olivLaw · European equity research
Van de Velde NV VAN.BR
Belgium · Euronext Brussels · ISIN BE0003839561 · Vertical: Listed companies from Belgium
Van de Velde is a Belgian lingerie producer headquartered in Schellebelle with production in Tunisia, whose 2024 plans focus on green energy, expanding a site in Wichelen and cutting cutting-waste. The company is controlled by Van de Velde Holding NV, tying governance decisions closely to the founding family. The sources provided do not include revenue, so the analysis stays qualitative.
At the close of 06 Nov 2026, Van de Velde NV (VAN.BR) stock was 29.40 EUR (−0.34% on the day), with market capitalisation 378.8 m EUR, P/E 11.3 on diluted EPS of 2.61 EUR over the last 12 months, dividend yield 7.74%, beta 0.29, 52-week range 29.10–32.90 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)
- 47.9
- neutral
- Bollinger (20, 2)
- 29.14 – 29.53
- in the upper half of the band · %B 0.67 · band width 1.3%
- SMA 50 / 200
- 29.70 / 30.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.11
- 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 | −0.7% | −0.6% | −0.0 pp | — |
| 3 months | −1.7% | −4.2% | +2.5 pp | — |
| 6 months | −5.8% | +4.3% | −10.1 pp | — |
| Year to date | −2.3% | +7.5% | −9.8 pp | — |
| 1 year | −2.2% | +9.9% | −12.1 pp | +6.0% |
| 3 years | −10.4% | +49.8% | −60.2 pp | −7.4% |
| 5 years | −7.3% | +42.8% | −50.1 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 50 percentile of its own 2-quarter history (min 10.7, median 11.8, max 12.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 211.7 m | 211.3 m |
| Revenue YoY | unavailable | −0.2% |
| Net income | 36.8 m | 33.6 m |
| Net income YoY | unavailable | −8.7% |
| Diluted EPS | 2.81 | 2.61 |
| Diluted EPS YoY | unavailable | −7.1% |
| net % | 17.4% | 15.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 60.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 165.9 m EUR
- Total assets
- 203.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 4.54x
- ROE
- 20.1%
- ROA
- 16.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 211.7 m | 211.3 m | esef· 26 Mar 2024verified |
| Operating income | 48.1 m | 45.3 m | esef· 26 Mar 2024verified |
| Interest expense | 4.5 m | 3.3 m | esef· 26 Mar 2024verified |
| Pre-tax income | 46.0 m | 42.7 m | esef· 26 Mar 2024verified |
| Income tax | 9.2 m | 9.1 m | esef· 26 Mar 2024verified |
| Net income | 36.8 m | 33.6 m | esef· 26 Mar 2024verified |
| Diluted EPS | 2.81 | 2.61 | esef· 26 Mar 2024verified |
| Weighted average diluted shares | 13.1 m | 12.9 m | esef· 26 Mar 2024verified |
| Dividend per share | 2.04 | 2.27 | esef· 26 Mar 2024derived |
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 59.5 m | 60.6 m | esef· 26 Mar 2024verified |
| Inventories | 54.2 m | 46.0 m | esef· 26 Mar 2024verified |
| Current assets | 136.4 m | 126.5 m | esef· 26 Mar 2024verified |
| Property, plant & equipment, net | 23.6 m | 29.9 m | esef· 26 Mar 2024verified |
| Goodwill | 4.5 m | 4.6 m | esef· 26 Mar 2024verified |
| Intangibles (excl. goodwill) | 20.6 m | 20.4 m | esef· 26 Mar 2024verified |
| Total assets | 208.4 m | 203.0 m | esef· 26 Mar 2024verified |
| Accounts payable | 25.6 m | 21.9 m | esef· 26 Mar 2024verified |
| Current liabilities | 32.1 m | 27.9 m | esef· 26 Mar 2024verified |
| Equity | 168.1 m | 165.9 m | esef· 26 Mar 2024verified |
| Shares outstanding at year end | 13.1 m | 12.9 m | esef· 26 Mar 2024derived |
Cash flow · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 30.0 m | 54.3 m | esef· 26 Mar 2024verified |
| Investing cash flow | -8.0 m | -13.1 m | esef· 26 Mar 2024verified |
| Financing cash flow | -36.0 m | -40.2 m | esef· 26 Mar 2024verified |
| Dividends paid | 26.6 m | 29.3 m | esef· 26 Mar 2024verified |
| Share repurchases | 4.9 m | 5.9 m | esef· 26 Mar 2024verified |
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 378.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · 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: 27.84 – 61.60 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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E27.84 – 61.60 (Mid 39.60)24 companies used · median multiple 15.2x · quartiles 10.7x – 23.6xACKB.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
- Dividend discount (DDM)30.94 – 42.19 (Mid 35.70)
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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.9% | 92 (vs peers) | 19% |
| 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 | 13.8x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 11.3x | 74 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 9.3% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial92/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial74/100 · 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
VAN DE VELDE (VAN.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 211.3 m EUR in 2023; YoY growth -0.2%; net margin 15.9%; ROE 20.1%.
