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Financial information

Key figures

  • €6.3bn portfolio value
  • €361m 2025 rental income
  • 40.8% debt-to-assets ratio
  • €5.15/share 2025 EPRA Earnings

Consolidated accounts

  • Download the consolidated income statement in excel

     

    (x 1,000 €)31/12/2025

    31/12/2024

    31/12/2023

    I.Rental income360,954338,138314,174
    II.Writeback of lease payments sold and discounted000
    III.Rental-related charges-453-157-1,134
    Net rental income360,501337,981313,040
    IV.Recovery of property charges030
    V.Recovery of rental charges and taxes normally paid by tenants on let properties8,6138,9697,193
    VI.Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease000
    VII.Rental charges and taxes normally paid by tenants on let properties-8,590-8,852-7,205
    VIII.Other rental-related income and charges624621-90
    Property result361,148338,722312,938
    IX.Technical costs-2,847-3,907-3,169
    X.Commercial costs-3-39-58
    XI.Charges and taxes on unlet properties-81-145-114
    XII.Property management costs-7,884-6,918-6,452
    XIII.Other property charges-1,776-1,552-1,424
    Property charges-12,591-12,561-11,217
    Property operating result348,557326,161301,721
    XIV.Overheads-34,721-35,074-35,740
    XV.Other operating income and charges-1,763-831-171
    Operating result before result on portfolio312,073290,256265,810
    XVI.Gains and losses on disposals of investment properties-11,665374-856
    XVII.Gains and losses on disposals of other non-financial assets000
    XVIII.Changes in fair value of investment properties°75,39715,195-143,636
    XIX.Other result on portfolio-27,615-30,235-26,072
    Operating result348,190275,59095,246
    XX.Financial income1,6169713,006
    XXI.Net interest charges-50,236-46,701-45,004
    XXII.Other financial charges-5,675-5,176-5,181
    XXIII.Changes in fair value of financial assets and liabilities-9,567-18,708-50,878
    Net finance costs-63,862-69,614-98,057
    XXIV.Share in the profit or loss of associates and joint ventures accounted for using the equity method-625-571-256
    Profit before tax (loss)283,703205,405-3,067
    XXV.Corporate tax-38,235-44925,565
    XXVI.Exit tax-34813554
    Tax expense-38,583-31425,619
    Profit (loss)245,120205,09122,552
    Attributable to:
    Non-controlling interests686260-1,983
    Owners of the parent244,434204,83124,535
    Basic earnings per share (€)5.144.310.56
    Diluted earnings per share (€)5.144.310.56
  • Download the consolidated balance sheet in excel
    ASSETS31/12/202531/12/202431/12/202331/12/2022
    (x 1.000 €)
    I.Non-current assets
    A.Goodwill59,74887,363117,597143,669
    B.Intangible assets5891,0471,6631,857
    C.Investment properties6,215,5996,117,9325,790,3575,619,701
    D.Other tangible assets3,4614,3482,1842,573
    E.Non-current financial assets40,91254,27398,665132,322
    F.Finance lease receivables0000
    G.Trade receivables and other non-current assets0000
    H.Deferred tax assets8838233,0234,662
    I.Equity-accounted investments22,04931,58635,98540,824
    Total non-current assets6,343,2416,297,3726,049,4745,945,608
    II.Current assets
    A.Assets classified as held for sale69,622100,20758,15884,033
    B.Current financial assets0000
    C.Finance lease receivables0000
    D.Trade receivables17,46919,52623,29023,577
    E.Tax receivables and other current assets9,07411,3349,38410,273
    F.Cash and cash equivalents21,95218,45118,25313,891
    G.Deferred charges and accrued income15,76516,93418,2528,158
    Total current assets133,882166,452127,337139,932
    TOTAL ASSETS6,477,1236,463,8246,176,8116,085,540

     

