FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

         [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended March 31, 2000

                                       OR

         [ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         For the transition period from ............. to ............

         Commission file number:    0-11676


                                  BEL FUSE INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                    New Jersey                          22-1463699
         -------------------------------            -------------------
         (State or other jurisdiction of             (I.R.S. Employer
         incorporation or organization)             Identification No.)


                              198 Van Vorst Street
                          Jersey City, New Jersey 07302
                    ----------------------------------------
                    (Address of principal executive offices)
                                   (Zip Code)


                                  201-432-0463
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


--------------------------------------------------------------------------------
         (Former name, former address and former fiscal year, if changed
                               since last report)


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes _X_           No ___

     Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

     At May 1, 2000, there were 2,638,310 shares of Class A Common Stock, $.10
par value, outstanding and 7,941,141 shares of Class B Common Stock, $.10 par
value, outstanding.


<PAGE>


                                  BEL FUSE INC.

                                      INDEX


                                                                     PAGE NUMBER
                                                                     -----------
Part I.           Financial Information

  Item 1.         Financial Statements ................................       1

                  Consolidated Balance Sheets as of
                  March 31, 2000 (unaudited) and
                  December 31, 1999 ...................................   2 - 3

                  Consolidated Statements of Opera-
                  tions and Comprehensive Income
                  for the Three Months Ended
                  March 31, 2000 and 1999 (unaudited) .................   4 - 5

                  Consolidated Statements of
                  Cash Flows for the Three
                  Months Ended March 31,
                  2000 and 1999 (unaudited) ...........................   6 - 7

                  Notes to Consolidated Financial
                  Statements (unaudited) ..............................   8 - 9

  Item 2.         Management's Discussion and Analysis
                  of Financial Condition and Results
                  of Operations .......................................  10 - 13

  Item 3.         Quantitative and Qualitative
                  Disclosures About Market Risk .......................       13

Part II.          Other Information

  Item 1.         Legal Proceedings ...................................       14

  Item 6.         Exhibits and Reports on Form 8-K ....................       14

Signatures ............................................................       15



<PAGE>


PART I.  Financial Information

         Item 1.  FINANCIAL STATEMENTS

     Certain information and footnote disclosures required under generally
accepted accounting principles have been condensed or omitted from the following
consolidated financial statements pursuant to the rules and regulations of the
Securities and Exchange Commission. It is suggested that the following
consolidated financial statements be read in conjunction with the year-end
consolidated financial statements and notes thereto included in the Company's
Annual Report on Form 10-K for the year ended December 31, 1999.

     The results of operations for the three month period ended March 31, 2000
are not necessarily indicative of the results for the entire fiscal year or for
any other period.


                                      -1-


<PAGE>

                         BEL FUSE INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS


                                                   March 31,        December 31,
                                                     2000              1999
                                                 ------------      -----------
                                                  (Unaudited)
Current Assets:
    Cash and cash equivalents .................  $ 38,764,852      $31,382,629
    Marketable securities .....................       359,357        2,253,039
    Accounts receivable, less allowance
     for doubtful accounts of $670,000
     and $661,000 .............................    16,733,813       18,815,513
    Inventories ...............................    24,876,550       24,210,654
    Prepaid expenses and other current
     assets ...................................       741,158          334,820
    Deferred income taxes .....................       223,000          111,000
                                                 ------------      -----------
         Total Current Assets .................    81,698,730       77,107,655

Property, plant and equipment - net ...........    36,040,131       36,021,708

Goodwill-net of amortization of
     $2,418,606 and $2,042,008 ................    11,370,846       11,747,444

Other assets ..................................       376,235          372,475
                                                 ------------     ------------

         TOTAL ASSETS .........................  $129,485,942     $125,249,282
                                                 ============     ============


                                   (Continued)


                 See notes to consolidated financial statements.
                                       -2-


<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                     March 31,      December 31,
                                                       2000             1999
                                                   ------------     ------------
                                                    (unaudited)

