Narrative Update • Aug 25
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Belgian (BEL20) Market Analysis & Valuation
UpdatedAug 27, 2026
DataAggregated Company Financials
Companies162
- 7D1.9%
- 3M1.2%
- 1Y20.2%
- YTD12.4%
Over the last 7 days, the market has risen 1.9%, driven by gains in the Consumer Staples and Financials sectors of 1.9% and 2.3%, respectively. As for the past 12 months, the market is up 20%. Looking forward, earnings are forecast to grow by 12% annually.
Market Valuation and Performance
Has the Belgian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 27 Aug 2026 | €489.7b | €237.4b | €27.7b | 13.8x | 17.7x | 2.1x |
| Sat, 25 Jul 2026 | €490.3b | €229.2b | €25.4b | 13.6x | 19.3x | 2.1x |
| Mon, 22 Jun 2026 | €489.1b | €229.1b | €25.3b | 14x | 19.3x | 2.1x |
| Wed, 20 May 2026 | €472.9b | €228.5b | €24.8b | 14.2x | 19x | 2.1x |
| Fri, 17 Apr 2026 | €471.4b | €224.4b | €23.6b | 15.2x | 20x | 2.1x |
| Sun, 15 Mar 2026 | €447.7b | €226.3b | €24.6b | 14.9x | 18.2x | 2x |
| Tue, 10 Feb 2026 | €470.4b | €219.1b | €23.2b | 16x | 20.2x | 2.1x |
| Thu, 08 Jan 2026 | €440.2b | €220.1b | €23.5b | 15.2x | 18.7x | 2x |
| Sat, 06 Dec 2025 | €426.6b | €220.1b | €23.6b | 15.2x | 18.1x | 1.9x |
| Mon, 03 Nov 2025 | €413.7b | €220.6b | €23.4b | 14.6x | 17.7x | 1.9x |
| Wed, 01 Oct 2025 | €407.2b | €218.5b | €23.8b | 15.2x | 17.1x | 1.9x |
| Fri, 29 Aug 2025 | €403.6b | €224.9b | €25.3b | 15.5x | 16x | 1.8x |
| Sun, 27 Jul 2025 | €401.7b | €221.7b | €23.1b | 15.2x | 17.4x | 1.8x |
| Tue, 24 Jun 2025 | €395.2b | €222.7b | €23.1b | 14.1x | 17.1x | 1.8x |
| Thu, 22 May 2025 | €395.7b | €223.5b | €23.6b | 14.3x | 16.7x | 1.8x |
| Sat, 19 Apr 2025 | €367.7b | €223.2b | €22.6b | 14.1x | 16.2x | 1.6x |
| Mon, 17 Mar 2025 | €381.5b | €224.6b | €22.2b | 14x | 17.2x | 1.7x |
| Wed, 12 Feb 2025 | €375.0b | €234.0b | €21.3b | 12.5x | 17.6x | 1.6x |
| Fri, 10 Jan 2025 | €372.2b | €234.3b | €21.1b | 13.1x | 17.7x | 1.6x |
| Sun, 08 Dec 2024 | €373.8b | €232.8b | €21.5b | 13.7x | 17.4x | 1.6x |
| Tue, 05 Nov 2024 | €373.0b | €224.7b | €22.3b | 12.9x | 16.8x | 1.7x |
| Thu, 03 Oct 2024 | €388.6b | €223.4b | €21.1b | 14.1x | 18.4x | 1.7x |
| Sat, 31 Aug 2024 | €377.2b | €229.1b | €20.7b | 14.6x | 18.2x | 1.6x |
| Mon, 29 Jul 2024 | €379.6b | €229.4b | €19.6b | 16.8x | 19.3x | 1.7x |
| Wed, 26 Jun 2024 | €371.1b | €232.5b | €21.3b | 15.4x | 17.4x | 1.6x |
| Fri, 24 May 2024 | €380.5b | €232.6b | €21.2b | 16.1x | 17.9x | 1.6x |
| Sun, 21 Apr 2024 | €363.1b | €234.0b | €22.0b | 15.7x | 16.5x | 1.6x |
| Tue, 19 Mar 2024 | €355.5b | €237.2b | €21.5b | 13.4x | 16.5x | 1.5x |
| Thu, 15 Feb 2024 | €361.3b | €254.0b | €23.8b | 13.3x | 15.2x | 1.4x |
| Sat, 13 Jan 2024 | €359.6b | €247.9b | €23.0b | 12.8x | 15.7x | 1.5x |
| Mon, 11 Dec 2023 | €357.7b | €240.2b | €21.5b | 13.5x | 16.6x | 1.5x |
| Wed, 08 Nov 2023 | €334.9b | €237.9b | €21.2b | 13.2x | 15.8x | 1.4x |
| Fri, 06 Oct 2023 | €329.2b | €242.2b | €21.7b | 12.7x | 15.1x | 1.4x |
| Sun, 03 Sep 2023 | €341.6b | €239.0b | €22.0b | 12.7x | 15.6x | 1.4x |
Price to Earnings Ratio
15.6x
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 17.4x.
Past Earnings Growth
- The earnings for Belgian listed companies have grown 8.1% 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 | 1.88% | |
| Telecom | 2.61% | |
| Industrials | 2.48% | |
| Utilities | 2.39% | |
| Financials | 2.30% | |
| Healthcare | 1.95% | |
| Consumer Staples | 1.92% | |
| Real Estate | 1.71% | |
| Consumer Discretionary | 0.56% | |
| Energy | 0.21% | |
| Materials | -0.34% | |
| Tech | -0.46% | |
Sector PE
- Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 21.1x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 18.2% which is higher than its past year's earnings decline of 16.8% 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 31% over the next 5 years.
- This is better than its past earnings growth rate of 20% per year.
- In contrast, the Energy sector is expected to see its earnings decline by 12% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| ABI Anheuser-Busch InBev | €67.72 | 1.8% +€2.4b | 25.4% | PE16.7x | Consumer Staples | |
| KBC KBC Group | €133.60 | 3.8% +€2.0b | 31.1% | PB1.9x | Financials | |
| ARGX argenx | €897.60 | 2.3% +€1.3b | 47.7% | PE38.1x | Healthcare | |
| UCB UCB | €221.00 | 1.5% +€610.1m | 9.8% | PE19.2x | Healthcare | |
| AGS ageas | €74.55 | 3.0% +€410.1m | 21.7% | PE8.3x | Financials |
