Camille Van Vyve
13 Jan 2026
Over the medium and long term, the index approach remains unbeatable in Belgium
The past year has been anything but smooth. Between uncertainty about interest rate cuts and the shock of Liberation Day, global stock markets initially took a hit before recovering to end the year with a very solid +8,2%, perfectly in line with the market’s historical average. Consistent with these levels of return, the index approach maintains an unquestionable lead over the major active managers in Belgium over the medium and long term.
One year does not change the course of history
Although global stock markets delivered in 2025 a performance perfectly in line with their historical average, the year was exceptional in many respects. However, an exceptional year does not change the story that Easyvest has been telling for 10 years: over the medium and long term, the index approach clearly appears to be the most rational and effective. For investment horizons longer than 3 years, global indices have provided better returns than the major Belgian active managers, and this across all risk profiles.
More risk, more return
A truth that does not lie. Over 10 years, equity-oriented investors achieved an average annual return of 8.2% with the index approach. That is 2.6% more than the average of the active managers studied over the same period. For investors with a neutral profile, the annualized 10-year return is 6%, representing a 2.3% gap with the average of the other players.
2025, a good vintage for European stocks
For once, European stocks performed very well this year. In addition, the weakening of the dollar worked against euro-based investors, who were not able to benefit as much as expected from US growth. This double effect produced, for once, a positive result for some Belgian active managers, who are traditionally overweight European stocks.
“For once”, an expression to avoid in investing
Winning “for once” also means losing most of the time. Our study highlights this reality: the winners of 2024 are the losers of 2025, and vice versa. Conversely, despite an exceptional situation this year, the index approach has maintained an unquestionable long-term lead over Belgian active managers, while delivering returns above the market average in 2025. The informed investor sees this clearly: rather than chasing short-term outperformance, they choose a rational approach that allows them to build and maintain an advantage over the long term.
Request a free audit of your portfolio
Every situation is different and deserves a personalised analysis. Do you have a managed portfolio with a Belgian financial institution and are you questioning its performance? Send us a recent portfolio report and we will provide you with a complete comparative analysis within 24 hours. Presented in the form of an infographic, this report compares the performance of your current portfolio with that of a comparable index portfolio in terms of risk. One of our managers will then contact you to comment on the analysis and discuss your objectives with full transparency.
Methodology and sources
You will find more details on the non-speculative approach and on the performance of the investment funds examined in the infographic below. The methodology and data sources used are also explained there.