Narrative Update • Jul 01
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Belgian (BEL20) Financials Sector Analysis
UpdatedJul 08, 2026
DataAggregated Company Financials
Companies30
- 7D0.8%
- 3M2.0%
- 1Y21.8%
- YTD3.1%
The Financials industry is up 2.4% in the last week, with KBC Group up 1.4%. This means that the industry has gained 19% over the past year. As for the next few years, earnings are expected to grow by 16% per annum.
Sector Valuation and Performance
Has the Belgian Financials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 08 Jul 2026 | €116.5b | €41.1b | €8.5b | 13.2x | 13.7x | 2.8x |
| Fri, 05 Jun 2026 | €110.5b | €40.9b | €8.5b | 12.9x | 13x | 2.7x |
| Sun, 03 May 2026 | €113.4b | €40.6b | €8.8b | 13.6x | 12.9x | 2.8x |
| Tue, 31 Mar 2026 | €107.2b | €40.3b | €8.7b | 13.2x | 12.4x | 2.7x |
| Thu, 26 Feb 2026 | €114.4b | €40.0b | €8.9b | 13x | 12.9x | 2.9x |
| Sat, 24 Jan 2026 | €110.5b | €39.6b | €9.0b | 12.4x | 12.3x | 2.8x |
| Mon, 22 Dec 2025 | €109.6b | €39.6b | €9.0b | 12.1x | 12.2x | 2.8x |
| Wed, 19 Nov 2025 | €102.8b | €39.7b | €9.0b | 11.6x | 11.4x | 2.6x |
| Fri, 17 Oct 2025 | €102.5b | €39.3b | €8.7b | 11.7x | 11.8x | 2.6x |
| Sun, 14 Sep 2025 | €101.4b | €39.4b | €9.1b | 11.1x | 11.2x | 2.6x |
| Tue, 12 Aug 2025 | €104.5b | €40.4b | €10.2b | 10.6x | 10.2x | 2.6x |
| Thu, 10 Jul 2025 | €95.9b | €40.4b | €10.3b | 10.6x | 9.3x | 2.4x |
| Sat, 07 Jun 2025 | €94.1b | €40.6b | €10.3b | 9.8x | 9.2x | 2.3x |
| Mon, 05 May 2025 | €91.4b | €40.5b | €10.3b | 9.5x | 8.9x | 2.3x |
| Wed, 02 Apr 2025 | €91.9b | €40.3b | €10.4b | 8.7x | 8.9x | 2.3x |
| Fri, 28 Feb 2025 | €90.1b | €39.5b | €9.2b | 10.1x | 9.8x | 2.3x |
| Sun, 26 Jan 2025 | €86.7b | €39.3b | €8.8b | 10.1x | 9.9x | 2.2x |
| Tue, 24 Dec 2024 | €82.7b | €39.3b | €8.8b | 10.3x | 9.4x | 2.1x |
| Thu, 21 Nov 2024 | €79.7b | €39.4b | €8.8b | 9.7x | 9.1x | 2x |
| Sat, 19 Oct 2024 | €82.3b | €39.5b | €9.1b | 9.6x | 9x | 2.1x |
| Mon, 16 Sep 2024 | €82.6b | €39.5b | €9.0b | 10.5x | 9.1x | 2.1x |
| Wed, 14 Aug 2024 | €74.9b | €38.5b | €8.6b | 9.2x | 8.7x | 1.9x |
| Fri, 12 Jul 2024 | €76.7b | €38.6b | €8.8b | 9.3x | 8.7x | 2x |
| Sun, 09 Jun 2024 | €76.0b | €38.6b | €8.8b | 9.1x | 8.7x | 2x |
| Tue, 07 May 2024 | €77.9b | €39.1b | €9.1b | 8.7x | 8.5x | 2x |
| Thu, 04 Apr 2024 | €82.6b | €43.5b | €8.8b | 9.8x | 9.3x | 1.9x |
| Sat, 02 Mar 2024 | €80.3b | €45.4b | €8.4b | 8.6x | 9.6x | 1.8x |
| Mon, 29 Jan 2024 | €73.5b | €43.5b | €8.1b | 8.6x | 9.1x | 1.7x |
| Wed, 27 Dec 2023 | €75.2b | €43.5b | €8.4b | 8.6x | 9x | 1.7x |
| Fri, 24 Nov 2023 | €71.7b | €43.2b | €8.2b | 9.3x | 8.7x | 1.7x |
| Sun, 22 Oct 2023 | €68.4b | €41.2b | €7.5b | 9.2x | 9.1x | 1.7x |
| Tue, 19 Sep 2023 | €71.9b | €41.0b | €7.9b | 9.9x | 9.1x | 1.8x |
| Thu, 17 Aug 2023 | €70.5b | €37.8b | €8.0b | 7.2x | 8.8x | 1.9x |
| Sat, 15 Jul 2023 | €71.6b | €36.8b | €7.5b | 7.2x | 9.5x | 1.9x |
Price to Earnings Ratio
9.5x
Current Industry PE
- Investors are optimistic on the Belgian Financials industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 13.7x which is higher than its 3-year average PE of 10.1x.
- The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
- The earnings for companies in the Financials industry have grown 4.2% per year over the last three years.
- Revenues for these companies have grown 3.7% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Belgian Financials sector?
| BE Market | -1.03% | |
| Financials | 0.77% | |
| Banks | 1.01% | |
| Insurance | 0.93% | |
| Diversified Financial | 0.25% | |
| Capital Markets | -1.23% | |
Industry PE
- Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 12.6x.
- Analysts are expecting annual earnings growth of 13.0%, which is higher than its past year's earnings decline of 4.4% per year.
Forecasted Growth
- Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 71% over the next 5 years.
- This is better than its past earnings decline of 92% per year.
- In contrast, the Insurance industry is expected to see its earnings grow by 2.5% 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 | |
|---|---|---|---|---|---|
| AGS ageas | €70.90 | 1.6% +€219.3m | 24.9% | PE7.9x | |
| BNB Banque nationale de Belgique | €370.00 | 4.2% +€6.0m | -1.6% | PE-0.1x | |
| ROCK Whitestone Group | €17.60 | 3.5% +€4.1m | 30.4% | PE116.5x | |
| MCC Immo Mechelen City Center Naamloze vennootschap | €540.00 | 2.9% +€427.5k | 16.4% | n/a |