olivLaw · European equity research
Iep Invest nv IEP.BR
Belgium · Euronext Brussels · ISIN BE0003748622 · Vertical: Listed companies from Belgium
IEP Invest is a Belgian real estate company whose revenue was roughly 5.88 mn EUR in 2025, with the Accentis Business Center Lier as its main asset. The company is in the process of liquidation, so its future depends on asset sales and the distribution of cash to shareholders.
At the close of 05 Nov 2026, Iep Invest nv (IEP.BR) stock was 0.00 EUR (+0.00% on the day), with market capitalisation 9.1 k EUR, P/E 0.0 on diluted EPS of 0.10 EUR over the last 12 months, beta -0.01, 52-week range 0.00–5.55 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)
- 7.4
- oversold (≤ 30)
- Bollinger (20, 2)
- -2.83 – 6.11
- in the lower half of the band · %B 0.32 · band width 544.5%
- SMA 50 / 200
- 3.58 / 4.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.21 / -1.18
- 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 | unavailable | −4.2% | unavailable | — |
| 6 months | −100.0% | +4.3% | −104.3 pp | — |
| Year to date | −100.0% | +7.5% | −107.5 pp | — |
| 1 year | −100.0% | +9.9% | −109.9 pp | +6.4% |
| 3 years | −100.0% | +49.8% | −149.8 pp | −6.8% |
| 5 years | −100.0% | +42.8% | −142.8 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 0 percentile of its own 2-quarter history (min 33.7, median 43.7, max 53.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.3 m | 1.3 m | 431.0 k |
| Net income YoY | unavailable | −1.3% | −66.2% |
| Diluted EPS | unavailable | 0.17 | 0.10 |
| Diluted EPS YoY | unavailable | unavailable | −45.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.6 m | 4.1 m | 2.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.5 m EUR
- Financial debt
- 9.9 m EUR
- Net debt
- -24.6 m EUR
- Equity
- 61.4 m EUR
- Total assets
- 78.6 m EUR
- Debt / equity
- 0.16x
- Current ratio
- 12.74x
- ROE
- 0.7%
- ROA
- 0.5%
- 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 | 3.5 m | 1.1 m | 1.2 m | esef· 21 Apr 2026verified |
| Depreciation & amortisation | 3.0 k | 6.0 k | 7.0 k | esef· 21 Apr 2026verified |
| EBITDA | 3.5 m ≈ | 1.1 m ≈ | 1.2 m ≈ | esef· 21 Apr 2026derived |
| Interest expense | 949.0 k | 832.0 k | 706.0 k | esef· 21 Apr 2026verified |
| Pre-tax income | 2.9 m | 1.9 m | 1.2 m | esef· 21 Apr 2026verified |
| Income tax | 720.0 k | 420.0 k | 327.0 k | esef· 21 Apr 2026verified |
| Net income | 1.3 m | 1.3 m | 431.0 k | esef· 21 Apr 2026verified |
| Diluted EPS | — | 0.17 | 0.10 | 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 | 32.3 m | 29.4 m | 34.5 m | esef· 21 Apr 2026verified |
| Current assets | 35.6 m | 35.7 m | 41.3 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 29.0 k | 22.0 k | 18.0 k | esef· 21 Apr 2026verified |
| Total assets | 79.9 m | 79.7 m | 78.6 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 | 3.4 m | 3.4 m | 3.2 m | esef· 21 Apr 2026verified |
| Equity | 59.0 m | 60.6 m | 61.4 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | — | 7.3 m | 4.5 m | esef· 21 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.6 m | 4.1 m | 2.6 m | esef· 21 Apr 2026verified |
| Capex | 31.0 k | 0 | 3.0 k | esef· 21 Apr 2026verified |
| Free cash flow | 2.6 m ≈ | 4.1 m ≈ | 2.6 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | 5.9 m | -981.0 k | 2.5 m | esef· 21 Apr 2026verified |
| Financing cash flow | -2.0 m | -6.0 m | 46.0 k | 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
Score: 78 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.1 k EUR
Key indicators
Coverage and freshness
Score by group
- Quality49
- Balance sheet71
- Valuation100
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: 1.03 – 6.84 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 · input data missing
- Peers: EV/EBITDA6.21 – 6.84 (Mid 6.64)6 companies used · median multiple 4.5x · quartiles 2.9x – 5.2xCFEB.BR, DEME.BR, FOU.BR, JEN.BR, MIKO.BR, MOUR.BR
- Peers: P/E1.03 – 2.22 (Mid 1.37)25 companies used · median multiple 14.5x · quartiles 10.9x – 23.4xACKB.BR, AGS.BR, AZE.BR, BANI.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
Neutral profile · Score 78/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.2% | 18 (vs peers) | 16% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 594.4% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -20.0x | 100 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.7x | 4 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 12.7x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 16% |
| EV/EBITDA · Valuation | -20.0x | 100 (vs peers) | 16% |
| FCF yield · Valuation | 28,235.5% | 100 (on a fixed band) | 13% |
| 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 sheet71/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 3/3 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
IEP INVEST (IEP.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 0.9%; net debt/EBITDA -20.0x.
