Chapter 1 CEO confidence and the economic outlook
Confidence in near-term revenue growth has softened globally, with only 30% of global CEOs expressing confidence for the next 12 months—down from 56% in 2022 and 38% in 2025. Belgian CEOs indicate a more optimistic stance, with 30% expecting growth (compared to 21% globally) and 68% reporting stronger confidence in the global economy (compared to 61% globally). At the same time, they are more cautious about the outlook at home, with only 46% expressing confidence in the Belgian economy.
Chapter 2 Key concerns and risks
Macroeconomic volatility (31%), technology disruption (24%) and geopolitics (23%) are the top concerns for global CEOs. Cyber risk has surged to the forefront, with 30% of Belgian CEOs citing it as a major threat. In response, 84% of global CEOs and 92 % of Belgian CEOs plan to strengthen their enterprise-wide cybersecurity—signalling a decisive shift toward resilience as leaders contend with an increasingly complex risk landscape.
Chapter 3 The AI gap and its impact
While technologies are emerging at a fast pace leaving companies to question if they are transforming fast enough to be able to follow, CEOs are seeking new and different skills on the labour market, which is reflected in Belgian CEOs’ concerns that key skills won’t be available when needed. Despite widespread experimentation, only one in eight (12%) of CEOs say AI has delivered both cost and revenue benefits. Overall, 33% report gains in either cost or revenue, while 56% say they have seen no significant financial benefit to date.
A clear gap is emerging between organisations piloting AI and those deploying it at scale. Companies with robust AI foundations are more likely to capture meaningful financial returns, underscoring the importance of disciplined execution and investment.
Patrick Boone - Chairman and Territory Senior Partner PwC Belgium: “AI is breaking out of the lab in Belgium, especially in support functions and go-to-market. A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots. That gap is starting to show up in confidence and competitiveness and it will widen quickly for those that don’t act. The companies that close these gaps while strengthening cybersecurity and addressing leadership and talent questions will turn today’s disruption into tomorrow’s growth.”
Chapter 4 Reinvention becomes a strategic imperative
Amid a shifting global landscape, Belgian CEOs prioritise cybersecurity (70%) over supply-chain resourcing (12%) to address geopolitical and macroeconomic risks. They show limited appetite to exit high-risk markets versus global peers and report minimal net-margin impact from US tariffs.
Reinvention is seen as key to growth: 42% of CEOs globally (46% in Belgium) have entered new sectors over the past five years. Among those planning major acquisitions, 44% expect to invest outside their current industry, with technology the most attractive adjacent sector. In Belgium, leaders are focusing on technology and health services.
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