Belgium’s budget deficit reached 5.7% of GDP in the third quarter of 2025, or around €35 billion, marking the highest level in four years, according to data from the National Bank of Belgium (BNB).
The deficit rose from 5% in the second quarter, despite stable revenues. Increased spending on Ukraine support and the social security sector contributed to the rise, BNB stated.
The calculation includes €1.6 billion transferred from frozen Russian assets at Euroclear to the European Union.
BNB’s statistics also revealed that Belgian households’ savings rate increased to 13% in the third quarter, up from 12.7% the previous quarter. This is the highest level in a year.
Households gained 0.8% more disposable income, but their consumption only grew by 0.4%. Meanwhile, their investment rate dropped to 7.7%, the lowest since before the Covid-19 pandemic.
The data further shows that businesses resumed investing in the third quarter of 2025, boosting their profit margins from 43.7% to 44.2%.
