A 2-1 quarter-final defeat to Italy in Munich on Saturday (AEST) ended the Red Devils' hopes of being crowned champion of Europe.

Belgium once again started the competition with the expectation of mounting a strong challenge to win a first major tournament as the top-ranked team in the world.

It fell short once again under Martinez, but CEO Peter Bossaert says the Spaniard has the full backing of the Belgian FA and he does not expect the 47-year-old to walk away.

Asked if Martinez will remain at the helm, he told HLN: "Yes. He has a contract until the end of the World Cup [in Qatar next year]. 

"We are already together on Monday for the international matches in September and the Nations League final. I'm not afraid he'll leave. Normally he stays.”

Bossaert can understand criticism of Belgium after its exit at the hands of the Azzurri.

"The result is disappointing, so you can call it a failure," he said. "I fully understand that. We didn't realise what we were working for. 

"That's the cruel side of top football. If you lose in the KO phase, you don't have a chance to make amends."

Bossaert does not feel Euro 2020 represented the last chance for a so-called 'golden generation' to win a major tournament.

He said: "I am more positive about that [their chances of glory at a big competition]. This European Championship was a missed opportunity, but the Nations League final will follow in October and the World Cup will start in 16 months. 

"Many of our top players are still quite young. [Kevin] De Bruyne and Eden Hazard are 30, [Romelu] Lukaku 28, [Yannick] Carrasco 27, [Youri] Tielemans 24, and I can name many more. 

"They can last a long time. This generation still has opportunities. Certainly in the first two challenges, the Nations League and the World Cup, we can be ambitious. 

"Then there is the European Championship in Germany. The World Cup in 2026 in the US, Mexico and Canada is still too far away. But if we regularly supplement this core with new talents, I look to the future with confidence."