Dutch businesses are preparing to increase their investment activity in 2026, even as profitability declines and overall sentiment remains subdued. This emerges from the latest Netherlands Business Survey, compiled by Statistics Netherlands (CBS), the Dutch Chamber of Commerce (KvK), the Economic Institute for Construction and Housing (EIB), the Dutch Organisation for SMEs (MKB-Nederland) and employer organisation VNO-NCW.

Businesses Plan Higher Investment Levels

Across the business sector, companies expecting to increase their investments in 2026 outnumber those anticipating cutbacks, resulting in a positive net balance of just over 3 percent. The real estate sector stands out as the most optimistic: on balance, 25 percent of real estate businesses foresee higher investment next year.

In total, nine out of twelve sectors expect investment growth. Notable shifts include the culture, sports and recreation sector and retail, both of which now anticipate higher investment after projecting declines last year. Conversely, businesses in agriculture, forestry and fishing, accommodation and food services, and information and communication expect to reduce investment in 2026.

Profitability Declines in Q3 2025

Despite the positive investment outlook, profitability trends are a concern. At the start of the fourth quarter, more businesses reported declining profitability during Q3 than those who reported an improvement, resulting in a negative net balance. Eight of the twelve sectors shared a predominantly negative view of profitability.

The construction sector was a notable exception, where a more positive sentiment helped offset declines elsewhere and kept the overall figure nearly unchanged from last year. Profitability sentiment improved slightly in wholesale trade, manufacturing, and real estate. However, businesses in the car trade and repair sector faced the greatest pressure, with a striking net figure of –21 percent.

Business Confidence Remains Largely Negative

Business confidence across the Dutch economy remains in negative territory, with only the information and communication sector reporting a positive outlook. Most sectors saw a slight decline in sentiment compared with the previous quarter. Real estate activities experienced the sharpest drop, closely followed by business services, where the net balance deteriorated from positive to negative.

While the accommodation and food services sector recorded the strongest improvement in confidence, it nonetheless remains negative overall. Businesses in agriculture, forestry and fishing reported the lowest confidence levels across all sectors.

Labour Shortages Continue to Hamper Operations

Labour shortages persist as the dominant challenge for Dutch businesses. At the beginning of Q4 2025, 33 percent of business owners identified insufficient staff as their primary operational obstacle—an issue that has topped the list every quarter since Q3 2021.

Weak demand was cited as the main barrier by 22 percent of businesses, while around 10 percent pointed to financial limitations. Notably, more than one-third of businesses (over 33 percent) reported no significant obstacles at all.

References

CBS Statistics Netherlands . (2025, November 06). More investment expected in 2026, profitability down. Retrieved from CBS Statistics Netherlands : https://www.cbs.nl/en-gb/news/2025/45/more-investment-expected-in-2026-profitability-down

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