Belgium’s business confidence barometer rose 1.9 points to -8.9 in August 2025 from -10.8 in July, marking the highest level since April 2023. The upturn was mainly driven by stronger manufacturing confidence (-10.5 vs -13.5 in July), as business leaders assessed total order books more positively and remained optimistic about demand, expecting employment to rise over the next three months. Sentiment also improved in the building industry (-9.4 vs -10.0), with leaders more upbeat about recent equipment use and orders despite weaker seasonally adjusted order books, and anticipating a slight pick-up in demand. In contrast, confidence declined in business-related services (-1.5 vs -1.2) due to downward revisions in activity and market demand expectations, although current activity was viewed more favorably. The trade sector (-8.3 vs -7.2) also saw weaker sentiment, with more pessimistic expectations for demand and employment only partly offset by improved forecasts for orders to suppliers.