The business confidence indicator in Belgium fell 3.7 points to -11.9 in December 2025, marking the largest decline since May and following a reading of -8.2 in November, well below the market consensus of -7.8.
Confidence weakened across most sectors, with manufacturing industry (-14.8 vs -9.9) felling amid pessimistic order books, low stock levels, and weaker employment and demand expectations.
Business-related services (-2.5 vs -2.2) remained largely stable, as negative assessments of current activity were offset by more optimistic expectations for future activity and market demand.
Building industry (-8.3 vs -6.5) declined on reduced equipment use and lower order volumes.
Trade (-13.8 vs -8.9) fell for the second consecutive month, driven by expectations of falling demand and reduced orders, though firms still plan to hire over the next three months.