Belgium’s business confidence barometer slipped 0.7 points to -10.8 in July 2025 from -10.1 in the previous month, ending a three-month rising streak. The downturn was mainly driven by a decline in manufacturing confidence (-13.5 vs -11.6 in June), with total order books, stock levels, and demand expectations assessed more negatively. In contrast, confidence notably strengthened in the trade sector (-7.2 vs -13.9), mainly driven by a strong improvement in demand expectations, along with increases in employment expectations and forecasts of orders to suppliers. Meanwhile, confidence in the building industry inched up slightly (-10.0 vs -10.2), supported by improved assessments of orders and order books. Sentiment also improved in business-related services (-1.2 vs -2.6), reflecting better evaluations of current activity and outlook.