Startups may cast incumbents as hapless Goliaths, but in ranking Europe’s biggest companies, David is nowhere to be seen.

Minus a merger here and an acquisition there, Europe’s business giants remain largely unchanged from two—or even 20—years ago. Every company in the Fortune 500 Europe top 10 has roots from before the Second World War. The oldest, Banco Santander , was founded in 1857.

They’re hardly struggling: Total revenue for the 500 rose 2.5% to $14.9 trillion, and market capitalization climbed 13.7% to $15.9 trillion. Profits, however, slipped 5.1% to $978.2 billion.

That doesn’t mean Europe’s largest businesses are standing still. The three largest sectors by revenue—finance (107 companies, $3.5 trillion), energy (71 companies, $3 trillion), and motor vehicles and parts (23

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