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The Deloitte Belgium CFO Survey Q3 2019 Edition

CFO Survey | Q3 2019 Edition

Q3 2019: Navigating the geo-political waves and uncertainty

The uncertain economic and political environment has caught up with the CFO Survey participants. Optimism hits the lowest level we have witnessed since 2013. Geo-political risks are a key culprit of CFO pessimism. Survey participants have never expressed more concern about geo-political turmoil than today. Notwithstanding this sentiment, the indicators related to company performance, growth expectations and investment intentions remain overall strong. Survey participants are traditionally more optimistic about the prospect of their own organisation than about economic performance as a whole. But this quarter we see this gap widening.

Notwithstanding the scepticism towards the national and global political atmosphere, expectations related to revenue, operational margins and profits have once again increased. 53% of corporates expect to increase capital expenditure and 42% plan to increase their organisation’s headcount. Belgian CFOs focus on cost control, and organic growth to increase productivity and efficiency.

Expansion remains on the agenda, 62% of the survey participants plan to pursue enlargement strategies. Supporting this expansion plans are the positive evaluation of financing: the cost of credit decreased and companies are planning to increase corporate debt. For the first time since 2015, survey participants consider interest rate decreases more likely than interest rate increases. In September the ECB announced its decision to keep interest rates on hold and to restart its quantitative easing bond-buying programme as of November. But when asked about the appropriateness of EU monetary policy, negativity outweighed positive sentiments, which is a first since the launch of the Belgian CFO survey in 2009.

Five months after the elections in May, Belgium still does not have a new federal government, and the outlook to form a new coalition in the short term remains grim. As a consequence, confidence in the appropriateness of financial and economic policy making for the long term success of businesses in Belgium has plummeted further. Close to 60% of participants expressed a negative opinion about Belgian financial and economic policy making. When asked about the appropriateness of specific policy domains, not a single one displays a net-positive score. Highest on this list are taxation policy and Education and training at -10%. Energy policy scored lowest on this list at -45%.

This edition of the CFO survey includes a special topic on the inclusion of climate change strategies within the corporate strategy. CFOs report board members, management and employees as well as customers are exerting the most pressure on organisation to act on climate change. Less than 40% report feeling notable pressure from government or regulators. When it comes to actions, companies are especially looking at low-hanging fruit, being greening the fleet and increasing the efficiency of energy use. 4 in 10 report having corporate emission targets in place. When such emission targets exist they are almost always a formalised part of the corporate strategy or vision. However, only rarely are there any financial incentives for management attached to obtaining these goals.

In summary, Belgian CFOs are pessimistic about the general economic environment in which they navigate, but remain confident in the performance of their own organisations. The future will tell if and how these gaps in expectations will reconcile.

Thierry Van SchoubroeckPartner

Click on the dashboard frames to see a detailed overview


The macroeconomic backdrop to the Deloitte Q3 2019 Survey

The global economy continued to slow over the third quarter with the OECD and IMF downgrading their growth forecasts for 2019. This was due in part to the ongoing US-China trade dispute, which escalated in Augustas both countries announced new tariffs.

The economic impact of the trade dispute crystallised, with global trade volumes and manufacturing activity the hardest hit. Manufacturing output contracted in the US, the UK, Germany and Japan. German manufacturing has been particularly weak, sparking fears of a recession in the country.

The US Federal Reserve and the European Central Bank (ECB) both eased monetary policy in the face of the slowdown, cutting interest rates and, in the ECB’s case, restarting asset purchases. Financial markets reflected the deterioration in the outlook, with the yield on short-term US government debt rising above long-term yields, a so-called inversion of the US yield curve, which has preceded the previous seven US recessions.

Geopolitical tensions flared in the Middle East, with an attack on Saudi Arabian oil production facilities prompting a sharp spike in the oil price. In the UK, Brexit uncertainty remained elevated.

