The business confidence indicator in Belgium rose by 3.8 points to -11.0 in January 2026, rebounding from a seven-month low of -11.9 in December 2025 and exceeding the market consensus of -10.2. Confidence strengthened across key cyclical sectors. In the manufacturing industry (-11.0 vs -14.8 in December 2025), the rebound was driven by more optimistic assessments of total order books and, to a lesser extent, improved employment expectations. The building industry (-6.8 vs -8.3) recovered after monthly declines since October 2025, led by stronger demand expectations. Trade (-5.6 vs -13.8) saw a sharp improvement in sentiment as demand and supplier orders picked up, although firms plan to hire fewer staff in the coming three months. By contrast, business-related services (-2.7 vs -2.5) weakened for the second consecutive month, reflecting lower expectations for market demand and activity, partially offset by more positive assessments of current activity.