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.
Carlos Sainz and Charles Leclerc have struggled for form in recent racesLewis Hamilton's win at Silverstone underlined Mercedes' improvements
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.
Carlos Sainz's solitary 2024 win came at the Australian GP
"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."