olivLaw · European equity research
Banimmo BANI.BR
Belgium · Euronext Brussels · ISIN BE0003870871 · Vertical: Listed companies from Belgium
Banimmo is a Belgian real estate developer and manager listed in Brussels, controlled by Patronale Life with 63.83% of shares. At year-end 2025 the share traded at a 54% discount to net asset value per share, and its development portfolio of roughly 280,000 m2 remains the main focus for investors.
At the close of 05 Nov 2026, Banimmo (BANI.BR) stock was 3.02 EUR (+0.67% on the day), with market capitalisation 36.3 m EUR, P/E 43.1 on diluted EPS of 0.07 EUR over the last 12 months, beta 0.25, 52-week range 2.64–3.18 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)
- 53.0
- neutral
- Bollinger (20, 2)
- 2.95 – 3.06
- in the upper half of the band · %B 0.66 · band width 3.8%
- SMA 50 / 200
- 3.02 / 2.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.01
- 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 | −1.9% | −0.6% | −1.3 pp | — |
| 3 months | +1.3% | −4.2% | +5.5 pp | — |
| 6 months | +7.1% | +4.3% | +2.8 pp | — |
| Year to date | +6.3% | +7.5% | −1.2 pp | — |
| 1 year | +3.4% | +9.9% | −6.5 pp | +8.1% |
| 3 years | −14.7% | +49.8% | −64.5 pp | −4.6% |
| 5 years | −6.8% | +42.8% | −49.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 13.6, median 27.1, max 40.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.8 m | 7.3 m | 7.5 m |
| Revenue YoY | unavailable | +26.2% | +2.4% |
| Net income | -6.8 m | 2.3 m | 841.0 k |
| Net income YoY | unavailable | unavailable | −64.0% |
| Diluted EPS | -0.60 | 0.21 | 0.07 |
| Diluted EPS YoY | unavailable | unavailable | −66.7% |
| net % | -117.8% | 32.0% | 11.2% |
| Free cash flow | -1.2 m | -6.7 m | -17.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.4 m EUR
- Financial debt
- 1.8 m EUR
- Net debt
- -1.7 m EUR
- Equity
- 70.3 m EUR
- Total assets
- 199.6 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 0.64x
- ROE
- 1.2%
- ROA
- 0.5%
- FCF margin
- -240.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.8 m | 7.3 m | 7.5 m | esef· 15 Apr 2026verified |
| Operating income | -3.8 m | 6.8 m | 3.7 m | esef· 15 Apr 2026verified |
| Interest expense | 3.4 m | 3.6 m | 3.6 m | esef· 15 Apr 2026verified |
| Pre-tax income | -6.5 m | 2.9 m | 64.0 k | esef· 15 Apr 2026verified |
| Income tax | -82.0 k | -73.0 k | 12.0 k | esef· 15 Apr 2026verified |
| Net income | -6.8 m | 2.3 m | 841.0 k | esef· 15 Apr 2026verified |
| Diluted EPS | -0.60 | 0.21 | 0.07 | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 17.0 m | 3.0 m | 3.4 m | esef· 15 Apr 2026verified |
| Receivables | 5.8 m | 5.4 m | 5.1 m | esef· 15 Apr 2026verified |
| Current assets | 52.2 m | 55.4 m | 78.1 m | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 297.0 k | 241.0 k | 190.0 k | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 47.0 k | 48.0 k | 68.0 k | esef· 15 Apr 2026verified |
| Total assets | 152.7 m | 170.5 m | 199.6 m | esef· 15 Apr 2026verified |
| Long-term debt | 67.5 m | 41.3 m | 1.8 m | esef· 15 Apr 2026verified |
| Current liabilities | 10.8 m | 52.5 m | 121.6 m | esef· 15 Apr 2026verified |
| Equity | 66.8 m | 70.3 m | 70.3 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 11.4 m | 11.1 m | 12.0 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.2 m | -6.7 m | -17.9 m | esef· 15 Apr 2026verified |
| Capex | 9.0 k | 4.0 k | 11.0 k | esef· 15 Apr 2026verified |
| Free cash flow | -1.2 m ≈ | -6.7 m ≈ | -17.9 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -8.1 m | -12.9 m | -4.7 m | esef· 15 Apr 2026verified |
| Financing cash flow | 5.1 m | 5.7 m | 23.0 m | esef· 15 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 36.3 m EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.72 – 1.62 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.72 – 1.62 (Mid 1.01)24 companies used · median multiple 14.5x · quartiles 10.3x – 23.2xACKB.BR, AGS.BR, AZE.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.4% | 19 (vs peers) | 20% |
| Net margin · Quality | 11.2% | 79 (vs peers) | 12% |
| FCF conversion · Quality | -2,134.0% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.0x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 43.1x | 11 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -49.5% | 0 (on a fixed band) | 16% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality30/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation6/100 · 2/3 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
BANIMMO (BANI.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.5 m EUR in 2025; YoY growth 2.4%; net margin 11.2%; ROE 1.2%.
