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The territorial financial arrangements in Belgium reflect the bipolar and centrifugal logic of Belgian federalism. The structure of the Belgian federation is a political reflection of a territorialized language conflict, in part overlaid by inter-regional economic disparities. Discussions about territorial finance are always part of broader negotiations between a richer, Flemish north and a less wealthy, Francophone south about the way in which the two can remain in a common state. While tracing the evolution of Belgium's fiscal federalism before 2001, the contribution focuses on a new settlement achieved in major negotiations in 2001. This settlement established a more stable financial underpinning for Belgium's linguistic Communities (Flemish, Francophone, German) while allowing its economic Regions (Flanders, Wallonia, Brussels) greater fiscal autonomy. It is doubtful, though, that even this latest set of negotiations will provide an enduring basis for Belgian territorial finance.