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Belgian (BEL20) Industrials Sector Analysis

UpdatedSep 19, 2025
DataAggregated Company Financials
Companies28
  • 7D1.4%
  • 3M3.2%
  • 1Y-4.5%
  • YTD-3.3%

The Industrials is pretty flat in the last 7 days, but Cenergy Holdings has stood out, gaining 5.4%. As for the longer term, the industry has declined 4.3% in the last year. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Sep 2025€22.8b€32.4b€1.3b15.2x17.4x0.7x
Sun, 17 Aug 2025€23.1b€32.0b€1.2b16.3x19.6x0.7x
Tue, 15 Jul 2025€22.0b€31.7b€1.2b15.2x18.3x0.7x
Thu, 12 Jun 2025€22.4b€31.8b€1.2b15.2x18.5x0.7x
Sat, 10 May 2025€22.0b€31.7b€1.3b14.9x17.6x0.7x
Mon, 07 Apr 2025€20.2b€31.8b€1.4b11.5x14.7x0.6x
Wed, 05 Mar 2025€21.9b€31.6b€1.4b11.9x16.1x0.7x
Fri, 31 Jan 2025€22.0b€30.7b€1.6b12x14x0.7x
Sun, 29 Dec 2024€22.5b€30.7b€1.6b12.7x14.3x0.7x
Tue, 26 Nov 2024€22.3b€30.7b€1.6b13.8x14.1x0.7x
Thu, 24 Oct 2024€22.6b€30.7b€1.6b12.9x13.9x0.7x
Sat, 21 Sep 2024€22.6b€30.6b€1.6b13.7x13.9x0.7x
Mon, 19 Aug 2024€22.7b€29.8b€1.5b12.5x14.7x0.8x
Wed, 17 Jul 2024€22.8b€29.8b€1.6b13.1x14.6x0.8x
Fri, 14 Jun 2024€23.0b€30.1b€1.6b12.8x14.6x0.8x
Sun, 12 May 2024€23.8b€30.2b€1.6b12.7x15.2x0.8x
Tue, 09 Apr 2024€22.1b€30.3b€1.6b13.2x13.7x0.7x
Thu, 07 Mar 2024€21.1b€30.4b€1.6b14x13.2x0.7x
Sat, 03 Feb 2024€21.9b€32.6b€1.9b11x11.3x0.7x
Mon, 01 Jan 2024€22.0b€32.1b€2.0b11x11.3x0.7x
Wed, 29 Nov 2023€21.0b€32.1b€2.0b11.3x10.7x0.7x
Fri, 27 Oct 2023€19.3b€31.8b€2.0b12.6x9.5x0.6x
Sun, 24 Sep 2023€20.8b€31.9b€2.0b13.1x10.3x0.7x
Tue, 22 Aug 2023€21.9b€31.2b€2.1b10.8x10.6x0.7x
Thu, 20 Jul 2023€22.8b€31.1b€2.1b13.2x10.8x0.7x
Sat, 17 Jun 2023€22.9b€31.0b€2.1b14.4x10.8x0.7x
Mon, 15 May 2023€22.2b€30.9b€2.1b11.6x10.5x0.7x
Wed, 12 Apr 2023€22.2b€31.0b€2.1b10.8x10.4x0.7x
Fri, 10 Mar 2023€22.5b€29.9b€2.2b10.5x10.4x0.8x
Sun, 05 Feb 2023€23.2b€29.3b€1.9b12.3x12.1x0.8x
Tue, 03 Jan 2023€23.2b€29.3b€1.9b11.4x12x0.8x
Thu, 01 Dec 2022€22.6b€29.3b€1.9b11.2x11.7x0.8x
Sat, 29 Oct 2022€21.2b€29.2b€1.9b11.4x11.1x0.7x
Mon, 26 Sep 2022€21.1b€29.1b€1.9b11.6x11x0.7x
Price to Earnings Ratio

11x


Total Market Cap: €21.1bTotal Earnings: €1.9bTotal Revenue: €29.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Industrials Sector Price to Earnings3Y Average 13.3x202320242025
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 17.3x which is higher than its 3-year average PE of 13.3x.
  • 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 3.7% 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-0.35%
Industrials1.37%
Transportation20.72%
Electrical5.70%
Trade Distributors3.90%
Building0.58%
Professional Services0%0
Infrastructure0%0
Machinery-0.31%
Construction-0.42%
Logistics-0.85%
Commercial Services-3.52%
Industry PE
  • Investors are most optimistic about the Electrical industry, which is trading close to its 3-year average PE ratio of 18.0x.
    • Analysts are expecting annual earnings growth of 18.5%, which is lower than the prior year's growth of 76.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 125% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Construction industry is expected to see its earnings grow by 6.6% 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
CENER Cenergy Holdings€11.809.5%
+€216.6m
15.9%PE16x
AZE Azelis Group€12.263.9%
+€109.5m
-36.1%PE17.2x
DEME DEME Group€127.202.3%
+€70.7m
-16.0%PE9.8x
626591203 Infrabel€6.7020.7%
+€61.0m
20.7%n/a
RECT Recticel€9.023.1%
+€15.2m
-32.3%PE83.7x

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