BEL 20


The BEL 20 is the benchmark stock market index of Euronext Brussels. It tracks the performance of 20 most capitalized and liquid stocks traded in Belgium. In general, the index consists of a minimum of 10 and a maximum of 20 companies traded at the Brussels Stock Exchange. Since 20 June 2011, the BEL 20 has contained 20 listings, with the exception a one-month period in May–June 2018 when Ablynx stock was removed following the takeover by Sanofi, only to be replaced mid June by.

Rules

The composition of the BEL 20 index is reviewed annually based on closing prices on the last Friday in February. These changes are effective after the third Friday of March. In addition to meeting a set of criteria demanding a company be "representative of the Belgian equity market", at least 15% of its shares must be considered free float in order to qualify for the index. In addition, a candidate for inclusion must possess a free float market capitalisation of at least 300000 times the price of the index on the last trading day of December. The minimum requirement for an existing constituent to remain in the index is a market cap of 200000 times the index value. At each annual review, the weights of companies in the index are capped at 15%, but range freely with share price subsequently. The BEL 20 is a capitalization-weighted index.
Its record high is 4756,82 set on 23 May 2007.

Annual Returns

The following table shows the annual development of the BEL 20 Index, which was calculated back to 1990.
YearClosing levelChange in Index
in Points		Change in Index
in %
19901,000.00
19911,029.7229.722.97
19921,127.0297.309.45
19931,473.10346.0830.71
19941,389.64−83.46−5.67
19951,559.63169.9912.23
19961,897.58337.9521.67
19972,419.34521.7627.50
19983,514.511,095.1745.27
19993,340.43−174.08−4.95
20003,024.49−315.94−9.46
20012,782.01−242.48−8.02
20022,025.04−756.97−27.21
20032,244.18219.1410.82
20042,932.62688.4430.68
20053,549.25616.6321.03
20064,288.53739.2820.83
20074,127.47−161.06−3.76
20081,908.64−2,218.83−53.76
20092,511.62602.9831.59
20102,578.6066.982.67
20112,083.42−495.18−19.20
20122,475.81392.3918.83
20132,923.82448.0118.10
20143,285.26361.4412.36
20153,700.30415.0412.63
20163,606.36−93.94−2.54
20173,977.88371.5210.30
20183,243.63−734.25−18.46
20193,955.83712.2021.96
20203,621.88−334.55−8.46
20214.310,15688.8719.02
20223,701.17−608.98−14.13
20233,707.776.60.18
20244,264.53556.7615.02
20255,078.43813.9019.09

Constituents

The following 20 stocks make up the BEL 20 as of September 30, 2025.
CompanyICB SectorTicker symbolIndex weighting In index since
AB InBevFood & Beverage9.74
Ackermans & van HaarenFinancial Services4.13
AedificaReal Estate2.63
AgeasInsurance7.78
Health Care12.17
Azelis GroupBasic Resources1.61
CofinimmoReal Estate2.47
D'IeterenConsumer Discretionary3.01
Elia GroupUtilities3.57
GBLFinancial Services5.09
KBCBanks12.87
Lotus BakeriesConsumer Staples2.88
Electronic Equipment1.20
MonteaReal Estate1.26
SofinaFinancial Services3.24
SolvayChemicals1.63
SyensqoBasic Materials4.44
UCBHealth Care14.46
UmicoreChemicals2.45
Real Estate3.38

Former companies in the BEL 20

CompanyICB SectorTicker symbolPeriod in BEL 20
Ablynxpharmaceuticals – June 2018
Agfa-Gevaertelectronic equipment – December 1994
– March 2009
AlmanijbanksNo longer listed – March 2005
BarcoIndustrial Goods & Services – January 1993
– March 2007
– March 2021
BarcoNetelectronic equipment – November 2000
Befimmo-Sicafiindustrial and office REITs – March 2016
Bekaertindustrial goods and services – June 1999
– March 2018
BpostIndustrial Goods and Services – March 2019
CBRCementNo longer listed – December 1999
CMBShipownersNo longer listed – January 1999
CNPSpecialty finance – May 2011
Cockerill-SambreSteelNo longer listed – December 1996
CobepaInvestment companyNo longer listed – September 2000
CumerioCopper
Delhaize Groupretail – March 2017
Delta LloydInsurance – March 2016
DexiaBankingNo longer listed – March 2012
D'IeterenConsumer services – March 2006
– March 2016
ElectrabelElectricityELE – November 2005
EngieUtilities – March 2019
GalapagosHealth Care – March 2025
Generale BankBankingNo longer listed – July 1998
GIB GroupSupermarketsNo longer listed – November 2002
IBAMedical technologyNo longer listed – March 2003
ING GroupBanks – March 2021
MobistarTelecom – March 2013
NyrstarMetallurgy – March 2009
– March 2013
Omega PharmaPharmaceuticalsOME – December 2011
Ontex GroupPersonal and Household Goods – March 2020
PetrofinaOilNo longer listed – June 1999
Real SoftwareTechnologyNo longer listed – February 2002
RecticelPolyurethane based products – January 1993
Royale BelgeInsuranceNo longer listed – June 1998
Société Générale de BelgiqueInvestment & BankingNo longer listed – July 1998
Suez EnvironnementUtility company
TelindusICTNo longer listed – March 2002
TessenderloChemistry – January 1993
– March 2004
ThromboGenicsBiopharmaceuticals – March 2014
TractebelEnergyNo longer listed – November 1999