Traditional welfare state policies with cash benefits and ‘passive’ income protection were complemented with a specific focus on activation, investment in human capital and reconciliation of work and family. By using the new approach of ‘at-risk household-type modeling’, we aim to assess whether and to what extent a social investment turn is discernible in Belgium’s social policy since the mid‐1990s, by illustrating three at-risk-household-types: 1) early school leavers; 2) elderly people; and 3) lone parenthood. From the results, it can be concluded that Belgium was to a considerable extent on the path to social investment. The shift from passive cash payments to more activating and employment-related services and measures is most pronounced when looking at the case of the lone parent that aims to reduce working hours and the long-term unemployed elderly couple.