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Belgian (BEL20) Market Analysis & Valuation

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies158
  • 7D-0.6%
  • 3M4.7%
  • 1Y15.3%
  • YTD3.5%

In the last week, the market has been flat, with a notable exception in the Energy sector dropping 4.6%. Meanwhile, the market is actually up 15% over the past year. Earnings are forecast to grow by 14% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026€447.7b€226.3b€24.6b14.9x18.2x2x
Wed, 11 Feb 2026€471.3b€219.1b€23.2b16x20.3x2.2x
Fri, 09 Jan 2026€442.5b€220.3b€23.5b15.3x18.8x2x
Sun, 07 Dec 2025€426.6b€220.1b€23.6b15.2x18.1x1.9x
Tue, 04 Nov 2025€413.7b€220.6b€23.4b14.7x17.7x1.9x
Thu, 02 Oct 2025€413.3b€218.6b€23.8b15.2x17.3x1.9x
Sat, 30 Aug 2025€402.0b€224.8b€25.3b15.2x15.9x1.8x
Mon, 28 Jul 2025€401.7b€221.7b€23.1b15.2x17.4x1.8x
Wed, 25 Jun 2025€397.5b€222.5b€23.1b14.4x17.2x1.8x
Fri, 23 May 2025€393.9b€223.4b€23.3b14.1x16.9x1.8x
Sun, 20 Apr 2025€367.7b€223.2b€22.6b14.1x16.2x1.6x
Tue, 18 Mar 2025€386.8b€224.4b€22.1b14.2x17.5x1.7x
Thu, 13 Feb 2025€379.3b€233.8b€21.2b12.5x17.9x1.6x
Sat, 11 Jan 2025€366.1b€234.7b€21.1b13.1x17.3x1.6x
Mon, 09 Dec 2024€373.8b€232.8b€21.5b13.7x17.4x1.6x
Wed, 06 Nov 2024€374.1b€224.5b€22.2b12.9x16.8x1.7x
Fri, 04 Oct 2024€386.1b€223.6b€21.1b14x18.3x1.7x
Sun, 01 Sep 2024€377.2b€229.5b€20.8b14.3x18.2x1.6x
Tue, 30 Jul 2024€379.2b€229.6b€19.7b16.8x19.3x1.7x
Thu, 27 Jun 2024€367.8b€232.7b€21.3b15.4x17.3x1.6x
Sat, 25 May 2024€380.4b€232.4b€21.2b15x17.9x1.6x
Mon, 22 Apr 2024€363.1b€234.0b€22.0b15.7x16.5x1.6x
Wed, 20 Mar 2024€355.7b€237.2b€21.5b13.4x16.5x1.5x
Fri, 16 Feb 2024€363.1b€253.8b€23.8b13.3x15.3x1.4x
Sun, 14 Jan 2024€359.6b€247.9b€23.0b12.8x15.7x1.5x
Tue, 12 Dec 2023€347.1b€240.2b€21.5b13.4x16.1x1.4x
Thu, 09 Nov 2023€335.3b€237.7b€21.2b13.7x15.8x1.4x
Sat, 07 Oct 2023€330.0b€241.8b€21.7b12.6x15.2x1.4x
Mon, 04 Sep 2023€341.6b€239.0b€22.0b12.7x15.6x1.4x
Wed, 02 Aug 2023€345.9b€232.3b€24.0b12.1x14.4x1.5x
Fri, 30 Jun 2023€330.8b€235.2b€24.5b11.5x13.5x1.4x
Sun, 28 May 2023€341.3b€236.2b€24.6b11.6x13.9x1.4x
Tue, 25 Apr 2023€364.5b€232.2b€23.0b12x15.9x1.6x
Thu, 23 Mar 2023€336.2b€230.9b€21.4b14.9x15.7x1.5x
Price to Earnings Ratio

15.7x


Total Market Cap: €336.2bTotal Earnings: €21.4bTotal Revenue: €230.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.8x202420252026
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 16.8x.
Past Earnings Growth
  • The earnings for Belgian listed companies have grown 4.7% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Belgian Market?

BE Market-0.63%
Utilities2.38%
Industrials1.86%
Consumer Staples1.63%
Real Estate-0.44%
Materials-0.60%
Tech-1.31%
Financials-2.31%
Healthcare-2.54%
Telecom-3.98%
Consumer Discretionary-4.56%
Energy-4.65%
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 199x.
    • Analysts are expecting annual earnings growth of 19.5%, which is lower than the prior year's growth of 46.3% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading close to 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 decline of 40% per year.
  • In contrast, the Telecom industry is expected to see its earnings growth to stay flat 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€63.761.9%
+€2.3b		9.7%PE20.8xConsumer Staples
ELI Elia Group€133.602.4%
+€338.0m		62.4%PE26.2xUtilities
CENER Cenergy Holdings€18.665.1%
+€191.1m		99.6%PE20.5xIndustrials
DEME DEME Group€192.203.2%
+€151.5m		42.2%PE14xIndustrials
094124352 Aliaxis€18.008.4%
+€109.3m		-37.9%PS0.4xIndustrials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

