In this article, we will be looking at the 20 most valuable Belgian companies in 2024. If you wish to skip our detailed analysis, you can move directly to the 5 Most Valuable Belgian Companies in 2024.

Economy of Belgium: An Analysis

Belgium has a small and open economy which recorded a GDP worth $627.51 billion in 2023 as reported by the International Monetary Fund. The European Commission reports that intra-EU imports and intra-EU exports account for 62.5% of the country’s GDP. Since Belgium’s biggest imports are related to fossil fuels and gas, the country is one of the most energy-dependent among other nations in the EU. This has taken a toll on the national economy after the energy price surge due to the Russian invasion of Ukraine. The Belgian industrial sector comprises a major share of energy-intensive industries which were impacted by the resulting energy prices and inflation. Additionally, the economy also depends upon products mainly from chemicals and metals in the health sector, digital sector, and defense. By value, Russia is one of the major partners for these products and hence, the disruption in supply chains impacted the Belgian economy.

Apart from the energy crisis, Belgian firms are subject to labor shortages. The country has one of the highest vacancy rates in the EU. Wage growth has also been slow as compared to neighboring European countries. In regards to the business environment, access to finance is relatively easier when compared to the EU average. However, payments from public bodies often get delayed. The retail market tends to be highly regulated. In terms of professions, the most regulated ones include lawyers, architects, accountants, real estate agents, and tourist guides. For instance, lawyers in Belgium remain subjected to incompatibility rules and multidisciplinary restrictions which can limit the legal sector’s ability to undergo innovation. In short, the Belgian economy faces some structural issues such as energy dependence and a rigid labor market.

Leading Companies in Belgium

Some of the most valuable companies thriving in the Belgian economy include UCB SA (OTC:UCBJY), KBC Group NV (OTC:KBCSF), and Syensqo SA (OTC:SHBBF). Let’s take a look at what these firms have been up to.

UCB SA (OTC:UCBJY) is a multinational biopharmaceutical company based in Belgium. On January 8, the company reported that it received marketing approval from the European Commission for RYSTIGGO (rozanolixizumab). The medical product RYSTIGGO has achieved marketing authorization, as an add-on to standard therapy for the treatment of adults with generalized myasthenia gravis. Generalized myasthenia gravis is a rare autoimmune disease that results in muscular weakness which can cause difficulty in talking, swallowing, and chewing. This is a major development for UCB SA (OTC:UCBJY) as RYSTIGGO serves as the first therapy granted approval in Europe for adults with the two most common subtypes of generalized myasthenia gravis.

KBC Group NV (OTC:KBCSF) is a leading Belgian bank insurer. On January 12, the company announced incentives for EV purchasers. The company has assessed that customers are more likely to buy an electric vehicle if they are offered financial incentives and hence, it is offering a lower interest rate on car and bike loans and a discount on car insurance. KBC Group NV (OTC:KBCSF) will also be supporting its customers install solar panels and a home battery in case they decide to drive an electric car, through a partnership.

Syensqo SA (OTC:SHBBF) provides sustainable and innovative products through its materials and chemical science. On February 19, the company reported multiple new partnerships to further support a sustainable future. Syensqo SA (OTC:SHBBF) entered into a partnership with Climate Impulse which is a flight project powered by green hydrogen. The firm was also chosen as an advanced material supplier by Schiebel, which manufactures unmanned air systems. It has also joined hands with a European company Manna to help it in the manufacturing of delivery drones.

Now that we have taken a look at the Belgian economy, let’s move to the 20 most valuable Belgian companies in 2024.

Our Methodology:

In order to compile a list of the 20 most valuable Belgian companies in 2024, we used the Yahoo stock screener. We shortlisted the top companies in Belgium with the highest market capitalizations. Market capitalizations have been cited, as of February 14. Additionally, we sifted through multiple rankings and reports, including our own, to make sure we did not miss any company, public or private.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

20 Most Valuable Belgian Companies in 2024

20. DEME Group NV (BRU:DEME)

Market Capitalization: $2.94 Billion

DEME Group NV (BRU:DEME) offers global marine sustainable solutions. The company claims to operate one of the biggest fleet of vessels in the world. It provides solutions to address global issues such as emission reduction, increasing sea levels, and limited mineral resources. The company’s activities are related to dredging, offshore energy, marine infrastructure, and environmental remediation. DEME Group NV (BRU:DEME) has a market capitalization of $2.94 billion.

19. Brederode SA (BRU:BREB)

Market Capitalization: $3.14 Billion

Brederode SA (BRU:BREB) is an investment company specializing in international risk capital investments. The company manages a portfolio of listed as well as unlisted companies. Brederode SA (BRU:BREB) ranks as one of the most valuable companies in Belgium in 2024 and has a market capitalization of $3.14 billion, as of February 14.

18. Melexis NV (OTC:MLXSF) 

Market Capitalization: $3.28 Billion

Melexis NV (OTC:MLXSF) is a supplier of micro-electronic semiconductor solutions and ranks as one of the most valuable Belgian companies in 2024. Apart from Belgium, the company has a presence in Bulgaria, France, Germany, Switzerland, and Ukraine. Melexis NV (OTC:MLXSF) offers a wide range of semiconductor integrated circuits including current sensor ICs, inductive position sensor ICs, magnetic position sensor ICs, optical sensor ICs, and pressure sensor ICs. As of February 14, the company is worth $3.28 billion on the open market.

17. Euronav NV (NYSE:EURN)

Market Capitalization: $3.35 Billion

Euronav NV (NYSE:EURN) is the largest independent quoted tanker company globally. The company engages in ocean transportation and storage of crude oil. Euronav NV (NYSE:EURN) has a widespread presence through the employment of 200 permanent personnel onshore and 3,200 people on the vessels. As of February 14, the company is worth $3.35 billion on the open market.

