May 2026
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Largest Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
AB InBev, UCB, KBC Group, Elia Group and ageas.
 | Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, according to Euromonitor, and we estimate it distributes 23 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and US-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev, an 87% stake in Budweiser APAC, and in 2016 it acquired SABMiller. | $81 | +19% | $157B | $218B | 3.7x | 10.3x | ||
| UCB is a Belgium-based biopharma firm focused on the development of novel therapies for the treatment of central nervous system and immunologic diseases. Historically, revenue was derived from allergy medicine Zyrtec and epilepsy drug Keppra, which have both lost patent protection. The firm's key products are Cimzia (immunology), Vimpat (epilepsy), Neupro (Parkinson's disease and restless leg syndrome), Briviact (epilepsy), Bimzelx (psoriasis), Evenity (osteoporosis), Nayzilam (cluster seizures), Fintepla (Dravet Syndrome and Lennox-Gastaut Syndrome), and Kygevvi (rare mitochondrial disease). | $289 | +50% | $55B | $55B | 6.0x | 17.6x | ||
| KBC was formed in 1998 by the merger of Belgian commercial bank Kredietbank, cooperative farmers bank CERA Bank, and cooperative insurer ABB Verzekering. KBC offers banking, insurance, and investment products. Belgium and the Czech Republic account for most of KBC's profits, while the bank has smaller operations in Hungary, Slovakia, and Bulgaria. | $131 | +30% | $52B | $46B | 3.1x | - | ||
| Elia Group SA/NV is a utility company that owns and develops electric grids in Central Europe. Elia maintains and operates high-voltage equipment and infrastructure projects, such as power lines, cables, and transformers. The company mainly generates revenue by serving as the electricity transmission system operator in both Germany and Belgium, where it provides electric grid usage. Elia's Belgian and German operations are responsible for nearly all of its revenue. These countries also house mainly of the company's infrastructure investments. The company's operating segments are 50Hertz Transmission Germany, which derives maximum revenue, Elia Transmission Belgium, and Non-regulated activities and Nemo Link. | $153 | +36% | $17B | $33B | 6.4x | 15.4x | ||
| Ageas was spun out of Fortis during the financial crisis after a consortium including Banco Santander and Royal Bank of Scotland launched a failed bid for ABN Amro. The takeover was badly timed and overly ambitious, and to fund it Fortis started selling noncore divisions while writing down collateralized debt. As Fortis’ capital began to decline, the company initiated a rights issue, and the long-held promised dividend was suspended. As Fortis’ share price began to decline and financial market conditions continued to worsen, with a series of leadership changes, customers began to withdraw deposits. Fortis was approached by the government and sold its domestic banking operations to the Belgian government. It also spun off its asset management and insurance units which later became Ageas. | $77 | +16% | $16B | $21B | 2.0x | - | ||
| Groupe Bruxelles Lambert SA is an investment holding company, that operates as a foremost investor in Europe, focused on long-term value creation. The business activities of the firm are operated through Holding, Imerys, Webhelp/Sapiens, Canyon/GfG CapitaL, and Sienna Investment Managers. Geographically, it derives a majority of its revenue from Europe and also has a presence in Asia-Oceania, North America, and other countries. The segments of the company are Holding, Imerys, Webhelp, Canyon, Affidea, Sanoptis, GBL Capital, and Sienna Investment Managers. | $97 | +16% | $12B | $16B | 2.2x | 12.9x | ||
| Financiere de Tubize SA is a holding company that owns a stake in UCB, a biopharmaceutical company. UCB is a world-wide biotechnology company that develops treatments for conditions related to neurology and immunology. UCB generates the vast majority of its revenue in the United States, followed by Europe and other international markets. Majority of its sales revenue is derived from its neurology products, followed by its immunology products. The company's plan focuses on leveraging scientific advances and skills in areas such as genetics, biomarkers, and human biology. | $256 | +67% | $11B | $11B | - | 104.4x | ||
| Lotus Bakeries NV produces and sells snacks under a range of brands. Under the Peijnenburg and Snelle Jelle brands, the company supplies gingerbread in Netherlands. With the Nakd, Trek, Bear, and Urban Fruit brands, the company offers snacks made from natural ingredients and no added sugar. Lotus Bakeries operates in Belgium, with production facilities in Belgium, the Netherlands, France, and Sweden, and a number of sales units in Europe, the U.S., and Asia. The company's product portfolio is divided into six product lines: the caramelized biscuits line, the waffles and galettes line, the cake specialties line, the gingerbread line, the pepparkakor biscuits line, and the Dinosaurs biscuits line. Lotus Bakeries distributes its products through retail, catering, and food services. | $12,683 | +35% | $10B | $10B | 6.5x | 33.2x | ||
| D'Ieteren Group is a Belgium-based company that imports and distributes automobiles. The group’s reportable operating segments are D’Ieteren Automotive, Belron, Moleskine, TVH and PHE. It generates the majority of its revenue from the Belron segment which performs vehicle glass repair and replacement. The company also distributes Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Maserati, Cupra, Rimac, and Porsche vehicles, as well as spare parts and accessories; markets of used vehicles; provides maintenance, financing and leasing services. | $192 | -9% | $10B | $12B | 1.3x | 12.3x | ||
| Ackermans & Van Haaren NV is an investment company with five core business segments: Marine Engineering and Contracting, Private Banking, Real Estate, Energy and resources, and AvH and Growth Capital. The company has a long-term, activist orientation focused on making investments in growth companies with international exposure. A plurality of its net profit mix is derived from its Marine Engineering & Contracting segment, followed closely by its Private Banking & Real Estate division. | $306 | +22% | $10B | $20B | 2.8x | 10.9x | ||
| Sofina SA is a long-term oriented, investment holding company that favors allocating capital to entrepreneurs. The company also provides its investees access to a support network. Sofina only takes minority ownership positions in its long-term holdings with capital from its own balance sheet. Its portfolio holdings constitute the majority of its net asset value and come mostly from Europe. A smaller percentage of its net asset value base comes from investments in venture capital and private equity funds, mostly in the United States and in Asia. | $259 | -19% | $9B | $11B | 50.3x | - | ||
