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Belgium's top brands predominantly stable despite market challenges in some sectors

03 July 2024
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New data from Brand Finance reveals seven of Belgium’s ten most valuable have grown in value  

  • KBC and BDO Global maintain dominance as Belgium’s most valuable brands
  • AB InBev’s brand value growth hindered by Bud Light controversy
  • Telenet becomes Belgium’s strongest brand and one of the fastest-growing

3rd July 2024, LondonSeven of Belgium's top ten most valuable brands grew in brand value in 2024, reflecting the stability of the country’s top brands, according to a new ranking from Brand Finance. KBC (brand value up 14% to USD6.1 billion) is Belgium’s most valuable and maintains a healthy lead ahead of BDO Global (brand value up 7% to USD4.1 billion).

AB InBev's brand value remained stable at USD2.2 billion in 2024. Despite revenue growth in 85% of its markets in 2023, consumer controversy reduced US volumes with a drop in Bud Light sales. The company has since invested in its major growth-driving megabrands, such as Stella Artois and Corona, by partnering with global events like the Olympics, FIFA World Cup, Copa America, NFL, UFC, and NBA.

Stella Artois increased its brand value by 6% to USD1.6 billion, also ranking among Belgium's ten most valuable brands.

Richard Haigh, Managing Director, Brand Finance commented:

“Major global brands walk a tightrope as they aim for growth while under increasing scrutiny from customers. Bud Light brewing giant AB InBev and ice cream brand Magnum are examples of companies that faced reduced revenues for vastly different reasons, but in both cases, the challenges stifled their potential brand value growth.  The Belgium 10 2024 is a testament to the power of brand management in driving overall business growth, especially as companies navigate external challenges and market uncertainties ranging from adverse weather to changing customer preferences.”

Telenet has overtaken AB InBev to become Belgium’s strongest brand with a Brand Strength Index (BSI) score of 81.2 out of 100, making it the only brand in the ranking to achieve an AAA- brand rating. Strong financials following revenue forecast increases primarily drove Telenet’s rise in BSI. The brand’s value increased by 23% to USD1.4 billion, also making it one of Belgium’s fastest-growing brands, second only to Belfius (brand value up 28% to USD1.5 billion) in year-on-year brand value growth.

Magnum, the ice cream brand, saw the largest drop in brand value among Belgium's top brands, decreasing by 13% to USD985 million due to falling revenue and brand strength. Unilever's ice cream sales by volume dropped 10% during the summer of 2023, partly due to bad weather in Europe and consumers opting for cheaper alternatives. However, an 8% increase in prices somewhat mitigated this decline.

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Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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