Current Liabilities:
    Accounts payable ............................  $  4,076,752     $  4,375,915
    Accrued expenses ............................     9,232,280        9,021,672
    Income taxes payable ........................       866,594          241,850
    Dividends payable ...........................       395,356          393,908
                                                   ------------     ------------
         Total Current Liabilities ..............    14,570,982       14,033,345

Deferred income taxes ...........................       797,000          962,000
                                                   ------------     ------------
         Total Liabilities ......................    15,367,982       14,995,345
                                                   ------------     ------------
Stockholders' Equity:
    Preferred stock, no par value -
     authorized 1,000,000 shares;
     none issued ................................        -                -
    Class A common stock, par value
     $.10 per share - authorized
     10,000,000 shares; outstanding
     2,637,185 and 2,632,197 shares
     (net of 1,072,770 treasury shares) .........       263,719          263,220
  Class B common stock, par value
     $.10 per share - authorized
     30,000,000 shares; outstanding
     7,937,766 and 7,910,306 shares
     (net of 1,072,770 treasury shares) .........       793,777          791,031
    Additional paid-in capital ..................     9,106,890        8,811,653
    Retained earnings ...........................   103,916,210       99,839,765
    Cumulative other comprehensive
     income .....................................        37,364          548,268
                                                   ------------     ------------
         Total Stockholders' Equity .............   114,117,960      110,253,937
                                                   ------------     ------------
         TOTAL LIABILITIES AND STOCKHOLDERS'
          EQUITY ................................  $129,485,942     $125,249,282
                                                   ============     ============


                 See notes to consolidated financial statements.
                                       -3-

<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
         CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
                                   (unaudited)

                                                      Three Months Ended
                                                           March 31,
                                               ------------------------------
                                                    2000             1999
                                               ------------      ------------
Sales .......................................  $ 26,133,179      $ 30,758,768
                                               ------------      ------------
Costs and Expenses:

    Cost of sales ...........................    16,704,445        20,314,606
    Selling, general and
     administrative expenses ................     5,169,744         4,804,871
                                               -------------     ------------
                                                 21,874,189        25,119,477
                                               ------------      ------------
Income from operations ......................     4,258,990         5,639,291

Other income - net ..........................     1,476,811           151,742
                                               ------------      ------------
Earnings before income taxes ................     5,735,801         5,791,033

Income tax provision ........................     1,264,000           670,000
                                               ------------      ------------
Net earnings ................................  $  4,471,801      $  5,121,033
                                               ============      ============
Basic earnings per common share .............         $ .42             $ .49
                                                       ====              ====
Diluted earnings per common share ...........         $ .41             $ .48
                                                       ====              ====
Weighted average number of
 common shares outstanding-basic ............    10,556,886        10,426,666
                                               ============      ============
Weighted average number of
 common shares outstanding and
 potential common shares - diluted ..........    10,856,269        10,764,940
                                               ============      ============



                                   (Continued)
                 See notes to consolidated financial statements.
                                       -4-


<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
         CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
                                   (unaudited)

                                                    Three Months Ended
                                                        March 31,
                                              ------------------------------
                                                 2000                1999
                                              ----------          ----------

Net earnings ..............................   $4,471,801          $5,121,033


Other comprehensive income
 (expense), net of income taxes:
   Unrealized loss on marketable
    securities ............................     (502,912)              -
   Foreign currency
    translation adjustment ................       (7,992)              6,947
                                              ----------          ----------
Comprehensive income ......................   $3,960,897          $5,127,980
                                              ==========          ==========


                 See notes to consolidated financial statements.
                                       -5-


<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

                                                          Three Months Ended
                                                              March 31,
                                                     --------------------------
                                                         2000           1999
                                                     -----------    -----------
Cash flows from operating activities:
     Net income ...................................  $ 4,471,801    $ 5,121,033
Adjustments to reconcile net income
    to net cash provided by operating
     activities:
     Depreciation and amortization ................    1,588,649      1,469,208
     Gain on sale of marketable
      securities ..................................   (1,012,095)        -
     Other ........................................      148,000        (71,000)
     Changes in operating assets and
      liabilities .................................    1,506,682     (5,397,316)
                                                     -----------    -----------
       Net Cash Provided by Operating
          Activities ..............................    6,703,037      1,121,925
                                                     -----------    -----------

