EY Belgium’s revenue up 12%

• EY Belgium’s revenue rose from €419 million to €468 million in the past financial year*, while its headcount rose 6% to 2,404. It has thus strengthened its position as a leading player in the sector.
• EY also reported significant growth worldwide, posting revenue of $49.4 billion for the past financial year. 
• The global EY organization is investing $1.4 billion in a new artificial intelligence platform: EY.ai.
• In terms of sustainability, EY in Belgium is aiming to reduce its CO₂ emissions significantly. Half of EY's fleet already consists of hybrid or electric vehicles, and only electric cars can be ordered. The ambition to electrify at least 70% of the fleet (hybrid or electric) by 2025 will be achieved. In addition, EY is strongly committed to alternative means of transport to the company car.
• EY Belgium’s new climate-neutral headquarters will open in January 2024.

EY Belgium is proud to announce the financial results of the past financial year, posting an impressive 12% growth in revenue.

Patrick Rottiers, CEO of EY Belgium: “We are delighted to share our strong revenue growth and commitment to sustainability. These results reflect our strong team, growing client base and ongoing commitment to a sustainable future. Our mobility plans, the move to our new headquarters and our investment in AI all go to show that we continue to lead our sector in environmental awareness, flexible working, and technology.”

EY Belgium’s revenue growth is spread across different service lines:

• Tax posted revenues of €176 million, up 7%.
• Consulting featured growth of 12%, posting revenues of €133 million.
• Assurance reported a remarkable growth of 21%, posting revenues of €115 million.
• Strategy & Transactions achieved growth of 11%, posting revenues of €42 million.
   

$1.4 billion investment in its new artificial intelligence platform, EY.ai

As part of the three-year commitment announced in 2021 to invest $10 billion in audit quality, technology, innovation and its employees, the international EY organization further stated that it is investing $1.4 billion in AI and the launch of its own AI platform, EY.ai. Combining knowledge, technology and tools, this new EY platform will provide clients and employees with efficient access to the benefits of AI.

EY Belgium achieves first place in the Great Place To Work® ranking®

In addition to financial growth, EY Belgium once more gained recognition for its commitment to its employees. Nominated for the Great Place To Work® award for the eighth year in a row, EY Belgium took first place within the large company category this year.

This result reflects the strong team culture, flexibility, leadership and training opportunities within the organization. EY Belgium also saw its headcount increase by 6%, from 2,272 to 2,404 employees, while the number of equity partners is now 97. As many as 87 different nationalities work within EY Belgium, reflecting the team’s diversity.

EY Belgium continues to invest in the growth and development of its employees, with its ‘à la carte’ training offering allowing employees to expand their knowledge, even outside their area of expertise.

In addition, EY Belgium recognizes the importance of stress management and mental resilience. With the well-being of employees at its heart, EY invests in programs and training to support this. Executives receive training in people skills and team management, including how to support teleworking and the use of artificial intelligence.

Patrick Rottiers: ‘In all our service lines, the influence of artificial intelligence is growing at lightning speed. The global investment in AI enables us, among other things, to provide all our employees with appropriate training and tools, allowing us to effectively and efficiently support and advise our clients in integrating and leveraging AI in their business processes.’

EY Belgium’s focus on a greener and more sustainable future

EY lives sustainability in all its activities, for example, by promoting green commuting, minimizing the use of plastics, and offering increasingly plant-based meals in company restaurants.

The aim of the recently introduced mobility program is for 70% of the fleet vehicles to be hybrid or electric by 2025. This program reflects the new, post-COVID way of working. EY Belgium is investing in green company cars and a charging infrastructure, while encouraging, among others, the use of alternative means of transport through train season tickets and e-bikes. These measures contribute significantly to achieving EY’s target of reducing its CO₂ emissions per year in Belgium.

