NBB Report

The report reviews Belgium's moderate economic performance in 2025, alongside rising fiscal pressure, with the general government deficit reaching 5.3% of GDP and public debt reaching 107% of GDP. It describes the ECB's completed rate-cutting cycle and the continued resilience of the Belgian banking sector. A dedicated section examines climate-related and environmental risks, ESG risk supervision and exposures of Belgian financial institutions. The report also discusses structural reforms, labour-market challenges and the need to reconcile the energy transition with competitiveness.