Heineken’s Belgian unit Alken-Maes records loss of more than €100 million
Alken-Maes recorded a loss of more than €100 million in 2025 as Belgian beer sales declined and exports weakened. Heineken’s Belgian subsidiary booked €89 million in impairments, mainly related to its Alken brewery and Stassen cider plant.
Impairments deepen the 2025 loss
Heineken’s Belgian subsidiary Alken-Maes recorded a loss of more than €100 million in 2025, as declining domestic beer consumption and weaker exports weighed on its operations. According to Trends, the Belgian company booked €89 million in impairments under Belgian accounting rules, mainly against the brewery in Alken and the Stassen cider plant in Aubel.
The result follows a €157 million impairment recorded by parent company Heineken on its Belgian interest in its 2025 annual report. The Dutch brewer attributed that charge to weak prospects, particularly for export volumes, as well as inflation and broader macroeconomic challenges. Heineken expects Belgian beer-market volumes to decline by 1.3% annually from 2025 through 2028. It forecasts a return to volume growth of 1.3% only from 2029.
Domestic sales fall as competition intensifies
Alken-Maes generated €130.5 million in Belgian revenue in 2025, down 5%. The company described the year as difficult for hospitality sales, with a sharply contracting market and intense competition. Belgium has a large number of brewers, and efforts to protect market share and keep brewing capacity occupied have increased promotional activity and pressure on prices. Alken-Maes had already reported heavy competition, more promotions and financial difficulties among smaller brewers in 2024.
The outlook for 2026 remains weak. Alken-Maes expects the overall beer market in Belgium’s hospitality channel to contract by 5.4%, while retail beer sales are projected to decline by 4.6%. Against that backdrop, management is targeting only a marginal market-share gain: 0.17 percentage points in hospitality and 0.04 points in retail. At the end of June, management expected no additional impairments in 2026 or the near future, but it also anticipated no reversal of the existing charges.
Export weakness raises questions over asset values
Export performance is adding to the pressure. The Alken brewery produces Lagunitas, an American-style IPA brand in which Heineken acquired a 50% stake in 2015. Heineken later booked impairments worth hundreds of millions of euros against the brand in 2020 and 2021. Belgian abbey beer Affligem is also performing less strongly in export markets, creating further uncertainty over the value of related production and distribution assets.
Auditor KPMG issued a reservation concerning the financial statements, Trends reported. The Alken brewery and Affligem distribution rights remain valued at more than €18 million in the accounts, although the Affligem name belongs to the abbey’s monks. KPMG questioned whether that carrying value remained justified. It raised the same concern about kegs, crates and bottles valued at €30 million. Other Alken-Maes operations were not included in the €89 million impairment, notably the Mort Subite craft brewery in Kobbegem and the Puurs malt house. The malt house, Heineken’s largest, generated €143 million in revenue in 2025 and accounted for 44% of Alken-Maes’ turnover. Heineken acquired Alken-Maes in 2008; its portfolio includes Cristal, Maes, Affligem, Mort Subite and Desperados.
