52% of Dutch chief financial officers are less optimistic about the economic outlook

Chief financial officers in the Netherlands are still focused on growth but are taking a more cautious stance as economic and geopolitical uncertainty intensifies, according to a new survey by Deloitte.

The spring edition of Deloitte’s CFO Survey shows a clear shift in sentiment. More than half of respondents (52%) say they are less optimistic about the financial outlook than three months ago, while only 17% report increased optimism. At the same time, 65% describe current financial and economic uncertainty as high to very high.

Even with weaker sentiment, most CFOs still expect growth. Nearly two-thirds forecast revenue increases over the coming period. However, pressure on profitability is becoming more pronounced. Half of respondents expect operating margins to decline, and 36% say higher energy costs have already reduced profitability over the past two years.

The survey also points to a more defensive approach to capital allocation. While 50% of CFOs expect capital expenditure to rise, these investments are increasingly targeted and tied to efficiency improvements.

Workforce reductions are also expected by 40% of respondents, reflecting a broader shift toward automation and productivity gains. Risk appetite has tightened significantly, with 81% now saying it is not an appropriate time to increase balance sheet risk, compared with 29% in the previous survey.