Marketing Report
KBC and BDO are Belgium’s most valuable brands, report

KBC and BDO are Belgium’s most valuable brands, report

Seven 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: “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.