Where dividends and stock-lending income go on the Belgian return: the boxes and codes

The boxes these figures live in

For a Belgian resident's personal income-tax return, dividends are movable income (revenus mobiliers / roerende inkomsten), and they are declared in box VII (cadre VII / vak VII). For dividends the question is not which box — it is almost always box VII — but which code inside it, and that turns on one thing: was Belgian withholding tax already applied, or not. Securities lending is the exception: the compensation a lending programme pays you leaves box VII altogether, and the last section of this guide follows it to box XV.

Two codes carry almost everything an investor with a foreign broker needs:

Code	What goes here
1444 / 2444	Box VII, A.2, c, 1 — "Other income without withholding tax: taxable at 30%". Movable income on which no Belgian withholding tax was applied: foreign dividends received through a foreign broker, but also interest. For the amount actually received.
1437 / 2437	Box VII, A.1, c — the withholding tax you reclaim on the exempt first tranche of dividends, for dividends on which Belgian tax was withheld.

Each pair matches the two columns of the return. On a joint return the left-hand column (1444, 1437) belongs to the older of the two partners and the right-hand one (2444, 2437) to the younger — it is not "you, then your partner". And for married couples and legal cohabitants, movable income is always common: it is split in half, whoever holds the account.

Dividends

Foreign dividends with no Belgian withholding tax → code 1444/2444. Many foreign brokers do not withhold the Belgian 30% and issue no Belgian tax certificate — check your own rather than assume it, because some brokers established in Belgium do withhold. If nothing was withheld, you carry to code 1444/2444 the amount actually received, after any foreign tax has been deducted — not the gross amount. This is the line you assemble yourself, per dividend, from the broker's statements: date, instrument, gross amount, foreign withholding tax deducted, net amount received, and currency.

The FPS Finance's own worked example: on a German dividend of €1,500 gross that suffered 15% German withholding at source, and after the exempt €833 tranche has been applied, the amount to declare is €566.95 — that is (€1,500 − €833), less 15% of that balance.

Dividends already subject to Belgian withholding tax → the reclaim goes in 1437/2437. When a Belgian intermediary already withheld the 30%, you do not re-declare the dividend to be taxed again. Instead you use code 1437/2437 to reclaim the withholding tax on the exempt first tranche: up to €833 of dividends per person, which gives back at most €249.90 at the 30% rate. Two limits are worth knowing before relying on it:

• it applies to ordinary dividends in the sense of art. 18, para. 1, 1°, CIR 92, not to dividends from collective investment undertakings (ETFs, sicavs), from investment funds or from legal constructions, which are explicitly excluded (art. 21, para. 1, 14° CIR 92);
• the €833 amount is confirmed for tax year 2026 (2025 income), and it is frozen, no longer indexed: Circulaire 2026/C/6 pins it at the tax-year-2025 level for tax years 2026 through 2030. The reclaim can never exceed what was actually withheld, either.

The practical split falls along the broker, but the exemption is yours in either case — only the route changes. A Belgian broker does the withholding for you, and you use 1437/2437 to recover the exemption. A foreign broker withholds nothing: there is then no Belgian withholding tax to reclaim, but the exemption applies directly. You simply do not declare the first €833, and carry only the surplus to 1444/2444. Do not give up those €833 on the grounds that 1437/2437 is closed to you. The two routes do not stack: the exemption is worth one tranche per taxpayer, dividends with and without withholding tax taken together.

Securities-lending income

A securities-lending programme pays you a fee for making your holdings available to borrow. Two distinct amounts come out of it, and they do not follow the same code.

The compensation payment goes to box XV, not box VII. While a share is out on loan across an ex-dividend date, the real dividend goes to whoever holds the share; the programme makes you whole with a compensation payment — a "manufactured dividend". For tax purposes it is not a dividend at all: it is a compensation for a missing coupon (indemnité pour coupon manquant), filed among miscellaneous income (art. 90, para. 1, 11°, CIR 92). It has a heading of its own, in box XV, A:

Situation	Code
No Belgian withholding tax applied	1197 / 2197 — box XV, A.2, e, 1 (taxable at 30%)
Belgian withholding tax applied	1127 / 2127 — box XV, A.1, b, 1 (declaring is optional)

The rate is the one that applies to the underlying income (art. 171, 3°ter, CIR 92), which is 30% for an ordinary share dividend.

And the €833 exemption cannot reach it. Art. 21, para. 1, 14°, CIR 92 exempts only dividends within the meaning of art. 18, para. 1, 1°. A compensation for a missing coupon falls under art. 90: it sits outside the exemption altogether. This is not a grey area. Lending a dividend-paying share turns a partly-relieved dividend into fully-taxed substitute income, and that is the real cost of the programme.

The lending fee itself has no published code. The Code does speak of "interest on loans of financial instruments" (art. 261, para. 3, and art. 265, para. 2, 2°, CIR 92), which argues for movable income taxed at 30%. But the FPS Finance has published no declaration code for that fee, neither in the preparatory document nor in the explanatory notes. And in practice some brokers established in Belgium withhold a liberatory withholding tax on it themselves — in which case there is nothing to declare at all. Check first what your own broker does, then confirm the treatment with the FPS Finance or your accountant. We give no code here because there is no official one.

Two neighbours you may also need

• P2P and crowdlending interest — Mintos, PeerBerry and the like — is also box VII movable income at 30%, and it goes under the same code 1444/2444. 1444 is not a "dividend code": its heading reads "Other income without withholding tax", and the FPS notes expressly cover "dividends and interest of foreign origin". Declare the amount received, after any foreign tax.
• The foreign account itself. A foreign broker account is reported separately in box XIII, code 1075, and registered once with the National Bank's Central Point of Contact. That duty is about the account, not the income, and applies even in a year with no dividend at all — it has its own guide.

The amount itself — the foreign leg and the Belgian one — is what the dividend withholding simulator computes.

Always verify your figures

Belfolio computes and presents these amounts, boxes and codes for information only. This is not tax advice, the codes change between tax years, and the FPS Finance publishes no code for the fee from a securities-lending programme. Verify the current codes and which reliefs apply to your situation with the FPS Finance or your accountant before filing.