| Syensqo SA operates as a chemical manufacturing company. The company provides chemical solutions such as specialty polymers, composite materials, specialty formulations, and bio-circular chemistries to assist its customers in identifying, developing, and manufacturing sustainable solutions. It operates in three reportable segments: Materials, Consumer & Resources, and Corporate & Business Services. It generates the majority of its revenue from the Materials segment, which consists of a high-performance polymers platform coupled with a composites business mainly serving automotive, aerospace & defense, and electronics markets. | $81 | +7% | $8B | $11B | 1.5x | 7.4x | ||
| Umicore SA operates in the following business groups: Catalysis, Battery Materials, Specialty Materials, Recycling, and Corporate and Unallocated. Key revenue is derived from its Recycling segment, which treats complex waste streams containing precious and other specialty metals. The Battery Materials segment is engaged in developing, manufacturing, and marketing cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries. The Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, and the Specialty segment develops, manufactures, and distributes metal-based materials and chemicals for applications vital to everyday lives. Geographically, the group derives a majority of its revenue from Europe. | $31 | +114% | $7B | $9B | 0.4x | 6.5x | ||
| KBC Ancora SA is a financial services holding company whose sole asset is a substantial participating interest in KBC Group. Its operational activities are fairly limited. The group engages in retail banking, insurance, and asset management services, deriving the vast majority of its profits from activities in Belgium. Other profit-driving markets include the Czech Republic, Bulgaria, and Ireland. Revenue is reported through net interest income, insurance premiums, and fees and commissions, reflecting a diverse range of services. | $89 | +31% | $7B | $7B | 18.4x | - | ||
| Aedifica SA is a Belgian real estate investment trust that invests in, develops, and leases healthcare properties. The company focuses on providing housing for the aging population in Western Europe and the growing populations in Belgium's cities. The majority of Aedifica's real estate portfolio is composed of Elderly care homes. The company derives the vast majority of its income in the form of rental revenue. Its geographical segments are Belgium, Germany, Netherlands, Ireland, United Kingdom, Finland, and Sweden. Majority of revenue is from United Kingdom. | $79 | +3% | $7B | $12B | 28.3x | 29.6x | ||
| Viohalco SA is the Belgium-based holding company of metal processing companies, which sustainably manufacture aluminium, copper, cables, steel, and steel pipes products. The company's products are used across various industries, including packaging (rigid, semi-rigid, and flexible), transportation (automotive, shipbuilding, road, and rail), building and construction, energy and power networks, and Others. Its business segments are Aluminium, Copper, Steel, Cables, Steel pipes, Real estate, and R&D and Technology. The company's geographical segments are Greece, the European Union, Other European countries, Asia, America, Africa, and Oceania, the majority is from the European Union. | $24 | +268% | $6B | $8B | 1.0x | 9.7x | ||
| Cenergy Holdings SA is engaged in the production, distribution, and trading of cables for power transmission, distribution & renewables, oil and gas transportation and drilling, telecom, and data transmission and construction and industrial markets, and steel pipes. The company is divided into two segments namely Cables and Steel Pipes. The Cables segment manufactures power, telecommunication, and submarine cables, as well as enameled wires and compounds. The Steel Pipes segment produces steel pipes for the transportation of natural gas, oil, and water networks, as well as steel hollow sections that are used in construction projects. Geographically, the majority is from America. | $29 | +164% | $6B | $6B | 2.7x | 15.9x | ||
| Warehouses De Pauw SA is a real estate investment trust engaged in the acquisition and development of storage, distribution, and semi-industrial facilities throughout Europe. The vast majority of the company's real estate portfolio in terms of square footage and total rental value is made up of general warehouse space, while offices represent a smaller amount. These properties are mainly located in Belgium and the Netherlands near large transportation hubs. Warehouses De Pauw derives nearly all of its revenue in the form of rental income from the same two countries. The company's tenants in terms of revenue include solar panels, third-party logistics firms, and food industry companies. It is also active in the logistics property markets of France and Romania. | $25 | +6% | $6B | $6B | 11.1x | 10.8x | ||
| Deme Group NV Is a provider of dredging and construction services intended to cater to the renewable energy industries and environmental works. The company provides engineering and contracting services globally in the offshore renewables and non-renewables sectors and performs a wide variety of dredging activities and offers solutions for soil remediation and brownfield redevelopment, as well as environmental dredging and sediment treatment, thereby serving its clients. It has segments namely Offshore Energy, Dredging & Infra, Environmental and Concessions, out of which Dredging & Infra derives maximum revenue. The company geographically operates in America, Africa, Europe, Middle East and Asia. | $213 | +43% | $5B | $6B | 1.2x | 5.3x | ||
| Colruyt Group NV is a retail group that operates in the areas of expertise Food, Health and Well-being, Non-Food and Energy, mainly in Belgium, but also in other countries, including France and Luxembourg. It operates a chain of supermarkets under the Colruyt brand, offering products at low prices through both physical outlets and webshops. The group is also active in the wholesale segment through Spar stores and the Solucious food service, among other initiatives. Its operating segments are: Food; Health and Well-being and Non-food; and Group activities, Real Estate and Energy. The majority of its revenue is generated from the Food segment, which offers a diverse range of food brands and sells directly to bulk and other consumers through its own stores and online channels (retail). | $39 | -9% | $5B | $5B | 0.4x | 5.3x | ||
| Titan SA is engaged in building and infrastructure materials industry. The company offers construction materials, solutions, and the services needed for safe and sustainable homes, buildings, and infrastructure that enable people to enjoy life. | $58 | +32% | $4B | $5B | 1.7x | 7.3x | ||
| CMB.Tech NV owns and operates a fleet of vessels for international maritime shipping and storage of crude oil and petroleum products. It generate a large parts of their revenue from voyage charters, including vessels in pools that predominantly perform voyage charters. The company organizes itself into three divisons: the Marine division, the H2 Infra division and the H2 Industry division. The Marine Division derives maximum revenue. | $15 | +63% | $4B | $9B | 5.6x | 10.2x | ||
