Euronext Brussels sees no signs of market correction after strong gains
The Brussels stock exchange had a strong year in 2025, with the Bel20 index setting a series of new records. The positive momentum has continued into 2026 and there are no immediate signs of a market correction, according to stock exchange operator Euronext Brussels. "We are cautiously optimistic," its CEO said.
The Bel20 gained 19 per cent last year, reaching a record high of just under 4,800 points in mid-August. It later broke through the 5,000-point threshold and on Wednesday surpassed 5,300 points, a new all-time high. The combined market capitalisation of the 115 companies listed on the Brussels stock exchange, meanwhile, reached a record level of just under 400 billion euros.
Despite the record-breaking results, Benoît van den Hove, CEO of Euronext Brussels, sees no immediate warning signs of an impending correction. In his view, the rally is underpinned by solid corporate fundamentals rather than inflated valuations. "If company results remain good, it could be another good year," he said in an interview with Belga.
Europe's popularity grows
According to Van den Hove, the strong performance in 2025 was driven by several factors. For one, Europe is increasingly seen as a safe haven compared with the United States, while a weaker dollar has made US assets less attractive for European investors. Strong results from a number of listed companies also played a role.
Another contributing factor has been the growing popularity of exchange-traded funds (ETFs), which track indices such as the Bel20. "There is a category of investors who invest the way they used to save," Van den Hove said. "They set aside a fixed amount every month with a long-term perspective. Whether markets are volatile or not, they keep investing."
Van den Hove also noted that geopolitical developments tend to have only a limited impact on share prices in the medium term. He pointed to "Liberation Day" in April, when US president Donald Trump announced import tariffs on dozens of countries. "That caused a major shock on the stock markets, but two weeks later it had already been absorbed," he said.
No planned IPO yet
There were three initial public offerings (IPOs) last year, involving energy company EnergyVision, 3D printing specialist Materialise and consulting firm ADEC Innovations. No specific IPOs are currently scheduled in Brussels for this year, but Sophie Stegen, head of listings for the Benelux at Euronext Brussels, said she expects that to change.
Euronext Brussels is part of the Euronext group, which also operates stock exchanges in Amsterdam, Athens, Dublin, Lisbon, Milan, Oslo and Paris.
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