Annual Report FY19

Serving clients from Strategy through Execution

We realised an increase in our net revenues for FY19, up from 310.2 million euros in FY18 to 340.9 million euros this year.

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Remaining competitive in a complex world

By truly listening to clients and making sure we fully understand their needs and deliver the high-quality solutions their businesses require, we realised an increase in our net revenues for FY19, up from 310.2 million euros in FY18 to 340.9 million euros this year.

As we continue to operate in a competitive and complex marketplace, we maintain our focus on truly working as one firm, combining our expertise in ways that best help clients transform their businesses for the future.

We also persist with the transformation of our own firm, making the necessary investments to assure the relevance of our expertise and services going forward, specifically in upskilling our people with new digital competencies and attracting key skills and teams.

PwC Belgium at a glance

Offices in Belgium

2,781

hours spent in total on CSR activities

Nationalities

11.6

average days of training per person

587

new hires

55/45%

men / women

340.9

net revenue (in m€)

1,916

employees *

* headcount 30.06.2019

Numbers in detail

TLS	636
Assurance	657
Advisory	407
IFS	216

Reducing uncertainty in a complex world

Our Tax & Legal Services (TLS) practice continued to enjoy good growth in FY19 with a 10 percent increase in net revenues to 136.3 million euros compared to prior year. In the coming year, we’ll also focus on going to market more quickly with new ideas and concepts to help us remain competitive in the mature market in which we operate.

And we’ll continue to invest in the ongoing transformation of TLS to assure our relevance going forward.

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Maintaining a leading position

In the very mature market in which we operate, the continued growth of our Assurance business (1% above FY19) is wholly positive. The largest contributor remains our audit unit that grew five percent compared to FY18, thanks to our ability to secure a number of large audit assignments with clients. As a result, PwC remains the largest audit player and market leader in our sector in Belgium. We continue to invest in remaining firm in this position.

During FY19, we also realised important wins in the non-audit space. Our Capital markets business had a noticeably good year, the result of our ability to engage a number of large clients for accounting advice around International Financial Reporting Standards (IFRS) 17.

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Another impressive achievement

In a market growing at about four to five percent, the 24 percent increase in net revenues that our Advisory practice attained this year, from 71.2 million euros in FY18 to 88.4 million euros in FY19, is again an impressive achievement.

We were also able to expand our headcount across the practice by some 21%, from 310 to 376 average FTE. Growth came from offering outcome-oriented, integrated solutions to the issues our clients face related to deals, digital, risk and regulatory and transformation.

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