In the bowl of an electric mixer fitted with the dough hook, combine the milk, water, yeast, eggs, honey, vanilla, sugar, and salt. Mix until well combined.

On low speed, add in all but 1 cup of flour and mix until combined. On low speed, add the butter, one cube at a time, thoroughly kneading in each addition and scraping down the bowl as needed before adding in any more butter. Once all the butter has been incorporated, add the remaining flour and knead on low speed until the dough is smooth and elastic, about 5 minutes.

Remove the dough to a lightly oiled bowl and cover tightly with plastic wrap. Let rise until doubled, about 2 hours. Punch the dough down, cover again with plastic, and place in the fridge overnight or up to 24 hours.

When ready to cook, heat up a Belgian waffle iron. Remove the dough from the fridge and knead in all of the pearl sugar. Divide the dough into 10 equal pieces and roll each piece into a ball.

Place first ball of waffle dough on grid and cook according to waffle maker’s instructions. Cook until deeply golden all over, about 4 to 5 minutes. Carefully transfer with tongs or a fork to baking sheet.

Keep waffles warm in a 200°F oven if you plan to eat them right away. These waffles must be served warm or the pearl sugar will harden. Freeze any leftover waffles and reheat in a 200°F oven until warmed through.