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A first-half screamer from Borussia Dortmund winger Thorgan Hazard proved to be the only goal of the game in Seville and set up a quarter-final showdown with Italy.
Euro 2016 winners Portugal piled on the pressure in the second half but were wasteful in front of goal and could not find the equaliser.
And at full-time, cameras picked up a frustrated Ronaldo having a conversation with Courtois.
In footage posted by the official Euro 2020 twitter account, Ronaldo told the Real Madrid goalkeeper that Belgium were "lucky" and that "[the ball] didn't want to go in today!" before wishing Courtois "good luck" for the rest of the tournament.
During the clip, Ronaldo had his captain's armband in his hand having hurled it on the turf in anger minutes earlier when the final whistle was blown.
But after sharing embraces with opposition players Romelu Lukaku and Kevin De Bruyne, Ronaldo threw the "Respect" armband on the floor for a second time as he headed for the tunnel.
He then began kicking it across the grass until a member of the Portugal coaching team picked it up. The individual did his best to comfort the five-time Ballon d'Or winner but he wasn't in the mood.
After scoring five goals in the group stage, Ronaldo was hoping to make history by becoming the all-time record international goalscorer.
The 36-year-old is one away from breaking the record set by Iran striker Ali Daei, who hit 109 goals for his country.
He remains the leading goalscorer at the European Championship and will almost definitely add to his international goals tally, but there is a strong possibility that we have seen the last of Ronaldo at the Euros.
By the time Euro 2024 in Germany rolls around, Ronaldo will be 39.
Featured Image Credit: UEFA