April 3, 2025
Snapshot Top 10: Belgian 20 Index BEL20



The Top 10 performing stocks in the Belgian 20 Index BEL20 are shown for seven different investment strategies. Whether you are looking for value, growth or dividend stocks, or you want stocks that rank well overall, you can see the top 10 stock picks, together with how they rank on a scale of 1 to 100 from the perspective of different investment strategies. We have also added our newest Sentiment and 360° View ranks, which encapsulate the market voices of analysts and professional investors into a simple ranking for easily evaluating stocks. As an objective research provider, Obermatt has been refining its stock analysis algorithms for more than 10 years (no AI used here!)

Select any stock for the detailed analysis of that stock's performance across the different investment analyses. Please note that the Top 10 stocks focus only on Large to XX-Large companies.


What the six ranks mean

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:

Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Special Analysis: TOP 10 Dividend Investment Strategy

Many people ask for tips about dividend stocks. These are the Top 10 dividend stocks in the Belgian 20 Index BEL20 as of April 3, 2025.

TOP 10 Dividend Investment Strategy Value Strategy DIVIDEND Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Solvay (XL, BE) ☀  Diversified Chemicals
1. Solvay (XL, BE) ☀   Diversified Chemicals 98 71 46 67
2. Umicore (XXL, BE) ☀  Specialty Chemicals
2. Umicore (XXL, BE) ☀   Specialty Chemicals 94 93 34 20
3. Aperam (XL, LU) ☀  Steel
3. Aperam (XL, LU) ☀   Steel 94 93 80 58
4. Proximus (XL, BE)  Integrated Telecommunication
4. Proximus (XL, BE)   Integrated Telecommunication 92 99 36 31
5. Barco (L, BE)  Electronic Equipment
5. Barco (L, BE)   Electronic Equipment 90 92 100 100
6. Etablissementen Franz Colruyt (XL, BE)  Food Retail
6. Etablissementen Franz Colruyt (XL, BE)   Food Retail 78 59 54 48
7. Ageas (XL, BE)  Multi-line Insurance
7. Ageas (XL, BE)   Multi-line Insurance 69 79 94 21
8. Ackermans & van Haaren (XL, BE)  Construction & Engineering
8. Ackermans & van Haaren (XL, BE)   Construction & Engineering 50 56 48 77
9. KBC (XL, BE)  Diversified Banks
9. KBC (XL, BE)   Diversified Banks 40 27 8 14
10. ING (XXL, NL)  Diversified Banks
10. ING (XXL, NL)   Diversified Banks 32 49 10 1

☀ This company has a special achievement which is documented on its stock research page.

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Obermatt 360° Investment Strategy

TOP 10 Obermatt 360° Investment Strategy 360° Strategy 360° VIEW Value Strategy VALUE Combined Strategy COMBINED Sentiment Strategy SENTIMENT
1. Barco (L, BE)   Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 100 92 100 81
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering 77 56 48 92
3. Solvay (XL, BE) ☀   Diversified Chemicals
3. Solvay (XL, BE) ☀   Diversified Chemicals 67 71 46 83
4. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
4. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 58 31 27 95
5. Aperam (XL, LU) ☀   Steel
5. Aperam (XL, LU) ☀   Steel 58 93 80 27
6. UCB (XL, BE)   Pharmaceuticals
6. UCB (XL, BE)   Pharmaceuticals 49 11 41 59
7. Etablissementen Franz Colruyt (XL, BE)   Food Retail
7. Etablissementen Franz Colruyt (XL, BE)   Food Retail 48 59 54 37
8. Proximus (XL, BE)   Integrated Telecommunication
8. Proximus (XL, BE)   Integrated Telecommunication 31 99 36 31

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Sentiment Investment Strategy

TOP 10 Sentiment Investment Strategy Sentiment Strategy SENTIMENT Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
1. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 95 31 27 58
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering 92 56 48 77
3. Solvay (XL, BE) ☀   Diversified Chemicals
3. Solvay (XL, BE) ☀   Diversified Chemicals 83 71 46 67
4. Barco (L, BE)   Electronic Equipment
4. Barco (L, BE)   Electronic Equipment 81 92 100 100
5. Ageas (XL, BE)   Multi-line Insurance
5. Ageas (XL, BE)   Multi-line Insurance 79 79 94 21
6. KBC (XL, BE)   Diversified Banks
6. KBC (XL, BE)   Diversified Banks 61 27 8 14
7. UCB (XL, BE)   Pharmaceuticals
7. UCB (XL, BE)   Pharmaceuticals 59 11 41 49
8. Etablissementen Franz Colruyt (XL, BE)   Food Retail
8. Etablissementen Franz Colruyt (XL, BE)   Food Retail 37 59 54 48
9. Proximus (XL, BE)   Integrated Telecommunication
9. Proximus (XL, BE)   Integrated Telecommunication 31 99 36 31
10. ING (XXL, NL)   Diversified Banks
10. ING (XXL, NL)   Diversified Banks 27 49 10 1

