olivLaw · European equity research
Accentis nv ACCB.BR
Belgium · Euronext Brussels · ISIN BE0003696102 · Vertical: Listed companies from Belgium
Accentis nv is a Belgian company whose shareholder base is dominated by Iep Invest nv, which controls it and has fully consolidated it since September 2013. The 2025 annual report shows a governance structure in transition after the CEO left in June 2025.
At the close of 05 Nov 2026, Accentis nv (ACCB.BR) stock was 0.03 EUR (+0.00% on the day), with beta -0.00, 52-week range 0.03–0.03 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.0
- neutral
- Bollinger (20, 2)
- 0.02 – 0.03
- in the lower half of the band · %B 0.41 · band width 6.6%
- SMA 50 / 200
- 0.03 / 0.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | +0.4% | unavailable | — |
| 3 months | −3.8% | −3.3% | −0.5 pp | — |
| 6 months | 0.0% | +4.0% | −4.0 pp | — |
| Year to date | +2.0% | +8.1% | −6.1 pp | — |
| 1 year | −5.6% | +10.7% | −16.3 pp | +7.2% |
| 3 years | −11.5% | +50.1% | −61.5 pp | −5.5% |
| 5 years | −62.5% | +43.6% | −106.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.6 m | 779.0 k | 1.2 m |
| Net income YoY | unavailable | −70.1% | +59.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 3.2 m | 3.9 m | 3.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 21.7 m EUR
- Financial debt
- 9.9 m EUR
- Net debt
- -11.8 m EUR
- Equity
- 40.4 m EUR
- Total assets
- 57.2 m EUR
- Debt / equity
- 0.25x
- Current ratio
- 7.25x
- ROE
- 3.1%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 4.0 m | 1.5 m | 1.9 m | esef· 21 Apr 2026verified |
| Depreciation & amortisation | 3.0 k | 6.0 k | 7.0 k | esef· 21 Apr 2026verified |
| EBITDA | 4.0 m ≈ | 1.5 m ≈ | 1.9 m ≈ | esef· 21 Apr 2026derived |
| Interest expense | 949.0 k | 832.0 k | 706.0 k | esef· 21 Apr 2026verified |
| Pre-tax income | 3.3 m | 1.2 m | 1.6 m | esef· 21 Apr 2026verified |
| Income tax | 720.0 k | 420.0 k | 327.0 k | esef· 21 Apr 2026verified |
| Net income | 2.6 m | 779.0 k | 1.2 m | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 17.7 m | 18.5 m | 21.7 m | esef· 21 Apr 2026verified |
| Current assets | 19.1 m | 19.6 m | 22.8 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 29.0 k | 22.0 k | 18.0 k | esef· 21 Apr 2026verified |
| Total assets | 59.1 m | 58.1 m | 57.2 m | esef· 21 Apr 2026verified |
| Short-term debt | 1.9 m | 2.0 m | 2.2 m | esef· 21 Apr 2026verified |
| Long-term debt | 11.9 m | 9.9 m | 7.7 m | esef· 21 Apr 2026verified |
| Current liabilities | 3.3 m | 3.3 m | 3.1 m | esef· 21 Apr 2026verified |
| Equity | 38.3 m | 39.1 m | 40.4 m | esef· 21 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.3 m | 3.9 m | 3.0 m | esef· 21 Apr 2026verified |
| Capex | 31.0 k | 0 | 3.0 k | esef· 21 Apr 2026verified |
| Free cash flow | 3.2 m ≈ | 3.9 m ≈ | 3.0 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | 5.9 m | -981.0 k | 2.5 m | esef· 21 Apr 2026verified |
| Financing cash flow | -2.3 m | -2.2 m | -2.3 m | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.9% | 29 (vs peers) | 28% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 242.2% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -6.2x | 100 (vs peers) | 28% |
| Interest coverage · Balance sheet | 2.7x | 18 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 7.2x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet75/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ACCENTIS (ACCB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 3.1%; net debt/EBITDA -6.2x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 242.2%
- Net debt / EBITDA: -6.2x
- Current ratio: 7.2x
What contradicts it
- ROIC: 4.9%
- Interest coverage: 2.7x
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for ACCB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Accentis nv is a Belgian company whose shareholder base is dominated by Iep Invest nv, which controls it and has fully consolidated it since September 2013. The 2025 annual report shows a governance structure in transition after the CEO left in June 2025.
