he Bourse in Brussels, which houses the country’s Stock Exchange. The building was erected from 1868 to 1873 in the Neo-Renaissance style | Credit: Oleksandr Osipov/Shutterstock
Belgium’s Bel20, the index of the country’s 20 largest publicly listed companies, reached its highest level ever on August 14, climbing above 4,756.9 points and breaking the record set in May 2007, according to the Belga News Agency.
The milestone comes after an unusually long recovery from the 2008 financial crisis, which hit the Belgian stock market harder than many others due to its heavy exposure to banks like Fortis and Dexia, Belga said.
The Bel20 has grown approximately 17 per cent in the past year and more than 10 per cent since the start of 2025. However, financial analysts warned that the record comes amid global economic uncertainty. They said caution must be observed as a market correction is still in the cards.
Slow-growing value dominates Bel20
Unlike markets in Paris, Frankfurt and Amsterdam, bolstered in past years by fast-growing tech, luxury and industrial companies, the Bel20 has long been dominated by slow-growing “value” stocks that pay high dividends but offer limited expansion.
The Belgian stock market has missed global growth trends in technology, defence and energy, VRT said.
Recent strong performances by biotech firm Argenx, KBC bank, and pharmaceutical group UCB, along with renewed interest in European shares, helped boost the index over the line. Investors who held on to Bel20 shares have earned substantial dividends over the years, the news agency added.
Key points from August 14’s trading session, according to Brussels Times:
- Peak Performance: The index gained 0.44% from the previous session, marking its highest point since May 2007.
- Recent Growth: Over the past month, the BEL20 climbed 4.81%, and it’s up 17.63% compared to the same time last year.
- Global Context: The surge aligns with record highs in other global stock indices, despite mixed quarterly results from companies like Tesla and Alphabet.
- Historical Context: The BEL20’s all-time high was 4,759.01 in May 2007, per Trading Economics data.
