As a Flemish inhabitant of Belgium, my take is: Stormin's got a point. I can't see anything as radical as Belgium splitting up happening here anytime soon as long as the economy's not going dramatically down the drain. Up to that point, nobody's going to want to go through with all the reforms that would go with an effective split-up. There's no such thing as a 'quiet revolution', and throwing up barricades, that'll take a whole lot more than just the general dissatisfaction that prevails at the moment. Other Belgians on the forum might disagree with me, and I confess a worsening of the economy over the next few years could change quite a lot really soon, but that's my take for the moment.
The bigger picture is this: the leading Flemish conservative party for years did a terrible job solving the crisis and fixing the economy, as well as stalling a bit more by focusing instead on a territory dispute with the French-speaking community about Brussels, which got blown all out of proportion. The victorious party NVA were about the only conservatives left that one could realistically vote for (there's some fringe parties that you just know won't gather any weight- which is the problem with having so many parties in such a small country). Also, their leader Bart De Wever got massively popular due to his appearances in a television game show last year (sad but true, that's how it works..), I suspect that helped.
And true, they have a separatist streak... but their first proposed step is what the country desperately needs right now, which is a shake-up of the institutional and economical relations between the different language communities. I guess that's what most people voted for at the moment.
The danger is, that if NVA succeeds, they'll get so popular that they can pursue their separatist program further. But the political system in Belgium has some sort of built-in countermechanism to such sudden extreme directions shifts, so we'll see. Also important: in Wallony (French Belgium) the big victory was for a left socialist party (be aware that these terms have a somewhat different meaning in Europe than in the States), and they will probably be the ones who'll put a prime minister in place for the country. That could lead to more bickering in parliament, and more valuable time lost in handling the economy and state reform, but we'll see. We've been called on to vote for three years in a row now, so there isn't much goodwill left by the public. We urgently expect some results now.
I've seen the foreign media focus quite hard on the 'separatist' results of the elections, but that's really overblown. I'm personally not quite happy with the results, but I don't think it's dramatic either. There'll be competent people having a go at governing, it's just competent people I don't like.