The estimated value range is 3.62–4.53 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.01 EUR, the price of 0.00 EUR leaves a potential of 200,155.4% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 78/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 594.4%
- Net debt / EBITDA: -20.0x
- Current ratio: 12.7x
- P/E (TTM): 0.0x
- EV/EBITDA: -20.0x
- FCF yield: 28,235.5%
- The price is below the estimated value range
What contradicts it
- ROIC: 2.2%
- Interest coverage: 1.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, 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 | 12.0 bn | 23.4 | 9.6% | 13.6% | −2.0% | +29% / +35% |
| 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 | 82.3 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.5 bn | 22.7 | — | 5.3% | −1.5% | +19% / +14% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.1 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.5 | 9.4% | 2.9% | +3.1% | +10% / −7% |
| DEME.BRDeme Group | 4.1 bn | 12.0 | 15.5% | 8.3% | +1.3% | +18% / +69% |
| AZE.BRAzelis Group | 2.9 bn | 15.9 | 6.6% | 4.3% | +1.5% | +27% / −43% |
| MELE.BRMelexis | 2.2 bn | 12.6 | 30.7% | 18.4% | −3.3% | +1% / −37% |
| BEKB.BRNV Bekaert SA | 2.0 bn | 30.2 | 3.1% | 1.8% | −6.4% | +8% / −6% |
| FAGR.BRFagron | 1.8 bn | 22.0 | 16.7% | 9.2% | +14.3% | +14% / +39% |
| KIN.BRKinepolis Group | 1.3 bn | 33.1 | 19.3% | 7.0% | −4.5% | +58% / +9% |
| JEN.BRJensen Group | 710.7 m | 17.3 | 15.1% | 9.1% | +13.3% | +28% / +112% |
| BAR.BRBarco | 556.0 m | 9.0 | 7.9% | 6.7% | −9.9% | −49% / −59% |
| IBAB.BRIon Beam Applications | 479.6 m | 38.9 | 10.7% | 2.1% | +24.5% | +45% / +50% |
| DECB.BRDeceuninck | 337.1 m | 24.3 | 4.3% | 1.7% | −4.5% | +7% / +7% |
| CAMB.BRCampine | 270.8 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +160% |
| CFEB.BRAannemingsmaatschappij Cfe | 269.3 m | 11.2 | 9.9% | 2.0% | −5.3% | +24% / +49% |
| MOUR.BRMoury Construct | 265.2 m | 10.9 | 21.3% | 13.1% | −4.0% | +13% / +79% |
| EVS.BREvs Broadcast Equipment | 243.5 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| BPOST.BRBpost | 176.2 m | 2.7 | 6.3% | 1.5% | −2.6% | −53% / −81% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 166.0 m | 157.4 | 3.5% | 4.5% | −5.9% | −8% / −20% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for IEP.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
IEP Invest is a Belgian real estate company whose revenue was roughly 5.88 mn EUR in 2025, with the Accentis Business Center Lier as its main asset. The company is in the process of liquidation, so its future depends on asset sales and the distribution of cash to shareholders.
SWOT
Strengths
- The company has solid liquidity, with significant cash and high equity relative to total assets.
- The Belgian portfolio has recently attracted new tenants, which shows genuine demand for existing space.
- A simple group structure and no debt outside the Accentis group could make liquidation more predictable.
Weaknesses
- Revenue fell in 2025 after an important lease ended and the German subsidiary was sold.
- The holding segment makes operating losses, and advisory costs have risen.
- Dependence on one group and a few sites makes results sensitive to individual events.
Opportunities
- Selling assets at good values could release cash for shareholders during the liquidation.
- Letting the remaining space in Lier could support revenue until sales are completed.
- Recovering short-term loans granted to third parties could bring in additional cash.
Threats
- Negative property revaluations could reduce the net value available to shareholders.
- A weak rental market in Germany could make it harder to find tenants for vacant space.
- Delays in the liquidation process could prolong costs and reduce the final return.
