No Challengers in Belgium 800-MHz Spectrum Auction

Belgacom, Mobistar and KPN-owned BASE are the only three bidders for new 800-MHz spectrum being auctioned in Belgium. 

Without implying too much, or extrapolating beyond this one auction, in one market, the lack of bids by new contestants (some thought cable operator Telenet might bid) suggests contestants are not confident about their business prospects, should they win spectrum and be able to enter the Belgian mobile market.

That's a rational conclusion. The three licenses up for award each offer only 2 paired 10 MHz spectrum allotments (10 MHz up, 10 MHz down), not enough for a competitive operation, would-be contestants seem to have rationally concluded.