August 4, 2026 — Updated during afternoon trading
Belgian stocks advanced on Tuesday, with the BEL 20 gaining approximately 1% as improving sentiment across European markets and strong demand for industrial, technology and healthcare shares lifted the Brussels benchmark.
The index traded close to 5,725 points during the afternoon, after opening at 5,699.84. It moved within a range of approximately 5,684 to 5,728 points, compared with Monday’s closing level of 5,667.28.
Almost every BEL 20 constituent was trading in positive territory, making the Brussels market’s advance unusually broad.
BEL 20 market snapshot
| Indicator | Level |
|---|---|
| BEL 20 | Approximately 5,725 points |
| Daily change | About +1.0% |
| Opening level | 5,699.84 |
| Intraday high | 5,727.99 |
| Intraday low | 5,684.43 |
| Previous close | 5,667.28 |
| Performance in 2026 | Approximately +12% |
Market levels were recorded during the session and may change before the closing bell.
Leading BEL 20 gainers
Umicore: approximately +4.2%
Umicore led the index with a gain of around 4.2%.
The materials-technology and recycling group recently reported a strong first half of 2026. Group revenue increased by 7% year over year to €1.9 billion, while adjusted EBITDA rose by 33% to €577 million.
Adjusted EBIT increased by 47% to €442 million, and group net profit reached €273 million. These figures reinforced signs that Umicore’s restructuring and exposure to precious metals, catalysts and recycling operations are improving profitability.
The advance was particularly significant because Umicore had previously suffered from investor concerns about electric-vehicle battery demand and the economics of its battery-materials activities. Umicore’s first-half results
Elia Group: approximately +3.5%
Elia Group gained approximately 3.5%, making it the session’s second-strongest BEL 20 constituent.
The electricity-transmission operator remains positioned to benefit from continued investment in European power grids. Growing renewable-energy production, cross-border interconnections and rapidly expanding electricity demand from industrial facilities and data centres are increasing the need for upgraded infrastructure.
Utility shares can also attract investors during periods of geopolitical uncertainty because of their relatively defensive earnings profiles.
Melexis: approximately +2.7%
Melexis advanced around 2.7% as semiconductor shares rallied across Europe.
The Belgian chip designer produces sensors and integrated circuits used extensively by the automotive industry. Its shares benefited from renewed optimism surrounding artificial intelligence, data centres and the broader semiconductor supply chain.
European technology stocks were among the day’s strongest sectors. ASML, Infineon, Soitec and other chip-related companies also advanced, providing a favourable backdrop for Melexis.
UCB: approximately +1.9%
UCB rose approximately 1.9%, adding meaningful support to the BEL 20 because of its substantial index weighting.
The Belgian biopharmaceutical company has become one of the most influential components of the Brussels market. Investor confidence remains supported by the commercial development of UCB’s newer treatments and the company’s exposure to immunology and neurological diseases.
Azelis: approximately +1.4%
Speciality-chemicals distributor Azelis gained around 1.4%.
The advance reflected the positive tone for European industrial and materials shares. Investors continue to watch the company’s organic growth, acquisition strategy and ability to protect margins in a mixed global economic environment.
Argenx: approximately +0.5%
Argenx added approximately 0.5%. Together with UCB, the biotechnology company gave the BEL 20 further exposure to the relatively defensive healthcare sector.
Few meaningful decliners
One of the most notable characteristics of Tuesday’s session was the absence of major BEL 20 losers during afternoon trading.
Montea was approximately unchanged, while Solvay and AB InBev registered only marginal gains. The broad participation suggests that the index’s advance was not dependent on a single heavyweight.
This picture could still change before the closing auction, particularly if Wall Street reverses direction or geopolitical headlines affect global risk appetite.
AB InBev little changed after major share placement
AB InBev traded close to unchanged after E.P.S. SA, a holding company representing legacy shareholders, announced plans to sell approximately 10 million shares in the brewer.
Based on the share price before the announcement, the transaction was valued at roughly €752 million. E.P.S. held more than 67 million AB InBev shares, representing approximately 3.75% of the company’s outstanding stock.
A large secondary placement can temporarily weigh on a share price because it increases the amount of stock available to investors. However, it does not raise new capital for the company and does not directly change its operating performance.
AB InBev recently reported second-quarter revenue growth of 5.6%, with total volumes increasing by 0.9% and beer volumes rising by 1.1%. Reuters
European markets provide a favourable backdrop
The positive session in Brussels formed part of a broader European rally. The STOXX Europe 600 reached a record high, supported by technology stocks, mining companies, defence shares and better-than-expected corporate earnings.
Germany’s DAX gained close to 0.9%, while France’s CAC 40, the Dutch AEX and Italy’s FTSE MIB also advanced.
Hopes of a diplomatic agreement involving the United States and Iran supported sentiment, although geopolitical risk remained elevated. Lower oil prices reduced immediate concerns about inflation and corporate energy costs.
The BEL 20’s relatively heavy exposure to healthcare, financial services, industrial companies and defensive businesses allowed it to participate fully in the European advance. Reuters
A strong year for Belgian stocks
The BEL 20 has gained approximately 12% since the beginning of 2026 and more than 22% over the past twelve months.
The index has benefited from several factors:
- strong performances from UCB and Argenx;
- resilience in financial stocks such as KBC and Ageas;
- improving corporate earnings;
- renewed investor interest in European equities;
- regular investment flows into index-tracking funds;
- a more diversified index following Aperam’s inclusion in March.
Euronext added Aperam to the BEL 20 as part of its 2026 annual review, with the change becoming effective on March 23. Euronext
What investors should watch next
The Brussels market’s direction will depend on several developments:
- Corporate results: Further earnings announcements could produce significant movements in individual constituents.
- European interest rates: KBC, Ageas and Belgian real-estate stocks remain sensitive to changes in bond yields.
- Semiconductor demand: Melexis will continue to respond to developments in automotive and global chip markets.
- Middle East tensions: A renewed rise in oil prices could affect inflation, monetary policy and industrial margins.
- Wall Street: The strong U.S. opening is currently supporting European risk appetite, but the American session remains volatile.
BEL 20 outlook
Tuesday’s broad rally represents a constructive signal for the Belgian market. Umicore’s strong advance, the rebound in Melexis and continued support for UCB demonstrate that the index is benefiting from several different investment themes.
However, the BEL 20 remains relatively concentrated. Large movements in UCB, Argenx, KBC or AB InBev can have a disproportionate effect on the headline index.
After its strong performance since the beginning of the year, future gains will increasingly depend on companies delivering profit growth that justifies higher valuations.
Prices and percentage changes reflect afternoon trading and may differ from official closing levels. This article is provided for informational purposes only and does not constitute investment advice.