BEL 20

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The BEL 20 is the main stock index of Euronext Brussels. It follows the 20 largest and most liquid Belgian stocks.

Key points:
- It usually includes 10 to 20 companies, but since June 20, 2011 it has had 20 listings. In May–June 2018, Ablynx was removed after its Sanofi takeover and was replaced by arGEN-X in June.
- The index is reviewed every year based on closing prices on the last Friday in February, with changes effective on the third Friday of March.
- To qualify, a company must represent the Belgian market and have at least 15% of its shares in free float. It must also have a free-float market capitalization of at least 300,000 times the index price on the last trading day in December.
- To stay in the index, a constituent must have a minimum market cap of 200,000 times the index value.
- At the annual review, no single stock can exceed 15% of the index, while weights otherwise move with price changes. The BEL 20 is capitalization-weighted.
- The index’s record high is 4,756.82, reached on 23 May 2007.
- As of September 30, 2025, the BEL 20 is made up of 20 stocks.

Additional background:
- Foundation: December 30, 1990
- Operator/Exchange: Euronext Brussels
- Type: Large-cap
- End-2018 total market cap: €287.5 billion