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Top 20 Belgian Companies Thriving Despite Economic Challenges in 2024

According to the European Commission, Belgium's valuation is influenced by its open economy, with 62.5% of its GDP coming from EU imports and exports.

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The top 20 Belgian businesses in terms of valuation in 2024 are examined in this piece. According to the International Monetary Fund, Belgium’s GDP was $627.51 billion in 2023, making it a small and open economy. According to the European Commission, 62.5% of the nation’s GDP is made up of imports and exports within the EU. Belgium is among the EU’s most energy-dependent countries since gas and fossil fuels make up the majority of its imports. The national economy has suffered as a result of this following the spike in energy prices brought on by Russia’s invasion of Ukraine.

A significant portion of energy-intensive industries in Belgium’s industrial sector were harmed by the ensuing inflation and energy prices. The economy also depends on goods used in the technology, defense, and health sectors that are mostly made of chemicals and metals. Russia is one of the main consumers of these goods, by value, so the interruption of supply chains had an effect on the Belgian economy.

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In addition to the energy issue, labor shortages affect Belgian businesses. The nation boasts one of the EU’s highest rates of job vacancies. In addition, wage growth has lagged behind other European nations. When compared to the EU average, the business climate has simpler access to financing. However, public agencies frequently fail to make payments on time. Retail sales are typically subject to strict regulations. The most closely regulated professions are real estate agents, architects, accountants, lawyers, and tour guides. For example, incompatibility constraints and multidisciplinary restrictions continue to affect lawyers in Belgium and may impede the legal sector’s capacity for innovation. In summary, there are several fundamental problems with the Belgian economy, like a tight labor market and reliance on energy.

Top Belgian Companies

In Belgium, some of the most valued corporations are doing very well. These include Syensqo SA (OTC:SHBBF), KBC Group NV (OTC:KBCSF), and UCB SA (OTC:UCBJY). Let’s examine the activities of these companies.

Belgian-based UCB SA (OTC:UCBJY) is a global biopharmaceutical business. The business announced on January 8 that the European Commission had approved RYSTIGGO’s (rozanolixizumab) for commercialization. In order to treat adults with generalized myasthenia gravis, the medical product RYSTIGGO has received marketing authorization. It can be used as a supplement to normal therapy. A uncommon autoimmune condition called generalized myasthenia gravis causes muscle weakness that can make it difficult to chew, swallow, and speak. RYSTIGGO is the first medication approved in Europe for people with the two most frequent forms of generalized myasthenia gravis, which is a significant development for UCB SA (OTC:UCBJY).

Belgian bank insurer KBC Group NV (OTC:KBCSF) is a market leader. The corporation released incentives for electric vehicle buyers on January 12. The company is offering a cheaper interest rate on loans for cars and bikes as well as a discount on auto insurance since it has determined that clients are more inclined to purchase an electric vehicle if they are given financial incentives. Through a cooperation, KBC Group NV (OTC:KBCSF) will also assist its customers with the installation of solar panels and a house battery in the event that they choose to drive an electric vehicle.

Top 20 Valued Belgian Businesses in 2024

20. DEME Group NV

$2.94 billion

DEME Group NV (BRU:DEME) provides sustainable marine solutions worldwide. According to the corporation, it has one of the largest fleets of ships in the world. It offers answers to worldwide problems like decreasing emissions, rising sea levels, and depletion of material resources. Dredging, offshore energy, marine infrastructure, and environmental cleanup are among the activities carried out by the organization. The market capitalization of DEME Group NV (BRU:DEME) is $2.94 billion.

19. Brederode SA

$3.14 billion

International risk capital investments are the area of expertise for Brederode SA (BRU:BREB), an investment firm. The business oversees a portfolio of both public and unlisted businesses. Brederode SA (BRU:BREB), with a market capitalization of $3.14 billion as of February 14, is among the most valuable firms in Belgium in 2024.

18. Melexis NV

$3.28 billion

As a provider of micro-electronic semiconductor solutions, Melexis NV (OTC:MLXSF) is projected to be among the most valuable Belgian firms in 2024. The company is present in Bulgaria, France, Germany, Switzerland, and Ukraine in addition to Belgium. Semiconductor integrated circuits (SIs) from Melexis NV (OTC:MLXSF) include optical, magnetic, pressure, inductive, and current sensors along with a variety of other sensors. The open market value of the corporation as of February 14 is $3.28 billion.

