Figures UCITs sector - Q3 2025
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"The Belgian fund market recorded an increase of 3.6% during the third quarter of 2025, driven by price gains in the underlying assets, complemented by net subscriptions. As a result, the Belgian fund market reached a commercialised asset volume of EUR 327 billion. An absolute record!"
During the third quarter of 2025, the Belgian fund sector recorded growth of +3.6%, mainly driven by price gains in the underlying assets, supplemented by net subscriptions. At the end of September 2025, the net assets of funds publicly distributed in Belgium amounted to EUR 326.9 billion.
- The net assets of funds mainly investing in non‑fixed‑income securities, such as mixed funds and equity funds, increased by +4.5% during this period. Equity funds recorded the largest absolute increase in net assets in the third quarter of 2025. Within the category of mixed funds, pension savings funds increased by 1.3% compared with the situation at the end of June 2025.
- The net assets of funds mainly investing in fixed‑income securities declined by ‑0.2% during the third quarter of 2025.
First nine months
At the end of 2024, the net assets of funds publicly distributed in Belgium stood at EUR 309.6 billion. During the first nine months of 2025, the Belgian fund sector recorded an increase in net assets, mainly driven by net subscriptions, supplemented by price gains in the underlying assets. As a result, at the end of September 2025, net assets were 5.6%, or EUR 17.3 billion, higher than at the end of 2024.
Outlook for the fourth quarter of 2025
Preliminary indications for the fourth quarter of 2025 point to continued growth in the net assets of the Belgian fund sector.
Belgian fund market
The Belgian fund market is defined as “the net assets of funds publicly distributed in Belgium, under Belgian and foreign law”. BEAMA reports on all share classes of public funds that may be marketed in Belgium.
Research by BEAMA shows that the net assets of funds publicly marketed in Belgium increased by EUR 11.2 billion, or +3.6%, during the third quarter of 2025. As a result, these funds represented EUR 326.9 billion at the end of September 2025.
The increase in the Belgian fund market during the period July–September 2025 is mainly explained by price gains recorded in the underlying assets during this period, supplemented by net subscriptions.
The sustained demand for funds indicates that Belgian investors continue to have confidence in funds and are aware of the opportunity costs associated with the various forms of saving and investing.
The evolution of the Belgian fund market in the first nine months of 2025 — which mainly consists of internationally diversified investment portfolios — cannot be viewed in isolation from the global economic context and geopolitical tensions.
During the first nine months of 2025, global inflation developments remained favourable, supported by falling energy prices and further normalisation of economic conditions. Central banks, including the ECB and the Fed, continued their path of gradual interest‑rate cuts, supporting market sentiment and strengthening expectations of a soft landing.
Despite some periods of volatility, financial markets maintained an overall positive momentum. In the third quarter, strong corporate earnings, the continued technology rally and the Fed’s interest‑rate cut in September provided a clear boost to global equity markets. Emerging markets benefited from a weaker US dollar.
Bond markets continued to recover, driven by declining interest rates. For example, the US Core Bond Index posted a gain of more than 2% in the third quarter, while both investment‑grade and high‑yield segments rebounded globally.
This combination of accommodative monetary policy, improved market dynamics and rising demand for both fixed‑income and non‑fixed‑income securities ensured that the Belgian fund market also performed well during the first nine months of 2025. Inflows into bond funds, equity funds and mixed funds remained high, while money market funds recorded net redemptions.
In accordance with the list of public collective investment undertakings on the FSMA website.
In uncertain times, money market funds are seen as a safe haven and attract net inflows. The fact that there were net outflows from money market funds in the first nine months of 2025 suggests that confidence in the equity and bond markets is returning and that investors are ready to move away from safe havens.
The strong growth of the Belgian fund market in the first nine months of 2025 is attributable to the rebound in global equity and bond markets in the second and third quarters, which offset the difficult first quarter. As a result, most asset classes recorded positive results during the period January–September 2025.
Overall, the Belgian fund sector grew by EUR 17.3 billion, or +5.6%, during the first nine months of 2025. Just under 60% of this increase is attributable to net subscriptions, and just over 40% to price gains in the underlying assets. This growth is also confirmed by the statistical data of the National Bank of Belgium (NBB).
Preliminary indications available to BEAMA for the fourth quarter of 2025 point to continued growth in the net assets of the Belgian fund sector.