| Melexis designs analog/mixed-signal automotive semiconductors for the automobile industry. Its chips measure position, temperature, electrical current, and pressure and convert real-world signals into digital signals to control car functionalities like the powertrain, rotation, safety systems, and pumps and fans, among others. | $100 | +20% | $4B | $4B | 4.2x | 18.1x | ||
| Cofinimmo SA/NV is a Belgian real estate company primarily engaged in the ownership and management of the rental property in Western Europe. The vast majority of Cofinimmo's properties are split between office and healthcare purposes. The remainder is mainly restaurants, pubs, and insurance agencies. Most of Cofinimmo's assets are located in Belgium, while France is also home to a substantial share. The company's major tenants include healthcare firms, pubs and restaurants, banks, and insurance firms. Cofinimmo generates nearly all of its revenue through rental income. The company's healthcare and restaurant tenants typically sign long-term leases, while its office tenants generally elect for short-term agreements. | $93 | +4% | $4B | $6B | 14.1x | 19.0x | ||
| Solvay SA is a Belgium-based producer of chemicals, plastics, and composites. Their five major businesses include soda ash, peroxides, silica, rare earths, and fluorine. The company has a top-three market position for nearly all of its products. Key business segments include Basic Chemicals, Performance Chemicals, and Corporate. High-value products include aerospace composites and specialty polymers while traditional chemical products include soda ash and hydrogen peroxide. Geographical exposure is relatively balanced, with Europe, North America, and Asia each contributing a third of sales. | $31 | -9% | $3B | $5B | 0.9x | 5.0x | ||
| Azelis Group NV is a Belgium-based distributor of specialty chemicals and food ingredients. The Company focuses on the intensified efforts for formulation work and application that supports the partners from the labs. It works with Business to Business (B2B) buyers in the digital tools investment and technologies using online portals to find information on sellers, products, and services. The company has its business operating segments namely EMEA includes all operating companies in Europe, Middle East and Africa, Americas includes all operating companies in the United States of America, Canada, Mexico and South America (mainly Colombia and Brazil). Asia-Pacific involves all operating companies in Asia, South-East Asia and the Pacific region. | $12 | -23% | $3B | $5B | 1.0x | 9.0x | ||
| Titan America SA is a vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating on the Eastern Seaboard. The Company, through its wholly owned subsidiaries, operates in the manufacture, distribution, and sale of cement, fly ash, aggregates, ready-mix concrete, and concrete blocks to resellers and construction contractors in the Eastern region of the United States. | $16 | +27% | $3B | $3B | 1.9x | 8.1x | ||
| VGP SA is a real estate company. The company through its subsidiaries designs, constructs, and leases out logistics complexes and semi-industrial parks. Its business line includes Investment business, Property Development, and Property and asset management. The company derives the maximum rental income from the investment business. Geographically, it has a presence in Germany, Spain, Austria, the Czech Republic, Slovakia, Hungary, Latvia, and Romania. | $92 | -6% | $3B | $5B | 18.2x | 10.6x | ||
| Proximus is the incumbent telecom operator in Belgium. The firm has around 45% share of the broadband market and 30% of the postpaid mobile market, competing with Telenet and Orange. Proximus is rolling out fiber to the home in Belgium and expects to have 95% of the country covered by 2032. Its international carrier services division, BICS, is one of the four largest in the world, serving more than 250 operators, which was strengthened with the acquisition of Telesign. | $8 | -17% | $3B | $7B | 0.9x | 3.0x | ||
| NV Bekaert SA uses metal treatment technologies to deliver a portfolio of steel wire products and coating solutions to customers. It operates in four segments: rubber reinforcement, steel wire solutions, specialty businesses, and Bridon-Bekaert Ropes Group. The company's products help reduce friction, improve corrosion resistance, and enhance adhesion with other materials. Bekaert's offerings are used in various sectors, including automotive, construction, energy, agriculture, and consumer goods. The company operates in China, USA, Belgium, India, Slovakia, Others. Majority of revenue is from international (Others). | $49 | +21% | $2B | $3B | 0.6x | 5.0x | ||
| Fagron SA is a pharmaceutical compounding company operating in Belgium. It acts as a supplier of pharmaceutical care to hospitals, pharmacies, clinics, and patients across the world. The company also produces pharmaceutical raw materials, equipment, and supplies that are needed to prepare medication in the pharmacy. Its segments are namely Fagron Europe, Middle East and Africa (EMEA), Fagron North America, and Fagron Latin America. The majority of its revenue comes from Fagron North America. | $27 | +4% | $2B | $2B | 2.0x | 10.1x | ||
| GIMV NV is a Belgium-based company active in investing in companies having growth potential, with the objective of supporting its growth into market leaders. The company invests with a focus on four platforms, which are also its segments: Consumer, Health and Care, Smart Industries, and Sustainable Cities. Its geographical segments include Belgium, Netherlands, Germany, France, and the Rest of Europe and Other countries. | PE & VC+1 | $54 | +11% | $2B | $2B | 6.1x | - | |
| Solvac SA is engaged in manufacturing and selling of plastic, chemical, and pharmaceutical products in Belgium. | $90 | -11% | $2B | $2B | - | 14.0x | ||
| Montea NV is a real estate investment trust under Belgian law. It is engaged in the development and management of logistics and semi-industrial real estate properties. Geographically, its portfolio is located in Belgium, the Netherlands, Germany, and France. The revenue is generated from gross rental income and proceeds resulting from the services and the management of the buildings. | $76 | +2% | $2B | $3B | 16.1x | 13.4x | ||
| Spadel SA produces and markets mineral water, lemonade, and fruit juices. The company also sells water coolers and dispensers. It produces brands of natural mineral water, spring water, and refreshing beverages. Its products are marketed under the brand names Spa, Bru, Wattwiller, Carola, and Brecon. | $424 | +84% | $2B | $2B | 3.4x | 15.2x | ||
