Which are the most profitable restaurants in Belgium?

INSIGHT – Is there a "magic formula" for success in Belgian restaurants? The sector generates billions, but profitability varies greatly. From establishments with high profit margins to chains that dominate in terms of volume, success takes many forms. But Gondola Foodservice's analysis also highlights a constant that seems to connect all restaurants.

In the Belgian hospitality sector, profitability remains an enigma that defies any rules of prestige or format. While the collective imagination associates success with Michelin-starred restaurants, an analysis of the figures demonstrates that simple, local concepts can prove just as, or even more, lucrative.

The Belgian restaurant sector has 16,452 companies with a declared turnover of 7.1 billion euros in 2023. According to the analysis by Gondola Foodservice*, the total added value reaches 410 million euros, representing an average operating margin of 5.8%.

But behind this average lie significant regional disparities.

East Flanders stands out with a median operating margin of 11.1%, the highest in the country.

Conversely, Antwerp has the lowest profit margin (3.7%), while generating the highest net added value: €75 million, thanks to its 2,845 companies and €2 billion in revenue. This represents an average revenue per restaurant of €721,799, significantly higher than the national average (€430,542).

This difference is explained in particular by the presence of large chains such as Top Brands, the number one master franchisee of fast food with, among others, the Pizza Hut brand or Le Monde du Pain better known as the Paul bakery, whose high volumes compensate for tighter margins.

Brussels comes in second in terms of revenue, with over one billion euros, for an added value of 48 million. The capital stands out above all for its exceptional density of restaurants: 2.36 per 1,000 inhabitants, compared to a Belgian average of 1.4.

Profitability: Is there a recipe for success?

Apparently not. Gondola Foodservice's analysis of the most profitable restaurants by province shows that there is no typical success profile.

It includes both the P'tit Creux chip shop in Hainaut and the double-starred restaurant, La Table de Maxime, in Luxembourg.

In Flanders, profitability is often found on the side of large capacity restaurants with world cuisine, such as Hechi World Kitchen (Antwerp) or Wok Dynasty (Flemish Brabant).

The national top 3 is dominated by:

1. Brasserie Rubens in Knokke: a classic and consistent model of high-volume coastal catering.

2. Kasstar t in Ghent: a hybrid concept combining on-premise, takeaway and delivery around a minimalist pasta menu.

3. Wok Dynasty in Boortmeerbeek, a symbol of operational efficiency.

In Brussels, Le Vieux Saint-Martin, an institution in the Grand Sablon, stands out.

In Wallonia, La Métairie (Liège) and Le Panorama (Namur) illustrate the strength of regional restaurants that rely on their local roots and setting.

Despite the diversity of models, one common point links all these establishments: they display more than 1,000 Google reviews and a rating above 4.0.

Customer satisfaction, combined with a clear concept, a good location and rigorous management, remains the best indicator of profitability.

*The finalized data are from the 2023 fiscal year, the most recent available. The segment concerned includes full-service restaurants, limited-service restaurants, and quick-service restaurants.