Published by Global Banking & Finance Review®
Posted on August 14, 2025
2 min readLast updated: January 22, 2026
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Belgium's BEL 20 Index hits a record high, marking a slow recovery from the 2008 crisis, driven by strong SME performance and financial sector resilience.
By Jakob Van Calster
(Reuters) -Belgium's blue-chip index, BEL 20, hit a record high of 4,785.27 points on Thursday, surpassing the previous peak set in May 2007, supported by a strong rally in European stocks this year and solid performances from financial institutions like lender KBC and insurer Ageas.
The milestone marks a long-awaited recovery for Belgian equities, which have taken much longer to bounce back than neighbouring markets. France and Germany broke their pre-financial crisis records after 14 and five years, respectively, while Belgium needed nearly two decades to do it.
This prolonged recovery was partly due to the market's relatively heavy exposure to the financial sector during the 2008 crisis, which devastated Dexia and Fortis that were among Belgium's largest companies at the time.
Fortis bank was ultimately sold to BNP Paribas in a deal that left the Belgian state a top shareholder in the French bank, a position it still holds. Ageas rose from the ashes of Fortis' insurance operations to become Belgium's largest insurer.
The country also lacks the industrial and business powerhouses that have driven growth in neighbouring countries, according to senior financial economist Tom Simonts from KBC Group.
"We don't have anything related to AI. Chips? No. Luxury? No. European defence? No. We missed all the really big trends," Simonts told Reuters.
He said the record-breaking stock performance was indicative of Belgium's economic resilience in the face of macroeconomic and local uncertainties, pointing to the country's strong field of small and medium-sized enterprises, along with generally strong corporate balance sheets and high cash reserves that have helped companies weather economic storms.
"We're no Michael Schumacher, but we're still in the race," Simonts concluded, looking at the future performance of BEL 20.
(Reporting by Jakob Van Calster in Gdansk, editing by Milla Nissi-Prussak)
The BEL 20 Index is a stock market index that represents the 20 largest companies listed on the Euronext Brussels stock exchange in Belgium.
Economic recovery refers to the phase in which an economy begins to grow again after a period of recession, characterized by increased production, employment, and consumer spending.
A financial crisis is a situation where the value of financial institutions or assets drops rapidly, often leading to widespread economic disruption.
Equity investment involves purchasing shares of a company, granting the investor ownership rights and a claim on the company's profits.
Insurance is a financial product that provides protection against potential future losses or damages, typically in exchange for regular premium payments.
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