SWOT
Strengths
- Stable control exercised by the majority shareholder, with full consolidation since 2013.
- Detailed internal reporting system for each real estate investment.
- Board with experience in audit, finance and the property sector.
Weaknesses
- The CEO's departure in June 2025 left the executive role without a holder on the board.
- Absence of audit and remuneration committees, with their tasks taken over by the full board.
- Dependence on a single dominant shareholder for strategic decisions.
Opportunities
- Possibility to strengthen executive leadership through a new appointment.
- Using the reporting system to optimise costs per property.
- Broader transparency toward investors through the dedicated investor relations page.
Threats
- Pressure on operational continuity if the leadership transition is prolonged.
- Risk of conflicts of interest arising from concentrated control.
- Dependence on a governance structure less formalised than the Belgian code recommends.
Risks
- Lack of an executivemedium
The CEO's departure could delay operational decisions until a replacement is named.
- Concentrated controlhigh
The majority shareholder can decisively influence decisions, with an impact on minority holders.
- No audit committeemedium
Audit tasks taken over by the full board could reduce independent oversight.
- Departures from the governance codelow
Several principles are not applied in full, which may draw investor attention.
- Dependence on the shareholdermedium
The company's stability depends on the decision of the shareholder Iep Invest nv.
Investment thesis
What would need to be true (bull case)
- If the new executive leadership stabilises, the company could benefit from stable control and a detailed internal reporting system.
- The fully consolidated structure provides a clear framework for managing real estate investments.
- The board's experience in audit and finance could support financial discipline.
What would break the thesis
- If the leadership transition is prolonged, operational activity could be affected.
- Concentrated control may limit the influence of minority shareholders on strategy.
- The lack of specialised committees could reduce independent oversight of financial reporting.
What to watch
- Appointment of a new CEO or executive director2026
- General meeting approval of the December 2025 co-option2026
- Publication of half-year results24 August 2026
- Publication of annual results22 February 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Accentis nv is a Belgian company whose activity, described in the 2025 annual report, includes managing properties and rented spaces, with central accounting kept for each real estate investment. The company is controlled by Iep Invest nv, which holds the majority of voting rights. Source 1 also mentions a Corporate Governance Charter approved by the board in April 2020.
Segments
Real estate investments
According to the 2025 annual report 1, the internal reporting system tracks rental income, occupancy, financial debt and operating costs for each real estate investment.
Governance and shareholding
The voting structure is concentrated, and the board was reconfigured in 2025, with a new independent director co-opted in December 2025 1.
Market context
Source 1 does not provide data on the size of the Belgian property market or Accentis's share of it; the market analysis remains limited to the shareholder structure and board composition described in the 2025 annual report.
Trends
- Change in executive leadershipheadwind
The CEO's departure in June 2025 and the absence of executive members on the board could affect operational continuity if not offset by new appointments.
- Concentrated controlmixed
Dominance by the shareholder Iep Invest nv could enable quick decisions but limits the influence of minority shareholders.
- Reorganised committeesmixed
Dissolving the audit committee in November 2025 and the remuneration committee in August 2025 means the whole board performs these functions.
- Governance aligned with the Belgian codetailwind
The company applies the comply or explain principle and justifies several departures from the Belgian Corporate Governance Code 2020.
Competitive position
Source 1 does not identify direct competitors of Accentis nv; comparison with other property companies cannot be made from the 2025 annual report.
- No competitors identified in source [1]
The 2025 annual report names no competitors.
- Other Belgian property companies
No name appears in the supplied source; the list remains empty.
- No further data from source
Additional comparisons would require documents outside source 1.
- No further data from source
Competitive analysis depends on additional sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Accentis nv · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.