Cash flows from investing activities:
 Purchase of property, plant and
  equipment .......................................   (1,246,795)    (1,270,983)
 Proceeds from sale of marketable
  securities ......................................    2,071,157         -
 Proceeds from repayment by contractors ...........       32,250         32,250
                                                      ----------    -----------

      Net Cash (Used in) Provided
          by Investing Activities .................      856,612     (1,238,733)
                                                     -----------    -----------
Cash flows from financing activities:
 Proceeds from exercise of stock options ..........      216,482        229,026
 Dividends paid to common shareholders ............     (393,908)      (260,466)
                                                     -----------     ----------

     Net Cash (Used in)
      Financing Activities ........................     (177,426)       (31,440)
                                                     -----------    -----------

Net increase (decrease) in Cash ...................    7,382,223       (148,248)
Cash and Cash Equivalents -
 beginning of period ..............................   31,382,629     14,923,685
                                                     -----------    -----------

Cash and Cash Equivalents -
 end of period ....................................  $38,764,852    $14,775,437
                                                     ===========    ===========





                                   (Continued)
                 See notes to consolidated financial statements.
                                       -6-


<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Continued)
                                   (unaudited)

                                                          Three Months Ended
                                                              March 31,
                                                     --------------------------
                                                        2000            1999
                                                     ----------     -----------
Changes in operating assets and
  liabilities consist of:
    (Increase) decrease in accounts
     receivable .................................   $ 2,072,700     $(3,148,854)
    (Increase) in inventories ...................     (665,896)     (1,887,878)
    (Increase) in prepaid expenses and
     other current assets .......................      (438,588)       (352,690)
    (Increase) decrease in other assets .........        (3,760)         31,832
    Increase (decrease) in accounts payable .....      (299,163)        620,640
    Increase (decrease) in accrued expenses .....       216,645      (1,040,993)
    Increase in income taxes payable ............       624,744         380,627
                                                    -----------     -----------
 ................................................   $ 1,506,682     $(5,397,316)
                                                    ===========     ===========
Supplementary information:
Cash paid during the period for:
    Income taxes ................................   $   370,000     $   344,000
                                                    ===========     ===========
Non-cash investing activities:
    Unrealized (loss) on marketable
     securities .................................   $  (502,912)    $     -
                                                    ===========     ===========


                 See notes to consolidated financial statements.
                                       -7-


<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   The consolidated balance sheet as of March 31, 2000, and the consolidated
statements of operations and comprehensive income and cash flows for the periods
presented herein have been prepared by the Company and are unaudited. In the
opinion of management, all adjustments (consisting solely of normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and comprehensive income and cash flows for all periods presented
have been made. The information for December 31, 1999 was derived from audited
financial statements.


2.   Earnings Per Share

     Basic earnings per common share are computed using the weighted average
number of common shares outstanding during the period. Diluted earnings per
common share are computed using the weighted average number of common shares and
potential common shares outstanding during the period.


3.   Common Stock

     On November 5, 1999 the Board of Directors declared a two for one stock
split to be paid in the form of a special dividend of one share of Class B
common stock for each share of Class A and Class B outstanding. The special
dividend was payable on December 1, 1999 to all Class A and Class B shareholders
of record on November 22, 1999. The Board also approved an amendment to the
Company's Certificate of Incorporation increasing the number of authorized
shares of Class B common stock from 10,000,000 shares to 30,000,000 shares. All
shares and per share data have been retroactively adjusted to reflect the two
for one stock split.


