Geopolitical uncertainty is reshaping how Belgian companies assess credit risk. Coface’s latest CFO Report reveals how finance leaders are adapting to a business environment marked by supply chain disruptions, weaker demand and growing pressure on cash flow.
Belgian companies are operating in an increasingly complex risk environment, where geopolitical tensions are no longer a distant concern but a direct business challenge. According to the latest Coface CFO Report, 85% of Belgian businesses say they are already feeling the impact of geopolitical developments on their operations, while more than a quarter describe the impact as strong or very strong.
The study highlights a significant shift in the way credit risk is perceived and managed. Traditionally, companies have focused on customers' financial health, examining indicators such as solvency, balance sheets and payment histories. Today, however, credit risk extends far beyond financial statements. External factors such as geopolitical instability, supply chain vulnerabilities and energy-related disruptions are increasingly influencing companies' credit exposure. According to the report, 53% of respondents say these pressures are affecting customer demand, while 28% have experienced disruptions in their supply chains.
As uncertainty grows, Belgian businesses are strengthening their monitoring capabilities. More than eight in ten companies (82%) now rely on external credit scores or risk assessments, while 62% actively monitor payment delays. Yet the report suggests that many organisations still struggle to translate risk intelligence into concrete business decisions. While awareness of risk is increasing, the ability to act proactively remains a challenge.
The findings also reveal a delicate balancing act between protecting cash flow and supporting growth. In a context of weak demand, inflationary pressure and longer payment terms, safeguarding liquidity has become a top priority. However, excessive caution can limit investment opportunities, reduce commercial ambition and ultimately constrain business development.
Another key insight from the report concerns the role of risk teams within organisations. Although risk management functions are critical to strategic decision-making, 62% of respondents still see them as a potential obstacle to growth. Only 24% of risk professionals are directly involved in the decision-making phase, suggesting a missed opportunity to integrate risk expertise earlier into business planning.
For Alexandre Lacreu, Country Manager of Coface Belgium, risk teams should not simply react to problems after they occur. Instead, they should play an active role in guiding decisions and supporting growth strategies from the outset. The report ultimately points to a clear conclusion: in today's uncertain environment, businesses that successfully combine vigilance with agility will be best positioned to manage risk while pursuing sustainable growth.