The Belgian treasury market in 2025 reflects a function that has largely moved beyond basic cash management and into a more strategic, experience-driven role within organisations. Across sectors, companies are looking for treasury professionals who can operate independently, manage complexity, and contribute to financing, risk management, and transformation initiatives.

By looking at seniority levels, industry distribution, and geographic concentration, a clear picture is painted of how treasury roles are positioned in Belgium today, and where demand is structurally strong or limited. The data below highlights not only who is being hired, but also what kind of treasury function organisations are building.

Seniority Level:

The Belgian treasury market in 2025 was clearly tilted toward experienced profiles. Senior and managerial roles made up 36% of the market, closely followed by mid-level positions at 35%. Together, this means over 70% of treasury hiring targeted professionals with solid hands-on experience rather than entry-level talent.

Executive and Head of Treasury roles accounted for 15%, which is relatively high and points to ongoing leadership turnover, transformation projects, and succession planning. Junior and entry roles remained limited at just 7%, confirming that Belgium continues to be a tough market for early-career treasury profiles.

Industry Overview:

From an industry perspective, demand was well diversified but still higher in traditional sectors. Banking, insurance, and asset management led with 21.6%, narrowly ahead of industrial, FMCG, and manufacturing at 20.3%.

Infrastructure, energy, and utilities followed strongly at 16.2%, reflecting continued investment, financing complexity, and cash management needs in capital-intensive sectors.

The public and semi-public space also played a meaningful role at 11.5%, while consulting and advisory firms represented nearly 10%, underlining sustained demand for treasury transformation and project expertise.

Location Overview:

Geographically, the market remained highly centralized. Nearly 57% of roles were based in the Brussels region, including key business hubs such as Zaventem and Diegem. Flanders accounted for 23%, driven mainly by Antwerp and surrounding industrial clusters, while Wallonia represented a smaller share at 9.5%.

The remaining 10.8% reflects roles with a national scope or less specific location data, often linked to hybrid or multi-site setups.

Taken together, the 2025 data paints a picture of a mature and selective treasury market. Demand is concentrated at experienced levels, leadership roles are actively evolving, and junior entry points remain structurally limited. Industry demand is diversified but still rooted in financial services, industry, and infrastructure, while geography continues to favour Brussels as the dominant treasury hub.

For employers, this means competition for experienced treasury talent remains high. For professionals, it reinforces the importance of depth, adaptability, and cross-sector exposure. Belgium in 2025 is not a high-volume hiring market for treasury, but it is a market where expertise, leadership, and strategic capability are clearly valued.

If you want to discuss more on this topic, reach out to our Belgium specialist, Haia Aaraj.

After two years of growth our team stabilized at about 11. As from our start in 2009, we record all relevant job openings and potential assignments. This has always been for internal analysis purposes. For the first time we will give you some insight into treasury labour market developments. Team Germany and Belgium will be the first in this, keep an eye on what they publish. What I can say is that we see a gradual growth in all our markets.

We do see a shift in the three most common sources of success in recruitment:

1. Active search by employers themselves, often by internal recruiters;
2. Hiring managers going into their warm networks sourcing their new employees;
3. Recruitment agencies.

The first source remains important, advertising used to be print or job board oriented, nowadays social media, both for advertising as well as direct approach becomes more prominent. We notice that recruitment colleagues with a generalist approach have it harder than niche players like we are.

In the interim market we read and hear a lot around regulatory and compliance topics. There is a lot of concern but reality is that nothing changed for those companies who need temporary support. Especially Ron had an excellent second half of the year and we do not see that market slowing down.

As to the seniority of the candidates we find a new position for, we see an increase in success at group treasurer level. Personally I think in 2024 a bit too much of my time went into our internal organisation. In 2025 I enjoyed working on assignments at senior level. What is nice this does not go at the expense of junior assignments, we find from second career step up to retirement and are able to mirror this into our team: junior consultants for junior candidates, senior for seniors. And what is not standard in our industry, our consultants stay with the most junior already almost 2 years in the team.

One market plan I am very happy with, how it evolves, is our focus on what we internally call “treasury providers”. When we started, we had a sole focus on corporate treasury. Increasingly our clients asked for candidates with an expertise in consultancy, with TMS providers and from banks. And we were able to deliver. Very organically, these providers started asking us for staff and that client group is growing. We now have two specialized recruiters for this market.

