with 10 game companies.
Hungry for more insights? Download the full report right here