Ian Stewart, Deloitte UK Chief Economist

Deloitte CFO Survey Q3 2019 Dashboard

Financing options

Bank borrowing availability

Attractiveness bank borrowings

Bank borrowing costliness

Attractiveness corporate debt

Interest rate evolution

Attractiveness equity

Financial leverage Attractiveness internal financing

Business priorities

Expansionary focus

Top 3 CFOs’ priorities:

1. On-going cost control2. Organic growth3. Increasing productivity/

efficiency

Capital expenditure growth

Headcount growth

Discretionary spending

Policies

Appropriateness of financial and economic policies

General environment

Optimism

Top 3 CFOs’ concerns:

1. Shortage of (skilled) labour

2. Current geo-political risks

3. Changes in regulation

Economic uncertainty

Risk appetite

Turnover growth

Belgian economic growth

Climate change Special Topic:

Pressure to act on climate change, Corporate measures on climate change

CFO Survey | Fourth quarter 2017 Edition

General environment

Optimism


Risk appetite


Estimated Inflation (distribution)

Estimated Inflation (history)

Business concerns

Performance to Budget


“ Pessimism hits the lowest level since 2013 ”

Mor

e op

timis

ticLe

ss o

ptim

istic

Net % of CFOs who are more/less optimistic about the financial prospects for their company

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

'19 Q3

'19 Q2

'19 Q1

'18 Q4

'18 Q3

'18 Q2

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'16 Q1

'15 Q4

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

'12 Q4

'12 Q3

'12 Q2

'12 Q1

'11 Q4

'11 Q3

'11 Q2

'11 Q1

'10 Q4

'10 Q3

'10 Q2

'10 Q1

'09 Q4

'09 Q3

'09 Q2

'09 Q1

-18%

22%

0%

17%

40%

53%

26%

8%

-34%

12%12%

-42%

-27%

-11%

-29%

-15%

34%37%

38%

49%48%

34%

20%

6%3%

-2%

-24%

-16%

-4%

30%

39%35%

8% 8%9%

24%27%

23% 23%

-13%

11%

44%

25%


General environment

Optimism


Risk appetite




Business concerns



% CFOs rating the general level of external financial and economic uncertainty facing their business as high

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

'19 Q3

'19 Q2

'19 Q1

'18 Q4

'18 Q3

'18 Q2

'18 Q1

'17 Q4

'17 Q3

'17 Q2

'17 Q1

'16 Q4

'16 Q3

'16 Q2

'16 Q1

'15 Q4

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'13 Q1

'12 Q4

'12 Q3

'12 Q2

'12 Q1

'11 Q4

'11 Q3

'11 Q2

50% 50%

44%

33%

61%

85%

82%

22%24% 25%

53%50%

39%

46%

30%

39%43%

81%

88%85%85%

77%79%

69%63%

49%54%

56% 56%66%

63%

77%

60%

49%


General environment

Optimism


Risk appetite




Business concerns



“ CFOs risk appetite drops after signs of recovery from the last two quarters ”

% of CFOs who think now is a good time to be taking greater risk onto their balance sheets

5%

17%17%

21% 23%

28%31% 35%

41%

35%

19%

13%

19%

8%

14%

30%

24%

40%

39% 38%

23%

31%39%

43%

69%

52%

45%45%

41%

37%

21% 24%

28%

15%

21%

22%21%

35%

42%

33%

36%

41%44%

0

10

20

30

40

50

60

70

80

‘19 Q3

‘19 Q2

‘19 Q1

‘18 Q4

‘18 Q3

‘18 Q2

‘18 Q1

‘17 Q4

‘17 Q3

‘17 Q2

‘17 Q1

‘16 Q4

‘16 Q3

‘16 Q2

‘16 Q1

‘15 Q4

‘15 Q3

‘15 Q2

‘15 Q1

‘14 Q4

‘14 Q3

‘14 Q2

‘14 Q1

‘13 Q4

‘13 Q3

‘13 Q2

‘13 Q1

‘12 Q4

‘12 Q3

‘12 Q2

‘12 Q1

‘11 Q4

‘11 Q3

‘11 Q2

‘11 Q1

‘10 Q4

‘10 Q3

‘10 Q2

‘10 Q1

‘09 Q4

‘09 Q3

‘09 Q2

‘09 Q1


General environment

Optimism


Risk appetite




Business concerns



“ CFOs are cautions concerning Belgian economic growth. ”

32%

9%6%

53%

What do you expect the economic growth in Belgium to be in 2019?

