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Belgian (BEL20) Industrials Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies27
  • 7D-0.2%
  • 3M3.0%
  • 1Y-1.5%
  • YTD-3.9%

Over the last 7 days, the Industrials industry has remained flat, although notably Cenergy Holdings declined by 6.1%. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

Has the Belgian Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025€22.6b€32.6b€1.3b13.6x17x0.7x
Sat, 22 Nov 2025€22.1b€32.6b€1.3b13.1x16.6x0.7x
Mon, 20 Oct 2025€21.7b€32.5b€1.3b13.9x16.3x0.7x
Wed, 17 Sep 2025€22.6b€32.4b€1.3b15.2x17.3x0.7x
Fri, 15 Aug 2025€23.1b€32.0b€1.2b16.3x19.5x0.7x
Sun, 13 Jul 2025€22.1b€31.7b€1.2b15.2x18.4x0.7x
Tue, 10 Jun 2025€22.4b€31.8b€1.2b15.2x18.6x0.7x
Thu, 08 May 2025€21.7b€31.7b€1.3b14.7x17.3x0.7x
Sat, 05 Apr 2025€20.2b€31.8b€1.4b11.5x14.7x0.6x
Mon, 03 Mar 2025€22.1b€31.6b€1.4b12x16.2x0.7x
Wed, 29 Jan 2025€22.1b€30.7b€1.6b12x14x0.7x
Fri, 27 Dec 2024€22.5b€30.7b€1.6b12.7x14.3x0.7x
Sun, 24 Nov 2024€22.5b€30.7b€1.6b13.6x14.3x0.7x
Tue, 22 Oct 2024€22.6b€30.7b€1.6b12.9x14x0.7x
Thu, 19 Sep 2024€22.9b€30.6b€1.6b13.9x14.1x0.7x
Sat, 17 Aug 2024€22.7b€29.8b€1.5b12.5x14.7x0.8x
Mon, 15 Jul 2024€22.7b€29.8b€1.6b13.1x14.5x0.8x
Wed, 12 Jun 2024€22.8b€30.1b€1.6b12.8x14.5x0.8x
Fri, 10 May 2024€23.8b€30.2b€1.6b12.8x15.2x0.8x
Sun, 07 Apr 2024€21.9b€30.3b€1.6b13.1x13.6x0.7x
Tue, 05 Mar 2024€21.1b€30.4b€1.6b13.7x13.2x0.7x
Thu, 01 Feb 2024€21.9b€32.6b€1.9b10.8x11.3x0.7x
Sat, 30 Dec 2023€22.0b€32.1b€2.0b11x11.3x0.7x
Mon, 27 Nov 2023€21.4b€32.1b€2.0b11.5x10.9x0.7x
Wed, 25 Oct 2023€19.8b€31.8b€2.0b12.6x9.7x0.6x
Fri, 22 Sep 2023€20.8b€31.9b€2.0b12.8x10.2x0.7x
Sun, 20 Aug 2023€21.9b€31.2b€2.1b11x10.6x0.7x
Tue, 18 Jul 2023€22.6b€31.1b€2.1b13x10.7x0.7x
Thu, 15 Jun 2023€23.0b€31.0b€2.1b14.2x10.9x0.7x
Sat, 13 May 2023€22.2b€30.9b€2.1b11.6x10.5x0.7x
Mon, 10 Apr 2023€21.9b€31.0b€2.1b10.4x10.3x0.7x
Wed, 08 Mar 2023€22.8b€29.8b€2.0b12x11.6x0.8x
Fri, 03 Feb 2023€23.0b€29.3b€1.9b12.2x11.9x0.8x
Sun, 01 Jan 2023€23.1b€29.3b€1.9b11.4x12x0.8x
Price to Earnings Ratio

12x


Total Market Cap: €23.1bTotal Earnings: €1.9bTotal Revenue: €29.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Industrials Sector Price to Earnings3Y Average 13.8x202320242025
Current Industry PE
  • Investors are optimistic on the Belgian Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 17.0x which is higher than its 3-year average PE of 13.8x.
  • The industry is trading close to its 3-year average PS ratio of 0.72x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have declined 12% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.6% 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, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Belgian Industrials sector?

