Several trends in last year's analysis underline this shift towards competitiveness.
Regulation is no longer the driving force
Almost 70% of Belgium's largest companies now report with quantified CO₂ targets, action plans and SBTi references. more and more companies are making commitments on scope 3, the most challenging of the three scopes, covering emissions at suppliers, customers and other chain partners. Hard targets for 2050 are meanwhile becoming close to standard.
The real driver behind this progress is no longer regulation alone. It is business logic and stakeholder pressure. C-level and boards are deeply involved - making a sudden change of course unlikely.
Industry and real estate push ahead, banks are more cautious
Sectors are diverging. Industrial players combine ambition with concrete transition plans - process decarbonisation often delivers direct financial returns through lower energy costs and resource efficiency. Real estate follows a similar logic: energy-efficient buildings attract better tenants and stronger investor appetite. The financial sector showes a more nuanced picture. Two major Belgian banks have withdrawn from SBTi, caught between strict climate criteria and their social lending mandate.
Scope 3 is where credibility is built
More and more companies are mapping their scope 3 reporting. Three maturity levels are emerging: a leading group mapping full value chains and tracking supplier decarbonisation, a growing middle tier setting requirements for chain partners, and a tail still establishing baselines. CSRD forces better data quality, but comparability remains a challenge.
Technology as a decarbonisation enabler
A trend that has broken through in recent years: digital acceleration and innovation are being explicitly named as levers for decarbonisation. Technologies such as carbon capture and storage (CCS) are appearing as concrete pillars in transition strategies. At the same time, reports are becoming more technical, with double materiality analyses and extensive value chain descriptions. That only increases the need for accessible translation.
CEO communication: integrating vision and data
Ultimately, it is the CEOs who combine vision and data who leave a lasting impression with their strategies. Sustainability integrated into business strategy calls for a different tone: less declarative, and more authentic.
"Our findings raise a question. In a market where almost everyone is in the leading group and reports are starting to look increasingly similar, the challenge shifts. No longer: Are we taking part? but rather: Are we still saying something that matters?"
A closing thought
ESG reporting has come of age. More than ever, it will be important to communicate transparently. Do you have the courage to explain openly why progress has stalled? Do you make clear choices and have the courage to defend them? Finding an authentic voice will become equally important. Can you align data and vision?
The companies that will stand out this year are not necessarily those with the most comprehensive reports. They are those that dare to provide nuance - and that know how to translate their story into a broader context than the technical reporting requirements alone.
References include: AB Inbev, La Lorraine, Lhoist, Vandersanden, Saint-Gobain Belgium, Spade
Read the full Insights report from Finn/Gosselin&deWalque: https://www.finn.agency/sustainability-reporting-belgium-csrd-esg-2026/;