The biggest drop came in the case of Carlos Brito, CEO of Leuven-based AB InBev, for whom 2008 was the year of world conquest, with the takeover of Anheuser-Busch and the promotion to the top of the world brewery rankings. His package of salary plus bonuses fell 75% from €4.29 million to €1.06 million because he failed to meet targets for internal growth. He did, however, receive share options worth €10.32 million for the takeover of AB.

Brito was the best-paid boss in Belgium last year, ahead of Albert Frère of holding company GBL, who this year earned €3.49 million, 11% less than 2007. He came out narrowly ahead of Roch Doliveux of chemical company UCB at €3.39 million.

Only three CEOs earned more in 2008 than the year before. In two cases, De Tijd made estimates; neither GDF-Suez (a French company quoted on the Bel-20) nor Colruyt have published official figures. The two CEOs are thought to have earned 16% and 25% more respectively.

The third winner had the highest increase. Marc Coucke of Omega Pharma saw his pay increase by 30% to €620,000 after he returned to the top spot following a year’s sabbatical. It’s notable that Coucke, even with a rise of almost one-third, is still a very long way behind most of the rest of the field. Only two companies surveyed, Cofinimmo and Befimmo (both real estate), paid less – €400,000 in the case of Befimmo’s Benoit De Blieck.