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Belgian (BEL20) Market Analysis & Valuation
UpdatedAug 31, 2025
DataAggregated Company Financials
Companies166
- 7D-0.9%
- 3M1.8%
- 1Y6.3%
- YTD9.4%
Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 3.4% in that time. Meanwhile, the market is actually up 6.3% 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?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 31 Aug 2025 | €402.0b | €225.0b | €25.3b | 15.2x | 15.9x | 1.8x |
| Tue, 29 Jul 2025 | €397.7b | €222.6b | €23.3b | 15.2x | 17.1x | 1.8x |
| Thu, 26 Jun 2025 | €392.6b | €222.3b | €23.1b | 14.3x | 17x | 1.8x |
| Sat, 24 May 2025 | €390.8b | €223.1b | €23.2b | 14.1x | 16.8x | 1.8x |
| Mon, 21 Apr 2025 | €371.6b | €223.2b | €22.6b | 14.1x | 16.4x | 1.7x |
| Wed, 19 Mar 2025 | €387.9b | €224.3b | €22.1b | 14.3x | 17.5x | 1.7x |
| Fri, 14 Feb 2025 | €382.9b | €233.7b | €21.2b | 12.6x | 18x | 1.6x |
| Sun, 12 Jan 2025 | €366.0b | €234.6b | €21.1b | 13.1x | 17.3x | 1.6x |
| Tue, 10 Dec 2024 | €372.9b | €232.8b | €21.6b | 13.6x | 17.3x | 1.6x |
| Thu, 07 Nov 2024 | €370.5b | €225.5b | €22.3b | 13x | 16.6x | 1.6x |
| Sat, 05 Oct 2024 | €386.2b | €223.9b | €21.1b | 14x | 18.3x | 1.7x |
| Mon, 02 Sep 2024 | €377.2b | €229.5b | €20.8b | 14.3x | 18.2x | 1.6x |
| Wed, 31 Jul 2024 | €379.7b | €229.6b | €19.7b | 16.6x | 19.3x | 1.7x |
| Fri, 28 Jun 2024 | €367.5b | €232.6b | €21.3b | 15.2x | 17.2x | 1.6x |
| Sun, 26 May 2024 | €380.4b | €232.6b | €21.2b | 15.4x | 17.9x | 1.6x |
| Tue, 23 Apr 2024 | €363.1b | €234.0b | €22.0b | 15.7x | 16.5x | 1.6x |
| Thu, 21 Mar 2024 | €355.2b | €236.9b | €21.5b | 13.6x | 16.5x | 1.5x |
| Sat, 17 Feb 2024 | €362.5b | €253.6b | €23.8b | 13.5x | 15.2x | 1.4x |
| Mon, 15 Jan 2024 | €359.6b | €247.9b | €23.0b | 12.8x | 15.7x | 1.5x |
| Wed, 13 Dec 2023 | €346.9b | €240.0b | €21.5b | 13.4x | 16.1x | 1.4x |
| Fri, 10 Nov 2023 | €338.2b | €237.7b | €21.2b | 13.6x | 15.9x | 1.4x |
| Sun, 08 Oct 2023 | €330.0b | €241.8b | €21.7b | 12.6x | 15.2x | 1.4x |
| Tue, 05 Sep 2023 | €339.2b | €237.6b | €21.9b | 12.7x | 15.5x | 1.4x |
| Thu, 03 Aug 2023 | €343.8b | €233.1b | €24.4b | 12.3x | 14.1x | 1.5x |
| Sat, 01 Jul 2023 | €334.4b | €234.9b | €24.4b | 11.5x | 13.7x | 1.4x |
| Mon, 29 May 2023 | €341.3b | €236.2b | €24.6b | 11.6x | 13.9x | 1.4x |
| Wed, 26 Apr 2023 | €363.6b | €232.5b | €23.0b | 12.2x | 15.8x | 1.6x |
| Fri, 24 Mar 2023 | €335.1b | €230.6b | €21.4b | 15.1x | 15.6x | 1.5x |
| Sun, 19 Feb 2023 | €359.9b | €231.8b | €24.6b | 10.8x | 14.6x | 1.6x |
| Tue, 17 Jan 2023 | €357.4b | €230.1b | €24.9b | 10.4x | 14.4x | 1.6x |
| Thu, 15 Dec 2022 | €349.5b | €231.1b | €25.0b | 9.5x | 14x | 1.5x |
| Sat, 12 Nov 2022 | €336.8b | €228.9b | €25.4b | 9x | 13.3x | 1.5x |
| Mon, 10 Oct 2022 | €309.0b | €233.0b | €24.1b | 8.4x | 12.8x | 1.3x |
| Wed, 07 Sep 2022 | €332.1b | €234.3b | €27.0b | 9x | 12.3x | 1.4x |
Price to Earnings Ratio
12.3x
Current Market PE
- Investors are relatively neutral on the Belgian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 16.0x.
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 | -0.86% | |
| Healthcare | 3.39% | |
| Energy | -0.49% | |
| Real Estate | -0.83% | |
| Tech | -0.85% | |
| Consumer Staples | -1.10% | |
| Telecom | -1.58% | |
| Utilities | -1.66% | |
| Materials | -2.60% | |
| Financials | -2.72% | |
| Industrials | -3.81% | |
| Consumer Discretionary | -8.93% | |
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 279x.
- Analysts are expecting annual earnings growth of 21.7%, 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 9.7x.
Forecasted Growth
- Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 41% over the next 5 years.
- This is better than its past earnings growth rate of 7.1% per year.
- In contrast, the Telecom industry is expected to see its earnings growth to stay flat 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 | |
|---|---|---|---|---|---|---|
| ARGX argenx | €604.00 | 6.8% +€2.4b | 29.0% | PE33.8x | Healthcare | |
| UCB UCB | €199.85 | 1.3% +€484.5m | 22.1% | PE28.5x | Healthcare | |
| LOTB Lotus Bakeries | €8.37k | 1.8% +€121.9m | -26.4% | PE42.5x | Consumer Staples | |
| EXM Exmar | €9.78 | 8.8% +€45.5m | 15.9% | PE3.6x | Energy | |
| AED Aedifica/SA | €65.65 | 1.2% +€38.0m | 7.6% | PB0.9x | Real Estate |
