olivLaw · European equity research
Immobel NV IMMO.BR
Belgium · Euronext Brussels · ISIN BE0003599108 · Vertical: Listed companies from Belgium
Immobel is a Belgian real estate developer active in Belgium, France, Germany, Poland, Spain, Luxembourg and the United Kingdom, financing its projects through equity, bonds and credit facilities. The 2023 annual report highlights credit lines and liquidity as the main issues to monitor, with a liquidity position of 212 million EUR at the end of 2023.
At the close of 05 Nov 2026, Immobel NV (IMMO.BR) stock was 17.25 EUR (−2.27% on the day), with market capitalisation 172.2 m EUR, dividend yield 17.67%, beta 0.37, 52-week range 17.25–26.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.3
- weak (30–45)
- Bollinger (20, 2)
- 17.25 – 18.51
- in the lower half of the band · %B 0.00 · band width 7.0%
- SMA 50 / 200
- 18.85 / 21.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.36 / -0.36
- 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 | −6.5% | +0.4% | −6.9 pp | — |
| 3 months | −19.0% | −3.3% | −15.8 pp | — |
| 6 months | −18.2% | +4.0% | −22.2 pp | — |
| Year to date | −26.6% | +8.1% | −34.7 pp | — |
| 1 year | −27.8% | +10.7% | −38.5 pp | +8.1% |
| 3 years | −36.0% | +50.1% | −86.1 pp | −4.6% |
| 5 years | −76.3% | +43.6% | −119.9 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 | 2022 | 2023 |
|---|---|---|
| Revenue | 227.2 m | 152.6 m |
| Revenue YoY | unavailable | −32.8% |
| Net income | 10.7 m | -38.4 m |
| Net income YoY | unavailable | −458.3% |
| Diluted EPS | 1.08 | -3.85 |
| Diluted EPS YoY | unavailable | −456.5% |
| net % | 4.7% | -25.2% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 132.1 m EUR
- Financial debt
- 964.1 m EUR
- Net debt
- 832.0 m EUR
- Equity
- 501.7 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- 1.92x
- Current ratio
- 3.31x
- ROE
- -7.1%
- ROA
- -2.2%
- 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 | 227.2 m | 152.6 m | esef· 18 Mar 2024verified |
| Cost of revenue | 208.9 m | 137.4 m | esef· 18 Mar 2024verified |
| Gross profit | 18.4 m ≈ | 15.2 m ≈ | esef· 18 Mar 2024derived |
| Operating income | -49.7 m | -26.4 m | esef· 18 Mar 2024verified |
| Pre-tax income | 13.1 m | -25.3 m | esef· 18 Mar 2024verified |
| Income tax | 2.8 m | 12.3 m | esef· 18 Mar 2024verified |
| Net income | 10.7 m | -38.4 m | esef· 18 Mar 2024verified |
| Diluted EPS | 1.08 | -3.85 | esef· 18 Mar 2024verified |
| Dividend per share | 3.06 | 3.05 | esef· 18 Mar 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 275.9 m | 132.1 m | esef· 18 Mar 2024verified |
| Inventories | 985.7 m | 1.1 bn | esef· 18 Mar 2024verified |
| Current assets | 1.4 bn | 1.4 bn | esef· 18 Mar 2024verified |
| Property, plant & equipment, net | 4.1 m | 3.4 m | esef· 18 Mar 2024verified |
| Intangibles (excl. goodwill) | 1.4 m | 1.7 m | esef· 18 Mar 2024verified |
| Total assets | 1.7 bn | 1.7 bn | esef· 18 Mar 2024verified |
| Short-term debt | 179.7 m | 176.2 m | esef· 18 Mar 2024verified |
| Long-term debt | 722.8 m | 787.9 m | esef· 18 Mar 2024verified |
| Current liabilities | 430.4 m | 410.9 m | esef· 18 Mar 2024verified |
| Equity | 573.1 m | 501.7 m | esef· 18 Mar 2024verified |
| Shares outstanding at year end | 9.9 m | 10.0 m | esef· 18 Mar 2024derived |
Cash flow · EUR
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 172.2 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 41.45 – 56.52 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 · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)41.45 – 56.52 (Mid 47.82)
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.7% | 15 (vs peers) | 38% |
| Net margin · Quality | -25.2% | 10 (vs peers) | 23% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 17.7% | 100 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
IMMOBEL (IMMO.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 152.6 m EUR in 2023; YoY growth -32.8%; net margin -25.2%; ROE -7.4%.
The estimated value range is 41.45–56.52 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 47.82 EUR, the price of 17.25 EUR leaves a potential of 177.2% (value / price − 1) and a margin of safety of 63.9% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.3x
- Shareholder yield (distributions): 17.7%
- The price is below the estimated value range
What contradicts it
- ROIC: -1.7%
- Net margin: -25.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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 | 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 IMMO.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Immobel is a Belgian real estate developer active in Belgium, France, Germany, Poland, Spain, Luxembourg and the United Kingdom, financing its projects through equity, bonds and credit facilities. The 2023 annual report highlights credit lines and liquidity as the main issues to monitor, with a liquidity position of 212 million EUR at the end of 2023 1.
