April 10, 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 10, 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 47 55
2. Aperam (XL, LU) ☀  Steel
2. Aperam (XL, LU) ☀   Steel 92 91 60 60
3. Umicore (XXL, BE) ☀  Specialty Chemicals
3. Umicore (XXL, BE) ☀   Specialty Chemicals 92 89 27 23
4. Barco (L, BE)  Electronic Equipment
4. Barco (L, BE)   Electronic Equipment 90 90 96 100
5. Proximus (XL, BE)  Integrated Telecommunication
5. Proximus (XL, BE)   Integrated Telecommunication 78 99 42 26
6. Etablissementen Franz Colruyt (XL, BE)  Food Retail
6. Etablissementen Franz Colruyt (XL, BE)   Food Retail 74 45 34 45
7. Ageas (XL, BE)  Multi-line Insurance
7. Ageas (XL, BE)   Multi-line Insurance 67 77 94 21
8. Ackermans & van Haaren (XL, BE)  Construction & Engineering
8. Ackermans & van Haaren (XL, BE)   Construction & Engineering 46 55 64 89
9. KBC (XL, BE)  Diversified Banks
9. KBC (XL, BE)   Diversified Banks 39 39 10 12
10. UCB (XL, BE)  Pharmaceuticals
10. UCB (XL, BE)   Pharmaceuticals 39 15 50 52

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

April 10, 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 90 96 92
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering 89 55 64 98
3. Aperam (XL, LU) ☀   Steel
3. Aperam (XL, LU) ☀   Steel 60 91 60 41
4. Solvay (XL, BE) ☀   Diversified Chemicals
4. Solvay (XL, BE) ☀   Diversified Chemicals 55 71 47 75
5. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
5. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 53 29 27 87
6. UCB (XL, BE)   Pharmaceuticals
6. UCB (XL, BE)   Pharmaceuticals 52 15 50 63
7. Etablissementen Franz Colruyt (XL, BE)   Food Retail
7. Etablissementen Franz Colruyt (XL, BE)   Food Retail 45 45 34 49
8. Proximus (XL, BE)   Integrated Telecommunication
8. Proximus (XL, BE)   Integrated Telecommunication 26 99 42 17
9. Proximus (XL, BE)   Integrated Telecommunication
9. Proximus (XL, BE)   Integrated Telecommunication 26 99 42 17

April 10, 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. Ackermans & van Haaren (XL, BE)   Construction & Engineering
1. Ackermans & van Haaren (XL, BE)   Construction & Engineering 98 55 64 89
2. Barco (L, BE)   Electronic Equipment
2. Barco (L, BE)   Electronic Equipment 92 90 96 100
3. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
3. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 87 29 27 53
4. Ageas (XL, BE)   Multi-line Insurance
4. Ageas (XL, BE)   Multi-line Insurance 81 77 94 21
5. Solvay (XL, BE) ☀   Diversified Chemicals
5. Solvay (XL, BE) ☀   Diversified Chemicals 75 71 47 55
6. UCB (XL, BE)   Pharmaceuticals
6. UCB (XL, BE)   Pharmaceuticals 63 15 50 52
7. ING (XXL, NL)   Diversified Banks
7. ING (XXL, NL)   Diversified Banks 54 48 6 8
8. KBC (XL, BE)   Diversified Banks
8. KBC (XL, BE)   Diversified Banks 53 39 10 12
9. Etablissementen Franz Colruyt (XL, BE)   Food Retail
9. Etablissementen Franz Colruyt (XL, BE)   Food Retail 49 45 34 45
10. Aperam (XL, LU) ☀   Steel
10. Aperam (XL, LU) ☀   Steel 41 91 60 60

