October 2026
Largest Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
AB InBev, KBC Group, UCB, ageas and Elia Group.
 | Anheuser-Busch InBev is a global brewing group based in Leuven, Belgium, with publicly traded shares and American depositary receipts. The company produces, markets and distributes beer across a broad portfolio of international and local brands. Important brands include Budweiser, Corona, Stella Artois, Beck’s, Hoegaarden and numerous regional products. Its revenue derives primarily from beverage sales through wholesale, retail and hospitality distribution channels. The group was formed through the combination of InBev and Anheuser-Busch and operates across both developed and emerging markets. Its business model combines large-scale brewing and distribution with local consumer brands and international brand investment. AB InBev sold Oriental Brewery in 2009 as part of its deleveraging programme and agreed to reacquire the South Korean brewer in 2014. The transaction brought Cass and Oriental Brewery’s domestic operations back into its Asia-Pacific business. | $83 | +36% | $163B | $234B | 3.9x | 11.9x | ||
| 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. | $136 | +13% | $54B | $54B | 3.8x | - | ||
| 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). The Brussels-headquartered public company researches, manufactures and markets prescription medicines for patients with severe neurological and immunological diseases. It sells products through healthcare systems around the world and reinvests product revenue in discovery, clinical trials and business development. UCB expanded its epilepsy franchise by completing the acquisition of Neurona Therapeutics in June 2026. That transaction added a clinical-stage regenerative cell therapy designed to restore inhibitory neural circuitry. | $230 | -11% | $44B | $46B | 5.3x | 16.4x | ||
| 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 suspended the dividend. 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 businesses, which later became Ageas. | $83 | +25% | $17B | $27B | 2.6x | 8.4x | ||
| 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. | $139 | +15% | $15B | $34B | 6.8x | 17.0x | ||
| 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. | $14,457 | +65% | $12B | $12B | 7.8x | 39.9x | ||
| 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. | $197 | +8% | $10B | $13B | 1.4x | 13.5x | ||
| 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. | $291 | +5% | $10B | $12B | 53.9x | - | ||
| 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. | $295 | +18% | $9.6B | $18B | 2.7x | 11.1x | ||
| Groupe Bruxelles Lambert SA is an investment holding company. The company 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, Canyon, Affidea, Sanoptis, and others. | $81 | -9% | $9.5B | $16B | 2.3x | 51.1x | ||
| 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, Performance & Care, Other solutions, 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. | $91 | +10% | $9.3B | $12B | 1.7x | 11.9x | ||
| 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. The company generates 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. | $194 | -21% | $8.6B | $8.6B | - | 81.3x | ||
| 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. | $108 | +37% | $8.3B | $8.5B | 19.0x | - | ||
| 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. | $71 | -4% | $5.9B | $13B | 30.4x | 31.8x | ||
| Warehouses De Pauw SA is a real estate investment trust engaged in the acquisition and development of storage, distribution, and semi-industrial and logistics 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. Warehouses De Pauw derives the majority of its revenue in the form of rental income. The company's tenants in terms of revenue include solar panels, third-party logistics firms, and food industry companies. Its geographical operating segments are the Netherlands, which derives maximum revenue, Belgium, France, Germany, Romania, and Luxembourg. | $22 | -15% | $5.7B | $6B | 10.8x | 11.7x | ||
| 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. | $23 | +20% | $5.5B | $7.2B | ||||
| Cenergy Holdings SA is engaged in the production, distribution, and trading of cables for power transmission, distribution and renewables, oil and gas transportation and drilling, telecommunications, 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 used in construction projects. Geographically, it operates in Belgium, Greece, Germany, Romania, other European Union countries, which generate maximum revenue, and other countries. | $24 | +47% | $5.2B | $5.7B | ||||
| 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. | $18 | +82% | $5.1B | $10B | ||||
| Colruyt Group NV is a family business which, over three generations, has grown into a retail group with a diverse portfolio of food and nonfood. Its main activity is the operation of supermarkets under the brand name Colruyt Lowest Prices. It operates in the retail sector. It is also active in food services and the food wholesale trade, and has an expanding portfolio of health and well-being activities, including fitness centres and the distribution of medical and related products. It also operates as a retailer of clothing and bicycles. Its segments are Food; Health &Well-being and Non-food; and Group activities, Real Estate and Energy. Majority of revenue comes from Food segment. It has presence in Belgium, France, and Other of which majority of revenue is from Belgium. | $40 | +6% | $4.8B | $5B | ||||
