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Belgian (BEL20) Market Analysis & Valuation

UpdatedMay 16, 2025
DataAggregated Company Financials
Companies164
  • 7D1.0%
  • 3M2.8%
  • 1Y-0.9%
  • YTD4.2%

The market is up 1.0% over the last week, with the Consumer Staples sector leading the way, up 1.3%. On the other hand, with a decline of 5.2%, the Utilities sector is lagging behind. The market has been flat overall in the last year. 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, 16 May 2025€351.4b€213.1b€20.4b14.3x17.2x1.6x
Sun, 13 Apr 2025€352.9b€222.8b€22.7b12.7x15.5x1.6x
Tue, 11 Mar 2025€386.1b€233.1b€22.5b14x17.1x1.7x
Thu, 06 Feb 2025€369.6b€233.6b€21.1b12.5x17.5x1.6x
Sat, 04 Jan 2025€368.4b€234.4b€21.1b12.9x17.5x1.6x
Mon, 02 Dec 2024€373.9b€232.7b€21.5b14x17.4x1.6x
Wed, 30 Oct 2024€384.2b€224.9b€21.3b13.9x18x1.7x
Fri, 27 Sep 2024€392.0b€229.6b€21.0b14.5x18.6x1.7x
Sun, 25 Aug 2024€374.4b€227.2b€20.2b15.7x18.5x1.6x
Tue, 23 Jul 2024€376.0b€231.6b€21.3b15.4x17.7x1.6x
Thu, 20 Jun 2024€365.5b€232.8b€21.6b16x16.9x1.6x
Sat, 18 May 2024€381.8b€232.4b€21.2b14.6x18x1.6x
Mon, 15 Apr 2024€364.7b€235.4b€21.8b15.5x16.7x1.5x
Wed, 13 Mar 2024€364.7b€248.8b€22.6b13.5x16.2x1.5x
Fri, 09 Feb 2024€341.8b€242.3b€20.5b13.6x16.7x1.4x
Sun, 07 Jan 2024€359.5b€247.9b€23.0b12.7x15.6x1.4x
Tue, 05 Dec 2023€351.9b€239.9b€21.5b13.5x16.4x1.5x
Thu, 02 Nov 2023€326.5b€239.9b€21.3b13x15.3x1.4x
Sat, 30 Sep 2023€339.2b€241.9b€21.7b12.7x15.6x1.4x
Mon, 28 Aug 2023€339.5b€234.4b€22.2b12.6x15.3x1.4x
Wed, 26 Jul 2023€351.3b€234.4b€24.3b11.6x14.5x1.5x
Fri, 23 Jun 2023€335.5b€234.8b€24.4b11.4x13.7x1.4x
Sun, 21 May 2023€348.6b€235.7b€24.6b11.7x14.2x1.5x
Tue, 18 Apr 2023€364.7b€233.6b€23.7b11.4x15.4x1.6x
Thu, 16 Mar 2023€346.8b€232.6b€23.8b10.7x14.5x1.5x
Sat, 11 Feb 2023€356.9b€231.4b€24.6b10.7x14.5x1.5x
Mon, 09 Jan 2023€353.4b€231.0b€24.9b9.9x14.2x1.5x
Wed, 07 Dec 2022€346.3b€231.6b€25.2b9.6x13.8x1.5x
Fri, 04 Nov 2022€326.4b€233.7b€25.3b8.8x12.9x1.4x
Sun, 02 Oct 2022€310.2b€232.7b€24.1b8.6x12.9x1.3x
Tue, 30 Aug 2022€336.8b€233.0b€26.4b9.3x12.8x1.4x
Thu, 28 Jul 2022€348.7b€226.1b€26.0b9.5x13.4x1.5x
Sat, 25 Jun 2022€339.1b€221.5b€25.7b10.1x13.2x1.5x
Mon, 23 May 2022€359.5b€220.9b€25.7b11.7x14x1.6x
Price to Earnings Ratio

14x


Total Market Cap: €359.5bTotal Earnings: €25.7bTotal Revenue: €220.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 15.7x202320242025
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 17.2x which is higher than its 3-year average PE of 15.7x.
Past Earnings Growth
  • The earnings for Belgian listed companies have declined 7.5% 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 Market1.04%
Tech7.99%
Telecom5.66%
Consumer Discretionary3.05%
Industrials2.69%
Materials1.32%
Consumer Staples1.31%
Energy1.18%
Healthcare0.95%
Financials0.79%
Real Estate-0.84%
Utilities-5.19%
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 289x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.0%, which is higher than its past year's earnings growth of 14.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings growth rate of 24% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 31% 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€60.241.4%
+€1.6b
-1.6%PE19.3xConsumer Staples
KBC KBC Group€85.684.9%
+€1.6b
25.8%PB1.3xFinancials
UCB UCB€154.501.9%
+€541.6m
27.2%PE27.6xHealthcare
MELE Melexis€61.5012.9%
+€284.8m
-24.3%PE17.4xTech
KBCA KBC Ancora€62.204.7%
+€215.6m
34.3%PB1.3xFinancials
See more
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KBC

€85.68

KBC Group

7D

4.9%

1Y

25.8%

SOLV

€89.00

Solvac

7D

-2.2%

1Y

-21.9%

SOLB

€30.28

Solvay

7D

-1.1%

1Y

-9.9%

ABI

€60.24

Anheuser-Busch InBev

7D

1.4%

1Y

-1.6%

ARGX

€485.80

argenx

7D

-0.1%

1Y

40.9%

AED

€62.80

Aedifica/SA

7D

-7.4%

1Y

1.3%

GBLB

€72.10

Groupe Bruxelles Lambert

7D

-0.9%

1Y

1.0%

PROX

€7.03

Proximus

7D

7.9%

1Y

-5.3%

UCB

€154.50

UCB

7D

1.9%

1Y

27.2%

FLUX

€21.10

Fluxys Belgium

7D

-2.3%

1Y

-1.4%

ELI

€89.55

Elia Group

7D

-5.2%

1Y

-14.0%

KBCA

€62.20

KBC Ancora

7D

4.7%

1Y

34.3%