1,9% to 2,5%

Greater than 2,5%

1,5% to 1,9%

1% to 1,4%

0% to 0,9%

Less than 0%


General environment

Optimism


Risk appetite




Business concerns



Estimated inflation (ditribution)

0%

10%

20%

30%

40%

50%

60%

70%

<0% 0,0% 0,6% 1,1% 1,6% 2,1% 2,6% >3,0% 0,5% 1,0% 1,5% 2,0% 2,5% 3,0%

Eurozone Belgium


General environment

Optimism


Risk appetite




Business concerns



Estimated inflation (history)

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0

Eurozone Belgium

2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3


General environment

Optimism


Risk appetite




Business concerns



“ As Shortage of (skilled) labour remains a top concern, the Current geopolitical risks jumps to second place ”

CFO business concerns over the next 12 months

0% 20% 40% 60% 80% 100%

Deflation risk

China’s slow-down

Increasing sovereign risk

Euro exchange rate

European Union Stability

Access to capital/funding

Impact of Belgian financial & economic policy making

Monetary policy

Eurozone stability

Inflation risk

Competitive position in the market

Economic outlook/growth

Changes in regulation

Current geopolitical risks

Shortage of (skilled) labour

Not a concernSomewhat of a concernStrong concern

69% 25% 6%

32% 50% 18%

32% 35% 32%

26% 65% 9%

24% 53% 24%

18% 21% 62%

15% 71% 15%

15% 38% 47%

12% 56% 32%

12% 21% 68%

9% 68% 24%

9% 42% 50%

9% 35% 56%

9% 32% 59%

3% 21% 76%


General environment

Optimism


Risk appetite




Business concerns



“ Survey participants observe a positive performance of the actuals ”

Comparison of the surveyed organisations' actuals performance versus budget

‘13Q4

‘14Q1

‘14Q2

‘14Q3

‘14Q4

‘15Q1

‘15Q2

‘15Q3

‘15Q4

‘16Q1

‘16Q2

‘16Q3

‘16Q4

‘17Q1

‘17Q2

‘17Q3

‘17Q4

‘18Q1

‘18Q2

‘18Q3

‘18Q4

‘19Q1

‘19Q2

‘19Q3

Worse than expectedAs expectedBetter than expected

0%

20%

40%

60%

80%

100%

Net %

38%

52%

32%32%

35%45%

30%30% 36%

37%41%

30%

30%

32%

44%

21%

41%

29%

30% 30%

37%

30%

31%

20%

39%

30% 50%24%

39%

36%

25%

33% 33%

36%

20%

31%

47%

41%

35%

24%

42%

33%

24%

21%

40%48%

29%

62%

27%17%15%

27%

40%30% 31%

29%

37%32%

37%33%

37%

32%

42%

28%

35%

24%

40%33%

31% 30%26%

33%

-37%

9%

-5%

8%

-5%

-13%

-9%

6%

-4% -5%

-9%

7%

-5%

-17%

-4%

-10%

10%

17%

11%

-1%

4%

13%

7%

-3%


Business priorities

Priorities

Business Strategy

Evolution of Business priorities

Capex, headcount anddiscretionary spending

Capex expectations

Revenue expectations over the next 12 months

Business metrics

“ On-going cost control and Organic Growth steer the priorities of the surveyed organisations ”

CFO business priorities over the next 12 months

Not a prioritySomewhat of a priorityStrong priority

0% 20% 40% 60% 80% 100%

Raising dividends or share buy backs

Increasing operating expenditure (OPEX)

Disposing of assets

Increasing capital expenditure (CAPEX)

Expanding by acquisition abroad

Reducing leverage

Expanding by acquisition in Belgium

Expanding into new markets

Increasing focus on sustainability programmes

Increasing cash flow

Digitalisation

Introducing new products/services

Hiring new talent

Increasing productivity/efficiency

Organic Growth

On-going cost control 29%71%

26% 3%

3%

71%

29%68%

26% 9%65%

29% 9%62%

32% 9%59%

50% 9%41%

26% 35%38%

12% 68%21%

44% 38%18%

29% 56%15%

32% 56%12%

24% 65%12%

24% 74%3%

12% 85%3%

38% 3%59%


Business priorities

Priorities

Business Strategy



Capex expectations


Business metrics

Consolidate/defensive strategies

38%

62%

Which strategy is currently highest on your priority list?

