KPMG 2024 Survey of Sustainability Reporting

With mandatory sustainability reporting nearly upon us, new research from KPMG reveals the world’s and Belgium’s largest companies are taking a proactive approach, with many businesses already publishing sustainability information, including carbon reduction targets.

88% of Belgian companies reported on their sustainability performance (4% increase from 2022)
Formal assurance of sustainability information experienced a notable rise with 38% of companies obtaining third-party assurance (13% increase from 2022)
47% of Belgian N100 companies already adopted the double materiality concept as introduced by the CSRD
53% of Belgian N100 companies now assigned a board or leadership team member to oversee sustainability matters (23% increase from 2022)

The findings of KPMG’s Survey of Sustainability Reporting 2024 indicate seven major trends in Belgium:

Reporting on sustainability has become part of business as usual, with 88% of Belgian companies disclosing their performance in this area. This marks a 4% increase from the 2022 survey results and exceeds the global N100 average of 79%, though it remains well below the G250 average of 96%. Additionally, there is a shift toward integrating sustainability info in the annual report, with 71% of companies doing so, up from 68%.

Steven Mulkens

Executive Director | Audit

KPMG in Belgium

Profile | | Phone

2. Despite moves towards mandatory reporting, voluntary guidelines and standards remain widely used. GRI remains the most popular standard, with 38% of companies using it. There have been increases in use for both SASB and stock exchange guidelines over the last two years (cited by respectively 23% and 2%). These trends underscore ongoing efforts to enhance the rigor and comparability of sustainability reporting, though significant gaps remain.

3. Formal assurance of sustainability information rose with 38% of companies obtaining third-part assurance, a 13% increase from 2022, with 22% focusing on specific indicators. 33% received limited assurance, and only 1% achieved reasonable assurance, while for 3% the level of assurance was a combination of both – highlighting that there is still room for improvement in the verification of sustainability information.

4. The double materiality concept, as required under the Corporate Sustainability Reporting Directive (CSRD) and EU Sustainability Reporting Standards (ESRS), is now adopted by 47% of Belgian companies. Double materiality assessments combine both impacts of the company on people, society and the environment as well as financial effects on the company’s cash flows, financial position and financial performance. Double materiality is a cornerstone in identifying material matters in accordance with the ESRS. Clearly, the percentage implies that companies are already preparing for the upcoming mandatory reporting requirements.

5. Despite a slight decline, 64% of companies reported on specific SDGs, remaining above the global N100 average of 59% but below the G250 benchmark of 71%. A mere 12% provided insights on both positive and negative SDG impacts, while 20% identified relevant SDG targets, a 7% decrease from the 2022 survey. This indicates a need for greater alignment between corporate activities and global goals and targets, such as the SDGs.

6. Regarding broader ESG risks, 62% of companies in Belgium identified climate change as a business risk, while 53% acknowledged social risks, and 39% addressed governance risks. Biodiversity loss was recognized by 26% of companies as a risk to their business, slightly up from the 2022 study but below the global N100 and G250 averages. Despite growing acknowledgement of ESG-related business and financial risks, integration of environmental, social and governance risks into companies’ risk management needs further attention.

7. Sustainability governance is gaining increasing attention, with 53% of Belgian N100 companies now assigning a board or leadership team member to oversee sustainability matters—a notable 23% increase from the 2022 study. The Belgian percentage is higher than the global N100 average (45%) and at the same level as the G250 (54%).

As the CSRD and ESRS introduce extensive reporting requirements, companies will need to address regulatory demands and stakeholder expectations, also showcasing their ESG contributions and long-term value creation. Transparent and reliable sustainability information will soon be part of the general-purpose corporate reporting, driving stakeholder decision-making. Companies that go beyond compliance can demonstrate their value to society, ensuring resilience and future-proofing their business.

Steven Mulkens,
Executive Director, ESG Reporting & Assurance,
KPMG Belgium

For the complete findings, read our report

About the KPMG Survey of Sustainability Reporting

This survey is based on detailed research by KPMG professionals representing 58 member firms, with each reviewing annual financial, integrated and ESG/sustainability reporting published by the largest 100 companies in their countries, territories and jurisdictions. With data from 5,800 companies, this year’s survey is the same size as 2022’s.

This makes it jointly the most comprehensive in the series, which has run since 1993. For each company, staff at a KPMG member firm have examined its most recent available report to gather up to 52 pieces of data using a standard questionnaire.

The responses from each country, territory and jurisdiction have been combined into a single dataset of more than 180,000 items which has been validated and analyzed to produce the results.

This report also draws on the expertise of KPMG subject matter specialists worldwide through interviews and other input. We have drawn primarily on reports published between 1 July 2023 and 30 June 2024. If a company did not report during this period we have used reports published since 1 July 2022 at the earliest.

If a subsidiary company reports on sustainability only through its parent or group company, we leverage the KPMG network and apply the parent company results to the subsidiaries as well. For example, in more than one case the group sustainability results for an international food and drink manufacturer have also been applied to some of its national subsidiaries.

Survey findings are based purely on analysis of publicly available information. No information was submitted directly by companies to KPMG firms.

About KPMG in Belgium

With over 2000 employees across the country, KPMG in Belgium offers your company personalized and multidisciplinary support in audit, accountancy, tax and legal advice. We also support a wide range of management services: from operational efficiency and cost management, to digital transformations, risk management and deal advice. Our local consultants will support you thanks to their knowledge and through the use of innovative tools to help you face each of your challenges.