olivLaw · European equity research
N.V. Bever Holding BEVER.AS
Netherlands · Euronext Amsterdam · ISIN NL0000285278 · Vertical: Listed companies from Netherlands
N.V. Bever Holding is a Dutch real estate developer with residential, office and hotel projects in the Netherlands and Belgium, backed by a very high level of equity. The company remains at the centre of a major dispute over land positions in Noordwijk and a contested AFM fine, which could materially affect its near-term outlook. With equity of EUR 74.3 million against a balance sheet of EUR 88 million, the financial position appears solid, but legal risks deserve attention.
At the close of 04 Nov 2026, N.V. Bever Holding (BEVER.AS) stock was 2.60 EUR (−7.14% on the day), with market capitalisation 42.9 m EUR, beta -0.17, 52-week range 2.30–2.92 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)
- 41.5
- weak (30–45)
- Bollinger (20, 2)
- 2.46 – 2.99
- in the lower half of the band · %B 0.27 · band width 19.6%
- SMA 50 / 200
- 2.70 / 3.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.02
- MACD below 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 | −0.6% | unavailable | — |
| 3 months | −10.3% | −4.2% | −6.2 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | +13.0% | +7.5% | +5.5 pp | — |
| 1 year | unavailable | +9.9% | unavailable | +0.8% |
| 3 years | −21.2% | +49.8% | −71.1 pp | +5.3% |
| 5 years | −31.6% | +42.8% | −74.4 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.0 k | -4.8 m | -325.0 k |
| Revenue YoY | unavailable | −240,000.0% | unavailable |
| Net income | -2.1 m | -5.1 m | -1.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.12 | -0.30 | -0.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -104,650.0% | 107.3% | 557.8% |
| Free cash flow | -2.0 m | -2.8 m | -5.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 74.3 m EUR
- Total assets
- 87.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -2.4%
- ROA
- -2.0%
- FCF margin
- 1,536.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 k | -4.8 m | -325.0 k | esef· 12 May 2026verified |
| Operating income | -1.4 m | -7.3 m | -2.1 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 117.0 k | 114.0 k | 108.0 k | esef· 12 May 2026verified |
| EBITDA | -1.3 m ≈ | -7.1 m ≈ | -2.0 m ≈ | esef· 12 May 2026derived |
| Interest expense | 13.0 k | 11.0 k | 69.0 k | esef· 12 May 2026verified |
| Pre-tax income | -969.0 k | -6.7 m | -1.9 m | esef· 12 May 2026verified |
| Income tax | 1.1 m | -1.5 m | -97.0 k | esef· 12 May 2026verified |
| Net income | -2.1 m | -5.1 m | -1.8 m | esef· 12 May 2026verified |
| Diluted EPS | -0.12 | -0.30 | -0.11 | esef· 12 May 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 | 29.4 m | 27.1 m | 22.9 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 147.0 k | 33.0 k | 538.0 k | esef· 12 May 2026verified |
| Total assets | 96.0 m | 89.6 m | 87.7 m | esef· 12 May 2026verified |
| Current liabilities | 3.2 m | 3.3 m | 2.7 m | esef· 12 May 2026verified |
| Equity | 81.2 m | 76.1 m | 74.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 17.4 m | 17.2 m | 16.5 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.0 m | -2.8 m | -2.2 m | esef· 12 May 2026verified |
| Capex | 8.0 k | 0 | 2.8 m | esef· 12 May 2026verified |
| Free cash flow | -2.0 m ≈ | -2.8 m ≈ | -5.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | 411.0 k | 571.0 k | -2.5 m | esef· 12 May 2026verified |
| Financing cash flow | -112.0 k | -103.0 k | 481.0 k | esef· 12 May 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: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 42.9 m EUR
Key indicators
Coverage and freshness
Score by group
15% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- 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: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -30.6x | 0 (on a fixed band) | 43% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -11.7% | 0 (on a fixed band) | 57% |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
N.V. Bever Holding (BEVER.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue -325.0 k EUR in 2025; ROE -2.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -30.6x
- FCF yield: -11.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for BEVER.AS 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
N.V. Bever Holding is a Dutch real estate developer with residential, office and hotel projects in the Netherlands and Belgium, backed by a very high level of equity. The company remains at the centre of a major dispute over land positions in Noordwijk and a contested AFM fine, which could materially affect its near-term outlook. With equity of EUR 74.3 million against a balance sheet of EUR 88 million 1, the financial position appears solid, but legal risks deserve attention.
SWOT
Strengths
- Equity is very high relative to the balance sheet, and the company had no external debt at year-end 2025.
- The portfolio is diversified geographically and by building type, which reduces concentration risk.
- Project locations are described as unique, offering long-term potential for value creation.
Weaknesses
- Management is provided on an interim basis by a single director, a situation the company itself regards as undesirable.
