Financial results
Consolidated comprehensive result - Form Royal Decree of 13.07.2014 (x 1,000 EUR)
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| A. NET RESULT | 31.03.2026 | 31.03.2025 | 31.03.2024 | 31.03.2023 | 31.03.2022 |
|---|---|---|---|---|---|
| I. Rental income | 87.712 | 86.652 | 86.970 | 83.906 | 76.385 |
| II. Writeback of lease payments sold and discounted | 170 | 154 | 140 | 770 | 2.914 |
| III. Rental-related expenses | -569 | 5 | -109 | -112 | -55 |
| Net rental income | 87.313 | 86.811 | 87.001 | 84.564 | 79.244 |
| IV. Recovery of property charges | 26 | 130 | 59 | 21 | 92 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 25.103 | 23.498 | 24.229 | 25.638 | 26.246 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | -69 | 47 | -140 | -53 | -157 |
| VII. Charges and taxes normally payable by the tenant on let properties | -27.826 | -26.416 | -28.834 | -29.118 | -28.917 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 84.547 | 84.071 | 82.315 | 81.053 | 76.508 |
| IX. Technical costs | -1.100 | -637 | -1.458 | -461 | -714 |
| X. Commercial costs | -1.076 | -981 | -1.458 | -1.483 | -926 |
| XI. Taxes and charges on unlet properties | -1.697 | -1.386 | -1.955 | -1.867 | -2.270 |
| XII. Property management costs | -14.672 | -8.715 | -8.618 | -9.218 | -9.016 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -18.544 | -11.719 | -13.489 | -13.029 | -12.925 |
| Property operating result | 66.003 | 72.353 | 68.826 | 68.024 | 63.582 |
| XIV. Corporate management costs | -6.288 | -3.735 | -3.693 | -3.951 | -3.864 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 59.715 | 68.618 | 65.133 | 64.074 | 59.718 |
| XVI. Gains or losses on disposals of investment properties | 573 | 1.776 | 7.253 | -2.133 | 459 |
| 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 | -7.102 | 5.590 | -45.812 | -11.945 | 47.335 |
| XIX. Other result on the portfolio | -3.276 | -3.774 | -5.451 | -3.584 | -6.700 |
| Operating result | 49.911 | 72.210 | 21.124 | 46.411 | 100.812 |
| XX. Financial income | 3.222 | 2.889 | 3.295 | 2.887 | 2.717 |
| XXI. Net interest charges | -9.190 | -8.845 | -9.233 | -9.870 | -7.932 |
| XXII. Other financial charges | -317 | -278 | -323 | -271 | -330 |
| XXIII. Changes in the fair value of financial assets and liabilities | 11.998 | 2.929 | 10.609 | -17.183 | 74.865 |
| Financial result | 5.714 | -3.305 | 4.349 | -24.437 | 69.319 |
| XXIV. Share in the result of associated companies and joint ventures | 449 | 533 | -4.284 | -1.426 | 863 |
| Pre-tax result | 56.073 | 69.437 | 21.189 | 20.548 | 170.994 |
| XXV. Corporate tax | -1.670 | -3.242 | -2.315 | -3.479 | -3.295 |
| XXVI. Exit tax | 0 | 0 | 0 | 368 | 0 |
| Taxes | -1.670 | -3.242 | -2.315 | -3.112 | -3.295 |
| Net result | 54.403 | 66.195 | 18.873 | 17.437 | 167.699 |
| Attributable to: | |||||
| Minority interests | 892 | 1.931 | 1.398 | -39 | 695 |
| Net result – group share | 53.511 | 64.264 | 17.475 | 17.476 | 167.004 |
| B. OTHER ELEMENTS OF COMPREHENSIVE RESULT | 31.03.2026 | 31.03.2025 | 31.03.2024 | 31.03.2023 | 31.03.2022 |
| I. Net result | 54.403 | 66.195 | 18.873 | 17.437 | 167.699 |
| II. Other elements of comprehensive result | -8 | -178 | 328 | 184 | -142 |
| A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties |
0 | 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 | 0 |
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | 0 | 0 | 0 |
| D. Currency translation differences linked to conversion of foreign activities | -8 | -178 | 328 | 184 | -142 |
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | 0 |
| F. Income tax relating to 'Other elements of comprenhensive income' | 0 | 0 | 0 | 0 | 0 |
| G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | 0 |
| H. Other elements of 'comprehensive income', net of tax | 0 | 0 | 0 | 0 | 0 |
| Convertible obligations | 0 | 0 | 0 | 0 | |
| Comprehensive result (I+II) | 54.395 | 66.017 | 19.201 | 17.621 | 167.556 |
| Attributable to: | 0 | ||||
| Non-controlling interests | 892 | 1.931 | 1.398 | -39 | 695 |
| Shareholders of the parent | 53.503 | 64.086 | 17.803 | 17.660 | 166.862 |
Consolidated balance sheet (x 1,000 EUR)
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| ASSETS | 31.03.2026 | 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 |
| I. Non-current assets | 6.319.743 | 6.329.041 | 6.303.882 | 6.512.921 | 6.558.181 |
| A. Goodwill | 0 | 0 | 0 | 0 | 27.337 |
| B. Intangible assets | 1.330 | 1.490 | 1.814 | 2.128 | 2.374 |