| Orange Belgium SA is a telecommunications company that provides mobile, fixed telephone, digital TV, and broadband Internet services to households and companies. In terms of products, the majority of revenue comes from mobile services. Majority of the group's mobile customers are postpaid subscribers. The company also operates in Luxembourg, but overall company revenue comes mostly from Belgium. Orange Belgium owns telecommunications infrastructure, including fiber networks. The company also acts as a wholesaler, allowing mobile virtual network operators access to Orange Belgium's infrastructure. | $25 | +29% | $2B | $4B | 1.8x | 5.6x | ||
| Fluxys Belgium SA is the transmission and storage of natural gas as well as terminalling services for liquefied natural gas (LNG) in Belgium. It also provides complementary services related to these main activities. Its operating segment includes transmission, storage, LNG terminalling activities in Belgium and other activities. Transmission activities comprise all operations subject to the Gas Act related to transmission of gas and hydrogen in Belgium. Storage activities comprise all operations subject to the Gas Act related to storage of gas at Loenhout in Belgium. Terminalling activities comprise all activities subject to the Gas Act related to the LNG terminal at Zeebrugge in Belgium. Key revenue is generated from Transmission segment. | $23 | -4% | $2B | $2B | 2.1x | 4.6x | ||
| Tessenderlo Group NV is a diversified international agricultural and industrial company. The firm produces and sells products across five segments: Agro, Industrial Solutions, Bio-Valorization, T-Power, and Machines & Technologies. The majority of its revenue comes from the Agro segment, which produces and sells liquid crop fertilizers, potassium sulfate, and crop protection products to the agriculture industry. Its geographical segments include Europe, North America, South America, Asia, and the Rest of the world. | $26 | -13% | $2B | $2B | 0.5x | 4.6x | ||
| X-FAB Silicon Foundries SE is a specialty foundry for analog and mixed-signal technologies with a strategic focus on the automotive, industrial, and medical markets. It provides manufacturing and design support services to its customers designing analog and mixed-signal integrated circuits and other semiconductor devices. Its geographies are Europe, Asia, the United States of America, and the Rest of the world. Geographically, the company receives maximum revenue from Europe. | $11 | +45% | $1B | $2B | 2.0x | 8.9x | ||
| Xior Student Housing NV is a real estate company specializing in the student housing sector, operating in Belgium, the Netherlands, Spain and Portugal. It offers a variety of properties, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. The company also provides additional facilities, including access to certain buildings via a badge system, extra comfort, communal living facilities such as lounges and TV rooms, 24/7 emergency services, vending machines, washing machines, automated key systems, and so on. The company mainly operates in Belgium and the Netherlands. | $31 | -12% | $1B | $4B | 13.5x | 20.7x | ||
| Retail Estates SA is a real estate investment trust that invests mainly in retail properties located on the periphery of residential areas or along access roads to urban centers, mainly in the Flemish and Wallonia Regions of Belgium. The company buys these properties from third party or builds and markets retail buildings for its account. It rents its properties in a structural state, with the furnishings, fittings, and maintenance left to the discretion of the tenants. Geographically, it derives a majority of its revenue in the form of rental income from Belgium. | $82 | +15% | $1B | $2B | 12.3x | 14.7x | ||
| Sipef SA is a Belgium-based agro-industrial company. The company operates through five segments, namely Palm segment consisting of palm kernels and palm kernel oil in Indonesia and Papua New Guinea; the Rubber segment produces a variety of rubber products such as ribbed smoked sheets, scraps, and lumps; the Tea segment includes the sale of cut, tear, curl (CTC) tea brand; Bananas and horticulture segment includes the sale of bananas and horticulture originating from Ivory Coast; and Corporate segment includes administrative activities of the company. The company generates the majority of its revenue from the Palm segment. Its geographical segments are Indonesia, PNG, Cote d'Ivoire, Singapore, and Europe. | $110 | +49% | $1B | $1B | 1.9x | 4.3x | ||
| Exmar NV is a liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carrier. It provides industrial marine and energy logistical solutions for transport, regasification and liquefaction within the oil and gas industry. The company has three reportable segments: Shipping, Infrastructure, and Supporting Services. The activities in the shipping segment include the transportation of liquefied gas products such as Liquid Petroleum Gas, anhydrous ammonia, and petrochemical gases. The infrastructure segment includes LNG infrastructure and Offshore, and the segment supporting services include specialized supporting services such as ship management services and travel agency services. The majority of the revenue is generated from the Shipping segment. | $13 | 0% | $1B | $1B | 4.7x | 9.2x | ||
| Kinepolis Group NV is a diversified media company engaged in operating in the cinema industry. The business activities involve operation of cinema multiplexes: sale of tickets, confectionery, and beverages, sale of advertising space, event organization, etc. The company geographically operates in segments such as Belgium, Canada, the Netherlands, France, the United States, Spain and Luxembourg. The Switzerland and Poland activities are combined in other segment. The company earns the vast majority of its revenue from Belguim Segment. | $35 | -16% | $935M | $2B | 2.4x | 8.7x | ||
| EnergyVision NV is a renewable energy company is a B2B and B2C provider of solar energy and mobility as a service solutions for businesses and residential customers in Belgium through building, owning and operating solar photovoltaic (PV) and electric vehicle (EV) charging infrastructure. It offers an integrated, low-risk way for customers to adopt solar power and EV charging without upfront costs handling financing, engineering, installation, and operation. The company's operating segment includes, Asset-Based Mobility, Non-Asset-Based Energy, and EPC Activity, of which it derives maximum revenue from EPC Activity segment. Geographically, it operates in Belgium, Morocco, and China, where majority revenue is generated from Belgium. | $15 | -- | $935M | $1B | 4.8x | 23.5x | ||
| Barco NV is an electronics company with three business segments: Entertainment, Enterprise, and Healthcare. The Entertainment business segment, which generates maximum revenue, comprises two business units; Cinema which offers the industry's complete range of laser and lamp-based cinema projectors, including image processing and audio solutions; and the Immersive Experience business unit, which offers solutions tailored to the specific needs of large venues, live events, themed entertainment (museums, theme parks, digital immersive art installations, projection mapping, etc.) and simulation applications: projection, image processing, and related services. Geographically, the group generates maximum revenue from the Americas, followed by EMEA and the Asia-Pacific regions. | $11 | -25% | $874M | $657M | 0.6x | 4.3x | ||
