Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
Download the consolidated comprehensive result figures
| A. NET RESULT | 30.06.2025 | 30.06.2024 | 30.06.2023 | 30.06.2022 | 30.06.2021 |
|---|---|---|---|---|---|
| I. Rental income | 173.402 | 174.506 | 169.143 | 154.996 | 141.774 |
| II. Writeback of lease payments sold and discounted | 309 | 280 | 1.111 | 4.293 | 3.631 |
| III. Rental-related expenses | 15 | -187 | -111 | 0 | -1 |
| Net rental income | 173.726 | 174.598 | 170.143 | 159.289 | 145.403 |
| IV. Recovery of property charges | 283 | 286 | 141 | 384 | 267 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 28.300 | 33.046 | 33.118 | 31.850 | 31.780 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | 27 | -296 | -365 | -485 | -525 |
| VII. Charges and taxes normally payable by the tenant on let properties | -31.435 | -37.979 | -37.520 | -35.550 | -34.356 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 170.900 | 169.655 | 165.518 | 155.488 | 142.569 |
| IX. Technical costs | -1.643 | -2.399 | -1.005 | -1.972 | -2.076 |
| X. Commercial costs | -2.092 | -2.059 | -2.788 | -1.952 | -1.214 |
| XI. Taxes and charges on unlet properties | -1.902 | -2.552 | -2.442 | -2.543 | -2.728 |
| XII. Property management costs | -16.323 | -16.156 | -17.150 | -16.515 | -14.473 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -21.961 | -23.166 | -23.384 | -22.981 | -20.491 |
| Property operating result | 148.939 | 146.489 | 142.133 | 132.507 | 122.079 |
| XIV. Corporate management costs | -6.996 | -6.924 | -7.350 | -7.078 | -6.203 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 141.943 | 139.565 | 134.783 | 125.429 | 115.876 |
| XVI. Gains or losses on disposals of investment properties | 1.217 | 7.319 | -3.251 | 1.825 | 1.832 |
| XVII. Gains or losses on disposals of other non-financial assets | 0 | 0 | 0 | 0 | 0 |
| XVIII. Changes in the fair value of investment properties | 2.913 | -91.160 | -66.704 | 94.975 | -11.480 |
| XIX. Other result on the portfolio | -6.033 | -4.819 | -2.529 | -17.848 | -14.175 |
| Operating result | 140.041 | 50.906 | 62.300 | 204.381 | 92.053 |
| XX. Financial income | 7.696 | 6.586 | 6.009 | 5.527 | 6.427 |
| XXI. Net interest charges | -18.217 | -18.874 | -19.789 | -15.468 | -12.643 |
| XXII. Other financial charges | -655 | -588 | -592 | -725 | -467 |
| XXIII. Changes in the fair value of financial assets and liabilities | -11.722 | 17.779 | -12.642 | 137.379 | 17.936 |
| Financial result | -22.898 | 4.903 | -27.014 | 126.712 | 11.254 |
| XXIV. Share in the result of associated companies and joint ventures | 1.665 | -5.157 | -1.673 | 569 | -1.148 |
| Pre-tax result | 118.808 | 50.652 | 33.612 | 331.663 | 102.158 |
| XXV. Corporate tax | -5.512 | -4.144 | -5.943 | -5.710 | -5.195 |
| XXVI. Exit tax | 0 | -0 | 301 | 0 | -263 |
| Taxes | -5.512 | -4.144 | -5.643 | -5.710 | -5.458 |
| Net result | 113.297 | 46.508 | 27.970 | 325.953 | 96.700 |
| Attributable to: | |||||
| Minority interests | 1.054 | 4.403 | 850 | 1.373 | 1.242 |
| Net result – group share | 112.243 | 42.106 | 27.120 | 324.580 | 95.458 |
| B. OTHER ELEMENTS OF COMPREHENSIVE RESULT | 30.06.2025 | 30.06.2024 | 30.06.2023 | 30.06.2022 | 30.06.2021 |
| I. Net result | 113.297 | 46.508 | 27.970 | 325.953 | 96.700 |
| II. Other elements of comprehensive result | -760 | 546 | 712 | -440 | -1.247 |
| A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 0 | 0 | 0 | |
| B. Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS |
0 | 0 | 0 | 0 | |
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | 0 | 0 | |
| D. Currency translation differences linked to conversion of foreign activities | -760 | 546 | 712 | -440 | 0 |
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | |
| F. Income tax relating to 'Other elements of comprenhensive income' | 0 | 0 | 0 | 0 | |
| G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | |
| H. Other elements of 'comprehensive income', net of tax | 0 | 0 | 0 | -1.247 | |
| Convertible obligations | 0 | 0 | -1.247 | ||
| Comprehensive result (I+II) | 112.537 | 47.054 | 28.682 | 325.514 | 95.453 |
| Attributable to: | |||||
| Non-controlling interests | 1.054 | 4.403 | 850 | 1.373 | 1.242 |
| Shareholders of the parent | 111.483 | 42.652 | 27.832 | 324.141 | 94.211 |
Consolidated balance sheet (x 1,000 EUR)
Download the consolidated balance sheet figures
| ASSETS | 30.06.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| I. Non-current assets | 6.269.144 | 6.303.882 | 6.512.921 | 6.558.181 | 5.985.532 |
| A. Goodwill | 0 | 0 | 0 | 27.337 | 41.627 |
| B. Intangible assets | 1.756 | 1.814 | 2.128 | 2.374 | 2.487 |
