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Belgian (BEL20) Market Analysis & Valuation

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies160
  • 7D-0.5%
  • 3M7.3%
  • 1Y24.1%
  • YTD4.0%

Over the last 7 days, the market has dropped 1.1%, driven by a loss of 1.7% in the Financials sector. In contrast to the last week, the market is actually up 22% over the past year. Looking forward, earnings are forecast to grow by 15% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Belgian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026€449.9b€219.7b€23.3b15.3x19.3x2x
Sun, 21 Dec 2025€431.7b€220.0b€23.5b15.3x18.4x2x
Tue, 18 Nov 2025€422.9b€220.4b€23.7b14.6x17.8x1.9x
Thu, 16 Oct 2025€418.3b€219.5b€23.9b15.5x17.5x1.9x
Sat, 13 Sep 2025€397.9b€218.7b€24.1b15.5x16.5x1.8x
Mon, 11 Aug 2025€398.0b€224.4b€25.3b15.3x15.7x1.8x
Wed, 09 Jul 2025€388.1b€221.8b€23.0b15.1x16.8x1.7x
Fri, 06 Jun 2025€395.6b€223.1b€23.3b14.5x17x1.8x
Sun, 04 May 2025€388.3b€223.8b€22.7b14.2x17.1x1.7x
Tue, 01 Apr 2025€375.2b€225.9b€23.2b13.4x16.2x1.7x
Thu, 27 Feb 2025€392.4b€232.6b€21.7b13.3x18x1.7x
Sat, 25 Jan 2025€369.2b€233.1b€20.9b12.5x17.6x1.6x
Mon, 23 Dec 2024€365.3b€233.5b€21.0b12.6x17.4x1.6x
Wed, 20 Nov 2024€362.5b€225.6b€21.7b13.8x16.7x1.6x
Fri, 18 Oct 2024€389.2b€224.7b€21.2b13.9x18.3x1.7x
Sun, 15 Sep 2024€390.7b€230.1b€21.0b14.5x18.6x1.7x
Tue, 13 Aug 2024€370.7b€229.3b€20.5b15.8x18.1x1.6x
Thu, 11 Jul 2024€372.6b€231.9b€21.2b15.7x17.5x1.6x
Sat, 08 Jun 2024€373.6b€232.5b€21.4b16x17.4x1.6x
Mon, 06 May 2024€366.3b€233.3b€22.1b14.8x16.6x1.6x
Wed, 03 Apr 2024€368.1b€238.0b€21.6b14.4x17x1.5x
Fri, 01 Mar 2024€358.4b€249.3b€23.8b13.5x15x1.4x
Sun, 28 Jan 2024€352.4b€248.4b€22.9b12.7x15.4x1.4x
Tue, 26 Dec 2023€356.5b€246.8b€22.1b13.2x16.1x1.4x
Thu, 23 Nov 2023€346.9b€239.4b€21.3b14.5x16.3x1.4x
Sat, 21 Oct 2023€320.4b€238.9b€21.5b12.8x14.9x1.3x
Mon, 18 Sep 2023€347.7b€241.4b€22.1b13x15.7x1.4x
Wed, 16 Aug 2023€340.7b€233.4b€22.5b12.6x15.2x1.5x
Fri, 14 Jul 2023€337.1b€233.3b€24.2b11.6x13.9x1.4x
Sun, 11 Jun 2023€338.8b€236.1b€24.6b11.6x13.8x1.4x
Tue, 09 May 2023€360.2b€233.8b€24.0b12.4x15x1.5x
Thu, 06 Apr 2023€362.4b€233.8b€23.8b11x15.2x1.5x
Sat, 04 Mar 2023€365.2b€233.9b€24.0b11.1x15.2x1.6x
Mon, 30 Jan 2023€347.7b€229.9b€23.5b10.3x14.8x1.5x
Price to Earnings Ratio

14.8x


Total Market Cap: €347.7bTotal Earnings: €23.5bTotal Revenue: €229.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.5x202420252026
Current Market PE
  • Investors are optimistic on the Belgian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 19.0x which is higher than its 3-year average PE of 16.5x.
Past Earnings Growth
  • Both revenue and earnings for Belgian listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Belgian Market?

BE Market-0.50%
Consumer Staples0.25%
Materials0.096%
Industrials-0.14%
Healthcare-0.28%
Telecom-0.31%
Energy-0.34%
Utilities-0.44%
Financials-1.41%
Real Estate-1.75%
Tech-2.07%
Consumer Discretionary-4.46%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 205x.
    • Analysts are expecting annual earnings growth of 20.4%, which is lower than the prior year's growth of 62.9% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading below its 3-year average of 9.4x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 28% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 6.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
DIE D'Ieteren Group€186.409.1%
+€821.6m		18.0%PE22.2xConsumer Discretionary
CENER Cenergy Holdings€18.208.1%
+€288.7m		87.6%PE20.7xIndustrials
UMI Umicore€20.366.0%
+€279.1m		106.6%PE38xMaterials
LOTB Lotus Bakeries€9.36k1.8%
+€138.0m		-8.4%PE47.5xConsumer Staples
ARGX argenx€699.000.3%
+€122.4m		13.0%PE32.8xHealthcare
See more

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7D
1.8%
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SPA
€266.00
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7D
6.4%
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40.7%
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€245.60
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7D
-7.0%
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0.2%

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DIE
€186.40
D'Ieteren Group
7D
9.1%
1Y
18.0%
WDP
€22.70
Warehouses De Pauw
7D
-3.4%
1Y
15.3%

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VIO
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Viohalco
7D
2.7%
1Y
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7D
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€222.00
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7D
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