16. Financière de Tubize SA (BRU:TUB)

Market Capitalization: $3.58 Billion

Financière de Tubize SA (BRU:TUB) is a holding company and the reference shareholder of UCB SA (OTC:UCBJY), a global pharmaceutical company. Hence, the company engages in creating a sustainable biopharma ecosystem in Belgium. As of February 14, Financière de Tubize SA (BRU:TUB) has a market capitalization of $3.58 billion and ranks as one of the most valuable Belgian companies in 2024.

15. Shurgard Self Storage Ltd (OTC:SSSAF)

Market Capitalization: $4.06 Billion

Shurgard Self Storage Ltd (OTC:SSSAF) ranks among the most valuable Belgian companies in 2024. The company claims to be the largest owner and operator of self-storage facilities in Europe. It has self-storage centers in numerous countries including the Netherlands, France, Sweden, the United Kingdom, Belgium, Denmark, and Germany. Since the company has an urban focus, 93% of its stores are positioned in the capital and major cities. Shurgard Self Storage Ltd (OTC:SSSAF) is worth $4.06 billion, as of February 14.

14. Azelis Group NV (OTC:AZLGF)

Market Capitalization: $4.60 Billion

Azelis Group NV (OTC:AZLGF) is a specialty distributor of chemicals and food ingredients. The company operates as an innovative service provider in fifteen specific markets across the world. It is focused on creating formulations specific to the local markets through its range of innovative products and value-added services. As of February 14, Azelis Group NV (OTC:AZLGF) has a market capitalization of $4.6 billion and ranks as one of the most valuable Belgian companies in 2024.

13. Umicore SA (OTC:UMICF)

Market Capitalization: $5.01 Billion

Umicore SA (OTC:UMICF) is a multinational materials technology and recycling company. It specializes in material science, chemistry, and metallurgy. The company started as a merger between various mining and smelting companies and currently operates 44 production sites and 15 R&D technical sites globally. The company has a market capitalization of  $5.01 billion, as of February 14.

12. Colruyt Group NV (OTC:CUYTF)

Market Capitalization: $5.07 Billion

Colruyt Group NV (OTC:CUYTF) is a Belgian retail family business. The company manages a portfolio of food and non-food formulas in three countries including Belgium, France, and Luxembourg. Some of the company’s consumer brands operating in Belgium include Bike Republic, Bio-Planet, Collect&Go, Cru, and Dreambaby. As of February 14, Colruyt Group NV (OTC:CUYTF) is worth $5.07 billion on the open market and ranks as one of the most valuable Belgian companies in 2024.

11. Ackermans & Van Haaren NV (OTC:AVHNF)

Market Capitalization: $5.23 Billion

Ackermans & Van Haaren NV (OTC:AVHNF) is an independent and diversified group that operates in 95 countries and invests in companies that have significant growth potential. The segments in which the company is active include marine engineering and contracting, private banking, real estate, energy and resources, and growth capital. As of February 14, Ackermans & Van Haaren NV (OTC:AVHNF) is worth $5.23 billion.

10. Warehouses de Pauw NV (OTC:WDPSF)

Market Capitalization: $5.70 Billion

Warehouses de Pauw NV (OTC:WDPSF) enables the lease of logistics real estate on a permanent or temporary basis. It operates in six European countries including Belgium, France, Luxembourg, Germany, the Netherlands, and Romania. The company’s warehouses help its clients efficiently manage their supply chain. Warehouses de Pauw NV (OTC:WDPSF) has a market valuation of $5.70 billion, as of February 14.

9. ageas SA/NV (OTC:AGESY)

Market Capitalization: $7.06 Billion

ageas SA/NV (OTC:AGESY) is a multinational insurance company that ranks as one of the 20 most valuable Belgian companies in 2024. The company dominates the Belgian insurance market by leading in Life Insurance and being the second in the Non-Life Insurance market. It also serves as the biggest private real estate group in Europe since it manages a portfolio of real estate assets worth almost 6.5 billion euros through its subsidiary, AG Real Estate. As of February 14, ageas SA/NV (OTC:AGESY) is worth $7.06 billion on the open market.

8. Sofina SA (OTC:SFNXF)

Market Capitalization: $7.45 Billon

Sofina SA (OTC:SFNXF) is a family-run investment company that was founded as an engineering conglomerate. The company supports owner-led and innovative growing businesses. It focuses on four sectors which include consumer and retail, digital transformation, education, healthcare, and life sciences. Regions of operation include Asia, Europe, and the United States. As of February 14, Sofina SA (OTC:SFNXF) is worth $7.45 billion on the open market.

7. Lotus Bakeries NV (OTC:LTSSF)

Market Capitalization: $7.69 Billion

Lotus Bakeries NV (OTC:LTSSF) offers branded snacks and is most frequently known for its Lotus Biscoff biscuit. The company’s Natural Foods brands including nākd, BEAR, TREK, and Kiddylicious, promote healthy snacking. As of February 14, Lotus Bakeries NV (OTC:LTSSF) has a market capitalization of $7.69 billion and ranks as one of the 20 most valuable companies in Belgium in 2024.

6. Elia Group SA/NV (OTC:ELIAF)

Market Capitalization: $7.81 Billion

Elia Group SA/NV (OTC:ELIAF) ranks as one of the most valuable Belgian companies in 2024. As of February 14, the company has a market capitalization of $7.86 billion. The firm enables energy transition not only in Belgium but also in Germany and in Europe. As a transmission system operator, Elia Group SA/NV (OTC:ELIAF) facilitates the decarbonization of the energy sector.

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Disclosure: None. 20 Most Valuable Belgian Companies in 2024 is originally published on Insider Monkey.