| Jensen-Group NV manufactures commercial and heavy-duty laundry equipment. It designs, produces, and supplies single machines, systems, and turnkey solutions for the heavy-duty laundry industry. It has established a Cleantech brand which includes technology and machines for the laundry process. The company's products include transport and handling systems, washing tunnels, laundry sorting machines, feeding machines as well as ironing and folding machines. The group also manages turnkey laundry projects. Geographically, it operates in Europe, America, Asia, and Australia and derives the majority of its revenues from Europe. | $91 | +47% | $835M | $880M | 1.4x | 8.7x | ||
| Recticel SA is a manufacturer of insulation products. It designs solutions that contribute to a carbon-free economy. Its Insulated Panels division provides PIR and mineral wool-based solutions that make pre-fabrication easier and more cost-efficient. The Insulation boards division includes energy-saving thermal and thermo-acoustic PIR boards, as well as vacuum insulated panels suitable for buildings and to support cold chain activities in industries ranging from food to pharma. The construction solutions focuses on light building materials, modular solutions, and smarter building skin. Geographically, the company generates a majority of its revenue from its business across Europe and the rest from the United States of America, United Kingdom, and other regions. | $12 | +6% | $703M | $671M | 0.9x | 10.5x | ||
| Wereldhave Belgium is a publicly-regulated real estate company with a focus on commercial property and operating in Belgium. Wereldhave Belgium targets shopping centers as new investments. Its operational shopping center portfolio includes locations in Liege, Nivelles, Tournai, Ghent, Genk, Waterloo, and Kortrijk. The company also owns office properties in Brussels, Vilvoorde, and Antwerp. The company's focus is to create value through both active management and redevelopment, with tactics that include maintaining contact with lessees to acquire up-to-date market information. The company has two segments: offices and retail. | $61 | +22% | $700M | $1B | 9.9x | 15.7x | ||
| TINC NV is a Belgium based investment company. It invests in companies that realize and operate infrastructure. The company holds a diversified investment portfolio of participation in various infrastructures, such as road and tram infrastructure, a business center, a car park, and energy infrastructure. It mainly invests in companies located in Belgium, the Netherlands, and Ireland. | $14 | +16% | $666M | $666M | 10.2x | 15.5x | ||
| Floridienne SA is a diversified holding company. It operates in gourmet food, life sciences, and chemicals divisions. The gourmet food division covers production and marketing companies in the sector of the party and gourmet food products such as snails, scallops, etc, and also special needs foods. The life sciences division produces and markets natural technologies and products for agriculture, parapharmaceuticals, agri-foodstuffs, cosmetics, and health care. The chemicals division consists of companies that operate in particular in the field of additives used to stabilize PVC and are also involved in the recycling of industrial and car batteries. | $67 | -18% | $661M | $1B | 1.2x | 7.9x | ||
| Care Property Invest NV/SA is a Belgian publicly regulated real estate company specialised in housing for seniors. Care Property Invest develops and finances affordable, high-quality, and attractive care infrastructure and various forms of housing for seniors and people with disabilities such as residential care centres, short-stay centres, groups of assisted living apartments, and residential complexes for people with physical and/or intellectual disabilities. | $14 | +1% | $606M | $1B | 15.3x | 21.1x | ||
| AgomAb Therapeutics NV is a clinical-stage biopharmaceutical company focused on developing novel disease-modifying therapies for immunology and inflammatory diseases, with an initial focus on chronic fibrotic indications with high unmet medical need. Its product candidates are designed to target established pathways and utilize validated modalities, with a focus on addressing limitations associated with prior treatment approaches. The company's pipeline includes small molecule and antibody product candidates aimed at targets associated with fibrotic diseases. Key candidates include Ontunisertib (AGMB-129) and AGMB-447. | $12 | -- | $581M | $447M | - | (6.2x) | ||
| Compagnie du Bois Sauvage SA is an investment management firm based in Belgium. Its core business involves investing in listed and unlisted companies to provide its investors with capital appreciation. The company's investment portfolio comprises of companies from various divisions such as real estate, a long-term investment division composed of strategic participating interests and a cash portfolio focused on liquid values that serve as a basis for derivatives activity. The firm's investment strategy is to actively involve itself in the management of the companies it invests in. | $362 | +22% | $580M | $656M | 1.7x | 6.0x | ||
| Vastned NV, formerly Vastned Belgium is a Belgium-based property investment company. Principally, it invests in Belgian commercial real estate, prime retail properties located on the shopping streets in the cities of Antwerp, Brussels, Ghent and Bruges, inner-city shops, high-end retail parks and retail warehouses. | $34 | -7% | $554M | $1B | 13.7x | 12.8x | ||
| Nextensa SA operates as a real estate investment trust. The company is composed of three operational segments, namely investment, development and corporate. These segments are divided into sub-segments, namely Belgium, the Grand Duchy of Luxembourg and Austria for the investment segment, and Belgium, Luxembourg and other for the development segment. | $53 | +8% | $539M | $1B | 7.0x | 14.4x | ||
| Ion Beam Applications SA develops and manufactures medical devices and software solutions. The firm operates in two segments: proton therapy and other accelerators and dosimetry. Proton therapy and other accelerators business contribute to the majority of sales. It offers solutions for precision cancer treatment through the use of proton beams, as well as cyclotrons used for the production of radioisotopes and industrial accelerators for sterilization and ionization. The dosimetry business sells measurement and quality assurance instruments for radiotherapy and medical imaging. The firm operates in three geographical areas: Belgium, the United States, and the Rest of the World. | $18 | +39% | $534M | $594M | 0.8x | 11.4x | ||