A further nice development, not scheduled, was an increase in DCM and other funding assignments. Next to cash, risk, IT and other sub task fields, we always found funding experts but now the revenue share of this group grew, especially in the German market. Often this career station is the last before rising to group treasurer level and the strategic impact of these job holders can be huge.

As to what you can expect from us, we will not drastically change our ways. We remain niche recruiters, knowing more about corporate treasury than others and in most cases know the candidate before we find his/her next job. Two aspects will be prominent: technology (AI) and events.

I will not try to cover all that will change due to technology in our organization. But you might have noticed that Monique and Bianca both left our team after being with us over 10 years. In both cases, their initiative. In both cases to choose a whole new path in their career: HR and care. We will miss them and wish them well. Monique did a lot of meeting planning. As some of you might already have noticed, we implemented automation, where you can plan directly into our agenda.

This is a new, convenient and efficient way. Bianca worked a lot on updating and coding of files, so consultants can make the best matches. It will not surprise you that AI can make coding partly redundant. We are very happy Yvonne started because Monique and Bianca did so much more and not all can be automated.

In times that LinkedIn, WhatsApp and other channels become more prominent and many live meetings are replaced by video meetings, we notice that real dialogues remain essential in building real relations. This is why we will continue to invest in events. You can expects us at Eurofinance, FinanzSymposium, ATEB, ATEL, DACT and other events. Especially with the people of treasuryXL we have some exciting plans and personally, I will continue to moderate webinars.

Of course I will not and cannot disclose all details of our operations and plans but I want to wrap up with an internal, shared ambition. As confirmed at a recent DACT event, treasurers have a chance to have an increased impact on the strategy and results of their organization. Often their plans are solid, the step to take is claiming a place at the table. This also applies to leadership of teams. Success of treasury relies on quality of team members and how they are managed. This of course implies that the owner of a treasury recruitment process is the hiring manager. Our ambition is to support all hiring manager in reaching next level leadership impact.

On behalf of Team Treasurer Search, looking forward to making 2026 a success with you.

Pieter

Our client is in the middle of a major transformation, and we have supported them multiple times with both interim and permanent talent.

This time, they needed a seasoned interim Risk Manager to design new policies for newly emerging financial risks, with a permanent successor to follow.

The high-profile interim role, filled fast.

What we did not plan? The match was so strong that both client and interimmer wanted to continue together permanently.
And who are we to stand in the way of a great match?

We brought both sides together, and with one candidate, we successfully filled both the interim and permanent position.

We speak a lot about them, but hardly ever hear a corporate treasurer tell us about how smooth the implementation of the new TMS went. Best reviews were situations where the treasurer knew the solution from before, was a great project leader and willing to do the operational. Perhaps he was just bragging 😉

Most implementations are led by treasury consultancy firms who, on average, do a great job. They have done it before, they have the expertise, have back up colleagues when needed and do not eat too much time out of your already tight budget.

Next to compliments, we also hear corporate treasurers sometimes complain. The consultancy firm might claim too steep a price and are constantly on the look-out which project with you they can pick up next. The consultant who sold the project and did the intake is not the one doing the actual work, information is lost. The very junior consultants are sometimes educated not by their colleagues but by you, the client and corporate treasurer, and your colleagues. And in this tight labour market, also consultancies suffer from fluctuation, resulting in you having new contact persons constantly.

There is another option that might tackle some of these issues: hiring an interim manager. Depending on your requirements, it might be a former consultant now operating under own name. Often cost is lower, many of them are more hands-on and the commitment often feels differently, which for example makes it easier to call again. Downside would be if the interim manager gets sick or is not available for another reason. Continuity is an issue. Also expertise could be too narrow.

It is obvious that this is not a simple equation and it depends on your situation what would work best for you. Time, money, DIY as much as possible are all factors. And sometimes it is as simple that consultants are not available and you have to settle for an interim manager. Or the other way around.

Call us if you want to brainstorm.

One of our recent searches moved at an impressive pace. Within the first week we selected, contacted and presented a strong shortlist, giving the client a clear overview of the best available talent. From there the client acted quickly, interviews were arranged without delay, preparation on both sides was smooth and every step was handled with the same sense of focus. As a result, the entire process was completed within just three weeks.

Because the timeline was clear and efficient, candidate engagement stayed high throughout. Everyone knew where they stood, communication remained consistent and the energy in the process never faded. Candidates felt respected, informed and motivated to move forward.

In the end the client hired a candidate who had been enthusiastic from the very first call and who matched the role, the culture and the pace of the process. Their start date is coming up and both sides are looking forward to it.