4.   Business Segment Information

     The Company does not have reportable operating segments as defined in
Statement of Financial Accounting Standards No.131, "Disclosures about Segments
of an Enterprise and Related Information". The method for attributing revenues
for interim purposes is based on total shipments from the country of origination
less intergeographic revenues. The Company operates facilities in the United
States, Europe and the Far East. The primary criteria by which financial
performance is evaluated and resources are allocated include revenues and
operating income. The following is a summary of key financial data:


                                       -8-


<PAGE>


                         BEL FUSE INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



                                                    Three Months Ended
                                                        March 31,
                                               -----------------------------
                                                   2000             1999
                                               -----------       -----------
Total Revenues:
   United States ...........................   $14,066,321       $19,807,466
   Asia ....................................    25,997,575        28,520,578
   Less intergeographic
    revenues ...............................   (13,930,717)      (17,569,276)
                                               -----------       -----------
                                               $26,133,179       $30,758,768
                                               ===========       -----------
Income from Operations:
  United States ............................   $   989,732       $ 2,227,732
  Asia .....................................     3,269,258         3,411,559
                                               -----------       -----------
                                               $ 4,258,990       $ 5,639,291
                                               ===========       ===========


5.  On May 10, 2000 the Board of Directors authorized the repurchase of up
    to 10% of the Company's outstanding shares.


                                       -9-


<PAGE>



Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

     The Company's quarterly and annual operating results are affected by a wide
variety of factors that could materially and adversely affect revenues and
profitability including the following: (a) the risk that the Company may be
unable to respond adequately to rapidly changing technological developments in
its industry, (b) risks associated with its Far East operations described herein
under the caption "Management's Discussion and Analysis of Financial Condition
and Results of Operations," (c) the highly competitive nature of the Company's
industry and the impact that competitors' new products and pricing may have upon
the Company, (d) the likelihood that revenues may vary significantly from one
accounting period to another accounting period due to a variety of factors,
including customers' buying decisions, the Company's product mix and general
market and economic conditions, (e) the Company's reliance on certain
substantial customers, and (f) risks associated with the Company's ability to
manufacture and deliver products in a manner that is responsive to its
customers' needs. As a result of these and other factors, the Company may
experience material fluctuations in future operating results on a quarterly or
annual basis, which could materially and adversely affect its business,
financial condition, operating results, and stock prices. Furthermore, this
document and other documents filed by the Company with the Securities and
Exchange Commission (the "SEC") contain certain forward-looking statements under
the Private Securities Litigation Reform Act of 1995 with respect to the
business of the Company. These forward-looking statements are subject to certain
risks and uncertainties, including those mentioned above, and those detailed in
Item 1 of the Company's Annual Report on Form 10-K for the year ended December
31, 1999, which could cause actual results to differ materially from these
forward-looking statements. The Company undertakes no obligation to publicly
release the results of any revisions to these forward-looking statements which
may be necessary to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. An investment in the Company
involves various risks, including those mentioned above and those which are
detailed from time to time in the Company's SEC filings.


                                      -10-


<PAGE>


     RESULTS OF OPERATIONS

     The following table sets forth, for the periods indicated, the percentage
relationship to net sales of certain items included in the Company's
consolidated statements of operations.

                                                 Percentage of
                                                   Net Sales
                                               ------------------
                                               Three Months Ended
                                                   March 31,
                                               -----------------
                                                2000       1999
                                               ------     ------
Net sales ...................................  100.0%     100.0%
Cost of sales ...............................   63.9       66.1
Selling, general and
 administrative expenses ....................   19.8       15.6
Other income - net ..........................    5.7         .5
Earnings before income
 tax provision ..............................   22.0       18.8
Income tax provision ........................    4.8        2.2
Net earnings ................................   17.2       16.6


     The following table sets forth, for the periods indicated, the percentage
increase (decrease) of items included in the Company's consolidated statements
of operations.


                                              Increase (Decrease)
                                               From Prior Period
                                              -------------------
                                               Three Months Ended
                                                March 31, 2000
                                               Compared With 1999
                                              -------------------
Net sales ..................................        (15.0)%
Cost of sales ..............................        (17.8)
Selling, general and
 administrative
 expenses ..................................          7.6
Other income - net .........................        873.2
Earnings before
 income tax provision ......................         (1.0)
Income tax provision .......................         88.7
Net earnings ...............................        (12.7)


                                      -11-


<PAGE>



THREE MONTHS ENDED MARCH 31, 2000 VS.
   THREE MONTHS ENDED MARCH 31, 1999

     NET SALES

     Net sales decreased 15.0 % from $30,758,768 during the first three months
of 1999 to $26,133,179 during the first three months of 2000. The Company
attributes this decrease to lower sales of magnetic products primarily due to
the impact of a change in the structure of the supply channel by two of the
Company's largest customers offset in part by belMag(TM) and fuse sales.

