FX.co ★ Belgium’s NBB Business Climate Weakens Further in February 2026

Belgium’s business sentiment deteriorated in February 2026, with the National Bank of Belgium (NBB) Business Climate indicator falling to -13.7, down from -8.8 in January 2026. The latest reading, updated on 23 February 2026, signals a further deepening of pessimism among Belgian businesses.

The sharper negative value suggests that companies are facing a more challenging operating environment compared with the start of the year. While the data do not specify sectoral details or drivers, the shift from January to February points to mounting concerns that could weigh on investment and hiring decisions if the trend persists. Investors and policymakers will be closely watching subsequent releases to gauge whether this decline marks the start of a more protracted weakening in Belgium’s business climate or a temporary setback.