| 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. | $188 | +24% | $4.7B | $5.1B | ||||
| 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. | $18 | +79% | $4.6B | $6.9B | ||||
| Titan SA is an international business operating in the building and infrastructure materials industry, committed to providing the materials, solutions, and services needed for safe and sustainable homes, buildings, and infrastructure. The company offers construction materials, solutions, and services that enable people to enjoy life while supporting the development of sustainable living environments. | $54 | +20% | $4B | $5.2B | ||||
| 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. | $15 | +27% | $3.7B | $5.5B | ||||
| Solvay SA is a Belgium-based producer of chemicals, plastics, and composites, operating businesses in soda ash, peroxides, silica, rare earths, and fluorine. The company's segments are: Basic Chemicals, including soda ash, bicarbonate, and peroxides, serving mature and resilient markets such as building and construction, consumer goods, and food; Performance Chemicals, through Silica, Coatis, Rare Earths, and Fluorine (GBU Special Chem), offering customized products based on formulations and application expertise; and Corporate, comprising corporate and other business services, including Business Services, Procurement, and Energy expertise. Its products serve diverse end markets, including Consumer, Home & Personal Care, Healthcare, Automotive, Food & Feed, and others. | $28 | -8% | $3B | $5.1B | ||||
| 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. | $65 | -10% | $2.6B | $2.8B | ||||
| Titan America SA is a vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating in Florida, the New York and New Jersey Metropolitan area Metro New York, Virginia, North Carolina and South Carolina. 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. | $14 | -7% | $2.5B | $3B | ||||
| Solvac SA is engaged in manufacturing and selling of plastic, chemical, and pharmaceutical products in Belgium. | $103 | +4% | $2.2B | $2.4B | ||||
| 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. | $7 | -22% | $2.2B | $8.3B | ||||
| 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. | $70 | -39% | $2.1B | $4.4B | ||||
| 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 across sectors such as automotive, construction, energy, agriculture, and consumer goods. The company operates in China, the USA, Belgium, India, Slovakia, and other countries. The majority of revenue is from international (Others). | $45 | +6% | $2.1B | $2.6B | ||||
| Galapagos NV is a fully integrated biotechnology company with operations in Europe and the United States, dedicated to developing medicines focusing on oncology and immunology. The group focuses on unmet medical needs, it synergizes compelling science, technology, and collaborative approaches to create a deep pipeline of medicines. Its clinical pipeline includes: GLPG5101, a CD19 CAR-T product candidate decentralized manufactured, currently in Phase 1/2 in rrNHL; GLPG5301, a BCMA CAR-T product candidate decentralized manufactured, currently in Phase 1 in rrMM; and GLPG3667, a TYK2 inhibitor currently in Phase 2 clinical trial in DM and SLE. It derives maximum revenue from the United States of America. | $30 | -5% | $2B | - | ||||
| GIMV NV is a Belgium-based company active in investing in companies having growth potential, with the objective of supporting growth into market leaders. The company invests with a focus on four platforms, which are also its segments: Consumer, Healthcare, Life Sciences, Smart Industries, Anchor, Infra, Business Services & General segment, and Sustainable Cities. Its geographical segments include Belgium, the Netherlands, Germany, France, and the Rest of Europe and Other countries. | $53 | -1% | $2B | $2.2B | ||||
| 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. | $26 | +11% | $1.9B | $2.5B | ||||
| Orange Belgium SA provide mobile telecommunication services, internet and TV to private clients, as well as mobile and fixed line services to businesses. Its products and services are offered under service contracts. The Company proposes a range of fixed and mobile telephone services, Internet access services, and content offers (TV) to mass-market and corporate customers. Its offers include Mobile + Internet + TV, Mobile, Internet, TV, Smartphones and mobile phones, Ultra Gaming, Smart Home, hey! telecom. Its services include Orange network, Orange applications, Orange Thank You, Return of your mobile phone, and Social rate. Its segment are Belgium generate maximum revenue and Luxembourg. | $25 | +13% | $1.7B | $3.9B | ||||
| 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. | $400 | +50% | $1.7B | $1.5B | ||||
| 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. | $71 | -13% | $1.6B | $1.6B | ||||
| 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 | +12% | $1.6B | $1.9B | ||||
| 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. | $56 | +62% | $1.5B | $2.4B | ||||
