olivLaw · European equity research
Vastned VASTB.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Vastned is a Belgian regulated real estate investment company (GVV) focused on European retail properties. The 2025 merger made it the top company of the group, and the consolidated portfolio reached over 1,268.4 million EUR in real estate investments. Occupancy stayed at 98.6% in fiscal 2025.
At the close of 05 Nov 2026, Vastned (VASTB.BR) stock was 27.55 EUR (−0.54% on the day), with market capitalisation 444.8 m EUR, P/E 9.1 on diluted EPS of 3.04 EUR over the last 12 months, dividend yield 0.39%, beta 0.28, 52-week range 26.65–31.70 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)
- 50.9
- neutral
- Bollinger (20, 2)
- 27.02 – 27.89
- in the upper half of the band · %B 0.61 · band width 3.1%
- SMA 50 / 200
- 27.79 / 29.14
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.15
- 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 | +2.8% | +0.4% | +2.4 pp | — |
| 3 months | −7.7% | −3.3% | −4.4 pp | — |
| 6 months | −3.8% | +4.0% | −7.8 pp | — |
| Year to date | −11.4% | +8.1% | −19.5 pp | — |
| 1 year | −7.2% | +10.7% | −17.9 pp | +7.2% |
| 3 years | −2.0% | +50.1% | −52.0 pp | −5.5% |
| 5 years | −7.2% | +43.6% | −50.8 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 3-quarter history (min 10.2, median 13.1, max 13.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 11.3 m | 10.6 m | 49.1 m |
| Net income YoY | unavailable | −5.7% | +361.2% |
| Diluted EPS | 2.22 | 2.10 | 3.04 |
| Diluted EPS YoY | unavailable | −5.4% | +44.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 725.5 m EUR
- Total assets
- 1.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.18x
- ROE
- 10.4%
- ROA
- 6.1%
- 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 | 15.1 m | 14.7 m | 76.9 m | esef· 07 Apr 2026verified |
| Interest expense | 1.8 m | 3.2 m | 16.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | 11.4 m | 10.7 m | 59.7 m | esef· 07 Apr 2026verified |
| Income tax | 94.0 k | 29.0 k | 10.6 m | esef· 07 Apr 2026verified |
| Net income | 11.3 m | 10.6 m | 49.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 2.22 | 2.10 | 3.04 | esef· 07 Apr 2026verified |
| Dividend per share | 2.25 | 4.66 | 0.11 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 429.0 k | 422.0 k | 1.9 m | esef· 07 Apr 2026verified |
| Current assets | 5.8 m | 6.0 m | 13.4 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 44.0 k | 2.0 k | 0 | esef· 07 Apr 2026verified |
| Total assets | 315.9 m | 328.8 m | 1.3 bn | esef· 07 Apr 2026verified |
| Accounts payable | 796.0 k | 1.3 m | 6.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 5.2 m | 6.1 m | 74.6 m | esef· 07 Apr 2026verified |
| Total liabilities | 84.0 m | 109.6 m | 559.8 m | esef· 07 Apr 2026verified |
| Equity | 231.9 m | 219.2 m | 725.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 5.1 m | 5.1 m | 16.1 m | esef· 07 Apr 2026derived |
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: 444.8 m EUR
Key indicators
Coverage and freshness
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: 32.52 – 70.88 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E32.52 – 70.88 (Mid 44.43)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.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)outside the aggregate1.48 – 2.01 (Mid 1.70)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 | 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 | 4.7x | 50 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 9.1x | 82 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (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 sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation· partial82/100 · 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
Vastned (VASTB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.4%.
The estimated value range is 32.52–70.88 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 44.43 EUR, the price of 27.55 EUR leaves a potential of 61.3% (value / price − 1) and a margin of safety of 38.0% (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
- P/E (TTM): 9.1x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.2x
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, 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 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 | 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 VASTB.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
Vastned is a Belgian regulated real estate investment company (GVV) focused on European retail properties. The 2025 merger made it the top company of the group, and the consolidated portfolio reached over 1,268.4 million EUR in real estate investments 1. Occupancy stayed at 98.6% in fiscal 2025 1.
SWOT
Strengths
- High occupancy and a larger consolidated portfolio after the merger provide stability to rental income 1.