The estimated value range is 0.72–1.62 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.01 EUR, the price of 3.02 EUR leaves a potential of -66.5% (value / price − 1) and a margin of safety of -198.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.2%
What contradicts it
- ROIC: 3.4%
- FCF conversion: -2,134.0%
- Interest coverage: 1.0x
- Current ratio: 0.6x
- P/E (TTM): 43.1x
- FCF yield: -49.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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 BANI.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.75 Total return -42% · Per year -42% | 3.09 Total return 2% · Per year 2% | 4.66 Total return 54% · Per year 54% |
| 3 years | 1.63 Total return -46% · Per year -19% | 3.24 Total return 7% · Per year 2% | 5.38 Total return 78% · Per year 21% |
| 5 years | 1.51 Total return -50% · Per year -13% | 3.40 Total return 13% · Per year 2% | 6.21 Total return 106% · Per year 15% |
- Exit P/E± 0.81
- Net margin± 0.57
- Annual revenue growth± 0.48
- Annual dilution± 0.05
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
Banimmo is a Belgian real estate developer and manager listed in Brussels, controlled by Patronale Life with 63.83% of shares. At year-end 2025 the share traded at a 54% discount to net asset value per share 1, and its development portfolio of roughly 280,000 m2 1 remains the main focus for investors.
SWOT
Strengths
- A development land bank with high potential, described as around 280,000 m2 1. Support from a reference shareholder with effective control of the company 1.
- Recent projects with high sustainability certification and EU Taxonomy alignment, which matters for institutional tenants 1.
- Full repayment of the private bond at the end of 2025 eases immediate debt pressure 1.
Weaknesses
Opportunities
Risks
- Vacancy in new buildingshigh
Recently delivered projects are only partly let and letting is slow, which could weigh on rental income 1.
- Dependence on the controlling shareholdermedium
Patronale Life holds the majority of votes and nominates management, which may limit the influence of minority shareholders 1.
- Land monetisationmedium
Sales of projects under development have not yet reached contracts and the sales market is slower, which could delay proceeds 1.
- Share liquiditymedium
Low trading volume and small capitalisation could amplify price swings in the share 1.
- No dividendlow
The board proposes no dividend this year, which limits short-term returns for shareholders 1.
Investment thesis
What would need to be true (bull case)
- If projects in the portfolio are monetised under good conditions, the discount to net asset value could gradually narrow 1.
- Large Ghent and Charleroi sites with approved urban plans could support a rise in asset value over the long term 1.
- Repaying the bonds without external refinancing may signal a more prudent financial structure, which could support investor confidence 1.
What would break the thesis
- If the office market stays slow, letting of new projects could keep being delayed and hold revenue below expectations 1.
- The concentrated control of the reference shareholder could limit the role of minority holders and share liquidity 1.
- The absence of a dividend and small capitalisation could make the share less attractive for income-seeking investors 1.
What to watch
- Letting of NETWORKS Gent ATMOS and occupancy of Ghent buildings2026
- Half-year results and occupancy of the office portfolio20 August 2026
- General meeting and decision on the dividend12 May 2026
- Annual results 2026 and development outlook25 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
Banimmo develops, manages and sells real estate, mainly offices, on sites in Brussels, Ghent, Charleroi and Ans 1. The company splits its activity between acquiring and repositioning land, leasing buildings in its portfolio and selling finished projects. It made no acquisitions and no transfers in 2025, which points to a focus on existing projects 1.
Governance is dominated by reference shareholder Patronale Life, which holds effective control through single voting rights and by nominating the chairs of the board and its committees 1. Banimmo is not registered as a BEVAK or GVV, so it does not operate as a regulated real estate investment vehicle 1.
The company proposes to pay no dividend for 2025, to preserve resources for further growth 1. The private bond loan of 50.0 million EUR was fully repaid on 2 December 2025 1.
Segments
Market context
According to the annual report, the office market in Ghent and elsewhere in Belgium has entered a slowdown, although vacancy levels remain low 1. The market for selling buildings under development is also slower, and negotiations for buildings offered for sale have not yet led to contracts 1.
The Banimmo share is small, with a market capitalisation of 32.25 million EUR at closing 1, and is listed on the C segment of Euronext Brussels, which limits liquidity. Average daily trading volume is only 3,718 shares 1.
Trends
- Slower office marketheadwind
Demand for office space in Ghent and Brussels is moving more slowly, which delays letting and sales of new projects 1.
- Urban land repositioningtailwind
Authorities in Ghent and Charleroi have approved mixed development plans for large sites, creating repositioning opportunities 1.
- Sustainability standardstailwind
Buildings with sustainability certification and EU Taxonomy alignment, such as NETWORKS Gent ATMOS, may attract tenants seeking energy-efficient space 1.
- Low share liquidityheadwind
The small capitalisation and low trading volume may limit investor interest in the share, regardless of property performance 1.
Competitive position
Banimmo competes with other developers and office property managers in Belgium for tenants and for land to reposition. The analysed source does not identify direct competitors with a US listing.
- Other Belgian property developers
Compete in the office market and urban land segment, with no listing identified in the source.
- Brussels office developers
Compete for tenants in the Evere and Forest areas, as described in the portfolio overview.
- Ghent office building managers
Compete for tenants in the NETWORKS projects in Ghent.
- Investors buying urban land
May compete for repositioning sites offered for sale or development.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Banimmo · 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.