Heineken subsidiary Alken-Maes in the red

The Belgian brewer Alken-Maes, part of the Heineken Group, ended 2025 with a decline in revenue and a substantial net loss in a shrinking market. The company does not expect to return to growth until 2029.

Disappointing outlook

Alken-Maes, known for beer brands such as Maes, Cristal, Grimbergen, Affligem, Mort Subite, and Hapkin, saw its revenue drop by 5% last year, from 344 to 325 million euros. The bottom line showed a net loss of 104 million euros, compared to a small profit a year earlier, according to the recently published annual report.

The losses are primarily the result of a 157 million euro impairment charge, through which parent company Heineken indicates that the Belgian subsidiary will generate less revenue in the coming years than previously estimated. This is therefore an accounting adjustment that has no impact on Alken-Maes’s day-to-day operations. Earlier this year, however, the brewer did cut about twenty jobs.

Heineken expects the Belgian beer market to shrink by 1.3% annually through 2028. The company does not anticipate growth again until 2029. According to the annual report, the main cause lies in disappointing export outlooks, fueled by inflation and broader macroeconomic challenges.

Yesterday, industry peer Brouwerij Haacht also reported a loss, though that company does see a turnaround on the horizon after several difficult years.