17. Euronav NV

$3.35 billion.

The biggest independent quoted tanker company in the world is Euronav NV (NYSE:EURN). The business handles the storage and maritime transportation of crude oil. Having 3,200 employees on board and 200 permanent employees onshore allows Euronav NV (NYSE:EURN) to have a significant presence in the market. The open market value of the corporation as of February 14 is $3.35 billion.

16. Financière de Tubize SA

$3.58 billion

The holding company Financière de Tubize SA (BRU:TUB) is the reference shareholder of the international pharmaceutical business UCB SA (OTC:UCBJY). As a result, the business works to develop a resilient biopharmaceutical ecosystem in Belgium. Financière de Tubize SA (BRU:TUB) is one of the most valuable Belgian firms in 2024 with a market capitalization of $3.58 billion as of February 14.

15. Shurgard Self Storage Ltd

$4.06 billion.

In 2024, Shurgard Self Storage Ltd (OTC:SSSAF) is projected to be one of the most valuable corporations in Belgium. According to the corporation, it is the biggest owner and operator of storage facilities in all of Europe. Numerous nations, including the Netherlands, France, Sweden, the United Kingdom, Belgium, Denmark, and Germany, are home to its self-storage facilities. 93% of the company’s outlets are located in the nation’s capital and other large cities because of its urban concentration. As of February 14, Shurgard Self Storage Ltd (OTC:SSSAF) has a market value of $4.06 billion.

14. Azelis Group NV

$4.60 billion

Specialty distributor of chemicals and food products is Azelis Group NV (OTC:AZLGF). The organization is a cutting-edge service provider that works in fifteen global niche areas. It focuses on developing formulations unique to regional markets by utilizing its array of cutting-edge goods and services with added value. With a market valuation of $4.6 billion as of February 14, Azelis Group NV (OTC:AZLGF) is among the most valuable Belgian businesses in 2024.

13. Umicore SA

$5.01 billion

Multinational materials technology and recycling business Umicore SA (OTC:UMICF). Its areas of expertise are metallurgy, chemistry, and material science. The company was founded by the amalgamation of many mining and smelting businesses, and it presently has 44 manufacturing facilities and 15 technical R&D sites spread throughout the world. As of February 14, the company’s market capitalization was $5.01 billion.

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12. Colruyt Group NV

$5.07 billion

The retail family firm Colruyt Group NV (OTC:CUYTF) is based in Belgium. The corporation oversees a portfolio of formulae, both food and non-food, across Belgium, France, and Luxembourg. The company’s consumer brands that are available in Belgium are Dreambaby, Cru, Bike Republic, Bio-Planet, and Collect&Go. Colruyt Group NV (OTC:CUYTF) is one of the most valuable Belgian firms in 2024 with an open market value of $5.07 billion as of February 14.

11. Ackermans & Van Haaren NV

$5.23 billion

Operating in 95 countries, Ackermans & Van Haaren NV (OTC:AVHNF) is an independent and diversified organization that makes investments in businesses with substantial growth potential. The company operates in the following segments: growth capital, real estate, energy and resources, private banking, marine engineering and contracting, and real estate. Ackermans & Van Haaren NV (OTC:AVHNF) has a market value of $5.23 billion as of February 14.

10. Warehouses de Pauw NV

$5.70 billion

Permanent or temporary leasing of logistics real estate is made possible by Warehouses de Pauw NV (OTC:WDPSF). It is present in six European nations: Romania, Belgium, France, Luxembourg, Germany, and the Netherlands. The company’s warehouses facilitate effective supply chain management for its clients. As of February 14, Warehouses de Pauw NV (OTC:WDPSF) was valued at $5.70 billion by the market.