| C. Investment properties | 6.015.802 | 5.993.928 | 6.187.930 | 6.082.541 | 5.669.990 |
| D. Other tangible assets | 2.507 | 2.936 | 2.111 | 2.357 | 2.019 |
| E. Non-current financial assets | 59.696 | 110.284 | 121.649 | 198.814 | 36.145 |
| F. Finance lease receivables | 155.971 | 156.944 | 158.936 | 161.534 | 147.999 |
| G. Trade receivables and other non-current assets | 1.904 | 3.732 | 6.719 | 1.827 | 1.687 |
| H. Deferred taxes | 8.429 | 9.664 | 9.822 | 5.593 | 3.918 |
| I. Participations in associates and joint ventures | 23.078 | 24.579 | 23.626 | 75.805 | 79.661 |
| II. Current assets | 153.927 | 136.165 | 178.500 | 245.385 | 191.421 |
| A. Assets held for sale | 5.400 | 6.400 | 43.111 | 117.270 | 39.846 |
| B. Current financial assets | 5.803 | 2.066 | 642 | 642 | 0 |
| C. Finance lease receivables | 4.662 | 4.542 | 4.419 | 4.139 | 3.667 |
| D. Trade receivables | 40.580 | 38.904 | 44.810 | 39.483 | 34.835 |
| E. Tax receivables and other current assets | 40.220 | 40.824 | 46.170 | 42.940 | 50.568 |
| F. Cash and cash equivalents | 24.711 | 25.802 | 19.958 | 19.611 | 19.857 |
| G. Accrued charges and deferred income | 32.550 | 17.628 | 19.390 | 21.299 | 42.648 |
| TOTAL ASSETS | 6.423.071 | 6.440.048 | 6.691.421 | 6.803.566 | 6.176.953 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.06.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| Shareholders’ equity | 3.485.383 | 3.614.437 | 3.698.985 | 3.666.991 | 3.287.533 |
| I. Shareholders’ equity attributable to shareholders of the parent company | 3.410.292 | 3.534.991 | 3.623.262 | 3.637.413 | 3.233.274 |
| A. Capital | 2.041.523 | 2.041.523 | 1.970.211 | 1.761.872 | 1.698.517 |
| B. Share premium account | 849.053 | 849.053 | 896.826 | 936.321 | 916.019 |
| C. Reserves | 407.473 | 580.526 | 811.723 | 456.282 | 358.402 |
| D. Net result of the financial year | 112.243 | 63.889 | -55.497 | 482.938 | 260.337 |
| II. Non-controlling interests | 75.090 | 79.446 | 75.723 | 29.578 | 54.259 |
| Liabilities | 2.937.688 | 2.825.611 | 2.992.436 | 3.136.575 | 2.889.420 |
| I. Non-current liabilities | 1.895.878 | 1.854.596 | 1.891.516 | 2.101.636 | 1.616.425 |
| A. Provisions | 25.551 | 25.765 | 26.426 | 24.302 | 27.220 |
| B. Non-current financial debt | 1.791.729 | 1.753.269 | 1.791.325 | 2.000.483 | 1.467.877 |
| a. Credit establishments | 637.061 | 590.186 | 630.977 | 785.744 | 771.827 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 1.154.668 | 1.163.082 | 1.160.348 | 1.214.739 | 696.050 |
| C. Other non-current financial liabilities | 19.519 | 19.749 | 20.021 | 15.074 | 66.305 |
| D. Trade debts and other non-current debts | 0 | 0 | 0 | 0 | 0 |
| E. Other non-current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Deferred tax liabilities | 59.079 | 55.813 | 53.744 | 61.776 | 55.022 |
| a. Exit tax | 0 | 0 | 0 | 0 | 0 |
| b. Other | 59.079 | 55.813 | 53.744 | 61.776 | 55.022 |
| II. Current liabilities | 1.041.810 | 971.015 | 1.100.919 | 1.034.939 | 1.272.995 |
| A. Provisions | 0 | 0 | 0 | 0 | 0 |
| B. Current financial debts | 883.789 | 834.068 | 953.187 | 880.054 | 1.100.189 |
| a. Credit establishments | 124.789 | 119.068 | 111.169 | 32.527 | 126.830 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 759.000 | 715.000 | 842.018 | 847.526 | 973.358 |
| C. Other current financial liabilities | 0 | 0 | 0 | 0 | 310 |
| D. Trade debts and other current debts | 134.134 | 114.273 | 128.645 | 132.421 | 148.911 |
| a. Exit tax | 0 | 0 | 0 | 2.604 | 6.704 |
| b. Other | 134.134 | 114.273 | 128.645 | 129.817 | 142.207 |
| E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Accrued charges and deferred income | 23.887 | 22.674 | 19.088 | 22.464 | 23.585 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.423.071 | 6.440.048 | 6.691.421 | 6.803.566 | 6.176.953 |
| (in EUR per share) | 30.06.2025 | 30.06.2024 |
| EPRA Earnings Per Share (EPS) | 3.19 | 3.21 |
| Diluted EPRA EPS | 3.19 | 3.21 |
| (in EUR per share) | 30.06.2025 | 31.12.2024 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 98.62 | 101.41 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 90.30 | 93.11 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 92.80 | 96.62 |
| 30.06.2025 | 31.12.2024 | |
| EPRA Net Initial Yield (NIY) | 5.5 % | 5.4 % |
| EPRA 'topped-up' NIY | 5.6 % | 5.6 % |
| EPRA Vacancy rate | 1.5 % | 1.5 % |
| EPRA Cost ratio (direct vacancy costs included) | 18.5 % | 19.8 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 16.4 % | 17.3 % |
| EPRA LTV | 43.7 % | 42.2 % |
| EPRA LFL | 2.8 % | 1.7 % |
| EPRA Capex (in MEUR) | 44 | 1405 |