Best Belgian Stocks: November 2026
Quality 76: low debt and wide operating margins. Momentum 74: estimates revised up and above its moving averages. Value 70: cheap on EV/EBITDA and cheap on free cash flow.
As of 3 Nov 2026, Sipef NV (SIP.BR) ranks first on MoatMap's November 2026 list of Belgian stocks, with a MoatMap Score of 99/100, among stocks above its $250M market-cap floor. A research ranking, not investment advice.
November 2026 edition · data as of ·5 new, 5 out, biggest climb UCB.BR since October·Next edition forms ·How we score stocks·How past rankings did·All Belgium stocks, refreshed daily
Top 25 Belgian Stocks by MoatMap Score
- New in November 2026: DEME Group NV DEME.BR, Ackermans & Van Haaren NV ACKB.BR, Kinepolis Group NV KIN.BR, Cmb.Tech NV CMBT.BR, Solvay SA SOLB.BR
- Dropped out: Viohalco S.A. VIO.BR, Econocom Group SE ECONB.BR, Vastned VASTB.BR, Compagnie du Bois Sauvage S.A. COMB.BR, Syensqo SA/NV SYENS.BR
- Biggest climbs: UCB SA UCB.BR #24 to #11, Jensen-Group NV JEN.BR #17 to #7, Azelis Group NV AZE.BR #19 to #9
- Biggest falls: Materialise NV MTLS.BR #7 to #16, Titan S.A. TITC.BR #5 to #12, Umicore SA UMI.BR #8 to #13
What changed since October: 5 new, 5 out
- New in November 2026: DEME Group NV DEME.BR, Ackermans & Van Haaren NV ACKB.BR, Kinepolis Group NV KIN.BR, Cmb.Tech NV CMBT.BR, Solvay SA SOLB.BR
- Dropped out: Viohalco S.A. VIO.BR, Econocom Group SE ECONB.BR, Vastned VASTB.BR, Compagnie du Bois Sauvage S.A. COMB.BR, Syensqo SA/NV SYENS.BR
- Biggest climbs: UCB SA UCB.BR #24 to #11, Jensen-Group NV JEN.BR #17 to #7, Azelis Group NV AZE.BR #19 to #9
- Biggest falls: Materialise NV MTLS.BR #7 to #16, Titan S.A. TITC.BR #5 to #12, Umicore SA UMI.BR #8 to #13
| # | Stock | Yield | P/E | Score | Q | V | M | Style · Activity | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Yield 3.9% | P/E 10.5 | 99 Score | 76 Q | 70 V | 74 M | Full HouseDeep dive → | ||
| 2 | Quality 85: ROIC in the top 5% of its sector and strong free cash flow. Value 77: cheap on EV/EBITDA and cheap on P/E. Momentum 52: near its 52-week high but lagging the market over 6 months. | Yield 2.1% | P/E 7.3 | 98 Score | 85 Q | 77 V | 52 M | Full HouseDeep dive → | |
| 3 | Value 80: cheap on EV/EBITDA and cheap on sales. Momentum 72: near its 52-week high and estimates revised up. Quality 62: high gross profitability and F-Score 7/9. | Yield 3.7% | P/E 9.6 | 98 Score | 62 Q | 80 V | 72 M | Full House | |
| 4 | Quality 87: ROIC in the top 5% of its sector and high return on equity. Value 83: cheap on P/E and cheap on EV/EBITDA. Momentum 33: lagging the market over 6 months. | Yield 5.7% | P/E 5.3 | 95 Score | 87 Q | 83 V | 33 M | Unloved Quality | |
| 5 | Quality 86: high gross profitability and strong free cash flow. Momentum 57: estimates revised up. Value 50: a high yield but expensive on sales. | Yield 8.2% | P/E 20.0 | 91 Score | 86 Q | 50 V | 57 M | Full HouseBuyback | |
| 6 | Value 86: cheap on free cash flow and cheap on P/E. Quality 62: strong free cash flow and high gross profitability. Momentum 42: quarterly earnings growing but EPS deteriorating. | Yield 4.6% | P/E 6.8 | 89 Score | 62 Q | 86 V | 42 M | Unloved Quality | |
| 7 | Quality 81: high gross profitability and F-Score 8/9. Value 60: cheap on P/E. Momentum 47: quarterly earnings shrinking. | Yield 2.0% | P/E 12.1 | 89 Score | 81 Q | 60 V | 47 M | Unloved QualityDir. buyBuyback | |
| 8 | Momentum 65: near its 52-week high and above its moving averages. Quality 64: F-Score 8/9 and wide operating margins. Value 60: a high yield. | Yield 8.4% | P/E 9.5 | 89 Score | 64 Q | 60 V | 65 M | Full House | |
| 9 | Momentum 76: estimates revised up and above its moving averages. Value 56: cheap on free cash flow. Quality 55: strong free cash flow but high debt. | Yield 1.9% | P/E 24.9 | 88 Score | 55 Q | 56 V | 76 M | Full House | |
| 10 | Momentum 65: estimates revised up and near its 52-week high. Value 62: a high yield and cheap on P/E. Quality 60: wide operating margins and high return on equity. | Yield 8.4% | P/E 7.5 | 88 Score | 60 Q | 62 V | 65 M | Full House | |