Implement expansionary strategies


Business priorities

Priorities

Business Strategy



Capex expectations


Business metrics

Business Priority

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

19'Q3 19'Q2 19'Q118'Q418'Q318'Q2 18'Q1 17'Q4 17'Q3 17'Q2 17'Q1 16'Q4 16'Q3 16'Q2 16'Q1 15'Q4

76%

24%

37% 37%

30%

38%

21%24% 24%

15%

32%

39%

37%

44%

34% 31% 38%

63%63%

70%

62%

79%

76% 76%

85%

68% 61% 63%

56%

66%69%

62%

Expansion Defensive


Business priorities

Priorities

Business Strategy



Capex expectations


Business metrics

Net % of CFOs who expect Belgian corporates' capital expenditure, headcount, and discretionary spending to increase over the next 12 months

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Capital Expenditure Headcount Discretionary Spending

3%

20%22%

11%

14%13%

33%33%39%

45%

41%

57%57%

63%

51%

50%

48%

36%

11%

35%

26%25%

50%

37%

9%

27%

53%

46%48%49%

67%

44%

42% 42%

11%3%

48%53%

58%

19%

56%

14%

2%

20%

12%

30%32%

-7%

2%

28%30%

6%

17%

-11%

0%-5%

5%0%

-9%-10%

-2%

‘14Q3

‘14Q4

‘15Q1

‘15Q2

‘15Q3

‘15Q4

‘16Q1

‘16Q2

‘16Q3

‘16Q4

‘17Q1

‘17Q2

‘17Q3

‘17Q4

‘18Q1

‘18Q2

‘18Q3

‘19Q1

‘19Q2

‘19Q3

‘18Q3


Business priorities

Priorities

Business Strategy



Capex expectations


Business metrics

“ 68% of the participants expect an increase in capital expenditures over the next 12 months ”

CAPEX expectations over the next 12 months

15% 15% 38% 18% 6%9%

Increase between 6% and 10%


Same Level

Decrease between 1% and 5%


Decrease with more than 10%Increase with more than 10%


Business priorities

Priorities

Business Strategy



Capex expectations


Business metrics


3% 15%3% 9% 12% 58%

Decrease with more than 5%



Same level Increase with more than 5%

Increase between 0% and 2%:



Business priorities

Priorities

Business Strategy



Capex expectations


Business metrics

How are the following key metrics for your company likely to change over the next 12 months?

0% 20% 40% 60% 80% 100%

IncreaseSame levelDecrease

6%

13%

24% 21%

18%

24%

3%

15% 21%

22%6%

21% 27%

15% 27%

15% 18%

33%

55%

61%

9%

32%

85%

55%

55%

21%

21%

64%

64%

72%

21%

58%

68%Capex

Headcount

Inventory levels

Levels of cash and cash equivalents on balance sheet

Operating cash flow

Profit before taxes

Financing costs

Discretionary spending, for instance on travel, training and marketing

Operating costs

Operating margins

Revenues


Financing options

Usage of resources

Attractiveness

Interest rates

Euro

Cost of credit

Expected Interest rate

% of CFOs who intend to increase financing source

0%

20%

40%

60%

80%

100%

internal financingbank borrowing (credit)corporate debtequity

45% 58% 64% 85%


Financing options

Usage of resources

Attractiveness

Interest rates

Euro

Cost of credit


Attractiveness of funding sources

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Negative

Neutral

Positive

bank borrowing (credit)

