Driver duo Carlos Sainz and Charles Leclerc made promising starts to the 2024 campaign, each securing emotional victories in Australia and Monaco respectively.
As a result, they are now out of contention to offer a realistic title challenge as their long wait for a constructors' championship looks set to continue.
It is not only the teams currently ahead on the leaderboard that Ferrari have to worry about though, with fourth-placed Mercedes recently hitting a rich vein of form.
The Brackley-based team have more than doubled Ferrari's points tally since the Monaco Grand Prix, with George Russell and Lewis Hamilton - who will replace Sainz next season - securing victories as well as a number of podium finishes.
Now, ahead of the upcoming summer break - which will begin after the Belgian GP - Sainz has warned his struggling team that they must not allow Mercedes to close the gap further.
Speaking to media after his P6 finish in Hungary, Sainz said: "Mercedes has been in a couple of races, where in cold tracks - where it suit them - they can win the race, like we saw.
"All the tracks like [Hungary], we seem to be very on par with them.
"At the same time, when you look at where they were eight races ago, and where they are now, clearly they've out-developed us and now it's time for us to clearly try and hit our development targets."
Discussing Ferrari's prospects in Spa this weekend, the Spaniard added: "Spa's always been one of our toughest tracks - as our team, I think we've always struggled there in the last two years.
"At the same time, I feel like you never know. Our low downforce rear wing might work a bit better this year and we might be a bit more performing.
"So, obviously always optimistic, at the same time realistic."