The Morgan Sports Car Club Belgium was very active in the 1970s and 1980s, but since then activities dwindled. The Club has issued some very nice and desirable badges, of which this is one. In fact the M shaped badge was their last badge. It appeared in several varieties.
 
This was the 10th-anniversary badge, which had the text "Belgium 1974 - 1984" on the tab. Very hard to find now. 
 
A great item for any collection.