Belgium’s business confidence index fell 1.2 points to -9.1 in October 2025, down from -7.9 in September and below the market consensus of -7.8, after largely trending upwards since April. The decline was driven by a reversal in the business-related services sector (-3.9 vs 0.1 in September), where optimism about current activity was offset by weaker expectations for future business and overall market demand. Manufacturing (-11.2 vs -10.4) confidence edged down amid soft demand forecasts, though employment is still expected to rise. The building industry (-5.9 vs -5.8) also saw a marginal dip due to lower orders, but order books remain normal and demand is expected to recover. In contrast, confidence in the trade sector (-6.1 vs -7.2) improved for a second consecutive month, as stronger expectations for orders and demand outweighed a more pessimistic outlook for employment.