The business confidence indicator in Belgium fell 3.7 points to -11.9 in December 2025, marking the lowest reading since May and following -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) falling 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.