what about it's history, current events, and socio-economics makes Belgium different from other francophone countries?
Belgium is only in part a Francophone country.
Much of the tensions you probably have heared of are due to the industrial revolution in the XIXth century. Before 1850, Belgium's primary activity was agriculture, especially in Flanders. There was some cloth-making business it was still artisanal more than anything.
Belgium was the first country on the continent to exploit the industrial revolution to its full extent. Our coal acitivity, along the Liège-Charleroi axis (and to a lesser extent in Limburg) has been hailed as a model throughout Europe and was only followed later by the likes of the Ruhr.
This gave rise to the emergence of a French-speaking industrial bourgeoisie who ruled Belgium more or less until WWII. Mind you, French-speaking does not necessarily mean Walloon. A lot of Flemish industrials found it fancy to speak French rather than Flemish. As a consequence, all administration, schools, justice and so on where in French.
Frustration grew among the Flemish, and step by step the Flemish language gained more and more official usage (cornerstone: Flemish-isation of the Ghent university in 1930).
After WWII, the Walloon economy -roughly based on coal, steel and other havy industries- found it hard to pick up, and completely fell into oblivion in the 1970's, whereas the Flanders' economy started to boom.
This economic shift exacerbated the feelings of the "oppressed" Flemish. Not only were the French speakers imposing their language, now they even started to be an economic burden, literally begging for Flemish money.
That's more or less were we stand. The walloons are still trying to build something on the ruins of their past glory. The flemish are sick of buying for "those lazy-ass, socialist lowlifes", and are still paranoiac for any form of hidden assault of the French language on their territory.
Add to that the fact that Brussels in a French speaking city surrounded by Flanders, and that the Flemish politicians went a bit too far in trying to get the populist (Flemish-independist) vote, and you got a cocktail of frustration that is growing on both sides of the country
That makes 6 minutes, no?
EDIT: now, Belgian historians: please correct me.