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Belgian (BEL20) Market Analysis & Valuation
UpdatedApr 14, 2026
DataAggregated Company Financials
Companies158
- 7D3.5%
- 3M4.8%
- 1Y27.9%
- YTD7.5%
In the last week, the market is up 3.5% led by Consumer Staples sector. The market is up 28% over the last 12 months. As for the next few years, earnings are expected to grow by 15% per annum.
Market Valuation and Performance
Has the Belgian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 15 Apr 2026 | €469.4b | €224.5b | €23.6b | 15.2x | 19.9x | 2.1x |
| Fri, 13 Mar 2026 | €448.5b | €225.8b | €24.5b | 14.9x | 18.3x | 2x |
| Sun, 08 Feb 2026 | €467.9b | €219.4b | €23.3b | 15.9x | 20.1x | 2.1x |
| Tue, 06 Jan 2026 | €430.8b | €220.0b | €23.5b | 15.2x | 18.4x | 2x |
| Thu, 04 Dec 2025 | €424.9b | €220.0b | €23.5b | 15.3x | 18.1x | 1.9x |
| Sat, 01 Nov 2025 | €413.7b | €220.2b | €23.2b | 14.9x | 17.8x | 1.9x |
| Mon, 29 Sep 2025 | €396.6b | €218.7b | €23.8b | 15.4x | 16.6x | 1.8x |
| Wed, 27 Aug 2025 | €404.6b | €224.8b | €25.3b | 15.2x | 16x | 1.8x |
| Fri, 25 Jul 2025 | €402.7b | €221.5b | €23.0b | 15.2x | 17.5x | 1.8x |
| Sun, 22 Jun 2025 | €395.5b | €223.0b | €23.2b | 14.2x | 17.1x | 1.8x |
| Tue, 20 May 2025 | €389.7b | €224.0b | €23.7b | 14.3x | 16.4x | 1.7x |
| Thu, 17 Apr 2025 | €368.0b | €223.2b | €22.7b | 14.1x | 16.2x | 1.6x |
| Sat, 15 Mar 2025 | €381.5b | €224.6b | €22.2b | 14x | 17.2x | 1.7x |
| Mon, 10 Feb 2025 | €375.3b | €234.1b | €21.3b | 12.3x | 17.6x | 1.6x |
| Wed, 08 Jan 2025 | €371.9b | €233.9b | €21.0b | 13.2x | 17.7x | 1.6x |
| Fri, 06 Dec 2024 | €373.9b | €232.7b | €21.5b | 13.7x | 17.4x | 1.6x |
| Sun, 03 Nov 2024 | €377.0b | €224.5b | €22.0b | 13.5x | 17.1x | 1.7x |
| Tue, 01 Oct 2024 | €393.8b | €229.8b | €21.1b | 14.5x | 18.7x | 1.7x |
| Thu, 29 Aug 2024 | €374.4b | €227.7b | €20.4b | 14.7x | 18.4x | 1.6x |
| Sat, 27 Jul 2024 | €379.6b | €232.1b | €21.3b | 16x | 17.8x | 1.6x |
| Mon, 24 Jun 2024 | €366.8b | €232.7b | €21.3b | 15.9x | 17.2x | 1.6x |
| Wed, 22 May 2024 | €383.7b | €232.5b | €21.2b | 14.6x | 18.1x | 1.7x |
| Fri, 19 Apr 2024 | €361.6b | €234.0b | €21.9b | 15.7x | 16.5x | 1.5x |
| Sun, 17 Mar 2024 | €356.4b | €237.1b | €21.5b | 13.4x | 16.6x | 1.5x |
| Tue, 13 Feb 2024 | €367.3b | €253.4b | €23.8b | 13.4x | 15.4x | 1.4x |
| Thu, 11 Jan 2024 | €361.3b | €247.8b | €23.0b | 12.7x | 15.7x | 1.5x |
| Sat, 09 Dec 2023 | €357.7b | €240.2b | €21.5b | 13.5x | 16.6x | 1.5x |
| Mon, 06 Nov 2023 | €336.6b | €239.0b | €21.4b | 13.6x | 15.7x | 1.4x |
| Wed, 04 Oct 2023 | €334.4b | €242.4b | €21.8b | 12.7x | 15.4x | 1.4x |
| Fri, 01 Sep 2023 | €342.1b | €234.3b | €22.2b | 13x | 15.4x | 1.5x |
| Sun, 30 Jul 2023 | €350.8b | €234.9b | €24.0b | 11.8x | 14.6x | 1.5x |
| Tue, 27 Jun 2023 | €331.8b | €235.1b | €24.5b | 11.4x | 13.6x | 1.4x |
| Thu, 25 May 2023 | €342.5b | €236.0b | €24.6b | 11.7x | 13.9x | 1.5x |
| Sat, 22 Apr 2023 | €364.0b | €232.4b | €23.0b | 12.2x | 15.8x | 1.6x |
Price to Earnings Ratio
15.8x
Current Market PE
- Investors are optimistic on the Belgian market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 19.9x which is higher than its 3-year average PE of 16.8x.
Past Earnings Growth
- Both revenue and earnings for Belgian listed companies have remained mostly flat over the last three years.
- This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.
Sector Trends
Which sectors have driven the changes within the Belgian Market?
| BE Market | 3.48% | |
| Materials | 6.35% | |
| Healthcare | 3.95% | |
| Financials | 3.85% | |
| Tech | 3.82% | |
| Consumer Discretionary | 3.46% | |
| Consumer Staples | 3.35% | |
| Industrials | 2.43% | |
| Real Estate | 2.32% | |
| Utilities | 1.11% | |
| Telecom | 0.58% | |
| Energy | -1.16% | |
Sector PE
- Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 204x.
- Analysts are expecting annual earnings growth of 19.5%, which is lower than the prior year's growth of 37.3% 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 38% over the next 5 years.
- This is better than its past earnings growth rate of 11% per year.
- In contrast, the Telecom sector is expected to see its earnings decline by 3.2% 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 | Sector | |
|---|---|---|---|---|---|---|
| ABI Anheuser-Busch InBev | €64.30 | 4.3% +€5.2b | 14.7% | PE21.6x | Consumer Staples | |
| KBC KBC Group | €117.55 | 8.1% +€3.5b | 46.2% | PB1.7x | Financials | |
| ARGX argenx | €705.00 | 8.7% +€3.5b | 33.0% | PE40x | Healthcare | |
| UCB UCB | €270.60 | 2.7% +€1.4b | 89.9% | PE33.1x | Healthcare | |
| DIE D'Ieteren Group | €172.30 | 8.1% +€683.8m | 3.1% | PE21.8x | Consumer Discretionary |
