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Belgian (BEL20) Market Analysis & Valuation

UpdatedJul 06, 2025
DataAggregated Company Financials
Companies166
  • 7D-1.2%
  • 3M11.8%
  • 1Y6.5%
  • YTD6.5%

Over the last 7 days, the market has dropped 1.2%, driven by a loss of 4.5% in the Financials sector. As for the longer term, the market has actually risen by 6.5% in the last year. Looking forward, 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, 07 Jul 2025€391.0b€221.5b€23.0b15.2x17x1.8x
Wed, 04 Jun 2025€394.7b€223.4b€23.3b14.3x16.9x1.8x
Fri, 02 May 2025€383.5b€223.8b€22.7b14.3x16.9x1.7x
Sun, 30 Mar 2025€381.0b€226.1b€23.2b14.2x16.4x1.7x
Tue, 25 Feb 2025€382.2b€232.8b€21.8b13.4x17.6x1.6x
Thu, 23 Jan 2025€369.5b€233.6b€21.0b12.9x17.6x1.6x
Sat, 21 Dec 2024€365.3b€233.5b€21.0b12.6x17.4x1.6x
Mon, 18 Nov 2024€366.5b€226.0b€21.8b13.1x16.8x1.6x
Wed, 16 Oct 2024€387.9b€224.4b€21.2b13.7x18.3x1.7x
Fri, 13 Sep 2024€389.0b€230.1b€21.1b14.7x18.5x1.7x
Sun, 11 Aug 2024€345.2b€218.6b€17.6b16.3x19.6x1.6x
Tue, 09 Jul 2024€369.6b€231.9b€21.2b15.1x17.4x1.6x
Thu, 06 Jun 2024€372.8b€232.5b€21.2b15.3x17.6x1.6x
Sat, 04 May 2024€366.3b€233.4b€22.1b14.8x16.6x1.6x
Mon, 01 Apr 2024€369.8b€237.9b€21.6b14.2x17.1x1.6x
Wed, 28 Feb 2024€363.9b€248.9b€23.5b13.8x15.5x1.5x
Fri, 26 Jan 2024€353.8b€248.5b€23.0b12.5x15.4x1.4x
Sun, 24 Dec 2023€356.5b€246.8b€22.1b13.2x16.1x1.4x
Tue, 21 Nov 2023€344.4b€239.0b€21.3b14.4x16.2x1.4x
Thu, 19 Oct 2023€327.7b€239.3b€21.5b13x15.2x1.4x
Sat, 16 Sep 2023€343.0b€241.3b€21.9b13.1x15.6x1.4x
Mon, 14 Aug 2023€341.8b€233.3b€22.5b12.8x15.2x1.5x
Wed, 12 Jul 2023€333.2b€234.5b€24.4b11.3x13.7x1.4x
Fri, 09 Jun 2023€338.4b€235.9b€24.6b11.6x13.8x1.4x
Sun, 07 May 2023€360.0b€233.8b€24.0b12.5x15x1.5x
Tue, 04 Apr 2023€363.4b€233.9b€23.8b10.8x15.3x1.6x
Thu, 02 Mar 2023€362.0b€232.8b€23.3b11.1x15.5x1.6x
Sat, 28 Jan 2023€350.7b€230.0b€24.8b10.2x14.1x1.5x
Mon, 26 Dec 2022€346.6b€231.3b€25.1b9.8x13.8x1.5x
Wed, 23 Nov 2022€338.9b€233.3b€25.5b9.5x13.3x1.5x
Fri, 21 Oct 2022€312.3b€232.6b€24.1b8.4x13x1.3x
Sun, 18 Sep 2022€329.3b€231.4b€23.9b9.2x13.8x1.4x
Tue, 16 Aug 2022€356.5b€231.5b€25.7b9.8x13.9x1.5x
Thu, 14 Jul 2022€345.0b€226.0b€26.0b9.7x13.3x1.5x
Price to Earnings Ratio

13.3x


Total Market Cap: €345.0bTotal Earnings: €26.0bTotal Revenue: €226.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 15.8x202320242025
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 15.8x.
Past Earnings Growth
  • The earnings for Belgian listed companies have declined 4.0% 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-1.21%
Materials2.63%
Consumer Discretionary1.85%
Utilities0.61%
Energy0.61%
Telecom0.33%
Consumer Staples0.31%
Tech-0.30%
Real Estate-0.39%
Industrials-1.07%
Healthcare-1.49%
Financials-4.47%
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 288x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.6%, 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 decline of 11% per year.
  • In contrast, the Energy 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?

CompanyLast Price7D1YValuationSector
ABI Anheuser-Busch InBev€58.941.2%
+€1.4b
7.1%PE19.8xConsumer Staples
UMI Umicore€14.2414.1%
+€423.2m
3.3%PS0.2xMaterials
UCB UCB€168.901.2%
+€370.6m
18.3%PE30.1xHealthcare
SYENS Syensqo€67.603.2%
+€217.1m
-19.3%PS1xMaterials
KBCA KBC Ancora€59.903.1%
+€138.6m
38.0%PB1.3xFinancials
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