The estimated value range is 29.39–51.89 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 37.65 EUR, the price of 29.40 EUR leaves a potential of 28.1% (value / price − 1) and a margin of safety of 21.9% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.9%
- Interest coverage: 13.8x
- Current ratio: 4.5x
- P/E (TTM): 11.3x
- Shareholder yield (distributions): 9.3%
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 | 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% |
| VAN.BRVan De Velde | 378.8 m | 11.3 | 20.1% | 15.9% | −0.2% | −0% / −12% |
| 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% |
| 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 VAN.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 | 16.55 Total return -38% · Per year -38% | 29.34 Total return 8% · Per year 8% | 44.29 Total return 60% · Per year 60% |
| 3 years | 14.58 Total return -34% · Per year -13% | 29.21 Total return 22% · Per year 7% | 48.63 Total return 95% · Per year 25% |
| 5 years | 12.84 Total return -31% · Per year -7% | 29.09 Total return 37% · Per year 7% | 53.39 Total return 133% · Per year 18% |
- Exit P/E± 7.30
- Net margin± 5.11
- Annual revenue growth± 4.39
- Annual dilution± 0.43
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
Van de Velde is a Belgian lingerie producer headquartered in Schellebelle with production in Tunisia, whose 2024 plans focus on green energy, expanding a site in Wichelen and cutting cutting-waste. The company is controlled by Van de Velde Holding NV, tying governance decisions closely to the founding family. The sources provided do not include revenue, so the analysis stays qualitative.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Missing financial data in sourcesmedium
The documents do not include revenue, margin or net result, which makes evaluation difficult 1.
- Dependence on the majority shareholdermedium
The family holding controls decisions, and minority interests could be overlooked if strategy changes 1.
- Energy costs in Tunisiamedium
The new building could significantly raise electricity consumption, which could affect production costs 1.
- Delays in fleet electrificationlow
The 2027 goal depends on charging investments and car policy, and a delay could postpone emission cuts 1.
- Dependence on the retail channelmedium
The company sells through partners, and a change in their orders could quickly affect volumes 1.
Investment thesis
What would need to be true (bull case)
- Investments in green energy and waste reduction could lower costs over the long term if projects are completed as planned 1.
- Stable family control offers strategic continuity, which can support long-term projects such as the Wichelen expansion 1.
- If cutting with a smaller buffer extends to more cutters, the company could meaningfully reduce waste and material use 1.
What would break the thesis
- The absence of revenue figures in the sources makes it hard to verify whether investments translate into growth or profitability 1.
- Rising energy use in Tunisia and fleet-transition costs could weigh on margins in the short term 1.
- Dependence on retailers and one majority shareholder could limit flexibility if demand shifts suddenly 1.
What to watch
- Progress of new green-energy contracts and reduction of conventional power purchases2025
- Completion of the Wichelen expansion and compliance with the BREEAM standard2024
- Development of electricity consumption in Tunisia after the new building starts operating2024
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
Van de Velde NV, known as a Belgian lingerie brand, runs its activities from sites in Belgium and a production unit in Tunisia, according to the 2023 annual report 1. The governance structure is monistic: a Board of Directors supported by a Management Team led by the CEO, who was appointed at the end of 2022 1. The sources do not give revenue, so this section only describes structure and operations.
The majority shareholder is Van de Velde Holding NV, and several non-executive directors represent this holding, indicating stable family control 1. Non-executive directors receive fixed fees without shares, which the company justifies by the stability of its family shareholders 1.
Operationally the company is investing in renewable energy, expanding its Wichelen site and reducing diesel use through a shift to electric vehicles 1. These projects describe a company modernising its factory and logistics, not only its product.
Segments
Market context
The lingerie market the company operates in is not described quantitatively in the sources provided. The report indicates that Van de Velde focuses on collections, design and the retail channel, without publishing market shares 1. A full view of market position would require data from external sources.
Customer relations rest on multi-brand retailers, and the company maintains its network through direct presentations and advance orders 1. If retail demand shifts, the impact would first appear in partner orders rather than in figures the company publishes.
Trends
- Renewable energytailwind
The company invested in solar panels at Schellebelle and plans new green-energy contracts, which could reduce reliance on conventional power 1.
- Fleet electrificationmixed
The goal is a fully electric fleet by 2027, although in 2022 most new company cars were hybrid 1. Transition costs could pressure short-term results.
- Reducing cutting wastetailwind
Cutting with a smaller buffer and recycling residues are underway, and part of the residue could be reused as raw material 1. Success depends on extending these cutters.
- Rising energy use in Tunisiaheadwind
The new building in Tunisia doubles the operational area and will bring a further rise in electricity consumption 1. This is a cost factor that could weigh on margins.
Competitive position
The sources provided do not describe competitors. From the annual report no conclusions can be drawn about market share or performance comparisons with other lingerie producers 1. The list below contains only entities identifiable from other sources, not from the report.
The company does not name direct competitors in the documents provided. A competitive analysis would require sector reports and retailer data, which are not part of the sources used here 1.
- No competitors identified in sources
The 2023 annual report names no other producers, so no direct competition can be concluded.
- Unknown from sources
No competing entity appears in the documents provided for this analysis.
- Unknown from sources
The lack of competition data limits analysis of the company's relative position.
- Unknown from sources
Identifying competitors would require external sources on the lingerie sector.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202326 Mar 2024
- Annual report 202326 Mar 2024
- Annual report 202326 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Van de Velde NV · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.