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Belgian (BEL20) Market Analysis & Valuation

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies160
  • 7D0.9%
  • 3M5.6%
  • 1Y22.0%
  • YTD3.4%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 3.3%. Meanwhile, the market is actually up 22% over the past year. Earnings are forecast to grow by 15% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Belgian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026€447.1b€220.2b€23.4b15.1x19.1x2x
Thu, 18 Dec 2025€430.2b€219.6b€23.5b15.2x18.3x2x
Sat, 15 Nov 2025€424.2b€220.3b€23.7b14.3x17.9x1.9x
Mon, 13 Oct 2025€417.4b€219.7b€23.9b15.3x17.5x1.9x
Wed, 10 Sep 2025€400.6b€218.7b€24.1b16.1x16.6x1.8x
Fri, 08 Aug 2025€396.3b€224.1b€25.2b15.4x15.7x1.8x
Sun, 06 Jul 2025€391.0b€221.5b€23.0b15.2x17x1.8x
Tue, 03 Jun 2025€394.7b€223.1b€23.3b14.3x17x1.8x
Thu, 01 May 2025€383.5b€223.5b€22.7b14.3x16.9x1.7x
Sat, 29 Mar 2025€381.0b€226.1b€23.2b14.2x16.4x1.7x
Mon, 24 Feb 2025€381.8b€232.9b€21.8b13.4x17.5x1.6x
Wed, 22 Jan 2025€369.5b€233.6b€21.0b13x17.6x1.6x
Fri, 20 Dec 2024€365.2b€234.0b€21.0b12.6x17.4x1.6x
Sun, 17 Nov 2024€366.5b€226.0b€21.8b13.1x16.8x1.6x
Tue, 15 Oct 2024€385.0b€224.1b€21.2b14x18.2x1.7x
Thu, 12 Sep 2024€387.1b€230.3b€21.0b14.7x18.4x1.7x
Sat, 10 Aug 2024€345.2b€218.5b€17.6b16.3x19.7x1.6x
Mon, 08 Jul 2024€370.3b€231.8b€21.2b15x17.4x1.6x
Wed, 05 Jun 2024€372.9b€232.4b€21.2b15.4x17.6x1.6x
Fri, 03 May 2024€366.1b€233.5b€22.0b14.6x16.6x1.6x
Sun, 31 Mar 2024€369.8b€237.9b€21.6b14.2x17.1x1.6x
Tue, 27 Feb 2024€363.6b€248.9b€23.5b13.8x15.5x1.5x
Thu, 25 Jan 2024€354.0b€248.2b€23.0b12.7x15.4x1.4x
Sat, 23 Dec 2023€356.5b€246.8b€22.1b13.2x16.1x1.4x
Mon, 20 Nov 2023€344.0b€239.2b€21.3b14.4x16.2x1.4x
Wed, 18 Oct 2023€331.5b€239.2b€21.5b12.9x15.4x1.4x
Fri, 15 Sep 2023€343.0b€241.3b€21.9b13.1x15.6x1.4x
Sun, 13 Aug 2023€341.8b€233.3b€22.5b12.8x15.2x1.5x
Tue, 11 Jul 2023€331.0b€234.5b€24.4b11.3x13.6x1.4x
Thu, 08 Jun 2023€339.8b€236.4b€24.6b11.6x13.8x1.4x
Sat, 06 May 2023€360.0b€233.6b€24.3b11.6x14.8x1.5x
Mon, 03 Apr 2023€364.0b€234.1b€23.8b10.8x15.3x1.6x
Wed, 01 Mar 2023€364.3b€233.1b€23.4b11.3x15.6x1.6x
Fri, 27 Jan 2023€351.3b€229.9b€24.8b10.2x14.2x1.5x
Price to Earnings Ratio

14.2x


Total Market Cap: €351.3bTotal Earnings: €24.8bTotal Revenue: €229.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.5x202420252026
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 19.1x which is higher than its 3-year average PE of 16.5x.
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 Market0.92%
Energy3.33%
Utilities3.13%
Consumer Staples2.76%
Healthcare1.39%
Telecom1.15%
Tech0.89%
Consumer Discretionary0.54%
Industrials0.26%
Real Estate0.046%
Financials-1.00%
Materials-1.65%
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 206x.
    • Analysts are expecting annual earnings growth of 20.3%, which is lower than the prior year's growth of 62.9% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading below its 3-year average of 9.4x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 28% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 6.3% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
ABI Anheuser-Busch InBev€58.702.8%
+€3.2b		24.6%PE21.9xConsumer Staples
UCB UCB€257.902.4%
+€1.1b		40.8%PE36.8xHealthcare
DIE D'Ieteren Group€181.3012.5%
+€1.1b		15.6%PE21.6xConsumer Discretionary
KBC KBC Group€116.701.6%
+€733.9m		58.3%PB1.7xFinancials
ELI Elia Group€115.303.1%
+€381.7m		70.6%PE24.7xUtilities
See more

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€115.30
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3.1%
1Y
70.6%

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€58.70
Anheuser-Busch InBev
7D
2.8%
1Y
24.6%

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3.3%
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7D
-1.4%
1Y
87.3%

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7D
2.7%
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DEME
€151.80
DEME Group
7D
5.0%
1Y
9.4%

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€257.90
UCB
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2.4%
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40.8%

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KBC
€116.70
KBC Group
7D
1.6%
1Y
58.3%

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€253.20
Sofina Société Anonyme
7D
-2.3%
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10.8%

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DIE
€181.30
D'Ieteren Group
7D
12.5%
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WDP
€23.18
Warehouses De Pauw
7D
-1.1%
1Y
20.4%

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7D
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10.8%