Apparently, during his last speech, Michel tried to do some concessions to the left, with doing a lot of ambitious leftist proposals that stunned political analists in order to save his government. But it didn't help because the government falls. Snap elections aren't likely though, because the experts said that this is a government in current affairs, which is maybe a good thing, as elections in january (three elections in one year) would have a bit too much, and wouldn't have offered anything as it is very unlikely a government would have formed between january and may (as they would want to wait what the results would have been for regional elections).
The Flemish liberal chairwoman did sent a tweet where she explained (in different words) that she wasn't very happy with the concessions the prime minister offered to the left, so this once again proves that the Flemish liberals are more right-wing on economic issues than the MR.
So the government will just continue as a caretaker government until the next election?
"A government in current affairs" is an odd phrase, but I assume it just means a caretaker government.