Camille Van Vyve
13 Jan 2026
Over the medium and long term, the index approach has remained 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.
The index approach leads to better long-term returns
1. Aggressive Profile
An index portfolio made up of 70% to 90% equities outperformed traditional accounts over 10, 5 and 2 years
| 2016-2025 | 2021-2025 | 2023-2025 | 2025 | ||||
|---|---|---|---|---|---|---|---|
| Entity | Return | Entity | Return | Entity | Return | Entity | Return |
| Indices | 8,2% | Indices | 8,8% | Indices | 13,6% | ING | 7,9% |
| DELEN | 6,4% | ING | 7,6% | DELEN | 12,0% | BNP Paribas Fortis | 7,5% |
| Degroof Petercam | 6,1% | KBC | 6,9% | ING | 11,7% | Degroof Petercam | 6,9% |
| BNP Paribas Fortis | 5,6% | DELEN | 6,7% | KBC | 11,1% | Indices | 6,6% |
| Belfius | 5,0% | Degroof Petercam | 6,1% | Degroof Petercam | 11,0% | Belfius | 5,8% |
| KBC | 5,0% | BNP Paribas Fortis | 6,0% | BNP Paribas Fortis | 10,5% | KBC | 5,4% |
| ING | NA | Belfius | 5,1% | Belfius | 9,3% | DELEN | 4,2% |
2. Moderate Profile
An index portfolio made up of 50% to 70% equities outperformed traditional accounts over 10, 5 and 2 years
| 2016-2025 | 2021-2025 | 2023-2024 | 2025 | ||||
|---|---|---|---|---|---|---|---|
| Entity | Return | Entity | Return | Entity | Return | Entity | Return |
| Indices | 6,0% | Indices | 5,6% | Indices | 10,5% | ING | 5,9% |
| ING | 5,1% | ING | 5,0% | ING | 9,6% | Indices | 4,7% |
| Degroof Petercam | 3,9% | KBC | 4,4% | DELEN | 9,1% | Degroof Petercam | 4,5% |
| DELEN | 3,8% | DELEN | 4,0% | KBC | 9,1% | BNP Paribas Fortis | 4,4% |
| KBC | 3,3% | Degroof Petercam | 3,4% | Degroof Petercam | 7,9% | Belfius | 4,3% |
| BNP Paribas Fortis | 3,2% | Belfius | 3,0% | Belfius | 7,1% | KBC | 4,1% |
| Belfius | 3,2% | BNP Paribas Fortis | 2,9% | BNP Paribas Fortis | 6,8% | DELEN | 3,6% |
3. Conservative Profile
An index portfolio made up of 20% to 50% equities outperformed traditional accounts over 10 and 5 years
| 2016-2025 | 2021-2025 | 2023-2025 | 2025 | ||||
|---|---|---|---|---|---|---|---|
| Entity | Return | Entity | Return | Entity | Return | Entity | Return |
| Indices | 3,4% | Indices | 1,9% | ING | 7,2% | ING | 4,2% |
| ING | 2,5% | Degroof Petercam | 1,8% | Indices | 7,2% | Degroof Petercam | 3,9% |
| Degroof Petercam | 2,2% | ING | 1,8% | DELEN | 6,4% | Belfius | 2,9% |
| Belfius | 1,7% | KBC | 1,6% | KBC | 6,3% | Indices | 2,7% |
| BNP Paribas Fortis | 1,5% | DELEN | 1,5% | Degroof Petercam | 5,8% | DELEN | 2,6% |
| DELEN | 1,5% | Belfius | 1,2% | Belfius | 5,4% | BNP Paribas Fortis | 2,6% |
| KBC | 1,3% | BNP Paribas Fortis | 0,8% | BNP Paribas Fortis | 4,6% | KBC | 2,2% |
Investment Funds Analyzed
| Institution | Cautious | Moderate | Aggressive |
|---|---|---|---|
| Belfius | Belfius Fullinvest Low ISIN: BE0131576440 | Belfius Fullinvest Medium ISIN: BE0131577455 | Belfius Fullinvest High ISIN: BE0131578461 |
| BNP Paribas Fortis | Strategy Global Conservative ISIN: BE0146932745 | Strategy Global Neutral ISIN: BE0146936787 | Strategy Global Aggressive ISIN: BE0935066838 |
| Degroof Petercam | DP Global Strategy L Low ISIN: LU0035600401 | DP Global Strategy L Medium ISIN: LU0034463017 | DP Global Strategy L High ISIN: LU0035601805 |
| Delen | Universal Invest Low ISIN: LU0524306585 | Universal Invest Medium ISIN: LU0524308870 | Universal Invest High ISIN: LU0524311072 |
| ING | ING P. Portfolio Moderate ISIN: BE0947713237 | ING P. Portfolio Balanced ISIN: BE0947714243 | ING Multi-Strategy Dynamic ISIN: LU2127876121 |
| KBC | Horizon Defensive Classic ISIN: BE6341876165 | Horizon Dynamic Classic ISIN: BE6341880209 | Horizon Highly Dynamic Classic ISIN: BE6341894341 |
The funds of the selected institutions are their flagship capitalization funds belonging to the categories Morningstar Allocation EUR International Cautious, Moderate, and Aggressive. Where there was more than one class of shares in a fund, we systematically selected the class accessible to retail investors, with no restriction on the minimum investment.
These figures show annualized financial returns based on the net asset values of the funds between the closing prices of 31/12/2015 and 31/12/2025, of 31/12/2020 and 31/12/2025, of 31/12/2022 and 31/12/2025. For the 2025 column, the return shown is the total return between the closing prices of 31/12/2024 and 31/12/2025.
These returns are compared to the return of a non-speculative virtual portfolio composed of (i) a global equity component represented by the MSCI AC World IMI Net EUR index in a proportion of 35% (Cautious), 60% (Moderate), and 80% (Aggressive), (ii) a bond component represented by the Bloomberg Euro-Aggregate index, and (iii) 2% cash. The net performance of these portfolios is obtained after deduction of a hypothetical 0,5% fee which represents the remuneration of a wealth advisor and excludes entry costs, transaction costs, tax on stock market transactions, or withholding tax.
Past performance is no guarantee of future returns. Any investment involves risks.
© Easyvest 2026 based on data from Morningstar and Bloomberg