| Sipef SA is a Belgium-based agro-industrial company. The company operates through segments, namely Palm segment consisting of palm kernels and palm kernel oil in Indonesia and Papua New Guinea; Bananas segment includes the sale of bananas and horticulture originating from Cote d'Ivoire; 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. | $125 | +38% | $1.3B | $1.2B | ||||
| 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. | $27 | -19% | $1.2B | $3.3B | ||||
| 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. | $20 | +70% | $1.2B | $1.4B | ||||
| Tessenderlo Group NV focuses on agriculture, valorizing bio-residuals, machinery, mechanical engineering, electronics, energy, and providing industrial solutions with a focus on water. 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. The Agro segment encompasses activities in agriculture, including crop nutrition and crop protection products. This segment includes the business units Tessenderlo Kerley North America, Tessenderlo Kerley International, and Violleau. Its geographical segments include Europe, North America, South America, Asia, and the rest of the world, with Europe generating the maximum revenue. | $21 | -32% | $1.2B | $1.3B | ||||
| 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. | $70 | -2% | $1.1B | $2B | ||||
| 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 | +6% | $1B | $1.2B | ||||
| 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. | $6 | -2% | $813M | $1.1B | ||||
| Recticel SA is a manufacturer of insulation products. It designs solutions that contribute to a carbon-free economy. The group specialises in future-smart insulation solutions tailored to diverse needs across a wide range of market segments, from residential and commercial buildings to non-residential and specialised applications. Applying both upstream and downstream capabilities. The company has three core segments: conventional PIR boards, premium mineral wool (MW), and conventional PIR panels; and a growing range-of-products and downstream solutions. Geographically, the company generates a majority of its revenue from its business across Europe and the rest from the United States of America, the United Kingdom, and other regions. | $14 | +43% | $805M | $819M | ||||
| 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 follows a Cleantech approach, 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, and ironing and folding machines. These products are marketed under the Jensen brand. The group also manages turnkey laundry projects. Geographically, it operates in Europe, America, Asia, and Australia, of which the maximum revenue is generated from Europe. | $82 | +13% | $767M | $829M | ||||
| 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. | $8 | -44% | $654M | $690M | ||||
| 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 | -5% | $654M | $1.3B | ||||
| 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. | $57 | +13% | $649M | $1.1B | ||||
| Care Property Invest NV/SA is a pure healthcare real estate company that invests in high-quality real estate solutions for seniors and people with disabilities in Europe. The company acquires, builds and renovates healthcare real estate, including residential care centres, groups of assisted living apartments and residential complexes, and leases these properties on a long-term basis to care operators. Its activities include the acquisition, construction, development, renovation and long-term leasing of healthcare real estate. The company operates through two segments: Investment Properties and Finance Leases, with Investment Properties generating maximum rental income. The geographical presence across four core markets: Belgium, the Netherlands, Spain, and Ireland. | $14 | +5% | $582M | $1.3B | ||||
| 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. | $12 | +0% | $574M | $720M | ||||
| 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 | +45% | $534M | $618M | ||||
| 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. | $31 | -9% | $524M | $1.1B | ||||
| 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. | $50 | +6% | $504M | $1.1B | ||||
| 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. | $310 | +4% | $497M | $697M | ||||
| 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. | $8 | +28% | $472M | $388M | ||||
| Agomab Therapeutics is a Belgian clinical-stage biotechnology company founded in 2017. It develops therapies intended to restore organ function in fibrotic and inflammatory diseases by modulating growth-factor signalling. Its pipeline includes organ-restricted ALK5 inhibitors originating from Origo Biopharma and other antibody and small-molecule programmes. Agomab announced the acquisition of Origo in October 2021 and completed it in December, adding the Spanish team, facilities and TGF-beta drug-discovery platform. The company later raised multiple venture rounds to advance candidates for fibrostenosing Crohn’s disease and idiopathic pulmonary fibrosis. Its products are developed for patients and commercialised through the biopharmaceutical model rather than direct consumer sales. Agomab remains distinct from similarly named laboratories and is the company operating at agomab.com. | $8 | -- | $413M | $126M | ||||