corporate debt

equity

internal financing 4%32%

19%44%

7%

4%64%

7%87%

64%

37%

32%


Financing options

Usage of resources

Attractiveness

Interest rates

Euro

Cost of credit


Net % of CFOs expecting interest rates to increase in the next 12 months

-20%

0%

20%

40%

60%

80%

100%

14%

33% 39%

46%

27%

18%

39%

47%

80%

38%

40%

13%

8%1%

-8%

66%

47%

61%

40%

11%

38%

85%85%

77%

93%

90%89%

72%

34%

23%

-3%

88%

83%

‘13Q4

‘14Q1

‘14Q2

‘14Q3

‘14Q4

‘15Q1

‘15Q2

‘15Q3

‘15Q4

‘16Q1

‘16Q2

‘13Q3

‘16Q3

‘16Q4

‘17Q1

‘17Q2

‘13Q1

‘13Q2

‘17Q3

‘17Q4

‘18Q1

‘18Q2

‘18Q3

‘18Q4

‘19Q1

‘19Q2

‘19Q3

‘12Q4

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘11Q3


Financing options

Usage of resources

Attractiveness

Interest rates

Euro

Cost of credit


28%

72%

% of CFOs preferring a weak/strong Euro

Weaker Euro

Stronger Euro


Financing options

Usage of resources

Attractiveness

Interest rates

Euro

Cost of credit


Net % of CFOs reporting the availability and cost of credit

‘13Q4

‘14Q1

‘14Q2

‘14Q3

‘14Q4

‘15Q1

‘15Q2

‘15Q3

‘15Q4

‘16Q1

‘16Q2

‘13Q3

‘16Q3

‘16Q4

‘17Q1

‘17Q2

‘13Q1

‘13Q2

‘17Q3

‘17Q4

‘18Q1

‘18Q2

‘18Q3

‘18Q4

‘19Q1

‘19Q2

‘19Q3

‘12Q4

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘11Q3

‘11Q1

‘11Q2

‘10Q3

‘10Q1

‘10Q2

‘10Q4

-80%-70%-60%-50%-40%-30%-20%-10%

0%10%20%30%40%50%60%70%80%

Available Costly

“ Credit remains cheap and available ”


Financing options

Usage of resources

Attractiveness

Interest rates

Euro

Cost of credit


“ Interest rates are expected to remain stable over the next 12 months ”

Decrease significantlyDecrease somewhat

No changeIncrease somewhat

25%25%

47%

3%

Expected Interest rate evolution over the next 12 months


Policies

Government perception

Importance of policies

“ With a caretaker federal Government in place and the uncertainty of the ongoing negotiations, confidence in appropriate financial and economic policy making continues to decline. ”

Perception of a net % of CFOs of the way in which the Belgian governmentis setting the right priorities for financial and economic policy making

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

19% 25%31%

31%

25%

25%14%

12%

21%21%

11%14%

-7%

-23%

-57%

24%

33%

-3%

64%59%

33%

-52%

-46%-44%

-63%

-21%

-34% -27%

2017

Q2

2017

Q1

2016

Q4

2016

Q3

2016

Q2

2016

Q1

2015

Q4

2015

Q3

2015

Q2

2015

Q1

2014

Q4

2014

Q3

2014

Q2

2014

Q1

2013

Q4

2013

Q3

2013

Q2

2013

Q1

2012

Q4

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2017

Q3

2017

Q4


Policies

Government perception

Importance of policies

Net % of CFOs rating the government policies as important

0% 20% 40% 60% 80% 100%

Immigration policy

General levels of regulation affecting business

Urban & town planning

Public expenditure

Climate and environmental policy

Infrastructure

Financial regulation

Education & training

Monetary policy, including interest rates, inflation and the availability of credit (Eurozone policy)

Energy policy

Taxation policy

Labour market

70%

83%

63%

67%

53%

47%

63%

70%

60%

60%

20%

46%


Special Topics

Pressure to act

Corporate measures on climate change

Corporate strategy on Climate Change

“ The pressure for climate change action is performed mainly by the agents closer to the core of the company ”

From whom and to what extent do companies feel pressure to act on climate change

Not at all To a small extent To a moderate extent To a large extent

20%

36%

25%

16%

31%

24%

31%

15%

25%

24%

18%

18%

13% 20%

18% 9%

15%

15%

18%

29%

18%

15%

25%

31%

33%

18%

22%

0 20 40 60 80 100

Banks/lenders

Competitors

Shareholders/investors

Regulators/government

Civil society (e.g. activists, media)