ABI
€63.76
Anheuser-Busch InBev
7D
1.9%
1Y
9.7%

ABI: Event Partnerships And Margin Improvements Will Support Stronger Future Returns

Narrative Update on Anheuser-Busch InBev Analysts have lifted their price target for Anheuser-Busch InBev from about €75.65 to around €77.58, citing updated assumptions around fair value, a slightly adjusted revenue outlook, a marginally higher profit margin, and a modestly lower future P/E. What’s in the News Completed share repurchase of 9,731,300 shares, representing 0.49% of outstanding equity, for a total of $635 million under the buyback announced on October 30, 2025 (Key Developments) AB InBev becomes the exclusive beer and cider partner for Live Nation in the United Kingdom across festivals, venues, and outdoor shows, connecting brands such as Budweiser, Corona, San Miguel, and Stella Artois with millions of legal drinking age music fans (Key Developments) Partnership with Live Nation covers more than 20 festivals and key venues including O2 Academy Brixton and O2 Shepherd's Bush Empire in London, with plans for immersive experiences and digital integrations for fans of legal drinking age (Key Developments) Plans to increase Michelob Ultra production in the US with a $30 million investment into the Jacksonville, Florida brewery and can plant, focused on upgrading brewing tanks and bottling lines (Key Developments) Valuation Changes Fair Value: increased slightly from €75.65 to €77.58 based on updated model inputs.
ELI
€133.60
Elia Group
7D
2.4%
1Y
62.4%
VIO
€14.10
Viohalco
7D
2.9%
1Y
137.4%
CENER
€18.66
Cenergy Holdings
7D
5.1%
1Y
99.6%
UCB
€249.60
UCB
7D
-2.7%
1Y
35.0%
SYENS
€45.06
Syensqo
7D
-6.7%
1Y
-34.6%

SYENS: Reset Expectations And Earnings Delivery Will Drive Future Upside Potential

Analysts have trimmed their price target on Syensqo to about €70 from roughly €82, reflecting a higher assumed discount rate, more cautious profit margin expectations, and a higher future P/E multiple, alongside recent Street target cuts to €57 and €67.50. Analyst Commentary Recent Street moves point to a more cautious stance on Syensqo, with price targets adjusted to €57 and €67.50 and at least one rating cut.
CMBT
€10.52
Cmb.Tech
7D
-8.7%
1Y
18.7%
ARGX
€613.80
argenx
7D
-2.7%
1Y
9.6%
DEME
€192.20
DEME Group
7D
3.2%
1Y
42.2%

DEME: Offshore Wind And Marine Contracts Will Support Long Term Upside

Narrative Update: DEME Group Analyst Price Target The analyst price target for DEME Group is reaffirmed at €230. Analysts cite a slightly lower discount rate, higher revenue growth assumptions, and a higher future P/E multiple, partly balanced by more conservative profit margin expectations.
094124352
€18.00
Aliaxis
7D
8.4%
1Y
-37.9%
SOLB
€26.24
Solvay
7D
3.1%
1Y
-26.3%

SOLB: Rare Earth Supply Role Will Temper Softer Outlook And Downgrades

Narrative Update on Solvay Our updated analyst price target for Solvay edges down slightly to €25.78 from €25.88. This reflects a modest recalibration of expected growth and margins, even as recent Street research has shifted targets in a tight €22 to €28 range with several downgrades and cautious P/E assumptions from analysts.
KBC
€106.60
KBC Group
7D
-1.6%
1Y
25.4%

KBC: Higher Payout Commitment And Rising Profitability Assumptions Will Support Repricing

The analyst price target for KBC Group has been raised from €120 to €145 as analysts factor in updated assumptions on revenue growth, profit margins and future P/E, along with a series of recent Street target hikes from €94 to up to €122. Analyst Commentary Bullish analysts have been lifting their targets for KBC Group, pushing the top end of recent Street estimates toward €122 and providing a more supportive backdrop for the newly raised €145 target.
AGS
€59.65
ageas
7D
0.8%
1Y
8.8%
TUB
€212.00
Financière de Tubize
7D
-2.8%
1Y
49.3%
SOF
€227.40
Sofina Société Anonyme
7D
-4.3%
1Y
-2.2%

Why I invest in Sofina (Dividend growth)

NAV As Sofina is an investment holding company, NAV is an important factor in my evaluation. This Net Asset Value is estimated at a price share of 297 Eur, up from 294 last year.
017250539
€42.00
BNP Paribas Fortis
7D
-1.9%
1Y
31.3%