April 10, 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 11 42 26
2. Aperam (XL, LU) ☀   Steel
2. Aperam (XL, LU) ☀   Steel 91 35 60 60
3. Barco (L, BE)   Electronic Equipment
3. Barco (L, BE)   Electronic Equipment 90 25 96 100
4. Umicore (XXL, BE) ☀   Specialty Chemicals
4. Umicore (XXL, BE) ☀   Specialty Chemicals 89 9 27 23
5. Ageas (XL, BE)   Multi-line Insurance
5. Ageas (XL, BE)   Multi-line Insurance 77 85 94 21
6. Solvay (XL, BE) ☀   Diversified Chemicals
6. Solvay (XL, BE) ☀   Diversified Chemicals 71 59 47 55
7. Ackermans & van Haaren (XL, BE)   Construction & Engineering
7. Ackermans & van Haaren (XL, BE)   Construction & Engineering 55 79 64 89
8. ING (XXL, NL)   Diversified Banks
8. ING (XXL, NL)   Diversified Banks 48 18 6 8
9. Etablissementen Franz Colruyt (XL, BE)   Food Retail
9. Etablissementen Franz Colruyt (XL, BE)   Food Retail 45 11 34 45
10. KBC (XL, BE)   Diversified Banks
10. KBC (XL, BE)   Diversified Banks 39 21 10 12

April 10, 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 95 15 50 52
2. Ageas (XL, BE)   Multi-line Insurance
2. Ageas (XL, BE)   Multi-line Insurance 85 77 94 21
3. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
3. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 82 29 27 53
4. Ackermans & van Haaren (XL, BE)   Construction & Engineering
4. Ackermans & van Haaren (XL, BE)   Construction & Engineering 79 55 64 89
5. Solvay (XL, BE) ☀   Diversified Chemicals
5. Solvay (XL, BE) ☀   Diversified Chemicals 59 71 47 55
6. Aperam (XL, LU) ☀   Steel
6. Aperam (XL, LU) ☀   Steel 35 91 60 60
7. Barco (L, BE)   Electronic Equipment
7. Barco (L, BE)   Electronic Equipment 25 90 96 100
8. Umicore (XXL, BE) ☀   Specialty Chemicals
8. Umicore (XXL, BE) ☀   Specialty Chemicals 9 89 27 23

April 10, 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 90 96 100
2. Etablissementen Franz Colruyt (XL, BE)  Food Retail
2. Etablissementen Franz Colruyt (XL, BE)   Food Retail 89 45 34 45
3. Ageas (XL, BE)  Multi-line Insurance
3. Ageas (XL, BE)   Multi-line Insurance 87 77 94 21
4. Aperam (XL, LU) ☀  Steel
4. Aperam (XL, LU) ☀   Steel 55 91 60 60
5. UCB (XL, BE)  Pharmaceuticals
5. UCB (XL, BE)   Pharmaceuticals 34 15 50 52
6. UCB (XL, BE)  Pharmaceuticals
6. UCB (XL, BE)   Pharmaceuticals 34 15 50 52
7. Proximus (XL, BE)  Integrated Telecommunication
7. Proximus (XL, BE)   Integrated Telecommunication 24 99 42 26

April 10, 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 96 90 25 100
2. Ageas (XL, BE)  Multi-line Insurance
2. Ageas (XL, BE)   Multi-line Insurance 94 77 85 21
3. Ackermans & van Haaren (XL, BE)  Construction & Engineering
3. Ackermans & van Haaren (XL, BE)   Construction & Engineering 64 55 79 89
4. Aperam (XL, LU) ☀  Steel
4. Aperam (XL, LU) ☀   Steel 60 91 35 60
5. UCB (XL, BE)  Pharmaceuticals
5. UCB (XL, BE)   Pharmaceuticals 50 15 95 52
6. Solvay (XL, BE) ☀  Diversified Chemicals
6. Solvay (XL, BE) ☀   Diversified Chemicals 47 71 59 55
7. Proximus (XL, BE)  Integrated Telecommunication
7. Proximus (XL, BE)   Integrated Telecommunication 42 99 11 26
8. Etablissementen Franz Colruyt (XL, BE)  Food Retail
8. Etablissementen Franz Colruyt (XL, BE)   Food Retail 34 45 11 45
9. Anheuser-Busch InBev (XXL, BE) ☀  Brewers
9. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 27 29 82 53
10. Umicore (XXL, BE) ☀  Specialty Chemicals
10. Umicore (XXL, BE) ☀   Specialty Chemicals 27 89 9 23

April 10, 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 10, 2025.

Today's Top 10
More Top Stocks
Your Watchlist

Top 10 Stock History BEL20



Obermatt Portfolio Performance
We’re so convinced about our research, that we buy our stock tips.
See the performance of the Obermatt portfolio.