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Belgian (BEL20) Market Analysis & Valuation

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies162
  • 7D-0.8%
  • 3M8.1%
  • 1Y17.4%
  • YTD16.6%

The market has been flat over the last week. Meanwhile, the market is actually up 17% over the past year. Looking forward, 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
Fri, 26 Dec 2025€428.4b€219.7b€23.4b15.4x18.3x2x
Sun, 23 Nov 2025€423.4b€220.8b€23.7b14.2x17.8x1.9x
Tue, 21 Oct 2025€423.0b€219.5b€23.9b15.6x17.7x1.9x
Thu, 18 Sep 2025€398.3b€218.3b€24.1b15.3x16.5x1.8x
Sat, 16 Aug 2025€397.3b€224.2b€25.3b15.4x15.7x1.8x
Mon, 14 Jul 2025€391.2b€221.9b€23.1b15.2x17x1.8x
Wed, 11 Jun 2025€400.5b€223.2b€23.3b14.5x17.2x1.8x
Fri, 09 May 2025€380.5b€224.1b€22.7b14x16.8x1.7x
Sun, 06 Apr 2025€358.5b€225.1b€22.9b12.9x15.6x1.6x
Tue, 04 Mar 2025€395.7b€234.7b€21.5b13.7x18.4x1.7x
Thu, 30 Jan 2025€373.2b€233.6b€21.0b12.5x17.8x1.6x
Sat, 28 Dec 2024€379.3b€233.5b€21.0b12.5x18.1x1.6x
Mon, 25 Nov 2024€369.5b€226.9b€21.7b14x17x1.6x
Wed, 23 Oct 2024€384.3b€224.9b€21.3b13.9x18x1.7x
Fri, 20 Sep 2024€389.3b€229.6b€20.9b14.8x18.6x1.7x
Sun, 18 Aug 2024€372.6b€228.4b€20.3b15.6x18.4x1.6x
Tue, 16 Jul 2024€373.6b€231.5b€21.2b15.6x17.6x1.6x
Thu, 13 Jun 2024€368.6b€232.5b€21.4b15.9x17.2x1.6x
Sat, 11 May 2024€381.1b€233.9b€21.8b15.2x17.5x1.6x
Mon, 08 Apr 2024€367.8b€237.7b€21.8b14.5x16.9x1.5x
Wed, 06 Mar 2024€354.1b€248.8b€22.7b13.8x15.6x1.4x
Fri, 02 Feb 2024€354.3b€248.6b€23.4b12.8x15.1x1.4x
Sun, 31 Dec 2023€358.2b€247.4b€22.9b13.2x15.6x1.4x
Tue, 28 Nov 2023€348.3b€239.2b€21.4b13.3x16.2x1.5x
Thu, 26 Oct 2023€320.6b€239.0b€21.4b12.5x15x1.3x
Sat, 23 Sep 2023€344.1b€241.7b€22.1b13x15.6x1.4x
Mon, 21 Aug 2023€336.1b€233.8b€22.4b12.6x15x1.4x
Wed, 19 Jul 2023€341.0b€233.4b€24.2b11.6x14.1x1.5x
Fri, 16 Jun 2023€343.7b€235.3b€24.5b11.7x14x1.5x
Sun, 14 May 2023€352.7b€234.9b€24.2b12.1x14.6x1.5x
Tue, 11 Apr 2023€364.2b€233.8b€23.7b11.1x15.4x1.6x
Thu, 09 Mar 2023€360.6b€231.2b€24.1b11.2x15x1.6x
Sat, 04 Feb 2023€357.1b€230.4b€24.2b10.3x14.7x1.6x
Mon, 02 Jan 2023€344.8b€230.8b€25.0b9.6x13.8x1.5x
Price to Earnings Ratio

13.8x


Total Market Cap: €344.8bTotal Earnings: €25.0bTotal Revenue: €230.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.4x20242025
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 18.3x which is higher than its 3-year average PE of 16.4x.
Past Earnings Growth
  • The earnings for Belgian listed companies have declined 2.2% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Belgian Market?