| C. Investment properties | 6.065.034 | 6.085.055 | 5.993.928 | 6.187.930 | 6.082.541 |
| D. Other tangible assets | 3.303 | 2.832 | 2.936 | 2.111 | 2.357 |
| E. Non-current financial assets | 68.550 | 57.874 | 110.284 | 121.649 | 198.814 |
| F. Finance lease receivables | 150.529 | 151.324 | 156.944 | 158.936 | 161.534 |
| G. Trade receivables and other non-current assets | 3.973 | 3.770 | 3.732 | 6.719 | 1.827 |
| H. Deferred taxes | 8.300 | 8.525 | 9.664 | 9.822 | 5.593 |
| I. Participations in associates and joint ventures | 18.725 | 18.169 | 24.579 | 23.626 | 75.805 |
| II. Current assets | 130.390 | 108.865 | 136.165 | 178.500 | 245.385 |
| A. Assets held for sale | 3.350 | 0 | 6.400 | 43.111 | 117.270 |
| B. Current financial assets | 420 | 1.077 | 2.066 | 642 | 642 |
| C. Finance lease receivables | 4.925 | 4.472 | 4.542 | 4.419 | 4.139 |
| D. Trade receivables | 39.694 | 28.418 | 38.904 | 44.810 | 39.483 |
| E. Tax receivables and other current assets | 23.229 | 32.669 | 40.824 | 46.170 | 42.940 |
| F. Cash and cash equivalents | 24.863 | 23.777 | 25.802 | 19.958 | 19.611 |
| G. Accrued charges and deferred income | 33.910 | 18.452 | 17.628 | 19.390 | 21.299 |
| TOTAL ASSETS | 6.450.133 | 6.437.906 | 6.440.048 | 6.691.421 | 6.803.566 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 31.03.2026 | 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2022 |
| Shareholders’ equity | 3.644.661 | 3.590.100 | 3.614.437 | 3.698.985 | 3.666.991 |
| I. Shareholders’ equity attributable to shareholders of the parent company | 3.564.955 | 3.511.286 | 3.534.991 | 3.623.262 | 3.637.413 |
| A. Capital | 2.041.523 | 2.041.523 | 2.041.523 | 1.970.211 | 1.761.872 |
| B. Share premium account | 849.053 | 849.053 | 849.053 | 896.826 | 936.321 |
| C. Reserves | 620.868 | 407.246 | 580.526 | 811.723 | 456.282 |
| D. Net result of the financial year | 53.511 | 213.463 | 63.889 | -55.497 | 482.938 |
| II. Non-controlling interests | 79.705 | 78.815 | 79.446 | 75.723 | 29.578 |
| Liabilities | 2.805.473 | 2.847.805 | 2.825.611 | 2.992.436 | 3.136.575 |
| I. Non-current liabilities | 1.709.110 | 1.697.879 | 1.854.596 | 1.891.516 | 2.101.636 |
| A. Provisions | 27.434 | 26.943 | 25.765 | 26.426 | 24.302 |
| B. Non-current financial debt | 1.599.325 | 1.588.536 | 1.753.269 | 1.791.325 | 2.000.483 |
| a. Credit establishments | 524.536 | 511.296 | 590.186 | 630.977 | 785.744 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 1.074.789 | 1.077.239 | 1.163.082 | 1.160.348 | 1.214.739 |
| C. Other non-current financial liabilities | 16.241 | 18.003 | 19.749 | 20.021 | 15.074 |
| 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 | 66.110 | 64.397 | 55.813 | 53.744 | 61.776 |
| a. Exit tax | 0 | 0 | 0 | 0 | 0 |
| b. Other | 66.110 | 64.397 | 55.813 | 53.744 | 61.776 |
| II. Current liabilities | 1.096.362 | 1.149.927 | 971.015 | 1.100.919 | 1.034.939 |
| A. Provisions | 0 | 0 | 0 | 0 | 0 |
| B. Current financial debts | 927.185 | 999.696 | 834.068 | 953.187 | 880.054 |
| a. Credit establishments | 106.201 | 159.712 | 119.068 | 111.169 | 32.527 |
| b. Finance lease | 0 | 0 | 0 | 0 | 0 |
| c. Other | 820.984 | 839.984 | 715.000 | 842.018 | 847.526 |
| C. Other current financial liabilities | 428 | 0 | 0 | 0 | 0 |
| D. Trade debts and other current debts | 144.155 | 126.345 | 114.273 | 128.645 | 132.421 |
| a. Exit tax | 0 | -0 | 0 | 0 | 2.604 |
| b. Other | 144.155 | 126.345 | 114.273 | 128.645 | 129.817 |
| E. Other current liabilities | 0 | 0 | 0 | 0 | 0 |
| F. Accrued charges and deferred income | 24.595 | 23.886 | 22.674 | 19.088 | 22.464 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6.450.133 | 6.437.906 | 6.440.048 | 6.691.421 | 6.803.566 |
| (in EUR per share) | 31.03.2026 | 31.03.2025 |
| EPRA Earnings Per Share (EPS) | 1.63 | 1.51 |
| Diluted EPRA EPS | 1.63 | 1.51 |
| (in EUR per share) | 31.03.2026 | 31.12.2025 |
| EPRA Net Reinstatement Value (NRV)* (new indicator) | 102.40 | 101.39 |
| EPRA Net Tangible Assets (NTA)* (new indicator) | 93.98 | 92.99 |
| EPRA Net Disposal Value (NDV)* (new indicator) | 96.81 | 95.17 |
| 31.03.2026 | 31.12.2025 | |
| EPRA Net Initial Yield (NIY) | 5.5 % | 5.4 % |
| EPRA 'topped-up' NIY | 5.6 % | 5.6 % |
| EPRA Vacancy rate | 1.6 % | 1.7 % |
| EPRA Cost ratio (direct vacancy costs included) | 16.0 % | 18.4 % |
| EPRA Cost ratio (direct vacancy costs excluded) | 13.6 % | 16.3 % |
| EPRA LTV | 40.9 % | 41.9 % |
| EPRA LFL | 1.1 % | 2.9 % |
| EPRA Capex (in MEUR) | 20 | 131 |