Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 30.09.2025 | 30.09.2024 | 30.09.2023 | 30.09.2022 | 30.09.2021 |
|---|---|---|---|---|---|
| I. Rental income | 260.449 | 263.149 | 257.160 | 235.650 | 216.966 |
| II. Writeback of lease payments sold and discounted | 463 | 419 | 1.238 | 5.208 | 5.446 |
| III. Rental-related expenses | -4 | -345 | -208 | -18 | -3 |
| Net rental income | 260.909 | 263.223 | 258.190 | 240.841 | 222.409 |
| IV. Recovery of property charges | 388 | 194 | 315 | 547 | 407 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 34.029 | 38.379 | 41.128 | 38.655 | 41.189 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | 133 | -304 | -484 | -686 | -723 |
| VII. Charges and taxes normally payable by the tenant on let properties | -37.329 | -43.997 | -46.731 | -42.675 | -44.596 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 258.130 | 257.495 | 252.417 | 236.681 | 218.686 |
| IX. Technical costs | -3.749 | -2.915 | -1.521 | -3.192 | -3.546 |
| X. Commercial costs | -2.977 | -3.171 | -4.326 | -3.316 | -2.146 |
| XI. Taxes and charges on unlet properties | -2.151 | -2.756 | -3.067 | -3.075 | -2.784 |
| XII. Property management costs | -24.990 | -23.748 | -25.142 | -23.792 | -20.732 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -33.868 | -32.590 | -34.056 | -33.374 | -29.208 |
| Property operating result | 224.262 | 224.905 | 218.361 | 203.306 | 189.478 |
| XIV. Corporate management costs | -10.710 | -10.178 | -10.775 | -10.197 | -8.885 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 213.552 | 214.728 | 207.586 | 193.110 | 180.593 |
| XVI. Gains or losses on disposals of investment properties | 1.238 | 7.792 | -4.715 | 2.098 | 2.243 |
| 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 | 1.935 | -112.326 | -113.461 | 115.735 | 1.418 |
| XIX. Other result on the portfolio | -9.358 | -7.499 | -5.301 | -24.708 | -18.010 |
| Operating result | 207.367 | 102.694 | 84.108 | 286.234 | 166.243 |
| XX. Financial income | 13.997 | 9.736 | 9.276 | 8.371 | 9.042 |
| XXI. Net interest charges | -27.768 | -29.646 | -30.324 | -23.722 | -18.907 |
| XXII. Other financial charges | -941 | -848 | -931 | -1.072 | -757 |
| XXIII. Changes in the fair value of financial assets and liabilities | -12.414 | -25.364 | -8.884 | 210.801 | 22.793 |
| Financial result | -27.126 | -46.122 | -30.863 | 194.378 | 12.171 |
| XXIV. Share in the result of associated companies and joint ventures | -205 | -2.496 | -5.668 | 1.773 | -53 |
| Pre-tax result | 180.036 | 54.076 | 47.577 | 482.385 | 178.362 |
| XXV. Corporate tax | -7.064 | -6.296 | -8.078 | -7.641 | -7.322 |
| XXVI. Exit tax | 0 | 0 | 590 | 0 | -259 |
| Taxes | -7.064 | -6.296 | -7.488 | -7.641 | -7.581 |
| Net result | 172.972 | 47.781 | 40.089 | 474.744 | 170.780 |
| Attributable to: | |||||
| Minority interests | 2.782 | 5.949 | 1.558 | 1.825 | 2.209 |
| Net result – group share | 170.190 | 41.832 | 38.530 | 472.918 | 168.571 |
| B. OTHER ELEMENTS OF COMPREHENSIVE RESULT | 30.09.2025 | 30.09.2024 | 30.09.2023 | 30.09.2022 | 30.09.2021 |
| I. Net result | 172.972 | 47.781 | 40.089 | 474.744 | 170.780 |
| II. Other elements of comprehensive result | -1.263 | 847 | 540 | -1.100 | 1.873 |
| 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 | -1.263 | 847 | 540 | -1.100 | 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 | 1.873 | |
| Convertible obligations | 0 | 0 | 0 | 1.873 | |
| Comprehensive result (I+II) | 171.709 | 48.627 | 40.629 | 473.644 | 172.654 |
| Attributable to: | |||||
| Non-controlling interests | 2.782 | 5.949 | 1.558 | 1.825 | 2.209 |
| Shareholders of the parent | 168.927 | 42.679 | 39.071 | 471.819 | 170.445 |
Consolidated balance sheet (x 1,000 EUR)
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| ASSETS | 30.09.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| I. Non-current assets | 6.278.318 | 6.303.882 | 6.512.921 | 6.558.181 | 5.985.532 |
| A. Goodwill | 0 | 0 | 0 | 27.337 | 41.627 |
