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Belgian (BEL20) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies165
  • 7D1.1%
  • 3M5.8%
  • 1Y15.3%
  • YTD15.5%

Over the last 7 days, the market has risen 1.1%, driven by gains of 2.5% in the Healthcare sector. The market is up 15% over the last 12 months. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Belgian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Nov 2025€426.5b€219.9b€23.6b14.5x18.1x1.9x
Thu, 16 Oct 2025€418.3b€219.5b€23.9b15.5x17.5x1.9x
Sat, 13 Sep 2025€397.9b€218.7b€24.1b15.5x16.5x1.8x
Mon, 11 Aug 2025€398.0b€224.4b€25.3b15.3x15.7x1.8x
Wed, 09 Jul 2025€388.1b€221.8b€23.0b15.1x16.8x1.7x
Fri, 06 Jun 2025€395.6b€223.1b€23.3b14.5x17x1.8x
Sun, 04 May 2025€388.3b€223.8b€22.7b14.2x17.1x1.7x
Tue, 01 Apr 2025€375.2b€225.9b€23.2b13.4x16.2x1.7x
Thu, 27 Feb 2025€392.4b€232.6b€21.7b13.3x18x1.7x
Sat, 25 Jan 2025€369.2b€233.1b€20.9b12.5x17.6x1.6x
Mon, 23 Dec 2024€365.3b€233.5b€21.0b12.6x17.4x1.6x
Wed, 20 Nov 2024€362.5b€225.6b€21.7b13.8x16.7x1.6x
Fri, 18 Oct 2024€389.2b€224.7b€21.2b13.9x18.3x1.7x
Sun, 15 Sep 2024€390.7b€230.1b€21.0b14.5x18.6x1.7x
Tue, 13 Aug 2024€370.7b€229.3b€20.5b15.8x18.1x1.6x
Thu, 11 Jul 2024€372.6b€231.9b€21.2b15.7x17.5x1.6x
Sat, 08 Jun 2024€373.6b€232.5b€21.4b16x17.4x1.6x
Mon, 06 May 2024€366.3b€233.3b€22.1b14.8x16.6x1.6x
Wed, 03 Apr 2024€368.1b€238.0b€21.6b14.4x17x1.5x
Fri, 01 Mar 2024€358.4b€249.3b€23.8b13.5x15x1.4x
Sun, 28 Jan 2024€352.4b€248.4b€22.9b12.7x15.4x1.4x
Tue, 26 Dec 2023€356.5b€246.8b€22.1b13.2x16.1x1.4x
Thu, 23 Nov 2023€346.9b€239.4b€21.3b14.5x16.3x1.4x
Sat, 21 Oct 2023€320.4b€238.9b€21.5b12.8x14.9x1.3x
Mon, 18 Sep 2023€347.7b€241.4b€22.1b13x15.7x1.4x
Wed, 16 Aug 2023€340.7b€233.4b€22.5b12.6x15.2x1.5x
Fri, 14 Jul 2023€337.1b€233.3b€24.2b11.6x13.9x1.4x
Sun, 11 Jun 2023€338.8b€236.1b€24.6b11.6x13.8x1.4x
Tue, 09 May 2023€360.2b€233.8b€24.0b12.4x15x1.5x
Thu, 06 Apr 2023€362.4b€233.8b€23.8b11x15.2x1.5x
Sat, 04 Mar 2023€365.2b€233.9b€24.0b11.1x15.2x1.6x
Mon, 30 Jan 2023€347.7b€229.9b€23.5b10.3x14.8x1.5x
Wed, 28 Dec 2022€346.4b€231.2b€25.0b9.8x13.8x1.5x
Fri, 25 Nov 2022€342.4b€232.6b€25.5b9.8x13.4x1.5x
Price to Earnings Ratio

13.4x


Total Market Cap: €342.4bTotal Earnings: €25.5bTotal Revenue: €232.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.3x202320242025
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 18.1x which is higher than its 3-year average PE of 16.3x.
Past Earnings Growth
  • The earnings for Belgian listed companies have declined 2.6% 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 Market1.05%
Healthcare2.54%
Industrials2.00%
Materials1.79%
Energy1.50%
Financials0.69%
Consumer Discretionary0.65%
Consumer Staples0.27%
Real Estate0.18%
Telecom-0.21%
Utilities-0.86%
Tech-0.88%
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 226x.
    • Analysts are expecting annual earnings growth of 22.6%, 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 9.5x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 37% over the next 5 years.
  • This is better than its past earnings growth rate of 28% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.0% 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
ARGX argenx€792.406.3%
+€2.9b		47.8%PE36.7xHealthcare
UCB UCB€228.602.0%
+€836.0m		37.7%PE32.6xHealthcare
CENER Cenergy Holdings€15.808.5%
+€263.3m		87.2%PE18.8xIndustrials
017250539 BNP Paribas Fortis€35.401.1%
+€226.1m		16.4%PB0.7xFinancials
DEME DEME Group€141.005.2%
+€176.7m		5.1%PE10.9xIndustrials
See more

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€141.00
DEME Group
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AZE
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UCB
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GBLB
€73.85
Groupe Bruxelles Lambert
7D
1.4%
1Y
13.4%
CENER
€15.80
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7D
8.5%
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ELI
€103.70
Elia Group
7D
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1Y
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