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BEL20 performance between 1990 and 2012
Foundation 30 December 1990
Operator Euronext
Exchanges Euronext Brussels
Constituents 20
Type Large cap
Market cap 214.18 billion (end 2010)[1]

The BEL20 is the benchmark stock market index of Euronext Brussels. 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 BEL20 has contained 20 listings.


The composition of the BEL20 index is reviewed annually based on closing prices at the end of the calendar year.[2] These changes are effected on the first trading day of every 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.[2] 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.[2] The minimum requirement for an existing constituent to remain in the index is a market cap of 200000 times the index value.[2] At each annual review, the weights of companies in the index are capped at 15%,[2] but range freely with share price subsequently. The BEL20 is a capitalization-weighted index.


Belgacom payphone in Lebbeke.
Colruyt supermarket in Ghent.

The following 20 stocks make up the BEL20 in January 2013.

Company ICB Sector Ticker symbol Index weighting (%)[1]
Ackermans & van Haaren diversified industrials ACKB 2.07
Ageas life insurance AGS 8.38
Anheuser-Busch InBev brewers ABI 12.46
Befimmo-Sicafi industrial and office REITs BEFB 1.06
Bekaert diversified industrials BEKB 1.19
Belgacom fixed line telecommunications BELG 4.11
Cofinimmo industrial and office REITs COFB 1.93
Colruyt food retailers and wholesalers COLR 3.88
Delhaize Group food retailers and wholesalers DELB 5.95
Delta Lloyd insurances DL 3.28
D'Ieteren consumer services DIE 0.94
Elia System Operator electricity ELI 1.21
GBL specialty finance GBLB 6.60
GDF Suez gas distribution GSZ 13.47
KBC Group banks KBC 8.35
Solvay specialty chemicals SOLB 8.21
Telenet Group broadcasting and entertainment TNET 2.90
Thrombogenics pharmacy THR 1.54
UCB pharmaceuticals UCB 7.14
Umicore specialty chemicals UMI 5.43
  • ^1 - Weightings accurate on 16 April 2013.

Former companies in the BEL20[edit]

Company ICB Sector Ticker symbol Removal Date
Almanij banks ALMB 3 March 2005[3]
Electrabel electricity ELE 15 November 2005[4]
Barco electronic equipment BAR 1 March 2007[5]
Agfa-Gevaert electronic equipment AGFB 2 March 2009[6]
NPM/CNP specialty finance NAT 2 May 2011[7]
Omega Pharma pharmaceuticals OME 29 December 2011[8]
Dexia banks DEXB 19 March 2012[9]


  1. ^ "BEL-20 Executive Presentation 2010" (PDF). Euronext. Retrieved 2010-12-31. 
  2. ^ a b c d e "Rules for the BEL 20-Index" (PDF). Euronext. August 2006. Retrieved 30 November 2007. 
  3. ^ "BEL20: KBC-Almanij Merger" (PDF). Euronext. Retrieved 30 November 2007. 
  4. ^ "Suez replaces Electrabel in the BEL20 Index" (PDF). Euronext. Retrieved 4 December 2007. 
  5. ^ "Annual review of the BEL20 Index" (PDF). Euronext. 15 January 2007. Retrieved 30 November 2007. 
  6. ^ "Annual review of BEL20 index" (PDF). Euronext. 31 May 2011. Retrieved 22 June 2011. 
  7. ^ "Index Announcement" (PDF). NYSE Euronext. 29 April 2011. Retrieved 8 May 2011. 
  8. ^ "Omega Pharma verdwijnt uit Bel20 na geslaagd bod Marc Coucke". Trends (in Dutch). 27 December 2011. Retrieved 12 January 2013. 
  9. ^ "Dexia valt uit Bel20". De Standaard (in Dutch). January 2, 2012. Retrieved 12 January 2013. 

External links[edit]