BE Market-0.77%
Materials1.27%
Energy0.89%
Financials0.85%
Utilities0.56%
Telecom0.25%
Real Estate0.12%
Tech-0.10%
Consumer Discretionary-0.24%
Industrials-0.52%
Consumer Staples-1.81%
Healthcare-2.33%
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 213x.
    • Analysts are expecting annual earnings growth of 21.8%, 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 Energy sector, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 10% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.7% 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
017250539 BNP Paribas Fortis€41.804.5%
+€1.0b		34.8%PB0.8xFinancials
AGS ageas€59.801.6%
+€181.2m		28.6%PE9.9xFinancials
094426466 SCR-Sibelco€5.50k7.8%
+€138.3m		19.6%PE30xMaterials
UMI Umicore€17.873.1%
+€127.5m		77.3%PE33.4xMaterials
DIE D'Ieteren Group€150.601.5%
+€116.6m		-6.5%PE17.9xConsumer Discretionary
See more

Market Insights

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DIE
€150.60
D'Ieteren Group
7D
1.5%
1Y
-6.5%
UMI
€17.87
Umicore
7D
3.1%
1Y
77.3%

Umicore SA (EBR:UMI) Stock Catapults 25% Though Its Price And Business Still Lag The Industry

Dec 26
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ELI
€108.70
Elia Group
7D
0.6%
1Y
46.6%

We Think Elia Group (EBR:ELI) Is Taking Some Risk With Its Debt

Dec 26
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COLR
€31.02
Colruyt Group
7D
-1.3%
1Y
-12.7%
KBC
€111.15
KBC Group
7D
-0.8%
1Y
49.8%

KBC: Rising Deal Ambitions Will Likely Expose Earnings Multiple To Compression

The analyst fair value estimate for KBC Group has been raised from EUR 74.53 to EUR 87.00. This reflects analysts' view that slightly lower discount rate assumptions, modestly improved profit margins, and higher long term valuation multiples justify a higher price target despite only incremental changes in revenue growth expectations.
CENER
€14.90
Cenergy Holdings
7D
-4.4%
1Y
61.6%

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.
UCB
€235.50
UCB
7D
-2.4%
1Y
22.2%

UCB: Expanding Late-Stage Pipeline And New Launches Will Drive Future Upside

UCB's analyst price target has been raised from EUR 258.33 to EUR 264.67 as analysts factor in slightly stronger revenue growth expectations, despite a modestly lower projected profit margin and only a small uptick in future valuation multiples. Analyst Commentary Recent price target increases signal that bullish analysts see a more attractive risk reward profile for UCB, driven by improving growth visibility and confidence in execution.
BEKB
€38.10
NV Bekaert
7D
2.8%
1Y
15.5%

Market Still Lacking Some Conviction On NV Bekaert SA (EBR:BEKB)

Dec 17
Market Still Lacking Some Conviction On NV Bekaert SA (EBR:BEKB)
ARGX
€718.60
argenx
7D
-2.3%
1Y
18.8%

ARGX: Future Pipeline Readouts Will Balance Post Rally Expectations And Execution Risks

Analysts have nudged their average price target on argenx modestly higher by about $30 per share. This reflects stronger assumed revenue growth and higher future valuation multiples, even as they temper margin expectations in light of a more selective, probability-weighted view of the Vyvgart and empasiprubart pipelines.
017250539
€41.80
BNP Paribas Fortis
7D
4.5%
1Y
34.8%
AGS
€59.80
ageas
7D
1.6%
1Y
28.6%
ABI
€54.38
Anheuser-Busch InBev
7D
-2.0%
1Y
11.6%
KBCA
€73.40
KBC Ancora
7D
-0.8%
1Y
44.2%
SOF
€245.20
Sofina Société Anonyme
7D
1.3%
1Y
12.2%
TUB
€209.00
Financière de Tubize
7D
-2.8%
1Y
45.7%
094426466
€5,500.00
SCR-Sibelco
7D
7.8%
1Y
19.6%

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Sep 06
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