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Belgian (BEL20) Market Analysis & Valuation

UpdatedOct 11, 2025
DataAggregated Company Financials
Companies165
  • 7D0.4%
  • 3M6.9%
  • 1Y7.6%
  • YTD13.6%

In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 3.6%. As for the longer term, the market has risen 7.6% in the past 12 months. 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
Sat, 11 Oct 2025€417.4b€219.7b€23.9b15.3x17.5x1.9x
Mon, 08 Sep 2025€399.3b€218.8b€24.1b16.1x16.6x1.8x
Wed, 06 Aug 2025€392.4b€224.5b€25.3b15.3x15.5x1.7x
Fri, 04 Jul 2025€389.8b€221.6b€23.0b15.2x16.9x1.8x
Sun, 01 Jun 2025€394.4b€223.5b€23.3b14.2x16.9x1.8x
Tue, 29 Apr 2025€379.5b€223.1b€22.6b14.3x16.8x1.7x
Thu, 27 Mar 2025€382.2b€225.5b€22.2b14.3x17.2x1.7x
Sat, 22 Feb 2025€381.8b€232.7b€21.7b13.3x17.6x1.6x
Mon, 20 Jan 2025€369.2b€234.4b€21.1b13.2x17.5x1.6x
Wed, 18 Dec 2024€369.0b€233.1b€20.9b12.8x17.6x1.6x
Fri, 15 Nov 2024€372.0b€226.1b€21.9b13.1x17x1.6x
Sun, 13 Oct 2024€385.0b€224.1b€21.2b14x18.2x1.7x
Tue, 10 Sep 2024€391.5b€230.0b€21.1b14.5x18.5x1.7x
Thu, 08 Aug 2024€368.6b€228.9b€20.4b16.2x18x1.6x
Sat, 06 Jul 2024€370.3b€231.8b€21.2b15x17.4x1.6x
Mon, 03 Jun 2024€374.0b€232.6b€21.2b15.3x17.6x1.6x
Wed, 01 May 2024€366.1b€233.8b€22.0b14.5x16.6x1.6x
Fri, 29 Mar 2024€369.2b€238.3b€21.6b14.1x17.1x1.5x
Sun, 25 Feb 2024€365.2b€249.1b€23.6b14.5x15.5x1.5x
Tue, 23 Jan 2024€351.3b€248.2b€23.0b12.8x15.3x1.4x
Thu, 21 Dec 2023€354.2b€247.1b€22.2b13.3x16x1.4x
Sat, 18 Nov 2023€344.0b€239.4b€21.3b14.4x16.1x1.4x
Mon, 16 Oct 2023€332.5b€242.1b€21.7b12.8x15.3x1.4x
Wed, 13 Sep 2023€340.6b€240.9b€21.9b12.8x15.6x1.4x
Fri, 11 Aug 2023€344.7b€232.6b€22.4b12.9x15.4x1.5x
Sun, 09 Jul 2023€330.7b€234.6b€24.4b11.2x13.5x1.4x
Tue, 06 Jun 2023€337.9b€236.3b€24.6b11.5x13.7x1.4x
Thu, 04 May 2023€357.3b€232.1b€22.8b11.6x15.7x1.5x
Sat, 01 Apr 2023€364.0b€233.1b€23.9b10.8x15.3x1.6x
Mon, 27 Feb 2023€359.6b€233.6b€24.1b10.8x14.9x1.5x
Wed, 25 Jan 2023€352.4b€229.9b€24.8b10.4x14.2x1.5x
Fri, 23 Dec 2022€346.5b€231.5b€25.1b9.7x13.8x1.5x
Sun, 20 Nov 2022€337.5b€233.2b€25.5b9.5x13.3x1.4x
Tue, 18 Oct 2022€310.1b€233.2b€24.1b7.9x12.9x1.3x
Price to Earnings Ratio

12.9x


Total Market Cap: €310.1bTotal Earnings: €24.1bTotal Revenue: €233.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.1x202320242025
Current Market PE
  • Investors are relatively neutral on the Belgian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 16.1x.
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 Market0.39%
Utilities3.61%
Consumer Discretionary1.82%
Healthcare1.69%
Consumer Staples1.38%
Telecom0.56%
Materials-0.19%
Industrials-0.22%
Energy-0.95%
Real Estate-1.23%
Financials-1.35%
Tech-3.83%
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 248x.
    • Analysts are expecting annual earnings growth of 22.3%, 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 9.6x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 40% over the next 5 years.
  • However this is lower than its past earnings growth rate of 87% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 2.9% 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
ABI Anheuser-Busch InBev€51.361.5%
+€1.5b
-13.5%PE16.4xConsumer Staples
UCB UCB€256.001.6%
+€760.0m
49.6%PE36.5xHealthcare
ARGX argenx€685.401.0%
+€428.4m
41.0%PE38xHealthcare
TUB Financière de Tubize€234.004.2%
+€422.9m
69.1%PE112.3xHealthcare
ELI Elia Group€103.203.6%
+€392.6m
6.8%PE22.1xUtilities
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