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.

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.

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.

Lately, I keep getting the same question from my interim pool: “How is the market?”

At first glance, it might look like we have been quiet. But the truth? Far from it. With over 250 treasury professionals in our network, and up-to-date info on their skills and availability, I usually already know who fits a role before it even hits the public channels.

During an intake, I rarely spend time on slides or job postings. I pick up the phone, call the right candidates, and fill the role efficiently. That is why our assignments are often fulfilled faster than you would expect.

A few roles we have placed in the past few weeks: Interim Treasury Analyst, Interim Treasury Specialist, Interim Part-Time Group Treasurer, Interim Financial Risk Specialist, Interim Treasury Director, and so on.

Takeaway: Candidates, stay in touch to stay top-of-mind. Employers, if you need a temporary treasurer quickly, you know exactly where to turn.

Over the past six months, I have been sharing weekly talent spotlights on my page and on Treasurer Search’s page. If you would like to get a feel for the types of profiles we typically work with, have a look.

When treasury talent is discussed, the spotlight usually falls on senior experts with long track records. But there is another group that often gets overlooked: junior treasury professionals. These are the analysts, assistants and consultants at the start of their careers. They may not have decades of experience, but their adaptability, curiosity and digital skills make them an asset to any treasury team.

Who Are Junior Treasury Professionals?

By “junior”, we mean professionals with around one to three years of experience in treasury, financial operations, corporate finance, or related areas. Their work often includes:

• Monitoring and forecasting cash flows
• Preparing reports and analyses
• Supporting treasury systems
• Liaising with banks and colleagues

They are still developing their expertise, but that is exactly what makes them valuable. They are flexible, eager to grow and open to new ways of working.

Why They Add Value

• Adaptability and willingness to learn – Because they are still shaping their professional paths, junior treasurers are quick to adjust to new processes and tools. They are less likely to be bound by habits and more willing to accept and lead change. This is particularly useful in treasury, where regulations, technologies, and work models are constantly evolving.
• Comfort with technology – Having been trained in digital environments, many juniors are already familiar with treasury management systems, data tools, and dashboards. They often have practical skills in automation and data visualization, which can help teams adopt new systems more efficiently.
• A fresh perspective – Because they have not spent years in the same processes, juniors are often able to identify inefficiencies or question routines that have long gone unchallenged. Their curiosity and willingness to propose new ideas can lead to more effective processes, improved reporting, or even new approaches to risk management.

Junior treasury professionals might not always be in the spotlight, but their contribution is important. With their energy, ideas and digital know-how, they strengthen treasury teams today and help prepare them for the future.

In our work, we are in constant contact with corporate treasury teams in transition: building, downsizing but most definitely also TMS and other technology implementations. TMS vendors and treasury consultants do a great job driving innovation and we are happy we can also help them finding their right staff members.

Sometimes we encounter a situation where, after the implementation, only a small portion of the solution is used. Also we hear corporates who simply cannot find the budget for both the license cost as well as the implementation.

This is to inform you about a “non-standard” solution that worked well with a few of our clients:

The standard solution 

A corporate asks a treasury consultant to support in a vendor selection and asks the same consultant to do the implementation afterwards. It also happens often that the vendor screening is done by the corporate and the vendor also implements or suggests an implementation consultant. There are pros and cons in working this way but for many results are fine.

The non-standard way

I mentioned tackles, to a certain extent, cost and making the most of the software you bought. The idea is quite simple: instead of letting externals assume the role of both project leader as well as content matter expert, the own treasury staff takes as much of these roles as possible. The work they cannot do, because they have to invest time in the implementation, is covered by operational, relatively cheap interim treasury support.

Of course most corporate treasurers do not have expertise at the level of vendors or consultants but with their help, leading the project, they will have to learn more, feel more ownership and use the solution better. It would also be naïve to assume that treasurers, on average, have the same project management skills as consultants have, but many of them can get the job done at substantially lower cost.

We constantly keep an eye open for who is available, especially for interim assignments. Finding candidates who can do the operational and are available on interim basis is not easy but our network is there for you.

We look forward to your call!

As recruiters, we are regularly approached by candidates who need help with their career planning. Some people know from an early age exactly what they want to become when they are older, while others need more time exploring their interests, skills, personality and values to decide which path to take.

This process can be complicated – where do you start? Thankfully, there are great tools available to help you make a strategic plan to reach your career goals. One of them is the SWOT analysis, a marketing tool that can also be projected on the labour market. In this article, I will discuss how you can use this tool to “find your bliss.”

What is a SWOT Analysis?

A SWOT analysis is a strategic planning tool that can also be applied to career planning. After you have identified your career goals, this tool can help you:

• Organise, visualise, and evaluate internal and external factors
• Examine your Strengths and Weaknesses (internal environment)
• Assess Opportunities and Threats (external environment)

How to Perform a Personal SWOT Analysis

1. Strengths

Your strengths are internal positive aspects that you control and that make you stand out in your field. Ask yourself:

• What do other people view as your strengths?
• What skills, abilities, knowledge, education, certifications or connections do you have that others don’t?
• What activities make you happy in your job, and why? (There is a strong correlation between what you like and what you are good at.)
• Which professional achievements are you most proud of, and which of your qualities contributed most to this success?
• Do you have a strong network? Are there people in your network who can give you advice?

2. Weaknesses

Weaknesses are internal negative aspects that you control and can improve (or avoid in your next career step). Examining weaknesses can be uncomfortable, but to make a successful SWOT analysis, it’s vital to be as objective as possible. Sometimes others notice things you might be blind to – asking colleagues for feedback can help. Consider:

• What do other people view as your weaknesses?
• Are there gaps in your education, skills, or training?
• Which activities make you insecure or do you avoid, and why?
• What are your worst work habits? (e.g. lateness, disorganisation, short temper, difficulty prioritising, poor stress management)

3. Opportunities

Opportunities are positive external conditions you do not control but can take advantage of. Ask yourself:

• What does the market look like? Are there positive trends in your field (growth, globalisation, new technology)?
• Could enhancing your education create new opportunities?
• Is there an unmet need in your company or industry?
• Are there new technologies you can learn to improve your performance?
• Has your company started new initiatives or projects you could join?
• Can you take on more responsibilities aligned with your career goals?

4. Threats

Threats are negative external conditions that you cannot control but may be able to mitigate. Reflect on:

• Is your company or industry struggling in the current economy?
• Are jobs in your field declining?
• Are you encountering significant obstacles at work?
• What does the competition look like? Do they have skills, knowledge, or education you don’t? (For example, an influx of foreign workers with strong education and lower income expectations.)
• Is demand for your skills declining? Are technological advances changing your job in a negative way?

Putting It All Together

Once you have answered these questions and written them down, the analysis will give you a realistic view of your situation. You will see:

👉 What strengths you can capitalise on
👉 What weaknesses you need to improve or avoid
👉 Which opportunities align with your strengths
👉 Which threats you should avoid or mitigate

Next Steps

A SWOT analysis is only the beginning of career planning. After completing it, ask yourself:

What direction do I want to take?
What steps are needed to get from where I am now to where I want to be?

Tools that can help:

Gap analysis – to develop a practical action plan.
Personal marketing plan – to position yourself effectively in the job market.

Final Note

I hope this will give you some guidance in your career planning. By using a SWOT analysis, you can approach your next career move with clarity and strategy.