This search was a reminder that when a hiring process is structured, decisive and well aligned, great results follow quickly.

If you want a smooth and efficient process like this, we are ready to support you!

There is currently a lot of discussion regarding the migration from MT940 to XML, also known as ISO 20022. I can explain what is happening, why it matters, what challenges exist, and what this means for companies and banks.

What is ISO 20022 and why the migration

ISO 20022 is a modern messaging standard for financial communication, covering payments, reporting, cash management, and more. Unlike older MT (SWIFT-FIN) messages, ISO 20022 is XML-based, allowing much more structured data, including additional fields, hierarchy, and metadata. This richer data enables easier automation (for example, reconciliation), better compliance (sanctions screening, etc.), and more robust reporting. SWIFT is decommissioning certain MT message types, particularly categories 1, 2, and 9 on the interbank network. After this migration, ISO 20022 will become the main standard for interbank communication, such as reporting and payments.

Specifically: Migration of MT940

MT940 is the old SWIFT message for “customer statements,” which shows bank account balances and transactions at the end of the day. Its ISO 20022 replacement is mainly camt.053 (Bank-to-Customer statement). Other MT formats are also migrating:

• MT942 (interim report) → camt.052
• MT900/910 (debit/credit confirmations) → camt.054

Some banks, like Deutsche Bank, have deadlines around November 2025 for certain messages. Some camt versions, such as camt.053 v08, define thousands of tags, meaning that much more information can be transmitted but the complexity increases.

Challenges and points of attention

Technical impact on systems
ERP systems and Treasury Management Systems must handle the new XML structures. Mapping old codes (like Business Transaction Codes in MT) to new ISO codes is required. In SAP systems, XSLT transformations may be needed to read camt.053 XML. Some older accounting systems cannot process or store the additional data from camt.053.

Data quality / master data
Address fields often need to be structured. Unstructured addresses are less accepted in ISO 20022. Companies may need to clean master data to ensure that new mandatory fields, such as LEI or structured addresses, are correctly processed.

Operational risks
During the transition, there is a risk of disruptions: parsing errors or incorrect mappings can lead to payment errors or reconciliation issues. Some companies adopt a phased migration, where banks send both MT940 and camt.053, allowing internal systems to handle both formats and gradually transition. Consolidators that aggregate statements from multiple banks may also face migration challenges. Some banks offer “backward conversion,” converting camt.053 back to MT940 for clients not yet ready, but this is not guaranteed.

Regulatory / compliance
The richer data in camt messages provides better opportunities for compliance, such as anti-money laundering monitoring, because more structured fields are available. Automation can reduce human intervention and thus lower risk.

Change management
Migration is not just an IT project: it affects processes, people (treasury, finance, operations), and governance. Testing is crucial: sample files from banks must be used, and internal systems must be tested thoroughly. Stakeholder management is essential, coordinating IT, treasury, accounting, and banks regarding timing and approach.

Benefits of the migration

• More data and transparency: ISO 20022 provides more structured information than MT, improving visibility of individual transactions, payment sources, and details per invoice.
• Better reconciliation: With more information, payments can be automatically matched to invoices or other records, improving efficiency.
• Future-proof: ISO 20022 is the new standard for financial messaging, preparing organizations for future developments.
• Improved compliance and risk management: structured data supports screening and monitoring better than the old MT messages.
• Better integration with modern systems: contemporary treasury, ERP, and reporting systems can leverage XML for dashboards and analysis.

Critical points

Not all banks deliver “native” camt.053; some convert MT internally, meaning not all extra data is available. Version differences exist (camt.053 v02, v08) with different fields, requiring flexibility. Costs and time must be considered, as the migration requires investment in IT, project management, testing, and training.

Conclusion

The migration from MT940 to ISO 20022 (camt.053) is part of a broader effort in the financial industry to phase out legacy MT messages and replace them with modern, structured XML messages. This offers many advantages, particularly more data, better automation, and improved compliance, but also brings technical and organizational challenges. Companies must act proactively: initiate migration projects, inventory systems, test with banks, and ensure processes are ready for the new reality. For many organizations, this migration will provide strategic benefits in treasury, reporting, and risk management.

If your organization is preparing for this transition and could benefit from specialized expertise, I can connect you with highly experienced interim treasury professionals. experts I have recently collaborated with on a similar ISO 20022 migration assignment.

Let’s talk more!

