Depends on what you mean by cups. Some answerers are interpreting your question to refer to the volume of liquid batter needed to bake a waffle. I was thinking you meant the number of depressions in the surface of the waffle. My home waffle iron, which is not the Belgian variety, puts 49 little holes (cups) in each square waffle.
If you're asking about volume of liquid, I see Belgian waffle makers at hotels a lot, because I travel heavily for business, and it appears that about 1/2 cup (about 125 ml) of batter makes one serving with nine to twelve holes in the surface.
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