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Trust is one of the strongest predictors of stakeholder behavior. It drives support in good times and protects reputation when companies come under pressure.
This ranking shows which of Belgium’s largest listed companies lead on trust and likability in 2026. But this year, it goes further.
Download the full 2026 benchmark See the rankings, the volatility data, and what the relationship between trust, media, and share price reveals about reputation in 2026.
The Trust & Like Score (TLS) is Caliber’s core measure of stakeholder confidence. It combines two questions:
Trust: “Is this a company I trust?”
Likeability: “Is this a company I like?”
Together, these measures indicate which companies stakeholders are most likely to support and recommend—and which are better positioned to withstand scrutiny.
The TLS ranking is updated annually and is based on continuous measurement throughout the year, making it a stable benchmark rather than a one-off survey snapshot.
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Caliber’s stakeholder intelligence platform tracks, in real time, public perceptions of the 30 largest and most visible companies in Belgium. We selected these companies based on their turnover, headcount, historical presence in Belgium, and general public familiarity.
| Rank ⇅ | Company ⇅ | Familiarity ⇅ | TLS 2024 ⇅ | TLS 2025 ⇅ | +/- ⇅ |
|---|---|---|---|---|---|
| 1 | Lotus Bakeries | 60% | 74 | 76 | ▲ +2 |
| 2 | Colruyt Group | 62% | n/a | 74 | n/a |
| 3 | bpost | 85% | 70 | 73 | ▲ +3 |
| 4 | Brussels Airport | 60% | 69 | 72 | ▲ +3 |
| 5 | Orange | 67% | 64 | 68 | ▲ +4 |
| 6 | Carrefour | 77% | 68 | 68 | — 0 |
| 7 | Ahold Delhaize | 18% | n/a | 68 | n/a |
| 8 | KBC | 49% | 63 | 67 | ▲ +4 |
| 9 | AG Insurance | 44% | 64 | 65 | ▲ +1 |
| 10 | Belfius | 61% | 61 | 65 | ▲ +4 |
| 11 | AXA | 51% | 61 | 65 | ▲ +4 |
| 12 | Solvay | 15% | 61 | 64 | ▲ +3 |
| 13 | GlaxoSmithKline | 17% | 60 | 64 | ▲ +4 |
| 14 | AB InBev | 29% | 62 | 64 | ▲ +2 |
| 15 | Proximus | 74% | 61 | 64 | ▲ +3 |
| 16 | Ethias | 52% | 63 | 64 | ▲ +1 |
| 17 | BNP Paribas Fortis | 63% | 61 | 64 | ▲ +3 |
| 18 | BASF | 15% | n/a | 64 | n/a |
| 19 | D'Ieteren | 22% | 61 | 63 | ▲ +2 |
| 20 | ING | 59% | 59 | 62 | ▲ +3 |
| 21 | NMBS/SNCB | 69% | 58 | 61 | ▲ +3 |
| 22 | Telenet | 77% | 61 | 60 | ▼ -1 |
| 23 | ENGIE | 63% | 58 | 60 | ▲ +2 |
| 24 | TotalEnergies | 55% | n/a | 59 | n/a |
| 25 | J&J | 28% | n/a | 59 | n/a |
| 26 | Luminus | 51% | 55 | 56 | ▲ +1 |
| 27 | ArcelorMittal | 20% | n/a | 54 | n/a |
Scores are based on evaluations from demographically representative respondents with high familiarity — scoring 4+ on a 7-point scale after showing general awareness of the company. Companies where under 15% of respondents met that threshold are excluded from the main ranking and listed separately instead, since the ranking is meant to reflect general public opinion rather than specialist or insider views. These tend to be companies with lower public visibility — often B2B or niche players — that are nonetheless well known to the customers, employees, and industry insiders who do engage with them, which can push their scores higher than their public familiarity would suggest.
| Rank ⇅ | Company ⇅ | Familiarity ⇅ | TLS 2024 ⇅ | TLS 2025 ⇅ | +/- ⇅ |
|---|---|---|---|---|---|
| 1 | Spadel | 9% | 73 | 72 | ▼ -1 |
| 2 | Syensqo | 4% | n/a | 71 | n/a |
| 3 | UCB | 11% | n/a | 66 | n/a |
This chart shows the monthly average Trust & Like Score for the Belgium Top 30 companies from Jan–Dec 2025. Use it as a benchmark to see when the overall stakeholder confidence strengthened or weakened and which companies outperformed their peers over time.
The ranking is the starting point. With Caliber, you can pinpoint what is driving trust and sentiment by:
stakeholder segment (customers, employees, investors, public)
topic drivers (leadership, ESG, products, governance, innovation)
time period (before/after key events)
competitive benchmarking across Belgium and other markets
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