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Belgium’s Top Brands Valued for the First Time

16 May 2016
This article is more than 8 years old.

· KBC Bank is Belgium’s most valuable brand, worth €3.5 billion

· Stella Artois is the most valuable beer brand, valued at €833 million

· Proximus is the most successful brand this year, with year-on-year brand value growth of 20% and brand rating upgraded to AA+

Every year, leading brand valuation and strategy consultancy Brand Finance analyses thousands of the world’s top brands. They are evaluated and ranked to determine which are the most powerful and the most valuable. For the first time, Brand Finance has created a league table of Belgium’s most valuable brands, the Brand Finance Belgium 10.

KBC bank, ranked number 1 in the table, has an overall brand value of €3.5 billion. The extensive presence of KBC in foreign markets is one major factor that contributes to its success. Sources within KBC have identified that convenience, security and a quality user experience are major priorities. Digital technology is becoming essential to remain competitive; recently-emerged challenger banks have based their success on seamless digital banking services. KBC has invested over €100 million in a multi-year plan to improve its digital channel service which is already having a positive effect on brand value, which has increased 13% on last year to and in order to counteract the threat of these competitors, KBC has recognised the need to €3.5 billion.

Stella Artois is the only beer brand to make the list. Its overall brand value stands at €833 million. Stella has become known to many in Britain as ‘wife beater’, due to a perceived link with hooliganism and domestic violence and ABInBev is working hard to shake off these negative associations. The campaign, ‘Give Beautifully’, was launched prior to the Christmas of 2015, to promote responsible drinking, while the recent ‘Be Legacy’ campaign encourages consumers to reflect on their reputation and the legacy they will leave. This campaign also addresses the growing challenge from craft beers which have progressively eroded the market share of many larger beer brands. Craft beers and smaller producers lean heavily on heritage and story-telling in their marketing communications. By exploring the story of Sebastian Artois, the ‘Be Legacy’ does the same, appealing to the more complex motivations of today’s younger beer drinkers.

Proximus, Belgium’s largest telecommunications brand, experienced the most rapid rate of growth (20%) to exceed €2 billion. The domestic services unit, previously operating under the Belgacom brand, was subsumed into and rebranded as Proximus. The main aim of the restructure was to achieve both operational and marketing communications efficiencies and is part of an ‘ambitious plan’ (according to the firm) to restore growth. This change came into effect at the end of 2014 and the 20% growth Proximus saw this year is an indication that the restructuring is on track to successfully meet its aim.



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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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