BE Market-0.40%
Industrials-0.17%
Commercial Services7.31%
Construction1.07%
Machinery1.05%
Building0.53%
Professional Services0%0
Transportation0%0
Infrastructure0%0
Trade Distributors-0.16%
Logistics-1.23%
Electrical-4.67%
Industry PE
  • Investors are most optimistic about the Electrical industry, which is trading close to its 3-year average PE ratio of 18.1x.
    • Analysts are expecting annual earnings growth of 14.8%, which is lower than the prior year's growth of 52.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 133% over the next 5 years.
  • This is better than its past earnings growth rate of 0.3% per year.
  • In contrast, the Construction industry is expected to see its earnings grow by 4.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ACKB Ackermans & Van Haaren€230.601.1%
+€78.5m		21.9%PE14.2x
DEME DEME Group€139.201.6%
+€55.5m		1.6%PE10.8x
ENRGY EnergyVision€11.002.4%
+€15.9m		n/aPE64x
094124352 Aliaxis€22.200.9%
+€15.6m		-26.0%PE16x
EKOP Ekopak€5.3413.6%
+€11.2m		-62.8%PS2.5x

Latest News

AZE
€9.29
Azelis Group
7D
-0.2%
1Y
-51.5%

AZE: Margins Are Expected To Recover As Industry Pressures Gradually Ease

The analyst price target for Azelis Group has been trimmed slightly to EUR 15.71 from EUR 15.82 as analysts factor in softer revenue growth and margins amid ongoing industry headwinds, partially offset by expectations for a gradual recovery and resilient valuation multiples. Analyst Commentary Analyst sentiment on Azelis Group has become more mixed, with a growing divergence between those who see the current downturn as an attractive entry point and those who expect industry headwinds to constrain performance for longer.
CENER
€14.90
Cenergy Holdings
7D
-6.1%
1Y
62.0%

CENER: Future Returns Will Reflect Lower Risk And Steady Profitability Outlook

Analysts have modestly raised their price target on Cenergy Holdings to EUR 14.53, citing a slightly lower perceived risk profile reflected in a reduced discount rate while maintaining their expectations for revenue growth, profit margins, and future valuation multiples. Valuation Changes The fair value estimate remained unchanged at approximately €14.53 per share, indicating no revision to the core valuation outcome.
EKOP
€5.34
Ekopak
7D
13.6%
1Y
-62.8%

Ekopak NV (EBR:EKOP) Looks Just Right With A 27% Price Jump

Dec 17
Ekopak NV (EBR:EKOP) Looks Just Right With A 27% Price Jump
DEME
€139.20
DEME Group
7D
1.6%
1Y
1.6%

DEME: Global Offshore Contract Wins Will Drive Long-Term Upside Potential

Analysts have slightly reduced their price target on DEME Group by approximately EUR 1. This reflects a modestly lower fair value, despite marginally higher long term assumptions for revenue growth and profit margins, alongside a somewhat less demanding future earnings multiple.
ACKB
€230.60
Ackermans & Van Haaren
7D
1.1%
1Y
21.9%

ACKB: Modest Discount Rate Shift Will Support Future Earnings Strength

Analysts have modestly raised their price target on Ackermans & Van Haaren to €254.83, reflecting slightly lower discount rate assumptions while keeping long term growth and profitability expectations broadly unchanged. Valuation Changes Fair Value: Unchanged at approximately €254.83 per share, indicating no revision to the central valuation outcome.
FOU
€1.56
Fountain
7D
-1.9%
1Y
20.0%
RECT
€9.64
Recticel
7D
0.6%
1Y
-9.7%

At €9.86, Is Recticel SA/NV (EBR:RECT) Worth Looking At Closely?

Dec 02
At €9.86, Is Recticel SA/NV (EBR:RECT) Worth Looking At Closely?
BPOST
€2.02
bpost/SA
7D
-1.2%
1Y
4.6%
CFEB
€8.72
Compagnie d'Entreprises CFE
7D
-2.2%
1Y
51.4%
094124352
€22.20
Aliaxis
7D
0.9%
1Y
-26.0%
JEN
€57.60
Jensen-Group
7D
1.1%
1Y
32.4%
ENRGY
€11.00
EnergyVision
7D
2.4%
1Y
n/a
MOUR
€560.00
Moury Construct
7D
-3.1%
1Y
10.9%