In Belgium, McDonald's has once again posted record profits

The Belgian subsidiary of the fast-food giant is showing continued growth in profitability, and significantly faster than its revenue. This is further proof of the effectiveness of McDonald's model, which is more about real estate investment trusts than fast-food operations.

© MCDONALD'S

Times remain uncertain for the Belgian hospitality sector, but not for the American burger giant. According to its recently filed annual accounts, McDonald's Restaurants Belgium generated €81.7 million in revenue in 2025. This represents a 2.5% increase compared to the previous year's restaurant sales, reaching the highest figure since the post-COVID recovery.

“In 2025, continuing the success of previous years, the focus was on strong marketing activities, supported by the media. The idea behind these campaigns was to attract customers through the diversification of the product offering. These campaigns had a positive impact on the evolution of the restaurants' turnover,” summarizes Raffaele Daloiso, the managing director of McDonald's in Belgium, in the accounting appendices.

To attract different customer segments, McDonald's advertising strategy has indeed been characterized by a carefully controlled balancing act between the very affordable and the premium, including a touch of the exotic: aimed at budget-conscious consumers, the McValue platform highlighted smaller, lower-priced options. At the other end of the spectrum, the chain continued to expand its offerings with a move upmarket and its Maestro burgers, flavored with black truffle or chimichurri. The idea was to attract more epicurean and less concerned-about-spending customers.

However, it is in terms of profitability that the performance stands out even more clearly. Operating profit jumped to €28.7 million (+13.3% vs. 2024), boosting net profit for the year to €26.22 million (+14.2%). This momentum alone reflects the leverage effect of the group with the golden arches: franchising and real estate.

McDonald's Belgium does not directly manage restaurants. With only about sixty full-time equivalent employees listed in its social report, the company employs headquarters staff, support functions, and the marketing department in Diegem. The thousands of front-of-house and kitchen staff remain the responsibility of independent franchisees.

More than half of the balance sheet, namely €126.9 million, is tied up in land and buildings. In 2025 alone, the Belgian subsidiary invested over €16 million in real estate. Meanwhile, in terms of its financial structure, McDonald's has no long-term debt.

Regarding the credit risk of receivables, nothing is under control, the managing director states in the management report. "The majority of receivables consist of either intercompany receivables or receivables from our franchisees. Intercompany receivables carry little or no credit risk. The credit risk related to receivables from our franchisees is closely monitored."

Its total equity amounts to €193.3 million, driven by the historical accumulation of profits, carried forward from year to year, which now total €109.7 million. The company is thus self-financed, its only significant liabilities being limited to standard short-term trade debts to its suppliers.

This overcapitalization provides the brand with a degree of immunity to potential macroeconomic shocks. And for the twenty or so multi-franchisees who manage the 130 McDonald's restaurants in the Belgian market, it ensures they can rely on a solid head office capable of maintaining a sustained pace of promotional and technological investments.

For the multinational McDonald's Corporation, this Belgian performance represents a welcome windfall. Given the significant undistributed profits sitting in the Belgian accounts and the apparent lack of need for external financing, the upcoming payment of a dividend to the Chicago headquarters would not be surprising. Contacted for comment on these financial results, which is unusual for the company, McDonald's Belgium has not yet had the opportunity to respond.