Funds mainly investing in non‑fixed‑income securities
Within the group of funds mainly investing in non‑fixed‑income securities (such as equity funds), only upward trends were recorded during the third quarter of 2025. These increases are attributable to price gains in the underlying assets, supplemented by significant net subscriptions.
Assets in Belgium held by equity funds increased by EUR 6.4 billion, or +6.2%, during the period July–September 2025. Of this increase, 60% is attributable to net subscriptions and the remaining 40% to price gains in the underlying assets. At the end of September 2025, equity fund assets amounted to EUR 110.1 billion.
The category of mixed funds (including pension savings funds) recorded an increase of EUR 4.9 billion, or +3.4%, during the third quarter of 2025. Of this increase, 75% is attributable to price gains in the underlying assets and 25% to net subscriptions amounting to EUR 1.3 billion. As a result, the commercialised assets of mixed funds stood at EUR 148.7 billion at the end of September 2025.
Mixed funds have enjoyed growing success in recent years and have been the largest asset class since 2015. Thanks to their active asset allocation, mixed funds are particularly well suited to risk diversification policies within the framework of MiFID II and are highly effective in aligning products with clients’ risk profiles.
Within the category of mixed funds, pension savings funds increased by EUR 0.4 billion, or +1.3%, during the third quarter of 2025. At the end of September 2025, pension savings funds represented net assets of EUR 27.4 billion. During the third quarter of 2025, pension savings funds recorded net subscriptions of EUR 55 million.
Capital‑protected funds recorded an increase during the third quarter of 2025 and represented assets of EUR 2.7 billion at the end of September 2025.
Over the first nine months of 2025, the net assets of funds mainly investing in non‑fixed‑income assets increased by +5.1%, or EUR 12.8 billion.
Funds mainly investing in fixed‑income securities
Within the group of funds mainly investing in fixed‑income securities, assets of bond funds marketed in Belgium increased by EUR 3.8 billion, or +7.0%, during the third quarter of 2025, reaching EUR 57.4 billion at the end of September 2025. This increase is attributable to a combination of price gains in the underlying assets and net subscriptions.
Net assets of monetary or money market funds declined significantly due to substantial net redemptions, falling by EUR 3.9 billion, or ‑33.6%, during the period July–September 2025, bringing them to EUR 7.7 billion at the end of September 2025.
Over the first nine months of 2025, the net assets of funds mainly investing in fixed‑income assets increased by +7.5%, or EUR 4.5 billion.
Sustainable funds (according to the SFDR classification)
The table below (Dutch version) provides an overview of the distribution of sustainable funds in Belgium as at the end of September 2025:
SFDR = Sustainable Finance Disclosure Regulation.
Article 8 = products that promote sustainability features;
Article 9 = products with a sustainability objective.
More than four‑fifths of the assets distributed in Belgium are classified by asset managers as SFDR Article 8 or SFDR Article 9 funds. Investors interested in a certain level of sustainability can choose from 1,252 different funds.
Funds under Belgian law
Publicly distributed funds under Belgian law
At the end of September 2025, public funds under Belgian law represented total managed net assets of EUR 240.4 billion. At that time, pension savings funds accounted for 11.5% of public funds under Belgian law.
The calculation of the average annual return of pension savings funds as at 30 September 2025 yields the following results:
1 year: +3.8%
3 years: +8.0%
10 years: +3.6%
25 years: +4.1%Op 3 jaar: +8,0 %
BEAMA has developed a dashboard for pension savings funds, which is included as an annex to this press release. This dashboard provides a concise and visual quarterly overview of the key figures relating to third‑pillar pension savings funds and their evolution.
Non‑public institutional funds under Belgian law
ince the implementing Royal Decrees published in the Belgian Official Gazette of 18 December 2007, investment vehicles tailored to institutional investors may be developed in the form of “Institutional UCITS with a variable number of units”. These institutional funds are non‑public funds and must be notified to the FPS Finance.
These institutional funds should not be confused with public funds with non‑retail share classes that are notified to the FSMA.
At the end of September 2025, the 111 institutional compartments under Belgian law represented EUR 30.9 billion in net assets. These funds appeal to many institutional investors, partly because they add depth to institutional markets in terms of financial assets and pension provision.
More information may be obtained via BEAMA’s representation:
Mr Marc Van de Gucht, Director General, BEAMA
(02 507 68 72 – marc.van.de.gucht@febelfin.be)
BEAMA's services (info@beama.be)
These and other statistics relating to the UCITS sector are available on the BEAMA website (https://www.beama.be/) under the “Statistics” section.