     COST OF SALES

     Cost of sales as a percentage of net sales decreased 2.2 % to 63.9 % during
the first three months of 2000 from 66.1 % during the first three months of
1999. The decrease in the cost of sales percentage is primarily attributable to
lower factory overhead expenses due to the move of Telcom production to the Far
East from Texas during the fourth quarter of 1999 and lower raw material content
associated with the current sales mix.

     SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

     The percentage relationship of selling, general and administrative expenses
to net sales increased 4.2 % to 19.8 % during the first three months of 2000
from 15.6 % during the first three months of 1999. The Company attributes the
percentage increase primarily to decreased sales. Selling, general and
administrative expenses increased in dollar amount by approximately $365,000.
The Company attributes the increase in dollar amount of such expenses primarily
to increases in sales and marketing salaries and related expenses.

     OTHER INCOME AND EXPENSE

     Other income, consisting principally of gain on the sale of marketable
securities, during the first three months of 2000, and interest earned on cash
equivalents, increased by approximately $1,325,000 during the first three months
of 2000 compared to the first three months of 1999. The increase is due to the
gain on the sale of marketable securities and higher interest income due to
higher cash and cash equivalent balances.

     PROVISION FOR INCOME TAXES

     The provision for income taxes for the first three months of 2000 was
$1,264,000 as compared to $670,000 for the first three months of 1999. The
increase in the provision is due primarily to higher United States taxes from
the gain on the sale of marketable securities and higher foreign earnings
subject to taxes in 2000 versus 1999.


                                      -12-
<PAGE>


     LIQUIDITY AND CAPITAL RESOURCES

     Historically, the Company has financed its capital expenditures through
cash flows from operating activities. Management believes that the cash flow
from operations, combined with its existing capital base and the Company's
available lines of credit, will be sufficient to fund its operations for the
near term. This statement represents a Forward-Looking Statement. Actual results
could differ materially from such statement if the Company experiences
substantial unanticipated cash requirements.

     The Company has lines of credit, all of which were unused at March 31,
2000, in the aggregate amount of $14 million, of which $12 million is from
domestic banks and $2 million is from foreign banks.

     The Company has contracted for the renovation and addition of new corporate
offices in Jersey City in the amount of $2.5 million. As of March 31, 2000
approximately $200,000 has been paid towards this contract.

     On May 10, 2000 the Board of Directors authorized the repurchase of up to
10% of the Company's outstanding shares.

     During the first three months of 2000, the Company's cash and cash
equivalents increased by approximately $7.4 million, reflecting approximately
$6.7 million provided by operating activities and approximately $2.1 million
from the sale of marketable securities, offset, in part, by approximately $1.2
million in purchases of plant and equipment and approximately $.4 million in
dividends paid to common shareholders.

     Cash and cash equivalents and accounts receivable comprised approximately
42.9 % and 40.1 % of the Company's total assets at March 31, 2000 and December
31, 1999, respectively. The Company's current ratio (i.e., the ratio of current
assets to current liabilities) was 5.6 to 1 and 5.5 to 1 at March 31, 2000 and
December 31, 1999, respectively.


Item 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not  Applicable  - no  significant  changes to the  information  included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1999.


                                      -13-


<PAGE>


PART II.      OTHER INFORMATION

          Item 1.   LEGAL PROCEEDINGS

                    See Item 3 of the Company's Form 10-K for the year ended
               December 31, 1999.


          Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

                    (a)  Exhibits:
                         27.1 Financial Data Schedule

                    (b)  There were no Current Reports on Form 8-K filed by
                         the registrant during the quarter ended March 31, 2000.


                                      -14-


<PAGE>


  SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                         BEL FUSE INC.





                                         By: /S/ DANIEL BERNSTEIN
                                            -------------------------------
                                                Daniel Bernstein, President
                                                (Principal Financial and
                                                Accounting Officer)


Dated:  May 12, 2000


                                      -15-