SWOT
Strengths
- Group structure with presence in several European countries and a liquidity level considered sufficient by management to support the going concern assumption 1.
- Experience in developing residential and office projects, with partnerships that share risk 1.
- Active measures to reduce overhead costs and consolidate activities in 2023 1.
Weaknesses
- Dependence on short-term financing and on renewing credit facilities exposes the company to liquidity pressure 1.
- Limited control over some joint ventures, where disputes with partners can block activity 1.
- Covenants in existing credit agreements, whose breach can trigger default on other obligations 1.
Opportunities
- If capital or bank markets become more favourable, the company could obtain new financing on better terms 1.
- Continued consolidation of activities could reduce costs and support project profitability 1.
- Acquiring new land and projects in existing markets, if liquidity allows, could expand the portfolio 1.
Risks
- Liquidity and financinghigh
The company could fail to maintain a sufficient liquidity level or renew its credit on acceptable terms, which could affect investments 1.
- Credit covenantshigh
Breach of covenants in credit agreements could trigger cross-default across several financings 1.
- Interest ratesmedium
Movements in long-term rates and bank margins can affect financial results, even though short-term exposure is hedged 1.
- Environmental liabilitymedium
Remediation obligations and sanctions for non-compliance with environmental law could generate costs and affect reputation 1.
- Litigation and warrantiesmedium
Claims related to leases, sales or building defects could lead to significant damages 1.
Investment thesis
What would need to be true (bull case)
- If liquidity remains at the reported level and costs keep falling, the company could continue funding projects without being forced to sell assets on unfavourable terms 1.
- Presence in several European countries and existing partnerships could provide access to new projects and geographic diversification 1.
- Lower interest rates could reduce financing costs and improve project margins 1.
What would break the thesis
- If financing cannot be renewed on favourable terms, the company could be forced to postpone or abandon projects 1.
- Breach of credit covenants could set off a chain of effects across several facilities 1.
- Litigation, warranty and environmental obligations could create unforeseen costs and affect reputation 1.
What to watch
- Evolution of the liquidity position and renewal of credit facilities2024
- Compliance with covenants in financing agreements2024
- Outcome of the vote on board mandate renewals and appointment of the auditor18 April 2024
- Effects of overhead reduction and consolidation of activities on resultsnext annual report
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
Immobel NV, headquartered in Belgium, develops residential and office real estate projects, managed directly or through subsidiaries and partnerships. The company has share capital of about 97.36 million EUR, represented by 9,997,356 shares without nominal value 1. The management structure includes an executive chairman who also performs the CEO role 1.
Activity runs through joint ventures and partnerships, which can limit its control over some projects, according to the annual report 1. The company relies on equity, bonds and project-level credit facilities to finance its developments 1.
In 2023 management reduced overhead costs, including by shrinking the team for small residential projects in France and moving real estate investment management from London to Brussels 1.
Segments
Real estate development
Development of residential and office projects is the core activity, with large investments financed mostly through equity and project-level credit 1.
Real estate investment management
Real estate investment management activity was moved from London to Brussels in 2023 as part of cost reduction measures 1.
Market context
The annual report describes geopolitical and economic uncertainty affecting the company and the sector as a whole, and the board continuously assesses the going concern assumption based on a minimum scenario updated regularly 1.
Interest rate risk is significant: financing relies mainly on short-term rates linked to EURIBOR, and the company hedges most of its short-term variable rate exposure while remaining exposed to longer-term movements 1.
Trends
- Liquidity and financing pressureheadwind
If Immobel cannot maintain a sufficient liquidity level or renew its credit lines on favourable terms, some investments or projects could be postponed 1.
- Interest rates and cost of financingheadwind
Movements in short- and long-term rates and bank margins directly influence financial results, and long-term exposure remains open 1.
- Reduction of overhead coststailwind
Team reductions and the consolidation of activities, including the move from London to Brussels, could improve the cost structure if maintained 1.
- Environmental and legal liabilitymixed
Development activity exposes the company to remediation obligations, litigation and defect warranties, which could raise costs or affect reputation 1.
Competitive position
The annual report does not name competitors. The company operates in several European countries, and competition likely centres on access to land, financing and partnerships for residential and office projects, themes mentioned in the risks presented 1.
- European real estate developers with similar activity
The source does not name competitors; the company operates in the same residential and office development segments in Belgium, France and Poland 1.
- Investors and real estate funds participating in partnerships
Partnerships and joint ventures with other investors are cited as a control risk, not as named competitors 1.
- Local developers in the French and German markets
The company is active in several national markets, where local competition for land and projects can be intense 1.
- Other development companies in Luxembourg and Spain
Presence in these countries is mentioned within the group structure, without details on competitors 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202318 Mar 2024
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Immobel 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.