- GVV status and a clear group structure support dividend distribution and access to regulated financing 1.
- Management delivered the synergies promised at the merger, confirming execution capacity 1.
Weaknesses
- The EPRA result per share fell in 2025 compared with earlier years, pointing to pressure on per-share profitability 1.
- The change in financial leadership, with the CFO departing in early 2026, may create transition risk 1.
- The small size of the executive team limits capacity to run many projects at the same time 1.
Opportunities
- A larger portfolio after the merger could open acquisition and development opportunities if suitable projects are identified 1.
- Management's focus on market visibility and growth projects could attract new investors 1.
- If further synergies materialise, the effect on EPS and EPRA could prove larger than so far 1.
Risks
- Retail market riskhigh
Lower demand for physical commercial space could reduce occupancy and rent levels 1.
- Tenant riskhigh
If some tenants stop paying rent or leave, income could fall sharply 1.
- Post-merger integration riskmedium
Ongoing integration of structures in the Netherlands, France, Spain and Belgium may face operational difficulties 1.
- Management and transition riskmedium
The CFO's departure and the reorganisation of leadership could delay important financial decisions 1.
- Business environment shift risklow
Management acknowledges that risks can evolve rapidly, which may require unforeseen strategic adjustments 1.
Investment thesis
What would need to be true (bull case)
- If occupancy stays high and synergies grow, rental income and per-share results could gradually recover 1.
- The consolidated portfolio could offer economies of scale and access to larger projects if integration goes well 1.
- GVV status and the dividend policy could attract investors seeking steady income in favourable market conditions 1.
What would break the thesis
- If demand for physical retail keeps falling, occupancy and rents could suffer even though they are currently high 1.
- The EPRA result per share fell in 2025, which may suggest that merger benefits have not yet translated into profit per share 1.
- The change in financial leadership could slow strategy execution if not handled quickly 1.
What to watch
- Development of occupancy in commercial spaces2026
- Realisation of synergies and impact on EPRA2026
- Appointment of the new CFO and financial continuity2026
- New long-term incentive cycle2026-2029
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
Vastned operates as a regulated real estate investment company (GVV) and manages commercial properties through subsidiaries in Belgium, the Netherlands, France and Spain, according to the 2025 annual report 1. After the merger with Vastned Retail NV, effective 1 January 2025, Vastned became the top company of the group, so its board and executive committee now oversee the consolidated portfolio 1. Rental income and the EPRA result reflect directly the occupancy of spaces and the upkeep of properties 1. The company pays dividends and is structured under the specific GVV tax framework 1. Operational leadership is provided by a CEO and a CFO, the latter leaving on 1 January 2026 1.
Segments
Market context
Vastned operates in the European commercial property market, especially in large cities with strong footfall, where it competes for tenants and prime locations 1. The EPRA result of 35,842 thousand EUR in 2025, against 12,104 thousand EUR in 2024, largely reflects the effect of consolidation after the merger 1. If demand for retail space holds, occupancy and rental income could remain stable 1.
Trends
- Group consolidationtailwind
The merger with Vastned Retail enlarged the portfolio and raised the company's market visibility, which could support access to growth opportunities 1.
- Shifting consumer behaviourheadwind
Physical retail is continually transforming, and tenants may reduce space or ask for new terms, which could weigh on long-term income 1.
- Management pay and incentivesmixed
The new remuneration policy emphasises synergies and EPS and EPRA metrics, which may steer operational decisions towards short-term results 1.
- Fast-changing business environmentheadwind
Management notes that the retail environment changes daily and new risks can arise quickly, requiring frequent strategic adjustments 1.
Competitive position
Vastned competes with other European commercial property companies that own prime shopping centres and high streets, for tenants and quality assets 1. The available source does not quantify the company's market position, so its competitive advantage cannot be assessed from this source 1.
- Other European commercial property funds
Rivals for tenants and prime assets in European cities; the source does not name other companies.
- Local retail developers and investors
Local players competing for commercial space in the same urban areas; not named in the source.
- Shopping centre operators
Companies running shopping centres that may attract the same tenants; not named in the source.
- Owners of high-street retail property
Owners offering alternative locations to the same tenant categories; not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vastned · 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.