9. ageas SA/NV

$7.06 billion

A global insurance provider, ageas SA/NV (OTC:AGESY) is projected to be among the top 20 most valuable Belgian corporations by 2024. The corporation is the market leader for both life and non-life insurance in Belgium, accounting for the majority of the country’s insurance industry. Because it oversees a portfolio of real estate assets valued at about 6.5 billion euros through its subsidiary, AG Real Estate, it also holds the title of largest private real estate firm in Europe. Ageas SA/NV (OTC:AGESY) has a market value of $7.06 billion as of February 14.

8. Sofina SA

$7.45 billion

Originally established as an engineering conglomerate, Sofina SA (OTC:SFNXF) is a family-run investment firm. The business helps creative, owner-led companies who are expanding. It centers on four domains: life sciences, education, healthcare, digital transformation, and consumer and retail. The United States, Europe, and Asia are among the operational regions. On the open market, Sofina SA (OTC:SFNXF) is valued at $7.45 billion as of February 14.

7. Lotus Bakeries NV

$7.69 billion

The branded snack company Lotus Bakeries NV (OTC:LTSSF) is most commonly recognized for its Lotus Biscoff biscuit. Healthy snacking is encouraged by the company’s Natural Foods brands, which include nākd, BEAR, TREK, and Kiddylicious. With a market valuation of $7.69 billion as of February 14, Lotus Bakeries NV (OTC:LTSSF) is among the top 20 most valuable companies in Belgium for 2024.

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6. Elia Group SA/NV

$7.81 billion

In 2024, Elia Group SA/NV (OTC:ELIAF) is projected to be among the most valuable corporations in Belgium. The company’s market capitalization is $7.86 billion as of February 14. The company facilitates energy transition throughout Europe, including Germany and Belgium. Elia Group SA/NV (OTC:ELIAF), a transmission system operator, aids in the energy sector’s decarbonization.

5. Syensqo SA

$8.90 billion

Belgian scientific business Syensqo SA (OTC:SHBBF) has operations in thirty countries worldwide. The business provides natural and clean solutions to a range of industries, including consumer goods, automotive, aerospace, industrial applications, and healthcare. At the moment, it concentrates on four main aspects of sustainability: renewable materials, green hydrogen, batteries, and thermoplastic composites. As of February 14, the market capitalization of Syensqo SA (OTC:SHBBF) was $8.90 billion.

4. Groupe Bruxelles Lambert SA

$9.6 billion

The Belgian investment holding company Groupe Bruxelles Lambert SA (OTC:GBLBF) is reliant on its family of shareholders. It oversees a portfolio of public, private, and alternative assets and is one of the top investors in Europe. According to the corporation, its portfolio is valued at 17.2 billion euros. Groupe Bruxelles Lambert SA (OTC:GBLBF) is one of the most valuable Belgian firms of 2024 with a market valuation of $9.6 billion as of February 14.


$18.1 billion

Over 40 countries worldwide, UCB SA (OTC:UCBJY) is a multinational biopharmaceutical firm. As of February 14, the corporation is among the most valued in Belgium with an open market value of $18.1 billion. UCB SA (OTC:UCBJY) develops medications and treatments for people with serious illnesses. The company’s primary disease areas of interest include rare diseases, immunology, and neurology.

2. KBC Group NV

$25.7 billion

An integrated bank insurance group based in Belgium is called KBC Group NV (OTC:KBCSF). Its primary clientele include retail, mid-cap, SME, and private banking. Bulgaria, Belgium, the Czech Republic, Slovakia, and Hungary are among the company’s main markets. The corporation oversees 292 insurance companies, 434 bank locations, and 3.9 million clients in Belgium alone. In Belgium, it holds a 20% market share for conventional bank products, a 27% market share for investment funds, a 12% market share for life insurance, and non-life insurance at 9%. KBC Group NV (OTC:KBCSF) is one of the most valuable Belgian firms in 2024 with an open market value of $25.7 billion as of February 14.

1. Anheuser-Busch InBev SA/NV

$115.8 billion

In 2024, Anheuser-Busch InBev SA/NV (NYSE:BUD) is the most valued company in Belgium. It is an international brewing corporation that produces and sells both alcoholic and non-alcoholic beverages. The company says it has over 500 well-known beer brands. Anheuser-Busch InBev SA/NV (NYSE:BUD) has a market capitalization of $115.8 billion as of February 14.

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