    EQUITY AND LIABILITIES31/12/202531/12/202431/12/202331/12/2022
    (x 1.000 €)
    I.Issued capital and reserves attributable to owners of the parent
    A.Capital1,203,6381,203,6381,203,6381,006,881
    B.Share premium account1,719,0011,719,0011,719,0011,516,108
    C.Reserves496,627515,505628,688428,018
    a. Legal reserve0000
    b. Reserve for the balance of changes in fair value of investment properties398,579364,698481,914389,859
    d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS1,2341,7084,3448,945
    e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS44,94962,735113,177-11,193
    f. Reserve of exchange differences relating to foreign currency monetary items8258-294-451
    g. Foreign currency translation reserves-4,73033,47164-13,629
    h. Reserve for treasury shares-49-459-31-31
    j. Reserve for actuarial gains and losses of defined benefit pension plans-363-363-244-99
    k. Reserve for deferred taxes on investment properties located abroad-84,884-88,576-112,367-71,715
    m. Other reserves0-669-3,277250
    n. Result brought forward from previous years135,817136,099136,909117,023
    o. Reserve- share NI & OCI of equity method invest5,9926,8038,4939,059
    D.Profit (loss) of the year244,434204,83124,535331,778
    Equity attributable to owners of the parent3,663,7003,642,9753,575,8623,282,785
    II.Non-controlling interests5,6055,1225,0396,564
    TOTAL EQUITY3,669,3053,648,0973,580,9013,289,349
    I.Non-current liabilities
    A.Provisions0000
    B.Non-current financial debts1,933,7202,065,1941,958,7502,017,256
    a. Borrowings1,142,3831,263,1111,166,9151,240,399
    c. Other791,337802,083791,835776,857
    C.Other non-current financial liabilities95,57794,90190,94382,232
    a. Authorised hedges6,96310,9229,7603,858
    b. Other88,61483,97981,18379,374
    D.Trade debts and other non-current debts0124251375
    E.Other non-current liabilities0000
    F.Deferred tax liabilities159,603133,238138,658164,117
    Non-current liabilities2,188,9002,293,4572,188,6022,263,980
    II.Current liabilities
    A.Provisions0000
    B.Current financial debts551,287448,442321,549435,164
    a. Borrowings67,287134,39278,949172,164
    c. Other484,000314,050242,600263,000
    C.Other current financial liabilities3,1913,2812,7983,487
    D.Trade debts and other current debts47,43448,93357,17766,853
    a. Exit tax821,400445,990
    b. Other47,35247,53357,13360,863
    E.Other current liabilities0000
    F.Accrued charges and deferred income17,00621,61425,78426,707
    Total current liabilities618,918522,270407,308532,211
    TOTAL LIABILITIES2,807,8182,815,7272,595,9102,796,191
    TOTAL EQUITY AND LIABILITIES6,477,1236,463,8246,176,8116,085,540
  • Download the EPRA key figures in excel
    31/12/2025

    31/12/2024

    31/12/2023

    EPRA Earnings (in €/share)5.154.935.02
    EPRA NRV (in €/share)87.0986.4684.17
    EPRA NTA (in €/share)78.4076.6374.18
    EPRA NDV (in €/share)77.7377.1975.41
    EPRA Net Initial Yield (NIY) (in %)5.6%5.3%5.3 %
    EPRA Topped-up NIY (in %)5.6%5.5%5.4 %
    EPRA Vacancy Rate (in %)0.1%0.1%0.1 %
    EPRA Cost Ratio (including direct vacancy costs) (in %)13.5%14.2%15.4 %
    EPRA Cost Ratio (excluding direct vacancy costs) (in %)13.5%14.1%15.4 %

     

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Our headquarters, located at Tervurenlaan 270, 1150 Brussels, is easily accessible by public transport, including train, metro, tram, and bicycle.

By train

If you are travelling by train, we recommend getting off at Brussels-Schuman station. From there, take metro line 1 towards Stockel and get off at Montgomery station. Continue with tram 39 or 44 and alight at Jules César, just a short walk from our offices.

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