As for its vehicle fleet, EY has decided to invest exclusively in electric company cars. To enhance the electric driving experience, EY provides the free installation of charging stations at employees’ homes. To date, EY has already had 151 such charging stations installed.

Patrick Rottiers: “Our core philosophy on mobility is as follows: At EY, we put trust, freedom and flexibility at the heart of our employees’ lives, allowing them to choose the mobility solutions that best suit their individual needs at any given time. This initiative contributes significantly to reducing our ecological footprint.”

Driven by confidence, individual choice and flexibility, EY Belgium’s mobility scheme is posting impressive results:

• On average, 4,000 annual requests for public transport.
• 800 employees have opted to downgrade their cars.
• 106 employees have opted to do without a company car.
• 606 employees have hybrid cars, 65 electric, and 284 plug-in hybrid.
• 94 employees have opted for a leased bicycle.

To further encourage the use of alternative means of transport, EY will utilize all options offered by the government. That is why EY is investigating the possibility of introducing the federal mobility budget into the mobility offer to employees from 2024.

As part of its social commitment, EY launched the internal ‘EY CARes Campaign’, an awareness campaign dedicated to road safety. Driving under the influence, distracted driving and excessive speed are discouraged. One concrete manifestation of this commitment to road safety is EY’s support for the non-profit organization ‘Parents of Road Victims’.

New climate-neutral headquarters to open in January 2024

The culmination of sustainability and innovation is the upcoming move of EY Belgium’s headquarters to a new building – ‘The Wings’ – in January 2024. The new headquarters will be 2,100m² smaller than the current location. The reduction in size has been made possible by the now well-established telework policy and a targeted ‘Activity Based’ occupancy concept placing a strong emphasis on cooperation, exchange of knowledge and networking between the various service lines.

Using a geothermal plant, The Wings will generate its own energy for all internal operations and facilities, without any use of fossil fuels. Thanks to advanced building technologies, The Wings will reduce CO2 emissions by as much as 70%, making it one of the first of its kind in Belgium. Moreover, 610 solar panels have been installed on the roof, while 2 spacious parking lots for up to 300 bicycles reflect EY’s commitment to alternative mobility.

Finally, the new headquarters will use filtered mains water instead of PET bottles. This measure – in effect since 2021 – is resulting in savings of more than 200,000 PET bottles per year, contributing to further reducing the carbon footprint.

Located on Culliganlaan in Diegem in close proximity to Brussels Airport, several train stations and Brussels city center, The Wings is a ‘Triple A’ address and promises to be a further milestone in sustainable corporate office space for EY in Belgium.

Patrick Rottiers: “The introduction of hybrid working has also helped reduce the environmental impact of our offices and employee commuting, while often promoting a better work-life balance. A further goal is to reduce business travel emissions by 35% by FY25, with FY19 as our baseline.”

Agile organization

The past financial year was dominated by Project Everest, the international EY organization’s plan to transform EY worldwide into two independent, multidisciplinary firms; one focused on audit services, the other on consulting services. However, insufficient support and changing market conditions have put a halt to this project.

Patrick Rottiers: “For EY Belgium, this strategic change of direction has had no immediate impact. While we have always recognized the complexity of this endeavor, given the challenges of recent months, the project has now been discontinued. Throughout the process, we stayed together as a close-knit team, allowing us to move forward quickly and as one integrated organization. Our headcount actually increased by 6% over the past year. We remain unwavering in our commitment to the well-being and development of our employees, reducing our ecological footprint and embracing technology and transformation.”

Outlook

Patrick Rottiers: “Increasing inflation, rising interest rates, labor shortages and current geopolitical developments are affecting companies’ willingness to invest. In this complex environment, it is difficult to make accurate predictions regarding earnings trends in the coming year. Among other things, we are noticing a certain market reticence towards consulting services. Nevertheless, we are on the eve of a new wave of profound technological change. Despite the current uncertainty, we therefore remain positive about the medium term.”

*1 July 2022 - 30 June 2023