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| 11 | Quality 75: F-Score 8/9 and wide operating margins. Momentum 75: near its 52-week high and estimates revised up. Value 37: little or no yield. | Yield 0.5% | P/E 24.9 | 87 Score | 75 Q | 37 V | 75 M | Premium GrowerDir. buy | |
| 12 | Quality 68: high return on equity and strong free cash flow. Value 61: cheap on P/E. Momentum 56: quarterly earnings growing but estimates cut. | Yield 2.3% | P/E 11.0 | 87 Score | 68 Q | 61 V | 56 M | Full HouseBuyback | |
| 13 | Value 77: cheap on sales and cheap on EV/EBITDA. Quality 59: F-Score 9/9 but high debt. Momentum 49: estimates revised up but EPS deteriorating. | Yield 2.7% | P/E 8.6 | 86 Score | 59 Q | 77 V | 49 M | Unloved QualityDir. buy | |
| 14 | Value 73: a high yield and cheap on free cash flow. Momentum 61: near its 52-week high and EPS improving. Quality 45: strong free cash flow but low returns on capital. | Yield 4.8% | P/E 24.2 | 82 Score | 45 Q | 73 V | 61 M | Second WindBuyback | |
| 15 | Value 67: cheap on EV/EBITDA and cheap on sales. Quality 57: high gross profitability but a tight balance sheet. Momentum 54: above its moving averages but EPS deteriorating. | Yield 4.0% | P/E 12.3 | 82 Score | 57 Q | 67 V | 54 M | Full House | |
| 16 | Momentum 71: above its moving averages and outperforming the market over 6 months. Value 56: below book value. Quality 50: high gross profitability but thin interest cover. | Yield — | P/E 30.0 | 81 Score | 50 Q | 56 V | 71 M | Full House | |
| 17 | Value 66: cheap on EV/EBITDA and cheap on P/E. Quality 61: high return on equity and F-Score 7/9. Momentum 48: estimates revised up but estimates cut. | Yield 2.7% | P/E 11.0 | 79 Score | 61 Q | 66 V | 48 M | Unloved Quality | |
| 18 | Quality 63: strong free cash flow and high return on equity. Value 59: cheap on free cash flow. Momentum 51: near its 52-week high but estimates cut. | Yield 1.7% | P/E 18.8 | 78 Score | 63 Q | 59 V | 51 M | Full House | |
| 19 | Value 89: cheap on P/E and a high yield. Quality 68: high gross profitability and ROIC in the top 20% of its sector. Momentum 17: lagging the market over 6 months. | Yield 6.9% | P/E 5.9 | 78 Score | 68 Q | 89 V | 17 M | Unloved QualityDeep dive → | |
| 20 | Momentum 61: estimates revised up and near its 52-week high. Value 59: mixed. Quality 51: F-Score 7/9 but a tight balance sheet. | Yield 1.7% | P/E 13.1 | 75 Score | 51 Q | 59 V | 61 M | Full House | |
| 21 | Momentum 88: above its moving averages and estimates revised up. Quality 49: high return on equity but high debt. Value 34: far above book value. | Yield 1.3% | P/E 21.4 | 75 Score | 49 Q | 34 V | 88 M | Hot Air | |
| 22 | Value 60: a high yield. Momentum 56: near its 52-week high. Quality 54: wide operating margins but a tight balance sheet. | Yield 8.3% | P/E 9.9 | 75 Score | 54 Q | 60 V | 56 M | Full House | |
| 23 | Momentum 72: quarterly earnings growing and estimates revised up. Value 49: a high yield. Quality 49: high return on equity but high debt. | Yield 8.1% | P/E 6.5 | 74 Score | 49 Q | 49 V | 72 M | Hot Air | |
| 24 | Quality 71: strong free cash flow and a liquid balance sheet. Value 62: a high yield and cheap on free cash flow. Momentum 36: estimates cut. | Yield 6.7% | P/E 20.9 | 74 Score | 71 Q | 62 V | 36 M | Unloved Quality | |
| 25 | Momentum 64: EPS improving and quarterly earnings growing. Value 56: a high yield but expensive on P/E. Quality 47: strong free cash flow but high debt. | Yield 10.2% | P/E 794 | 72 Score | 47 Q | 56 V | 64 M | Second Wind | |
Ranked by MoatMap Score (Quality + Value + Momentum composite) at a minimum market cap of $250M. Yield and P/E are as of the data date; click a ticker for today’s price and score. A new edition is generated on the first scoring run of each month.
Director buying reported in the 90 days to : Jensen-Group NV JEN.BR, UCB SA UCB.BR, Umicore SA UMI.BR
Active share buybacks in the 180 days to : Van de Velde NV VAN.BR, Jensen-Group NV JEN.BR, Titan S.A. TITC.BR, NV Bekaert SA BEKB.BR
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How Belgium scores
Where the top 25 come from, and how the whole Belgian market sits against the global universe. The MoatMap Score is a global percentile, so the universe splits evenly into five bands by construction; a market with more of its stocks in the upper bands is scoring well as a whole.
