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Belgian (BEL20) Market Analysis & Valuation

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies162
  • 7D0.5%
  • 3M7.9%
  • 1Y18.3%
  • YTD16.9%

In the last week, the market has been flat. More promisingly, the market is up 18% 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
Wed, 24 Dec 2025€429.4b€219.7b€23.4b15.3x18.3x2x
Fri, 21 Nov 2025€419.4b€220.8b€23.7b14.1x17.7x1.9x
Sun, 19 Oct 2025€418.9b€219.4b€23.9b15.4x17.6x1.9x
Tue, 16 Sep 2025€397.2b€218.6b€24.2b15.5x16.4x1.8x
Thu, 14 Aug 2025€396.1b€224.2b€25.2b15.4x15.7x1.8x
Sat, 12 Jul 2025€393.3b€221.9b€23.1b15.2x17.1x1.8x
Mon, 09 Jun 2025€396.3b€223.3b€23.3b14.4x17x1.8x
Wed, 07 May 2025€385.0b€223.3b€22.6b14.3x17.1x1.7x
Fri, 04 Apr 2025€373.1b€225.0b€23.0b13.5x16.2x1.7x
Sun, 02 Mar 2025€391.2b€235.3b€21.9b13.4x17.9x1.7x
Tue, 28 Jan 2025€369.4b€233.1b€20.9b12.5x17.6x1.6x
Thu, 26 Dec 2024€367.6b€233.6b€21.0b12.6x17.5x1.6x
Sat, 23 Nov 2024€369.5b€227.0b€21.7b14x17x1.6x
Mon, 21 Oct 2024€388.7b€224.5b€21.3b14.1x18.3x1.7x
Wed, 18 Sep 2024€389.2b€229.8b€21.0b14.1x18.6x1.7x
Fri, 16 Aug 2024€373.5b€228.6b€20.3b15.7x18.4x1.6x
Sun, 14 Jul 2024€377.2b€231.5b€21.2b15.8x17.8x1.6x
Tue, 11 Jun 2024€373.6b€232.8b€21.4b15.9x17.4x1.6x
Thu, 09 May 2024€379.7b€234.4b€21.4b15.3x17.7x1.6x
Sat, 06 Apr 2024€367.3b€237.7b€21.6b14.4x17x1.5x
Mon, 04 Mar 2024€360.9b€250.0b€22.7b13.6x15.9x1.4x
Wed, 31 Jan 2024€355.2b€248.5b€23.2b12.8x15.3x1.4x
Fri, 29 Dec 2023€358.0b€246.5b€22.1b13.1x16.2x1.5x
Sun, 26 Nov 2023€350.3b€239.2b€21.4b13.1x16.3x1.5x
Tue, 24 Oct 2023€319.2b€238.6b€21.3b12.6x15x1.3x
Thu, 21 Sep 2023€348.4b€241.1b€22.0b12.7x15.8x1.4x
Sat, 19 Aug 2023€336.1b€233.7b€22.4b12.3x15x1.4x
Mon, 17 Jul 2023€336.2b€233.4b€24.2b11.5x13.9x1.4x
Wed, 14 Jun 2023€340.0b€235.9b€24.6b11.9x13.8x1.4x
Fri, 12 May 2023€352.9b€234.3b€24.0b12.3x14.7x1.5x
Sun, 09 Apr 2023€371.2b€233.8b€21.8b11.1x17x1.6x
Tue, 07 Mar 2023€363.7b€233.0b€24.0b11.3x15.2x1.6x
Thu, 02 Feb 2023€353.8b€229.7b€24.2b10.2x14.6x1.5x
Sat, 31 Dec 2022€348.0b€230.8b€25.0b9.6x13.9x1.5x
Price to Earnings Ratio

13.9x


Total Market Cap: €348.0bTotal Earnings: €25.0bTotal Revenue: €230.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.4x202320242025
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 2.1% 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 Market0.45%
Utilities5.01%
Financials1.85%
Real Estate1.39%
Materials1.30%
Healthcare0.42%
Telecom-0.23%
Tech-0.31%
Consumer Staples-1.07%
Energy-1.15%
Consumer Discretionary-1.16%
Industrials-1.55%
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
UCB UCB€240.801.4%
+€627.0m		27.1%PE34.3xHealthcare
ELI Elia Group€109.005.0%
+€567.0m		47.5%PE23.3xUtilities
KBC KBC Group€111.701.1%
+€475.9m		52.1%PB1.6xFinancials
AGS ageas€59.902.8%
+€314.7m		29.1%PE9.9xFinancials
See more

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