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Belgian (BEL20) Market Analysis & Valuation

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies159
  • 7D2.3%
  • 3M14.7%
  • 1Y28.1%
  • YTD10.9%

Over the last 7 days, the market has risen 2.3%, driven by gains of 5.5% in the Consumer Staples sector. As for the past 12 months, the market is up 28%. Earnings are forecast to grow by 14% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Feb 2026€479.6b€220.3b€23.9b15.2x20.1x2.2x
Wed, 14 Jan 2026€443.6b€220.1b€23.4b15.2x19x2x
Fri, 12 Dec 2025€426.3b€219.6b€23.5b15.1x18.2x1.9x
Sun, 09 Nov 2025€416.8b€220.4b€23.7b14.5x17.6x1.9x
Tue, 07 Oct 2025€414.6b€218.6b€23.8b15.7x17.4x1.9x
Thu, 04 Sep 2025€396.1b€225.5b€25.4b15.5x15.6x1.8x
Sat, 02 Aug 2025€384.7b€222.3b€23.4b15.1x16.4x1.7x
Mon, 30 Jun 2025€395.6b€222.1b€23.1b14.5x17.2x1.8x
Wed, 28 May 2025€394.6b€223.5b€23.3b14.4x17x1.8x
Fri, 25 Apr 2025€378.5b€223.3b€22.6b13.9x16.7x1.7x
Sun, 23 Mar 2025€387.3b€225.2b€22.3b14.2x17.4x1.7x
Tue, 18 Feb 2025€380.5b€232.5b€21.5b12.9x17.7x1.6x
Thu, 16 Jan 2025€367.0b€234.4b€21.1b13.3x17.4x1.6x
Sat, 14 Dec 2024€371.0b€233.1b€20.9b13.2x17.7x1.6x
Mon, 11 Nov 2024€373.2b€224.2b€21.9b12.7x17.1x1.7x
Wed, 09 Oct 2024€380.4b€223.8b€21.1b14.2x18x1.7x
Fri, 06 Sep 2024€379.9b€229.2b€20.6b14.1x18.4x1.7x
Sun, 04 Aug 2024€373.2b€228.9b€20.4b16.6x18.3x1.6x
Tue, 02 Jul 2024€365.5b€232.4b€21.3b14.6x17.2x1.6x
Thu, 30 May 2024€373.6b€232.8b€21.2b15.3x17.6x1.6x
Sat, 27 Apr 2024€367.8b€233.8b€22.0b15.5x16.7x1.6x
Mon, 25 Mar 2024€362.3b€237.6b€21.6b13.7x16.8x1.5x
Wed, 21 Feb 2024€362.1b€249.1b€23.7b13.3x15.3x1.5x
Fri, 19 Jan 2024€349.2b€248.3b€23.0b12.5x15.2x1.4x
Sun, 17 Dec 2023€357.7b€239.4b€21.5b13.1x16.7x1.5x
Tue, 14 Nov 2023€335.6b€238.1b€21.0b13.8x16x1.4x
Thu, 12 Oct 2023€336.0b€241.6b€21.7b12.7x15.5x1.4x
Sat, 09 Sep 2023€340.2b€238.8b€21.8b13x15.6x1.4x
Mon, 07 Aug 2023€345.1b€232.6b€22.4b12.8x15.4x1.5x
Wed, 05 Jul 2023€336.0b€235.0b€24.5b11.4x13.7x1.4x
Fri, 02 Jun 2023€332.5b€236.0b€24.6b11.4x13.5x1.4x
Sun, 30 Apr 2023€360.7b€232.3b€22.8b12.2x15.8x1.6x
Tue, 28 Mar 2023€352.7b€232.7b€23.5b11.6x15x1.5x
Thu, 23 Feb 2023€360.5b€232.5b€24.4b10.8x14.8x1.6x
Price to Earnings Ratio

14.8x


Total Market Cap: €360.5bTotal Earnings: €24.4bTotal Revenue: €232.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.7x202420252026
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 20.1x which is higher than its 3-year average PE of 16.7x.
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 Market2.34%
Consumer Staples5.54%
Utilities3.67%
Healthcare3.52%
Real Estate1.83%
Telecom1.26%
Industrials1.14%
Consumer Discretionary1.12%
Energy0.68%
Materials0.39%
Tech0.12%
Financials-1.77%
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 199x.
    • Analysts are expecting annual earnings growth of 21.1%, which is lower than the prior year's growth of 64.5% 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 35% 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 3.1% 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€67.686.3%
+€7.7b		33.4%PE22.9xConsumer Staples
UCB UCB€279.505.0%
+€2.5b		53.4%PE39.9xHealthcare
017250539 BNP Paribas Fortis€40.606.3%
+€1.4b		23.0%PB0.8xFinancials
ELI Elia Group€130.003.7%
+€501.6m		103.6%PE27.8xUtilities
ARGX argenx€708.801.0%
+€440.6m		15.3%PE33.6xHealthcare
See more

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