Top 25 by sector
- Industrials9
- Basic Materials3
- Real Estate3
- Technology3
- Consumer Defensive2
- Healthcare2
- Other3
Share of Belgian stocks by MoatMap Score band
- 0-1911% / 20%
- 20-396% / 20%
- 40-5925% / 20%
- 60-7936% / 20%
- 80-10022% / 20%
Belgiumall markets
Holding Companies, Biotech, and a Market of Specialists
Belgium is a small, open economy whose stock exchange punches above its weight: the world's largest brewer, one of Europe's most important biotech clusters, a bench of chemicals and materials companies, and a set of listed holding companies through which the country's old industrial families still own much of its corporate base. It is a market of specialists rather than an index story. The list below is where Quality, Value and Momentum agree.
MoatMap scored 83 Belgian stocks on 2026-11-03; 61 cleared the $250M market-cap floor this list applies. The market's average MoatMap Score is 60. Industrials is the most represented sector in the top 10 (5 names).
Brussels has three layers. The top is a handful of global companies that happen to be Belgian: AB InBev in beer, UCB and argenx in pharmaceuticals and biotech, Solvay and Syensqo in chemicals, Umicore in materials, KBC in banking. The middle is the holding companies, a Belgian tradition: Groupe Bruxelles Lambert, Sofina, Ackermans & van Haaren, Brederode and their peers own stakes in listed and private businesses across Europe and trade at a discount to the value of what they hold. Like Sweden's investment companies they can score well on Value and Quality by construction, because their reported earnings include gains on the portfolio, so read a holding company's discount to net asset value rather than its earnings multiple. The bottom layer is the specialists, from real estate investment trusts (Belgium has one of the largest listed REIT sectors in Europe) to sensors, coatings, medical devices and a long tail of family-controlled industrial mid caps.
Biotech is the sector that makes Belgium unusual for its size. Leuven, Ghent and the Walloon science parks have produced a cluster of listed drug developers, argenx the largest, and their scores behave like nothing else on the board: a pre-revenue biotech scores poorly on Quality by construction and can sit at either end of Momentum depending on a trial readout. The screen surfaces the ones with earnings, which is fine for a best-stocks list but means the sector's most speculative names never appear here; the ranked list carries them all.
Disclosure follows the EU Market Abuse Regulation and MoatMap reads the Belgian register directly. Persons discharging managerial responsibilities must report trades to the FSMA within three business days, and the regulator publishes them as structured detail pages with the person, the role, the instrument, the volume and the price. Buybacks are disclosed on the Euronext company-news feed as weekly aggregated reports, and several Brussels issuers file the multi-venue daily tables the feed parses. Both feed the director-buying and buyback callouts below the table through MoatMap's Euronext feed.
Access is straightforward: Euronext Brussels is available through most international brokers, settlement is in euros, and the largest names trade as US ADRs. Belgium withholds 30% on dividends paid to non-residents, one of the highest rates in Europe, reduced under treaties by reclaim, and a handful of Brussels-listed companies (argenx, Shurgard, Vastned) keep a Dutch or Luxembourg registered office while trading here as a home market; they appear on this page where they clear the screen.
Frequently Asked Questions
- What are the top-ranked Belgian stocks right now?
- The table above ranks the top 25 Euronext Brussels stocks by MoatMap Score, a composite of Quality (returns on capital, cash conversion, balance sheet), Value (six price ratios, from P/E to dividend yield) and Momentum (price trend and earnings revisions). It refreshes monthly with a stated data date, and each ticker links to a full score breakdown.
- Why do Belgian holding companies score so well?
- Groupe Bruxelles Lambert, Sofina, Ackermans & van Haaren and their peers own stakes in other businesses and their reported earnings include gains on the portfolio, so their Quality and Value scores read high by construction. They are well-run vehicles, but read the published discount to net asset value rather than the earnings multiple.
- Where are Belgium's biotech stocks in this list?
- Mostly absent by construction: a pre-revenue drug developer scores poorly on Quality and swings on Momentum with each trial readout, so the screen surfaces the biotechs that have earnings (argenx among them) and leaves the speculative ones to the ranked list, which carries every Brussels listing.
- Does MoatMap track Belgian insider trades and buybacks?
- Yes, through the Euronext feed. Directors' dealings come from the FSMA's MAR Article 19 register (person, role, instrument, volume and price, within three business days) and buybacks from the weekly aggregated reports on the Euronext company-news feed, including the multi-venue daily tables several Brussels issuers file.
- How can foreigners buy Belgian stocks, and what about the withholding tax?
- Euronext Brussels is available through most international brokers, settlement is in euros and the largest names trade as US ADRs. Belgium withholds 30% on dividends paid to non-residents, one of the highest rates in Europe, reduced under treaties by reclaim, so confirm the process with your broker before comparing yields.
- How often does this Belgium ranking refresh?
- A new edition forms on the first scoring run of each calendar month and the page states its data-as-of date. Underlying scores recompute nightly; for the daily view, use the ranked list filtered to Belgium.