| EVS Broadcast Equipment SA is a video technology provider for broadcast and new media productions. EVS solutions are used by production teams across the world to deliver live sports images, entertainment shows, and news to viewers every day and in real-time. The company's products and solutions offering include a live production asset management suite, live production server, live replay and highlights system, network hub to connect to EVS servers, media storage systems, media workflow management solutions, and others. In addition, the company also provides technical assistance services, training and e-learning, and cybersecurity services to its clients in the media industry. Geographically, it generates maximum revenue from the Europe, Middle East and Africa (EMEA) region. | $36 | -12% | $484M | $416M | 1.7x | 6.2x | ||
| Home Invest Belgium NV is a Belgium-based real estate company. It specializes in residential property for the letting market and offers premises and professional management to its tenants. The company is distinguished into four geographical segments: The Brussels Region, the Flemish Region, the Walloon Region, and the Netherlands. It derives the majority of its income from the Brussels Region. | $22 | -5% | $441M | $968M | 20.8x | 11.8x | ||
| Van de Velde NV designs and produces women's lingerie. Brands include Marie Jo, Primadonna, and Andres Sarda. Van de Velde sells majority of its items through the wholesale channel to independent specialty retailers. The remaining sales are through retail stores the company owns or franchises. Van de Velde sells its products globally, and it has retail stores throughout continental Europe, the United Kingdom, the United States, Hong Kong, and Dubai. Van de Velde manufactures its products in Asia and Tunisia. | $35 | -8% | $440M | $393M | 1.7x | 7.3x | ||
| Campine NV is a battery recycling company in Europe. It recovers the lead and other metals, as well as the plastics from the casings. Its operating segments are Specialty Chemicals and Circular Metals. Specialty Chemicals hosts all businesses which serve end-markets with chemical products and derivatives. The manufacturing of antimony trioxide used as flame retardant, polymerization catalyst and pigment reagent and the production of different types of polymer and plastic masterbatches. Circular Metals hosts the businesses in which metals are being recovered from industrial and post-consumer waste streams. The main activity is the manufacturing of lead alloys. Geographically majority of revenue is been derived from Germany. | $290 | -6% | $435M | $432M | 0.5x | 4.4x | ||
| Bpost SA de Droit Public is a postal services and logistics solutions provider in Belgium. The company has three business units: BeNe Last-Mile activities, 3PL activities, and Global Cross-border activities. The company generates the majority of its revenue from BeNe Last-Mile activities which includes postal and parcel services, certain contract logistics, press distribution, certain banking activities and other value-added services. Geographically, the company generates the majority of its revenue from Belgium. | $2 | -15% | $413M | $2B | 0.4x | 3.5x | ||
| Materialise NV is a provider of 3D printing services. The products and services of the group are organized in three segments: Medical segment, which develops and delivers medical software solutions, medical devices, and other related products and services; Software segment, which develops and delivers additive manufacturing software solutions and related services; and Manufacturing segment, which delivers 3D printed products and related services. Its geographical segments are the United States, the Americas (excluding the USA), Belgium, Germany, France, Switzerland, the United Kingdom, Italy, the Netherlands, Other Europe, and the Asia Pacific. | $7 | +24% | $407M | $322M | 1.0x | 8.5x | ||
| Compagnie d Entreprises CFE SA is a multidisciplinary group. It operates in four segments: Real Estate Development, Multitechnics (including activities of the VMA and MOBIX divisions), Construction & Renovation, and Sustainable Investments. A majority of its revenue is generated from the Construction & Renovation segment, which includes all CFE subsidiaries active in Belgium, Poland, and the Grand Duchy of Luxembourg, which engage in the construction and renovation of office buildings, residential buildings, hospitals, hotels, schools, car parks, and industrial buildings. Geographically, the group derives maximum revenue from its business in Belgium, followed by Poland, Luxembourg, and other regions. | $16 | +58% | $390M | $333M | 0.3x | 3.7x | ||
| Ascencio is a regulated real estate company, specialized in commercial real estate in the periphery. The company has a portfolio of retail properties. Its operating segments include Belgium, Spain, and France. | $58 | +4% | $381M | $768M | 10.8x | 14.0x | ||
| Moury Construct SA is a Belgium based company engaged in the construction industry. It specializes in residential construction such as new housings, non-residential construction such as factories, commercial office, hospitals, schools & renovation services which includes rebuilding and modernization of existing buildings. | $910 | +35% | $359M | $182M | 0.6x | 3.2x | ||
| Deceuninck NV is engaged in the designing and manufacturing of PVC systems and accessories for residential and light commercial buildings. The company's geographical segments include Europe which is the key revenue generating region; North America, and Turkey & Emerging Markets. The company offers PVC systems for windows, doors, sliding windows and doors, roller shutters, and louver shutters. It also offers terrace and fencing solutions for outdoor living; wall cladding and roofline systems; wall and ceiling covering products and window boards. | $3 | +7% | $354M | $467M | 0.5x | 3.6x | ||
| Whats Cooking Group NV/SA is a fresh savoury food group. It commercializes in Europe and beyond a wide range of high-quality and savoury cold cuts and ready meal food products and related services. | $168 | +37% | $312M | $309M | 0.6x | 6.5x | ||
| Immobel develops mixed real estate with a variety of functions such as living, working, shopping, and leisure. Its project portfolio includes residential, offices, and land banking. The company's real estate development is carried out in Belgium, Luxemburg, France, Germany, Poland, Spain, and the United Kingdom. | $25 | +14% | $253M | $1B | 2.2x | 13.1x | ||
| Ontex Group NV is an international producer of personal hygiene solutions offered in Europe, Russia, the Middle East, North Africa, and the Americas. The Group’s activities are in one segment which is Hygienic Disposable Products. Baby care offers mainly diapers and training underpants under a variety of brands: at a lower price point, Canbebe is offered across the Middle East and Africa; Helen Harper Baby is offered across Eastern Europe, Russia, and Africa; ecological diapers such as Bio Baby are offered across Germany; and the Kiddies brand is offered in Mexico. Feminine Care offers towels, liners, and tampons under the Helen Harper and Fiore brands. Adult Care offers incontinence products, pull-up pants, and adult diapers under the Serenity, Id, Canped and Euron brands. | $3 | -61% | $243M | $875M | 0.4x | 4.2x | ||