| B. Intangible assets | 1.631 | 1.814 | 2.128 | 2.374 | 2.487 |
| C. Investment properties | 6.024.377 | 5.993.928 | 6.187.930 | 6.082.541 | 5.669.990 |
| D. Other tangible assets | 2.305 | 2.936 | 2.111 | 2.357 | 2.019 |
| E. Non-current financial assets | 66.423 | 110.284 | 121.649 | 198.814 | 36.145 |
| F. Finance lease receivables | 152.074 | 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 | 8.464 | 9.664 | 9.822 | 5.593 | 3.918 |
| I. Participations in associates and joint ventures | 21.140 | 24.579 | 23.626 | 75.805 | 79.661 |
| II. Current assets | 144.142 | 136.165 | 178.500 | 245.385 | 191.421 |
| A. Assets held for sale | 4.790 | 6.400 | 43.111 | 117.270 | 39.846 |
| B. Current financial assets | 3.214 | 2.066 | 642 | 642 | 0 |
| C. Finance lease receivables | 4.429 | 4.542 | 4.419 | 4.139 | 3.667 |
| D. Trade receivables | 45.523 | 38.904 | 44.810 | 39.483 | 34.835 |
| E. Tax receivables and other current assets | 29.803 | 40.824 | 46.170 | 42.940 | 50.568 |
| F. Cash and cash equivalents | 27.077 | 25.802 | 19.958 | 19.611 | 19.857 |
| G. Accrued charges and deferred income | 29.306 | 17.628 | 19.390 | 21.299 | 42.648 |
| TOTAL ASSETS | 6.422.460 | 6.440.048 | 6.691.421 | 6.803.566 | 6.176.953 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.09.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| Shareholders’ equity | 3.544.548 | 3.614.437 | 3.698.985 | 3.666.991 | 3.287.533 |
| I. Shareholders’ equity attributable to shareholders of the parent company | 3.467.736 | 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 | 406.970 | 580.526 | 811.723 | 456.282 | 358.402 |
| D. Net result of the financial year | 170.190 | 63.889 | -55.497 | 482.938 | 260.337 |
| II. Non-controlling interests | 76.811 | 79.446 | 75.723 | 29.578 | 54.259 |
| Liabilities | 2.877.912 | 2.825.611 | 2.992.436 | 3.136.575 | 2.889.420 |
| I. Non-current liabilities | 1.683.952 | 1.854.596 | 1.891.516 | 2.101.636 | 1.616.425 |
| A. Provisions | 26.185 | 25.765 | 26.426 | 24.302 | 27.220 |
| B. Non-current financial debt | 1.576.892 | 1.753.269 | 1.791.325 | 2.000.483 | 1.467.877 |
| a. Credit establishments | 428.933 | 590.186 | 630.977 | 785.744 | 771.827 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 1.147.959 | 1.163.082 | 1.160.348 | 1.214.739 | 696.050 |
| C. Other non-current financial liabilities | 19.369 | 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 | 61.506 | 55.813 | 53.744 | 61.776 | 55.022 |
| a. Exit tax | 0 | 0 | 0 | 0 | 0 |
| b. Other | 61.506 | 55.813 | 53.744 | 61.776 | 55.022 |
| II. Current liabilities | 1.193.959 | 971.015 | 1.100.919 | 1.034.939 | 1.272.995 |
| A. Provisions | 0 | 0 | 0 | 0 | 0 |
| B. Current financial debts | 1.038.512 | 834.068 | 953.187 | 880.054 | 1.100.189 |
| a. Credit establishments | 268.512 | 119.068 | 111.169 | 32.527 | 126.830 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 770.000 | 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 | 131.726 | 114.273 | 128.645 | 132.421 | 148.911 |
| a. Exit tax | 0 | 0 | 0 | 2.604 | 6.704 |
| b. Other | 131.726 | 114.273 | 128.645 | 129.817 | 142.207 |
| E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Accrued charges and deferred income | 23.722 | 22.674 | 19.088 | 22.464 | 23.585 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.422.460 | 6.440.048 | 6.691.421 | 6.803.566 | 6.176.953 |
| (in EUR per share) | 30.09.2025 | 30.09.2024 |
| EPRA Earnings Per Share (EPS) | 4.88 | 4.88 |
| Diluted EPRA EPS | 4.88 | 4.88 |
| (in EUR per share) | 30.09.2025 | 31.12.2024 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 100.10 | 101.41 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 91.79 | 93.11 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 94.09 | 96.62 |
| 30.09.2025 | 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) | 18.0 % | 19.8 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 16.2 % | 17.3 % |
| EPRA LTV | 42.6 % | 42.2 % |
| EPRA LFL | 2.7 % | 1.7 % |
| EPRA Capex (in MEUR) | 69 | 140 |