- The company has no own staff, which may limit its capacity to execute projects.
- Share liquidity is low, and the company seeks a broader spread of shareholders.
Opportunities
- If the Ivicke and Hillegom projects are permitted, they could generate recurring rental income.
- New shares issued for acquisitions could expand the portfolio and could increase share liquidity.
- A portfolio with more income-producing properties could reduce dependence on development projects.
Threats
- The Noordwijk litigation could materially affect the financial position if the outcome is unfavourable.
- The AFM fine, under appeal, could carry reputational and financial consequences.
- Changes in urban planning policy and lengthy permit procedures could delay or alter projects.
Risks
- Noordwijk litigationhigh
The ruling that obliged the company to transfer land for a significant sum, without certain contested clauses, remains at the centre of a merits action.
- AFM finemedium
The company contests the sanction for late disclosure and for press releases regarded as misleading, and the outcome of the appeal is uncertain.
- Portfolio valuation riskmedium
A decline in property values could reduce equity; the report notes the indirect effect of a one percent revaluation on investment results.
- Permits and public policymedium
Changes to planning documents could affect project timing and value.
- Governancemedium
Interim management and the absence of an expanded supervisory board could weaken internal control and decision-making capacity.
Investment thesis
What would need to be true (bull case)
- Very high equity and the absence of external debt provide a solid base for new projects, if the litigation concludes favourably.
- The diversified portfolio and unique locations could support value realisation on completed projects and their letting.
- If the company broadens liquidity through share issues, the spread of shareholders could increase.
What would break the thesis
- The Noordwijk litigation and any enforcement of obligations could significantly reduce available resources.
- The lack of a full board and of own staff could slow project execution.
- If permits are delayed or refused, projects may not deliver the value currently estimated.
What to watch
- Outcome of the merits proceedings on the Noordwijk land positions2026
- Ruling on the appeal against the AFM fine2026
- Granting of the environmental permit for the Ivicke redevelopment2026
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
Bever Holding is a company mainly engaged in real estate development, an activity in which the influence of authorities on the timing and size of projects is inherent, according to the annual report 1. The company manages a property portfolio covering housing, apartments, offices, hotels and retail spaces in both the Netherlands and Belgium 1. Intrinsic value per share at year-end 2025 was EUR 4.35, and solvency stood at 85% 1.
The financial structure is conservative: at 31 December 2025 the company had no external debt, and equity was reported against a balance sheet of EUR 88 million 1. The board targets long-term solvency of around 50%, a level comfortably exceeded 1. Management indicated that this position limits sensitivity to interest rate swings and supports future growth 1.
The company had no employees at year-end, and management is provided by a sole interim director, a situation the company itself considers undesirable and at odds with parts of the corporate governance code 1. Bever Holding aims to appoint a new board and an expanded supervisory board 1.
Segments
Real estate development and investment
The core activity is developing residential, office, hotel and retail projects, with emphasis on unique locations where buildings often serve as landmarks 1. The company works with strategic partners who may take on part of the development risk and project financing 1.
Market context
The property sector is sensitive to property type and location, occupancy, mortgage rates and other economic factors, which can affect the profitability and value of a portfolio 1. Bever Holding mitigates this risk through geographic spread between the Netherlands and Belgium and a mix of segments 1.
Demand and sales of projects also depend on local authority policies, which can change development plans; the company monitors policy documents continuously to react in time 1.
Trends
- Interest rates and financingmixed
The level of mortgage rates influences demand and the cost of project financing; the absence of external debt reduces the company's exposure to this factor 1.
- Public policy and permitsheadwind
Changes in zoning plans and environmental permits can delay or alter projects, but they also allow developments to be reconfigured 1.
- Demand for mixed-use buildingstailwind
Developers could benefit where projects combine residential, office and hospitality uses, as the Bever portfolio is diversified across such segments 1.
- Community acceptance of developmentsmixed
Heritage projects and sites in sensitive areas require consultation and can attract objections, which may lengthen execution timelines 1.
Competitive position
The annual report does not explicitly name competitors. The company asserts its position through unique locations, heritage projects and strategic partnerships, which may distinguish its projects from those of other developers 1.
Competitiveness depends on the ability to obtain permits and complete projects on schedule, areas where Bever Holding recorded delays and litigation in 2025, which could erode its competitive edge 1.
- Benelux real estate developers
Not named in the source; direct competitors in the Dutch and Belgian markets are not identified in the annual report.
- Heritage and office project developers
Segment in which Bever Holding is active through the Ivicke redevelopment; competitors are not named in the source.
- Residential property investors
May compete for the same land and partnerships, but are not identified in the annual report.
- Strategic construction partners
Companies with which Bever cooperates can take on development risk and could also compete for similar projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / N.V. Bever Holding · 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.