Belgians’ net financial wealth fell by €1.7 billion in the first quarter of 2026 to €1,334.3 billion, according to figures published on Monday by the National Bank.
Households made net investments of €7.8 billion in financial assets in the first three months of the year.
Of that, €8.5 billion went into investment funds, which the National Bank described as one of the highest quarterly totals of recent years.
A further €2.1 billion was invested in insurance products, while regulated savings accounts attracted an additional €2 billion.
By contrast, balances on current accounts fell by €2.7 billion and term deposits declined by €1 billion.
Much of the inflow into financial assets was offset by €5.7 billion in valuation losses caused by turbulence on the financial markets.
The National Bank said the impact was felt particularly in March, following the outbreak of the US-Israeli war against Iran, which led to sharply falling stock markets and higher interest rates.
The bank added that financial markets have since recovered. According to initial estimates, that should have a positive effect on the valuation of households’ financial assets in the second quarter of 2026.
Belgians’ total financial assets still rose by €2.1 billion over the quarter to €1,708.5 billion. Financial liabilities, however, increased by €3.9 billion to €374.2 billion.
The National Bank said debt rose across the board, with the sharpest increase in mortgage lending. Mortgage debt climbed by €1.8 billion to €323.4 billion.
The overall result was a €1.7 billion decline in net financial wealth compared with the final quarter of 2025. In that quarter, net financial wealth had increased by €26.5 billion.
