The business confidence indicator in Belgium rose 0.8 points to -8.2 in November of 2025, above the market consensus of -8.7, but extending the streak of negative readings that started in early 2022. Pessimism eased for the manufacturing industry (-9.9 vs -11.2 in October) and business related services (-2.2 vs -3.9). On the other hand, the index fell for the building industry (-6.5 vs -6.1), while the prolonged period of uncertainty of US tariffs continued to dampen trade (-8.9 vs -6.1).