Not very likely, and I say this as a Belgian.
Our first two Kings were quite belligerent, but the government was never ready to follow their ideas. Leopold II then went on a spree in the Congo, without any real backing from Belgium.
So we would've industrialized and perhaps become the most industrialized nation of Europe for a while, but we'd be no threat to any other nations. Appeasement was a large part of our international politics. (Our Kings were attached to both the English, German and French monarchies).
In any case, militarily we'd never be a match for France or Germany or even Prussia for that matter.
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