Employees

Clients/customers

Board members/ management

66%

34%

25%

28%

25%

3%

16%

13%

48%

34%

38%

31%

38%

34%

31% 25%

39% 10%

9%

9%

41%

41%

31%

25% 13%

28% 9%

19%

3%

16% 19%


Special Topics

Pressure to act




Not at all To a small extent To a moderate extent To a large extent

0% 20% 40% 60% 80% 100%

Relocate plants and machineries in areas less prone to extreme weather events

Purchase insurance coverage against extreme weather risks

Offset carbon emissions, e.g. by buying carbon credits

Renew facilities to make them resistant to extreme weather events

Include management and monitoring of climate risks in corporate governance processes

Reduce carbon emissions in the upstream supply chain and/or in logistics

Reduce travel (car / air miles)

Shift operational energy usage towards renewable energy sources

Use energy-efficient or climate-friendly machinery, technologies and equipment

Develop new climate-friendly products and services

Assess the risks of climate change for the business

Increase the efficiency of energy use (e.g. energy efficiency in buildings)

Greening the fleet (hybrid / electric) 6%

6%

16%

19%

16%

19%

16%

30%

22%

45%

50%

70%

74%

26%

31%

29%

34%

31%

38%

23%

38%

35%

31%

23%

23%

42%

34%

42%

38%

31%

34%

27%

31%

16%

9%

7%

3%

26%

19%

10%

13%

19%

13%

20%

9%

3%

5%

25% 47% 22%


Special Topics

Pressure to act



Corporate emission targets

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

We have emission targets in line with the Paris agreement

Don’t know

We have our own emission targets

We do not have emission targets in place 50%

9%

6%

34%

Yes

Company's vision towards Climate Change

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Financial incentives to (senior) management are linked to climate goals

Emission goals are a formalised part of the corporate strategy / vision

Climate change risks and opportunities are part of the non-financial disclosure

Yes No

3% 97%

34%

44% 56%

66%

AuthorsThierry Van SchoubroeckPartner, Finance [email protected]

Wim Jansens Senior [email protected]

Luis Fernandes [email protected]

ContactsThierry Van SchoubroeckPartner, Finance [email protected]

Tom Van CauwenbergeFinance Lead, [email protected]

For current and past copies of the survey, please visit:

www.deloitte.be

Profile survey participantsCFO Survey | Q1 2019 Edition

A note on methodologyNot all survey questions are reported in each quarterly survey. In response to the current financial economic situation survey questions will be selected. In case you participated to the survey and would like to receive information about non-reported questions do not hesitate to contact us. Some of the charts in the Deloitte CFO survey show the result in the form of a net % balance. This is the percentage of respondents reporting, for instance, that bank credit is attractive minus the percentage saying bank credit is unattractive. This is a standard way of presenting survey data.

The 2019 third quarter survey took place between September 16, 2019 and September 30, 2019. A total of 34 CFOs completed the survey.

We would like to thank all participating CFOs for their efforts in completing our survey. We hope the report makes an interesting read, clearly highlighting the challenges facing CFOs, and providing an important benchmark to understand how your organisation rates among peers.

Rules on the dashboard indicatorsThe following methodology was applied for the symbols and indicators used in the CFO survey dashboard: An upward arrow is displayed in case an indicator has increased with 5 or more percentage points since the previous survey. A downward arrow is used in case an indicator has decreased with 5 or more percentage points since the previous survey. The equal signs are used in case the indicator remained stable between these upper and lower thresholds. A green symbol is used in case the indicator, from a business perspective, displays a favourable trend or situation; a red colour is used in case the indicator displays an unfavourable trend or situation; a grey colour is in case of ambiguous or neutral outcomes.

15%

38%

47%

What was your company's approximate turnover last year?

Turnover < €100mn€100mn < Turnover < €999mnTurnover > €1bn

Which category best describes your business?

9%

12%

9%

3%

9%12%

12%

6%

15%

6%3% 3%

Business & Professional Services

Other

Transport & logistic

Construction

Technology, Media, Telecommunication

Life Sciences

Industrial products & services Financial Services

Consumer goods

Other

Retail

Public Sector

Energy, Utilities, Mining

45%

30%

25%

What percentage of revenues does your company derive outside of Belgium?

0% - 30%

31% - 69%

70% - 100%

52%

42%

6%

What percentage of revenues does your company derive outside of Belgium?

0% - 30%

31% - 69%

70% - 100%

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