At a recent treasury event, we invited participants to take part in a short quiz about how digital tools and AI are influencing treasury work. The results were clear: technology is transforming the field faster than many expected, and treasury professionals are eager to keep up.

How AI Is Transforming Treasury

Artificial intelligence is no longer just about automation or efficiency. It combines technology with human insight to make treasury operations smarter, faster, and more strategic.

When asked what excites them most about AI, professionals mentioned three key points:

• Automating routine tasks to focus on more meaningful work
• Improving forecasting accuracy and real-time insights
• Supporting quicker, smarter decision-making

AI is not replacing people. It is giving them time to focus on strategy, creativity, and impact.

Different Thinking Styles

When faced with complex funding decisions, treasury professionals show different strengths. Some focus on streamlining processes and ensuring compliance, while others prefer to build models or discuss priorities with colleagues. This mix of structure, analytical thinking, and collaboration is what makes treasury work effective.

Learning by Doing

Most participants said they learn new technologies best by applying them directly. They are curious, hands-on, and open to exploring new ways of working. This approach helps them stay open and ready in a field that never stands still.

The Skills That Matter Most

• Precision and process focus
• Strong data and analytical capabilities
• Collaboration and clear communication

The future of treasury depends on the partnership between people and technology. AI can process large amounts of data, but humans turn insights into action. Those who can combine technical understanding with strategic thinking will not just adapt to the future of treasury but help shape it.

Many corporates now understand the value of external recruitment expertise. That is a positive development. However, some companies take it too far by assigning the same vacancy to multiple agencies at the same time.

Although this may seem like a smart way to increase reach and speed, it often leads to inefficiency, confusion, and damage to the employer brand.

Reasons why this approach is counterproductive:

1. Candidate Overload

When multiple agencies approach the same candidate for the same role, it creates noise. Candidates may feel overwhelmed or question the professionalism of the hiring company. In some cases, they may withdraw from the process entirely.

2. Loss of Control

With several agencies involved, there is no central coordination. This leads to inconsistent messaging and a fragmented candidate experience. The company loses control over how its brand is represented in the market.

3. Representation Conflicts

A candidate can only be officially represented by one agency. When multiple agencies reach out, disputes arise over who introduced the candidate first. This causes delays, administrative issues, and frustration for all parties.

4. Lower Commitment from Agencies

Agencies that know they are competing for the same role are less likely to invest time in understanding the company and its needs. They focus on speed rather than quality, and may assign less experienced consultants to the task.

5. Higher Costs in the Long Run

If multi-agency searches become standard, agencies will need to increase their margins to cover the risk of unpaid work. This leads to higher costs for the client, without a guarantee of better results.

6. Exclusivity Builds Partnership

Choosing one agency and giving them a short exclusive period, for example two weeks, encourages commitment and quality. The agency will invest time, communicate clearly, and represent the company professionally. If the agency does not deliver, the company can always reassess and choose another partner.

In recruitment, more is not always better. Strategic exclusivity leads to better results, stronger relationships, and a more professional candidate experience. Companies should take the time to select the right partner, and give them the space to deliver.

One of our clients was running a search that took much longer than expected. The role itself was attractive and the requirements were clear, but the process kept slowing down. As time passed, keeping candidates warm became a real challenge. Even the strong profiles who were initially enthusiastic started to lose momentum, and a few eventually dropped out altogether.

We knew the key was consistency. Instead of rushing or pushing harder, we focused on what makes the biggest difference in situations like this: clear communication, timely feedback, and honest expectations. By staying close to the candidates throughout the process, we managed to keep engagement high, even when the timeline stretched.

In the end, the client selected a candidate who remained motivated from the start to the very last step. They had the right background, the right mindset, and the patience to navigate a slower process, and they are now happily placed.

This placement was a reminder that even when a search takes longer, steady communication can keep good candidates on board.

If you are struggling to keep a process moving, let us support you!

I recently placed a really promising candidate who the client liked right away and wanted to move forward quickly. When it came to negotiations, there was a mismatch in expectations, the offer didn’t fit what we had discussed initially.

This is exactly where my role as an external recruiter shows its value. I stepped in, talked to both the candidate and the company, clarified everything, and smoothed out the miscommunication. In the end, the issue was resolved and the match went through successfully, with the salary aligning with both sides’ expectations.

Moments like these really show how working with an external recruiter can add unexpected but important value. When companies make full use of their recruiter, it avoids rushed decisions, leading to better results and a smoother, more enjoyable process for everyone involved.