| Roularta Media Group NV is engaged in the publication and printing of news and niche magazines, newspapers, and free sheets, in the audiovisual media, and electronic publishing. The company operates through two segments, Media Brands and Printing Services. The Media Brands segment refers to all brands that are marketed by RMG and its participants. It includes all sales of advertising, subscriptions, newsstands, and line extensions of the brands. Printing Services, on the other hand, refers to premedia and print shop activities for in-house brands and external customers. The group derives the majority of its revenue from the Media Brands division. Geographically, the company generates a majority of its revenue from Belgium and the rest from the Netherlands and Germany. | $16 | -13% | $193M | $148M | 0.4x | 5.6x | ||
| Texaf SA is an investment company that invests in industrial, real estate, and agriculture sectors. | $50 | +28% | $183M | $214M | 5.3x | 10.0x | ||
| Banque Nationale de Belgique SA, or the National Bank of Belgium, is the country's central bank. The bank does not operate like other banks whose chief objective is profit maximization for its shareholders. Its primary aim is to maintain price stability as well as supervision of the Belgian financial sector and other related tasks in the national interest. The most notable portion of assets on the balance sheet include securities held for monetary policy purposes. Other notable assets include other securities and net claims related to the allocation of euro banknotes within the Eurosystem. Net interest income is the overwhelming majority of net revenue. | $432 | -4% | $173M | $63B | (36.1x) | - | ||
| Hyloris Pharmaceuticals SA is an early-stage specialty pharmaceutical company focused on adding value to the healthcare system by reformulating pharmaceuticals. The company develops proprietary products it believes offer advantages compared to available alternatives, to address the underserved medical needs of patients, hospitals, physicians, payors, and other stakeholders in the healthcare system. Its portfolio spans areas such as cardiovascular, other reformulations, and established markets (high-barrier generics). It has three early commercial-stage products, Sotalol IV for the treatment of atrial fibrillation, Podofilox Ge, and Maxigesic IV. Its revenue is mainly generated in the United States. | $6 | -19% | $167M | $153M | 13.0x | (22.2x) | ||
| Biotalys NV is an agricultural technology company focused on addressing food protection challenges with proprietary protein-based biocontrol solutions and aiming to provide alternatives to conventional chemical pesticides for a more sustainable and safer food supply. | $4 | -34% | $166M | $161M | 91.5x | (10.0x) | ||
| Warehouses Estates Belgium SA Formerly Warehouses Estates Belgium SCA is a real estate investment trust. It operates in commercial, semi-industrial and industrial tenancy. It also rents out industrial properties, shopping centers, retail warehouses, offices, and residential properties. | $46 | +8% | $161M | $343M | 10.1x | 14.2x | ||
| Inclusio SA holds and manages social housing residential assets. The company is engaged in acquisition, development and management buildings made available to low and middle income tenants. Its portfolio includes new or renovated residential buildings leased to social partners, schools, nurseries, and reception centers for asylum seekers. | $20 | +2% | $153M | $342M | 17.4x | 14.6x | ||
| Qrf is a Belgian public regulated real estate company (RREC or BE-REIT) that invests in inner city real estate in Belgium and the Netherlands. The company focuses on the acquisition, redevelopment and leasing of commercial real estate focused on retail, leisure and hospitality. Its segments include Belgium and the Netherlands, of which the majority of the revenue is derived from Belgium. | $13 | +13% | $137M | $279M | 16.5x | 10.9x | ||
| Nyxoah SA is a health-technology company focused on the development and commercialization of solutions and services to treat sleep-disordered breathing conditions. The company's solution platform is based on the Genio system, a CE-Mark validated, user-centered, bilateral neurostimulation therapy to treat moderate to severe Obstructive Sleep Apnea (OSA), the common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke. | $3 | -61% | $132M | $142M | 12.2x | (1.6x) | ||
| SA Commerciale de Brasserie operates in the beverages industry in Belgium. The company is engaged in the manufacturing of different types of beers, limonades and water, wines, and coffees. The product portfolio of the company includes Emperor Charles Ommegang, Mystic Perzik, and Mystic Radler. | $1,734 | -14% | $130M | $155M | 1.2x | 45.1x | ||
| Atenor SA is a Belgium-based real estate development company engaged in the business activity of developing real estate projects. Its project portfolio comprises offices, mixed-use, and residential complexes. The company's projects include Up-Site, Hermes Business Campus, Vaci Greens, Victor, Trebel, and South City Hotel. The group operates in Belgium, the Grand Duchy of Luxembourg, Hungary, and Romania. | $2 | -34% | $126M | $732M | 4.1x | (10.4x) | ||
| Miko NV is involved in the business of producing and distributing coffee and plastic packaging. The company also manages its subsidiaries in European countries and Australia as well as sells its coffee concepts via independent distributors in countries across Europe and beyond. The sole business segment focuses exclusively on coffee, catering to the Out-of-Home market. This market includes offices, businesses, and restaurants where coffee is consumed away from home. Additionally, the segment supplies coffee to retail outlets. The various national subsidiaries within the coffee division all focus on the market segments of office coffee, the hospitality sector, and health care. It mainly operates in Belgium, England, Germany, New Zealand, France and others. | $75 | +31% | $93M | $189M | 0.5x | 4.0x | ||
| Banqup Group SA is an integrated cloud-based SaaS solution to streamline business transactions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. The group provides solutions for businesses, unifies purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the complexity of juggling disconnected tools. The company generates revenue from digital services and from traditional communication services. | $2 | -42% | $89M | $134M | 2.2x | (9.9x) | ||
