Belgium traditionally presents itself as a strong supporter of multilateral security cooperation and aims to be a reliable partner in the EU and NATO. Nevertheless, the uninterrupted decline of Belgium's defence budget paints a different picture, that of a country that rides cheap on the defence efforts of its partners. Belgium does make equitable contributions to multinational military operations, but the lack of defence investments threatens to undercut its ability to continue to make substantial contributions to multilateral operations. This article builds on the literature on small states and military burden sharing to explain Belgium's post-Cold War defence policy. More specifically, it argues that Belgium's behaviour is anything but irrational, given that it allows to gain a high degree of security and influence at relatively low political and financial costs.