The Spanish side hit the bar and dominated for long periods, but had to settle for a point in their Group E opener on Tuesday
The Spanish side had won their first match in each of their previous seven Champions League appearances, but were unable to find a breakthrough in this encounter.
Adil Rami hit the crossbar with an overhead kick in the second half and Dani Parejo also came close after the break as the visitors failed to take advantage of their superiority against the Belgian champions.
In the build-up to the match, Valencia coach Unai Emery had claimed his side could win the Champions League, but on this evidence, the 2000 and 2001 finalists will need to improve dramatically before they can entertain such ideas.
They started well, though, as Rami headed over early on and Pablo Piatti's dangerous cross failed to find a team-mate after five minutes.
Victor Ruiz later saw a glancing header go harmlessly wide, and Piatti's back-heeled effort was saved by Laszlo Koteles before half-time.
At the other end, Diego Alves was alert as he saved Jelle Vossen's long-range shot early in the second half.
But Valencia continued to dominate and Parejo twice came close to breaking the deadlock, first seeing his shot from Roberto Soldado's cross saved by Koteles and later flashing a free-kick just off target.
Rami then came within a whisker of giving the Spanish side the lead in spectacular style as he crashed a powerful overhead kick against the crossbar.
Emery brought on Sergio Canales and Pablo Hernandez to freshen up his side's attack, but needed keeper Alves to make a fine save to deny Jeroen Simaeys a late winner.
In the other Group E game, Chelsea beat Bayer Leverkusen 2-0.