The BEL 20 is the benchmark stock market index of Euronext Brussels. It tracks the performance of 20 most capitalized and liquid stocks traded in Belgium. In general, the index consists of a minimum of 10 and a maximum of 20 companies traded at the Brussels Stock Exchange. Since 20 June 2011, the BEL 20 has contained 20 listings, with the exception a one-month period in May–June 2018 when Ablynx stock was removed following the takeover by Sanofi, only to be replaced mid June by .
Rules The composition of the BEL 20 index is reviewed annually based on closing prices on the last Friday in February. These changes are effective after the third Friday of March. In addition to meeting a set of criteria demanding a company be "representative of the Belgian equity market", at least 15% of its shares must be considered free float in order to qualify for the index. In addition, a candidate for inclusion must possess a free float market capitalisation (in Euros) of at least 300000 times the price of the index on the last trading day of December. The minimum requirement for an existing constituent to remain in the index is a market cap of 200000 times the index value. At each annual review, the weights of companies in the index are capped at 15%, but range freely with share price subsequently. The BEL 20 is a capitalization-weighted index. Its record high is 4756,82 set on 23 May 2007.
Annual Returns The following table shows the annual development of the BEL 20 Index, which was calculated back to 1990. Year Closing level Change in Indexin Points Change in Indexin % 1990 1,000.00 1991 1,029.72 29.72 2.97 1992 1,127.02 97.30 9.45 1993 1,473.10 346.08 30.71 1994 1,389.64 −83.46 −5.67 1995 1,559.63 169.99 12.23 1996 1,897.58 337.95 21.67 1997 2,419.34 521.76 27.50 1998 3,514.51 1,095.17 45.27 1999 3,340.43 −174.08 −4.95 2000 3,024.49 −315.94 −9.46 2001 2,782.01 −242.48 −8.02 2002 2,025.04 −756.97 −27.21 2003 2,244.18 219.14 10.82 2004 2,932.62 688.44 30.68 2005 3,549.25 616.63 21.03 2006 4,288.53 739.28 20.83 2007 4,127.47 −161.06 −3.76 2008 1,908.64 −2,218.83 −53.76 2009 2,511.62 602.98 31.59 2010 2,578.60 66.98 2.67 2011 2,083.42 −495.18 −19.20 2012 2,475.81 392.39 18.83 2013 2,923.82 448.01 18.10 2014 3,285.26 361.44 12.36 2015 3,700.30 415.04 12.63 2016 3,606.36 −93.94 −2.54 2017 3,977.88 371.52 10.30 2018 3,243.63 −734.25 −18.46 2019 3,955.83 712.20 21.96 2020 3,621.88 −334.55 −8.46 2021 4.310,15 688.87 19.02 2022 3,701.17 −608.98 −14.13 2023 3,707.77 6.6 0.1820244,264.53556.7615.0220255,078.43813.9019.09
Constituents The following 20 stocks make up the BEL 20 as of March 31, 2026.
Company ICB Sector Ticker symbol Index weighting (%) In index since AB InBev Consumer Staples 11.75 Ackermans & van Haaren Industrials 4.62 Aedifica Real Estate 5.25 Ageas Financials 8.19 Health Care 12.56 Aperam Basic Materials 1.22 Azelis Group Industrials 1.47 D'Ieteren Consumer Discretionary 2.77 Elia Group Utilities 5.28 GBL Financials 4.65 KBC Financials 11.72 Lotus Bakeries Consumer Staples 3.24 Electronic Equipment 1.20 Montea Real Estate 1.12 Sofina Financials 2.49 Solvay Basic Materials 1.49 Syensqo Basic Materials 2.94 UCB Health Care 12.36 Umicore Basic Materials 2.60 Real Estate 3.43
Former companies in the BEL 20
Company ICB Sector Ticker symbol Period in BEL 20 Ablynx pharmaceuticals – June 2018 Agfa-Gevaert electronic equipment – December 1994 – March 2009 Almanij banks No longer listed – March 2005 Barco Industrial Goods & Services – January 1993 – March 2007 – March 2021 BarcoNet electronic equipment – November 2000 Befimmo-Sicafi industrial and office REITs – March 2016 Bekaert industrial goods and services – June 1999 – March 2018 Bpost Industrial Goods and Services – March 2019 CBR Cement No longer listed – December 1999 Cofinimmo Real Estate No longer listed - March 2026 CMB Shipowners No longer listed – January 1999 CNP Specialty finance – May 2011 Cockerill-Sambre Steel No longer listed – December 1996 Cobepa Investment company No longer listed – September 2000 Cumerio Copper Delhaize Group retail – March 2017 Delta Lloyd Insurance – March 2016 Dexia Banking No longer listed – March 2012 D'Ieteren Consumer services – March 2006 – March 2016 Electrabel Electricity ELE – November 2005 Engie Utilities – March 2019 Galapagos Health Care – March 2025 Generale Bank Banking No longer listed – July 1998 GIB Group Supermarkets No longer listed – November 2002 IBA Medical technology No longer listed – March 2003 ING Group Banks – March 2021 Mobistar Telecom – March 2013 Nyrstar Metallurgy – March 2009 – March 2013 Omega Pharma Pharmaceuticals OME – December 2011 Ontex Group Personal and Household Goods – March 2020 Petrofina Oil No longer listed – June 1999 Real Software Technology No longer listed – February 2002 Recticel Polyurethane based products – January 1993 Royale Belge Insurance No longer listed – June 1998 Société Générale de Belgique Investment & Banking No longer listed – July 1998 Suez Environnement Utility company Telindus ICT No longer listed – March 2002 Tessenderlo Chemistry – January 1993 – March 2004 ThromboGenics Biopharmaceuticals – March 2014 Tractebel Energy No longer listed – November 1999
References
External links Bloomberg page for BEL20:IND Official BEL20 prices from Euronext Official BEL20 composition from Euronext BEL20 Rule book Reuters page for .BFX