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Value Investment Strategy

TOP 10 Value Investment Strategy Value Strategy VALUE Growth Strategy GROWTH Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Proximus (XL, BE)   Integrated Telecommunication
1. Proximus (XL, BE)   Integrated Telecommunication 99 9 36 31
2. Umicore (XXL, BE) ☀   Specialty Chemicals
2. Umicore (XXL, BE) ☀   Specialty Chemicals 93 23 34 20
3. Aperam (XL, LU) ☀   Steel
3. Aperam (XL, LU) ☀   Steel 93 39 80 58
4. Barco (L, BE)   Electronic Equipment
4. Barco (L, BE)   Electronic Equipment 92 55 100 100
5. Ageas (XL, BE)   Multi-line Insurance
5. Ageas (XL, BE)   Multi-line Insurance 79 63 94 21
6. Solvay (XL, BE) ☀   Diversified Chemicals
6. Solvay (XL, BE) ☀   Diversified Chemicals 71 57 46 67
7. Etablissementen Franz Colruyt (XL, BE)   Food Retail
7. Etablissementen Franz Colruyt (XL, BE)   Food Retail 59 13 54 48
8. Ackermans & van Haaren (XL, BE)   Construction & Engineering
8. Ackermans & van Haaren (XL, BE)   Construction & Engineering 56 71 48 77
9. ING (XXL, NL)   Diversified Banks
9. ING (XXL, NL)   Diversified Banks 49 17 10 1
10. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
10. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 31 78 27 58

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Growth Investment Strategy

TOP 10 Growth Investment Strategy Growth Strategy GROWTH Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. UCB (XL, BE)   Pharmaceuticals
1. UCB (XL, BE)   Pharmaceuticals 91 11 41 49
2. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
2. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 78 31 27 58
3. Ackermans & van Haaren (XL, BE)   Construction & Engineering
3. Ackermans & van Haaren (XL, BE)   Construction & Engineering 71 56 48 77
4. Ageas (XL, BE)   Multi-line Insurance
4. Ageas (XL, BE)   Multi-line Insurance 63 79 94 21
5. Solvay (XL, BE) ☀   Diversified Chemicals
5. Solvay (XL, BE) ☀   Diversified Chemicals 57 71 46 67
6. Barco (L, BE)   Electronic Equipment
6. Barco (L, BE)   Electronic Equipment 55 92 100 100
7. Aperam (XL, LU) ☀   Steel
7. Aperam (XL, LU) ☀   Steel 39 93 80 58
8. KBC (XL, BE)   Diversified Banks
8. KBC (XL, BE)   Diversified Banks 31 27 8 14

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Safety Investment Strategy

TOP 10 Safety Investment Strategy Safety Strategy SAFETY Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Barco (L, BE)  Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 98 92 100 100
2. Ageas (XL, BE)  Multi-line Insurance
2. Ageas (XL, BE)   Multi-line Insurance 87 79 94 21
3. Etablissementen Franz Colruyt (XL, BE)  Food Retail
3. Etablissementen Franz Colruyt (XL, BE)   Food Retail 87 59 54 48
4. Aperam (XL, LU) ☀  Steel
4. Aperam (XL, LU) ☀   Steel 71 93 80 58
5. UCB (XL, BE)  Pharmaceuticals
5. UCB (XL, BE)   Pharmaceuticals 36 11 41 49

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Combined Investment Strategy

TOP 10 Combined Investment Strategy Combined Strategy COMBINED Value Strategy VALUE Growth Strategy GROWTH 360° Strategy 360° VIEW
1. Barco (L, BE)  Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 100 92 55 100
2. Ageas (XL, BE)  Multi-line Insurance
2. Ageas (XL, BE)   Multi-line Insurance 94 79 63 21
3. Aperam (XL, LU) ☀  Steel
3. Aperam (XL, LU) ☀   Steel 80 93 39 58
4. Etablissementen Franz Colruyt (XL, BE)  Food Retail
4. Etablissementen Franz Colruyt (XL, BE)   Food Retail 54 59 13 48
5. Ackermans & van Haaren (XL, BE)  Construction & Engineering
5. Ackermans & van Haaren (XL, BE)   Construction & Engineering 48 56 71 77
6. Solvay (XL, BE) ☀  Diversified Chemicals
6. Solvay (XL, BE) ☀   Diversified Chemicals 46 71 57 67
7. UCB (XL, BE)  Pharmaceuticals
7. UCB (XL, BE)   Pharmaceuticals 41 11 91 49
8. Proximus (XL, BE)  Integrated Telecommunication
8. Proximus (XL, BE)   Integrated Telecommunication 36 99 9 31
9. Umicore (XXL, BE) ☀  Specialty Chemicals
9. Umicore (XXL, BE) ☀   Specialty Chemicals 34 93 23 20
10. Anheuser-Busch InBev (XXL, BE) ☀  Brewers
10. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 27 31 78 58

April 3, 2025. Top 10s are published weekly following the . ( or for more stocks)


☀ This company has a special achievement which is documented on its stock research page.

Top 10 lists may contain fewer than 10 stocks due to Obermatt’s top 10 quality standards.

Top 10 Stocks from the purely fact-based Obermatt Method in the stock index Belgian 20 Index BEL20 from April 3, 2025.

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