| 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. | $33 | -6% | $408M | $385M | ||||
| 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. | $59 | +1% | $407M | $407M | ||||
| 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. | $20 | -8% | $399M | $914M | ||||
| 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 | +15% | $382M | $543M | ||||
| 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. | $13 | +23% | $316M | $290M | ||||
| 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. | $754 | +7% | $298M | $144M | ||||
| 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. | $198 | -27% | $297M | $284M | ||||
| 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. | $22 | -48% | $293M | $238M | ||||
| 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. | $1 | -48% | $254M | $2.2B | ||||
| 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. | $20 | -31% | $202M | $915M | ||||
| 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. | $2,447 | +39% | $184M | $207M | ||||
| 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. | $13 | -9% | $164M | $117M | ||||
| 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. | $2 | -73% | $160M | $766M | ||||
| 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. | $384 | -21% | $154M | $154M | ||||
| Texaf SA is an investment company that invests in industrial, real estate, and agriculture sectors. | $40 | -3% | $148M | $140M | ||||
| 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. | $11 | -2% | $147M | $354M | ||||
| 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. | $41 | -4% | $145M | $327M | ||||
| 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. | $18 | -16% | $140M | $340M | ||||
| 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. | $5 | -30% | $135M | $126M | ||||
| 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. | $1 | -78% | $114M | $64M | ||||
| 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. | $79 | +29% | $98M | $210M | ||||
| 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. | $2 | -66% | $89M | $77M | ||||
| Agfa-Gevaert NV is company in imaging technology. It develops, manufactures and markets analog and digital systems for the healthcare sector, for the printing industry, for the green hydrogen industry and for specific industrial applications. The company operate and report through three business segments HealthCare IT, Industrial Solutions, and Imaging and Chemicals. The company operates in Europe, NAFTA, Latin America and Asia/Oceania/Africa. The majority of revenue comes from Europe. | $0 | -53% | $70M | $215M | ||||
| 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. | $1 | -65% | $69M | $616M | ||||
| 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. | $4 | -29% | $66M | $66M | ||||
| 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. | $9 | +929% | $61M | $55M | ||||
| 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 | -61% | $59M | $112M | ||||
| 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. | $24 | -16% | $52M | $49M | ||||
| 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. | $3 | -51% | $47M | $137M | ||||
| Palmboomen Cultuur Maatschappij Mopoli NV is an investment company specializing in acquiring minority shareholdings in agro-food businesses. | $269 | -22% | $41M | $810K | ||||
| Banimmo SA is engaged in the redevelopment of buildings. | $3 | 0% | $38M | $124M | ||||
| 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 | -1% | $38M | $36M | ||||
| ABO-Group Environment NV is engaged in developing environmental companies providing testing and engineering in areas including soil, environment, geotechnical, energy and waste management. | $3 | -49% | $36M | $63M | ||||
| 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 | -26% | $28M | $28M | ||||
| 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 | +9% | $19M | $19M | ||||
| 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. | $4 | -36% | $17M | $36M | ||||
| Immo Moury SCA is a Regulated Real Estate Company (Belgian REIT) that specializes in owning and managing business real estate properties. | $35 | -18% | $16M | $40M | ||||
| 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. | $0 | -60% | $14M | $176M | ||||
| Option NV specializes in wireless IoT solutions enabling Machine to Machine (M2M) communication across multiple industries and applications. The company's offerings include CloudGate Gateways, Expansion cards, Metering Device, Sensors, etc. IT supports its CloudGate IoT platform with engineering consulting services that assist customers in the development and implementation of IoT products and solutions. | $4 | -57% | $11M | $16M | ||||
| 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. | -- | -- | $9M | $9M | ||||
| Alliance Developpement Capital SIIC is engaged in real estate investment. | $0 | -20% | $8M | $8M | ||||
| Fountain SA markets coffee and other beverage dispensing machines intended mainly for businesses. The Group distributes its products through its subsidiaries, but also through a network of independent distributors. | $1 | -33% | $7M | $13M | ||||
| Median | $24 | -2% | $616M | $1.1B | 2.4x | 8.9x |
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