| Ekopak NV is an environmental, social, and governance-driven off-grid water solution company. The company includes two segments: WaaS & Project Business. With Water-as-a-Service (WaaS), the company offers a carefree service from A to Z. The contract with the customer is, in substance, the delivery, during the contractual period, of a guaranteed minimum volume of water which meets the contractual quality requirements under the DBFMO contracts. The Project Business model includes the traditional sales, recurring services, consumables, and short-term rental sales. The majority of revenue is from Project Business. The company operates in Europe, APAC, Africa, and the Americas. | $5 | -31% | $88M | $176M | 2.9x | (34.6x) | ||
| Agfa-Gevaert NV develops, produces, and distributes a range of analog and digital imaging systems and information technology solutions, for the printing sector, healthcare sector, and specific industrial applications. The company's operating segment includes CONOPS; Digital Print and Chemicals; Radiology Solutions and Healthcare IT. It generates maximum revenue from the Digital Print and Chemicals segment. The company operates in Europe, NAFTA, Latin America and Asia/Oceania/Africa. | $1 | -57% | $80M | $211M | 0.2x | 3.1x | ||
| Quest for Growth NV is a closed-end investment company. The company is engaged in investing in growth companies to realize capital gains that can be paid out to the shareholders without withholding tax being due. The company covers sectors such as hardware, software, and semiconductors. The Company has three reportable segments: Investments in quoted equities, Direct investments in venture and growth capital, and Investments in venture and growth funds. | $3 | -26% | $65M | $65M | (36.9x) | - | ||
| Sequana Medical NV is a commercial-stage medical device company focused on the development of treatment solutions for the management of fluid overload in liver disease, malignant ascites, and heart failure. The company's products include an alfa pump, which provides a treatment solution for the long-term management of liver refractory ascites and malignant ascites with safety, efficacy, and quality of life benefits demonstrated in multiple clinical studies. The company's geographical segments include Switzerland, Germany, the United Kingdom, France, and the Rest of the world, out of which Germany accounts for the majority of the revenue. | $1 | -60% | $56M | $95M | 775.8x | (2.0x) | ||
| ABO-Group Environment NV is engaged in developing environmental companies providing testing and engineering in areas including soil, environment, geotechnical, energy and waste management. | $5 | -25% | $55M | $80M | 0.6x | 6.2x | ||
| IEP Invest NV is a real estate development company. | $6 | -5% | $52M | $23M | 3.6x | 10.6x | ||
| FLOWSPARKS NV is engaged in providing online educational services. It provides an e-learning platform that enables organizations to create, manage, and deliver digital training based on their internal expertise. With built-in instructional design, multilingual capabilities, reporting features, and AI Co-Authoring, FLOWSPARKS helps companies scale training across teams, locations, and languages. In addition to the platform, it offers customized training content creation services for customers who require support. | $22 | +2% | $48M | $44M | 3.9x | 18.1x | ||
| Palmboomen Cultuur Maatschappij Mopoli NV is an investment company specializing in acquiring minority shareholdings in agro-food businesses. | $454 | -- | $43M | $2M | - | 0.7x | ||
| Banimmo SA is engaged in the redevelopment of buildings. | $3 | -1% | $38M | $164M | 18.5x | 34.9x | ||
| Accentis NV operates in the real estate sector. The company owns and manages industrial and semi-industrial real estate properties, mainly in Belgium and Germany. The company aims to maximize the value of its portfolio, by optimizing the recurrent rent income on the one hand, and by active portfolio and risk management on the other. | $0 | -13% | $38M | $24M | 3.6x | 9.2x | ||
| Newtree SA is a chocolate manufacturer. It is engaged in the production of chocolate bars and sandwich spread made from fruit and plant natural extracts. | $2 | -7% | $29M | $25M | - | (57.5x) | ||
| European Medical Solutions Formerly DMS Imaging SA is a clinical-stage biopharmaceutical company. The company is engaged in the development and future commercialization of a range of breakthrough immunotherapy products for the treatment of allergies, based on its ASIT+ technology platform. Its lead product is gp-ASIT+, a phase III trial for the treatment of grass pollen rhinitis. Its pipeline products consist of hdm-ASIT+ for the treatment of house dust mite asthma; and pnt-ASIT+ for the treatment of peanut allergy. | $6 | +12% | $26M | $41M | 0.7x | 7.3x | ||
| Keyware Technologies NV is a network service provider. The company works in the area of electronic payment solutions. The company operates in various business segments that are Terminals, which comprise the rental, the sale, and the installation of payment terminals; Authorisation, which relates to the revenues in connection with payment transactions, and authorisation services transaction; Corporate, which is involved in finance and administration, expenses in connection with the listing on the stock market; and Software, which includes activities of Magellan. The Terminal segment generates maximum revenue for the company. It offers its services to Netherlands, Germany, and France. | $11 | +1100% | $25M | $16M | - | - | ||
| Belysse Group NV operates its business in four segments. The rugs segment includes woven and tufted area rugs, under the Balta home brand. The residential segment includes wall-to-wall carpet and carpet tiles for private use, through the brands Balta carpets, ITC, and Balta carpet tiles. The commercial segment includes wall-to-wall carpet and carpet tiles for commercial use under the brands' arc edition, Bentley, and Modulyss. The non-Woven segment includes needle felt, carpet backing, and technical non-wovens under the Captiqs brand. The company's geographical segments are Europe, North America, and the Rest of the World. | $1 | -19% | $24M | $168M | 0.6x | 4.1x | ||
| Photonike Capital SA is a Belgium-based service provider of bespoke risk protection solutions as well as a management company of industrial and financial turnaround processes. | -- | -- | $18M | $30M | - | (16336.7x) | ||
| Immo Moury SCA is a Regulated Real Estate Company (Belgian REIT) that specializes in owning and managing business real estate properties. | $38 | 0% | $18M | $43M | 10.7x | 24.9x | ||
| Celyad Oncology SA is a biopharmaceutical company focused on the discovery and development of technologies for chimeric antigen receptor T-cell (CAR T) therapies. The company focuses on solid tumors and hematological malignancies. The firm has CYAD-01 and CYAD-02 programs in the pipeline. The company owns trademarks and service marks, including CELYAD, C-CATH, C_CURE, CAR-T Cell, THINK, CYAD01 - Deplethink, CYAD02 - Cycle1, CwalityCAR, CYAD-101, and new engagers. The firm has Cardiology and Immuno-oncology operating segments. It generates the majority of its revenue from the Cardiology segment. | $0 | -22% | $15M | $13M | 536.8x | 10.6x | ||
| Median | $31 | +4% | $663M | $1B | 2.2x | 9.0x |
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