Risks
- Liquidation and distribution riskhigh
The final amount distributed to shareholders depends on the sale prices of the assets and on liquidation costs, which are not yet known.
- Portfolio revaluationsmedium
Changes in rents and lease terms could lead to further valuation losses on the properties.
- Tenant concentrationmedium
Revenue depends on a small number of tenants and sites, and losing one could significantly affect results.
- Hotel participationmedium
Clubhotel GmbH had weak occupancy and higher costs in 2025, which could reduce its contribution to results.
- Debt within the Accentis grouplow
Financial debts are tied to Accentis and must be repaid on schedule, which could limit cash available for distribution.
Investment thesis
What would need to be true (bull case)
- If asset sales achieve values close to book value, shareholders could receive a meaningful cash distribution.
- High equity and cash provide a solid base to complete the liquidation without financing pressure.
- New tenants attracted in Lier show that some assets can still be let during the liquidation process.
What would break the thesis
- Negative revaluations and lower rents could reduce the final value available to shareholders.
- Liquidation and advisory costs could rise and reduce the net distribution.
- If sales are delayed, holding costs and operating losses could reduce the return to shareholders.
What to watch
- Decision of the extraordinary general meeting on dissolution and liquidation2026
- Sale prices of the portfolio assets and the amount distributed2026
- Occupancy in Lier and rent developments in GermanyQ1 2027
- Status of the Clubhotel GmbH stake and hotel occupancy2027
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
IEP Invest nv owns and leases real estate, mainly through the Accentis group, with sites in Belgium and Germany. Total consolidated revenue was 5,877 k EUR in 2025, mostly from rents. The annual report says the board will propose dissolving and liquidating the company, after which the shares would no longer be listed on Euronext Brussels.
The core activity is renting office and warehouse space, including Accentis Business Center Lier, where several new tenants were attracted in early 2026. The group also holds participations such as a 50% stake in Clubhotel GmbH, accounted for under the equity method. No dividend is proposed for fiscal 2025.
The financial structure is relatively simple: assets are mainly investment properties and cash, while financial debts come entirely from the Accentis group. Equity stood at 61.41 mn EUR at 31 December 2025.
Segments
Accentis (Belgium and Germany)
The Accentis segment generated nearly all group revenue in 2025 from leasing sites in Belgium and Germany. Rental income fell year on year, mainly because the Schiltach lease ended and the German subsidiary was sold in April 2025.
Other (holding and participations)
The Other segment includes holding costs, which produce no significant operating revenue, and the stake in Clubhotel GmbH. The segment result was negative in 2025, affected by a provision for liquidation costs.
Market context
IEP Invest operates in the commercial and logistics property market in Belgium and Germany, where demand depends on the economic cycle and tenants' contract terms. With only a few sites, results are sensitive to the loss of one tenant or to portfolio revaluations.
For shareholders, the main context is the liquidation decision, which shifts the focus from operating return to distributing net assets. The hotel held in a joint venture had weaker occupancy in 2025, which also shows the operating risk of participations.
Trends
- Liquidation of the companymixed
The board intends to dissolve and liquidate the company during the year, which could speed up cash distributions and the delisting. The effect depends on the realisable value of the assets and the timing of sales.
- Revaluations of the property portfolioheadwind
Changes in rents and remaining lease terms reduced property values. If the rental market stays weak, further revaluations could follow.
- Leasing in Liertailwind
Attracting new tenants to Accentis Business Center Lier in early 2026 suggests real demand for office space in this area, which could support revenue until the assets are sold.
- Transaction and advisory costsheadwind
Third-party and fee costs rose in 2025, linked to the sale of the German subsidiary and preparation for liquidation. These costs could keep weighing on net result until the process is complete.
Competitive position
IEP Invest competes with other owners and developers of commercial and logistics space in Belgium and Germany, for tenants and for asset sale transactions. The available texts do not name listed competitors.
The company's competitive position is limited by the small size of its portfolio and its dependence on one group, Accentis. As a result, the sale price of assets depends more on local markets than on the advantages of a large platform.
- Other Belgian commercial property developers and owners
Compete for tenants and transactions in the same geographic area; the source texts do not identify listed entities.
- German logistics space operators
Relevant to the warehouse sites in the portfolio, especially for space demand after lease terminations.
- Hotel operators in the joint venture
Influence the result of the Clubhotel GmbH stake through occupancy levels and costs.
- Other small real estate investors
Compete for assets and tenants in the niche segment of mixed and logistics properties.
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 / Iep Invest 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.