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Belgian (BEL20) Market Analysis & Valuation
UpdatedJan 13, 2026
DataAggregated Company Financials
Companies160
- 7D2.9%
- 3M6.6%
- 1Y23.3%
- YTD2.4%
Over the last 7 days, the market has risen 2.9%, driven by gains of 5.5% in the Consumer Staples sector. The market is up 23% over the last 12 months. 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 |
|---|---|---|---|---|---|---|
| Tue, 13 Jan 2026 | €443.1b | €220.0b | €23.4b | 15.3x | 18.9x | 2x |
| Thu, 11 Dec 2025 | €424.3b | €220.1b | €23.5b | 15.2x | 18x | 1.9x |
| Sat, 08 Nov 2025 | €416.8b | €220.3b | €23.4b | 14.5x | 17.8x | 1.9x |
| Mon, 06 Oct 2025 | €415.7b | €218.5b | €23.8b | 15.7x | 17.5x | 1.9x |
| Wed, 03 Sep 2025 | €396.9b | €225.6b | €25.4b | 15x | 15.6x | 1.8x |
| Fri, 01 Aug 2025 | €392.4b | €223.4b | €23.3b | 15.2x | 16.8x | 1.8x |
| Sun, 29 Jun 2025 | €395.6b | €222.1b | €23.1b | 14.5x | 17.2x | 1.8x |
| Tue, 27 May 2025 | €395.0b | €223.3b | €23.2b | 14.2x | 17x | 1.8x |
| Thu, 24 Apr 2025 | €378.1b | €223.6b | €22.7b | 14.1x | 16.7x | 1.7x |
| Sat, 22 Mar 2025 | €387.3b | €225.2b | €22.3b | 14.3x | 17.4x | 1.7x |
| Mon, 17 Feb 2025 | €380.1b | €232.4b | €21.4b | 12.8x | 17.7x | 1.6x |
| Wed, 15 Jan 2025 | €365.0b | €234.4b | €21.1b | 13.1x | 17.3x | 1.6x |
| Fri, 13 Dec 2024 | €371.0b | €233.1b | €21.6b | 12.9x | 17.1x | 1.6x |
| Sun, 10 Nov 2024 | €373.2b | €224.2b | €21.9b | 12.7x | 17.1x | 1.7x |
| Tue, 08 Oct 2024 | €383.1b | €223.9b | €21.1b | 14x | 18.1x | 1.7x |
| Thu, 05 Sep 2024 | €378.3b | €229.3b | €20.7b | 14.1x | 18.3x | 1.6x |
| Sat, 03 Aug 2024 | €373.2b | €227.1b | €20.4b | 16.1x | 18.3x | 1.6x |
| Mon, 01 Jul 2024 | €364.2b | €232.5b | €21.3b | 14.9x | 17.1x | 1.6x |
| Wed, 29 May 2024 | €376.9b | €232.5b | €21.2b | 15.5x | 17.8x | 1.6x |
| Fri, 26 Apr 2024 | €366.3b | €233.6b | €22.0b | 15.2x | 16.7x | 1.6x |
| Sun, 24 Mar 2024 | €362.3b | €237.6b | €21.6b | 13.7x | 16.8x | 1.5x |
| Tue, 20 Feb 2024 | €363.2b | €249.3b | €23.7b | 13.3x | 15.3x | 1.5x |
| Thu, 18 Jan 2024 | €350.6b | €248.3b | €23.0b | 12.6x | 15.2x | 1.4x |
| Sat, 16 Dec 2023 | €357.7b | €239.4b | €21.5b | 13.1x | 16.7x | 1.5x |
| Mon, 13 Nov 2023 | €334.3b | €238.1b | €21.3b | 13.8x | 15.7x | 1.4x |
| Wed, 11 Oct 2023 | €334.4b | €241.7b | €21.7b | 12.7x | 15.4x | 1.4x |
| Fri, 08 Sep 2023 | €339.8b | €238.8b | €21.9b | 12.9x | 15.5x | 1.4x |
| Sun, 06 Aug 2023 | €345.1b | €232.6b | €22.4b | 12.8x | 15.4x | 1.5x |
| Tue, 04 Jul 2023 | €335.7b | €234.8b | €24.4b | 11.4x | 13.7x | 1.4x |
| Thu, 01 Jun 2023 | €331.0b | €236.5b | €24.7b | 11.3x | 13.4x | 1.4x |
| Sat, 29 Apr 2023 | €360.7b | €232.2b | €23.0b | 12.3x | 15.7x | 1.6x |
| Mon, 27 Mar 2023 | €333.4b | €231.2b | €21.4b | 15.2x | 15.6x | 1.4x |
| Wed, 22 Feb 2023 | €359.9b | €232.5b | €24.6b | 10.6x | 14.7x | 1.5x |
| Fri, 20 Jan 2023 | €351.6b | €230.2b | €24.9b | 10.3x | 14.1x | 1.5x |
Price to Earnings Ratio
14.1x
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 18.9x which is higher than its 3-year average PE of 16.5x.
Past Earnings Growth
- The earnings for Belgian listed companies have declined 2.0% 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 | 2.87% | |
| Energy | 6.53% | |
| Real Estate | 5.87% | |
| Consumer Staples | 5.49% | |
| Healthcare | 3.14% | |
| Tech | 0.99% | |
| Financials | 0.82% | |
| Materials | 0.43% | |
| Industrials | 0.42% | |
| Consumer Discretionary | -0.48% | |
| Utilities | -1.24% | |
| Telecom | -1.67% | |
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 208x.
- 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 Energy sector, expecting annual earnings growth of 39% 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 5.0% per year 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 | |
|---|---|---|---|---|---|---|
| ABI Anheuser-Busch InBev | €57.08 | 5.7% +€6.1b | 25.6% | PE21.3x | Consumer Staples | |
| UCB UCB | €251.90 | 7.2% +€3.2b | 31.7% | PE35.9x | Healthcare | |
| 017250539 BNP Paribas Fortis | €43.00 | 2.9% +€678.2m | 34.4% | PB0.8x | Financials | |
| TUB Financière de Tubize | €223.00 | 5.2% +€489.6m | 50.9% | PE107x | Healthcare | |
| LOTB Lotus Bakeries | €8.86k | 6.7% +€454.7m | -15.8% | PE45x | Consumer Staples |
