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olivLaw · European equity research

Accentis nv ACCB.BR

Belgium · Euronext Brussels · ISIN BE0003696102 · Vertical: Listed companies from Belgium

0.03EUR0.00% · 1 dayClose 05 Nov 2026

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.

Market cap
unavailable
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
-0.00
Volatility (1y) 44%
52-week range
0.030.03

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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 monthunavailable+0.4%unavailable—
3 months−3.8%−3.3%−0.5 pp—
6 months0.0%+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—
Max drawdown (1y)
−12.3%
13 Apr 2026 → 12 Jun 2026
Max drawdown (5y)
−68.6%
03 Dec 2021 → 16 Oct 2025
Compound annual growth (5y)
−17.8%
EURO STOXX 50 +7.5%

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 year202320242025
Revenueunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailable
Net income2.6 m779.0 k1.2 m
Net income YoYunavailable−70.1%+59.1%
Diluted EPSunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailable
net %unavailableunavailableunavailable
Free cash flow3.2 m3.9 m3.0 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

Operating income
2023
4.0 m
2024
1.5 m
2025
1.9 m

esef· 21 Apr 2026verified

Depreciation & amortisation
2023
3.0 k
2024
6.0 k
2025
7.0 k

esef· 21 Apr 2026verified

EBITDA
2023
4.0 m ≈
2024
1.5 m ≈
2025
1.9 m ≈

esef· 21 Apr 2026derived

Interest expense
2023
949.0 k
2024
832.0 k
2025
706.0 k

esef· 21 Apr 2026verified

Pre-tax income
2023
3.3 m
2024
1.2 m
2025
1.6 m

esef· 21 Apr 2026verified

Income tax
2023
720.0 k
2024
420.0 k
2025
327.0 k

esef· 21 Apr 2026verified

Net income
2023
2.6 m
2024
779.0 k
2025
1.2 m

esef· 21 Apr 2026verified

Balance sheet · EUR

Cash
2023
17.7 m
2024
18.5 m
2025
21.7 m

esef· 21 Apr 2026verified

Current assets
2023
19.1 m
2024
19.6 m
2025
22.8 m

esef· 21 Apr 2026verified

Property, plant & equipment, net
2023
29.0 k
2024
22.0 k
2025
18.0 k

esef· 21 Apr 2026verified

Total assets
2023
59.1 m
2024
58.1 m
2025
57.2 m

esef· 21 Apr 2026verified

Short-term debt
2023
1.9 m
2024
2.0 m
2025
2.2 m

esef· 21 Apr 2026verified

Long-term debt
2023
11.9 m
2024
9.9 m
2025
7.7 m

esef· 21 Apr 2026verified

Current liabilities
2023
3.3 m
2024
3.3 m
2025
3.1 m

esef· 21 Apr 2026verified

Equity
2023
38.3 m
2024
39.1 m
2025
40.4 m

esef· 21 Apr 2026verified

Cash flow · EUR

Operating cash flow
2023
3.3 m
2024
3.9 m
2025
3.0 m

esef· 21 Apr 2026verified

Capex
2023
31.0 k
2024
0
2025
3.0 k

esef· 21 Apr 2026verified

Free cash flow
2023
3.2 m ≈
2024
3.9 m ≈
2025
3.0 m ≈

esef· 21 Apr 2026derived

Investing cash flow
2023
5.9 m
2024
-981.0 k
2025
2.5 m

esef· 21 Apr 2026verified

Financing cash flow
2023
-2.3 m
2024
-2.2 m
2025
-2.3 m

esef· 21 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
23.5%
computed by olivLawFY 2025
Net income growth (YoY)
59.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-23.8%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
3.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
4.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
3.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-11.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-6.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
2.7x
computed by olivLawFY 2025

Liquidity

Current ratio
7.2x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
6.9x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
3.0 m EUR
computed by olivLawFY 2025
Capital expenditure
3.0 k EUR
computed by olivLawFY 2025
Free cash flow
3.0 m EUR
computed by olivLawFY 2025
FCF conversion
242.2%
computed by olivLawFY 2025
Cash conversion
157.7%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • 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

0.03 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
3.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

20/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Source: esefpublished 21 Apr 2026
verified 59

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

FactorValueScoreWeight used
ROIC · Quality4.9%29 (vs peers)28%
Net margin · Qualityunavailableunavailable—
FCF conversion · Quality242.2%100 (on a fixed band)17%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-6.2x100 (vs peers)28%
Interest coverage · Balance sheet2.7x18 (on a fixed band)17%
Current ratio · Balance sheet7.2x100 (on a fixed band)11%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

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

P/E
—
vertical median 16.7x
EV/EBITDA
—
vertical median 5.2x
P/S
—
vertical median 1.1x
P/B
—
vertical median 1.2x
ROE
3.1%
vertical median 8.3%
below median (−62.5%)
Net margin
—
vertical median 4.0%
EBIT margin
—
vertical median 8.2%
Revenue YoY
—
vertical median 0.5%
Net debt/EBITDA
-6.2x
vertical median 0.5x
below median (−1,379.0%)
Dividend yield
—
vertical median 1.8%

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELI.BRElia Group11.9 bn23.39.6%13.6%−2.0%+28% / +34%
LOTB.BRLotus Bakeries11.4 bn66.420.9%12.7%+10.0%+82% / +76%
GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert10.6 bn82.40.8%2.1%+1.0%+6% / +9%
DIE.BRD'ieteren Group9.7 bn23.2—5.3%−1.5%+22% / +16%
ACKB.BRAckermans & Van Haaren8.8 bn22.28.4%7.6%+18.6%+22% / +77%
COLR.BRColruyt Group4.4 bn14.69.4%2.9%+3.1%+12% / −6%
DEME.BRDeme Group4.2 bn12.215.5%8.3%+1.3%+21% / +72%
AZE.BRAzelis Group2.9 bn16.16.6%4.3%+1.5%+29% / −42%
MELE.BRMelexis2.1 bn12.430.7%18.4%−3.3%−1% / −38%
BEKB.BRNV Bekaert SA2.1 bn30.73.1%1.8%−6.4%+10% / −5%
FAGR.BRFagron1.8 bn22.216.7%9.2%+14.3%+15% / +40%
KIN.BRKinepolis Group1.4 bn33.919.3%7.0%−4.5%+62% / +11%
JEN.BRJensen Group706.9 m17.215.1%9.1%+13.3%+28% / +111%
BAR.BRBarco563.5 m9.17.9%6.7%−9.9%−48% / −59%
IBAB.BRIon Beam Applications487.2 m39.510.7%2.1%+24.5%+48% / +52%
DECB.BRDeceuninck341.3 m24.64.3%1.7%−4.5%+8% / +8%
CAMB.BRCampine272.3 m12.228.6%6.1%+13.4%−12% / +161%
CFEB.BRAannemingsmaatschappij Cfe266.8 m11.19.9%2.0%−5.3%+22% / +48%
MOUR.BRMoury Construct261.2 m10.721.3%13.1%−4.0%+11% / +76%
EVS.BREvs Broadcast Equipment245.9 m6.020.8%21.7%+14.3%−49% / −36%
BPOST.BRBpost229.8 m3.56.3%1.5%−2.6%−39% / −75%
ECONB.BREconocom Group210.7 m40.51.2%0.2%+4.3%−1% / −36%
IMMO.BRImmobel172.2 m—-7.4%-25.2%−32.8%−24% / −36%
MONNI.BRKeyware Technologies171.0 m162.03.5%4.5%−5.9%−5% / −17%
HYSG.BRHybrid Software Group PLC121.3 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)

Sources

  1. [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.