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Belgian (BEL20) Banks Industry Analysis
UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies7
- 7D2.0%
- 3M11.3%
- 1Y36.1%
- YTD0.9%
Over the last 7 days, the Banks industry has remained flat, although notably KBC Group gained 3.0%. The past year has been better, since the industry has gained 36% in that time. Earnings are forecast to grow by 7.2% annually.
Industry Valuation and Performance
Has the Belgian Banks Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 21 Feb 2026 | €77.8b | €23.4b | €6.9b | 9.2x | 11.3x | 3.3x |
| Mon, 19 Jan 2026 | €77.4b | €23.0b | €7.0b | 10.2x | 11.1x | 3.4x |
| Wed, 17 Dec 2025 | €74.7b | €23.0b | €7.0b | 10.8x | 10.7x | 3.2x |
| Fri, 14 Nov 2025 | €71.4b | €22.8b | €6.9b | 10.8x | 10.4x | 3.1x |
| Sun, 12 Oct 2025 | €69.8b | €22.8b | €6.9b | 10.6x | 10.1x | 3.1x |
| Tue, 09 Sep 2025 | €66.0b | €22.8b | €6.9b | 10.6x | 9.5x | 2.9x |
| Thu, 07 Aug 2025 | €64.9b | €22.8b | €7.2b | 10.6x | 9.1x | 2.8x |
| Sat, 05 Jul 2025 | €62.0b | €22.8b | €7.2b | 10.3x | 8.7x | 2.7x |
| Mon, 02 Jun 2025 | €60.0b | €22.8b | €7.2b | 10.2x | 8.4x | 2.6x |
| Wed, 30 Apr 2025 | €58.4b | €22.5b | €7.1b | 10x | 8.2x | 2.6x |
| Fri, 28 Mar 2025 | €60.3b | €23.1b | €7.2b | 8.3x | 8.4x | 2.6x |
| Sun, 23 Feb 2025 | €57.2b | €23.1b | €7.2b | 8.3x | 7.9x | 2.5x |
| Tue, 21 Jan 2025 | €55.7b | €23.0b | €6.8b | 8.3x | 8.2x | 2.4x |
| Thu, 19 Dec 2024 | €53.6b | €23.0b | €6.8b | 8.3x | 7.9x | 2.3x |
| Sat, 16 Nov 2024 | €51.5b | €23.0b | €6.8b | 8.1x | 7.6x | 2.2x |
| Mon, 14 Oct 2024 | €51.7b | €22.9b | €6.8b | 8.6x | 7.6x | 2.3x |
| Wed, 11 Sep 2024 | €50.4b | €22.9b | €6.7b | 7.8x | 7.5x | 2.2x |
| Fri, 09 Aug 2024 | €53.0b | €23.1b | €6.9b | 8.5x | 7.6x | 2.3x |
| Sun, 07 Jul 2024 | €53.6b | €23.1b | €6.9b | 8.5x | 7.7x | 2.3x |
| Tue, 04 Jun 2024 | €54.1b | €23.1b | €6.9b | 8.5x | 7.8x | 2.3x |
| Thu, 02 May 2024 | €54.9b | €23.6b | €7.3b | 8.5x | 7.5x | 2.3x |
| Sat, 30 Mar 2024 | €60.2b | €23.3b | €7.2b | 8.4x | 8.4x | 2.6x |
| Mon, 26 Feb 2024 | €58.0b | €22.8b | €7.1b | 8x | 8.1x | 2.5x |
| Wed, 24 Jan 2024 | €54.3b | €21.0b | €7.1b | 7.7x | 7.6x | 2.6x |
| Fri, 22 Dec 2023 | €53.2b | €21.0b | €7.1b | 7.6x | 7.5x | 2.5x |
| Sun, 19 Nov 2023 | €51.3b | €21.0b | €7.1b | 7.7x | 7.2x | 2.4x |
| Tue, 17 Oct 2023 | €50.4b | €19.0b | €6.6b | 8.3x | 7.6x | 2.7x |
| Thu, 14 Sep 2023 | €50.5b | €19.0b | €7.0b | 7.5x | 7.3x | 2.7x |
| Sat, 12 Aug 2023 | €53.2b | €18.5b | €7.0b | 7.2x | 7.6x | 2.9x |
| Mon, 10 Jul 2023 | €52.8b | €18.3b | €7.0b | 7.2x | 7.6x | 2.9x |
| Wed, 07 Jun 2023 | €53.1b | €18.3b | €7.0b | 7.5x | 7.6x | 2.9x |
| Fri, 05 May 2023 | €53.8b | €17.7b | €6.5b | 7.9x | 8.3x | 3x |
| Sun, 02 Apr 2023 | €54.7b | €17.9b | €6.6b | 7.9x | 8.2x | 3.1x |
| Tue, 28 Feb 2023 | €54.1b | €17.4b | €6.6b | 6.7x | 8.2x | 3.1x |
Price to Earnings Ratio
8.2x
Current Industry PE
- Investors are optimistic on the Belgian Banks industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 11.3x which is higher than its 3-year average PE of 8.3x.
- The 3-year average PS ratio of 2.7x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
- The earnings for companies in the Banks industry have remained mostly flat over the last three years.
- Meanwhile revenues for these companies have grown 10% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.
Industry Trends
Which industries have driven the changes within the Belgian Financials industry?
| BE Market | 0.62% | |
| Financials | 2.00% | |
| Banks | 2.03% | |
| Diversified Banks | 2.03% | |
| Regional Banks | 0% | 0 |
Industry PE
- Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.3x.
- Analysts are expecting annual earnings growth of 7.2%, which is higher than its past year's earnings decline of 12.3% per year.
- Investors are most pessimistic about the Regional Banks industry, which is trading close to its 3-year average of 8.7x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 7.2% over the next 5 years.
- This is better than its past earnings decline of 12% per year.
- In contrast, the Diversified Banks industry is expected to see its earnings grow by 7.2% 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 | |
|---|---|---|---|---|---|
| KBC KBC Group | €116.65 | 3.0% +€1.3b | 43.5% | PB1.7x | |
| KBCA KBC Ancora | €77.60 | 3.5% +€200.2m | 41.6% | PB1.7x |