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Home Invest Belgium NV
Interim Report • Sep 3, 2025
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Interim Report
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03/09/2025 5.40 pm Regulated information
• Qualitative residential real estate portfolio
- - The fair value of the real estate portfolio is € 883.55 million on 30 June 2025.
- - The investment properties available for rent consist of 91.4% residential real estate.
- - More than 50% of the investment properties available for rent are younger than 10 years; more than 80% are younger than 20 years.
- - Completion of the Jourdan 95 residential project in Brussels (Saint-Gilles) with 48 sustainable residential units.
- - Acquisition of Jardin Léopold development project in Brussels (Laken) with 56 sustainable residential units.
• Low average energy consumption of the residential portfolio
- - The units of Home Invest Belgium's property portfolio have an average primary energy consumption of 105 kWh/m²/year on 30 June 2025.
- - Home Invest Belgium's ambition is to further reduce the average primary energy consumption of its residential portfolio to <100 kWh/m²/year by 31 December 2026.
- - In comparison, the average energy consumption of the residential market is 294 kWh/m²/year in the Brussels Capital Region. Only 17% of the market is below 150 kWh/m²/year; only 6% of the market is below 95 kWh/m²/year.
• Strong letting market results in a high occupancy rate
- - Strong residential letting market with high demand for qualitative housing.
- - An average occupancy rate of 98.3% in the first half of 2025.
- - Lfl (like-for-like) rental growth of 4.3% in the first half of 2025.
• Further increase of the EPRA earnings
- - 2.7 % increase in the EPRA earnings to € 10.21 million in the first half of 2025 (compared to € 9.34 million in the first half of 2024).
- - 1.1 % increase in the EPRA earnings per share to € 0.51 in the first half of 2025 (compared to € 0.51 in the first half of 2024).
• Completion of the City Gardens sale in Leuven
- The net sales price of this sale transaction amounts to € 34.0 million and is 16.0% above the last estimated fair value (31 December 2024).
• Increase of the Net Asset Value per share (NAV)
- 0.8% increase in EPRA NTA per share to € 23.76 on 30 June 2025 (compared to € 23.56 on 31 December 2024).
• Well balanced capital structure and strong liquidity position
- - The debt ratio amounts to 47.50% (RREC Royal Decree) and 46.64% (IFRS) on 30 June 2025.
- - The average cost of debt amounts to 2.14% in the first half year of 2025.
- - 88.1% of the financial debts have a fixed interest rate with a weighted average remaining duration of 4.9 years.
- - Home Invest Belgium has € 108 million available credit lines.
- - The company has no credit lines or bonds maturing in 2025 and the first half of 2026. The ongoing development pipeline is fully funded.
• Outlook 2025 and distribution to shareholders
- For 2025, Home Invest Belgium expects an increase of the EPRA earnings per share to € 1.20 (compared to € 1.16 in 2024).
- On 6 May 2025 the Ordinary General Meeting and the Extraordinary General Meeting approved a total distribution to shareholders of € 1.14 per share (compared to € 1.12 for 2023), an increase for the 25th consecutive year.
The distribution to the shareholders consists of the combination of:
- o a gross dividend of € 1.02 per share (an increase of € 0.01 compared to € 1.01 for 2023); and;
- o a capital reduction by € 0.12 per share (an increase of € 0.01 compared to € 0.11 for 2023).
- The board of directors foresees a distribution policy based on a yearly increase equal to or higher than the long-term inflation.
| 1. | Real estate portfolio 3 | |
|---|---|---|
| 2. | Consolidated key figures 5 | |
| 3. | Notes to the consolidated key figures 7 | |
| 4. | Activity Report10 | |
| 5. | Stock market activity 15 | |
| 6. | Distribution to shareholders 18 | |
| 7. | Outlook…………………………………………………………………………………………………………………………………………………………………………………19 | |
| 8. | Summary of the consolidated financial statements of the first half of 2025…………………………………20 | |
| 9. | APM – Alternative performance measures……………………………………………………………….……………………….……………38 | |
| 10. | Shareholders' calendar 42 |
On 30 June 2025, Home Invest Belgium holds a real estate portfolio1 of € 883.55 million (compared to € 881.79 million on 31 December 2024).
| REAL ESTATE PORTFOLIO | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Fair value of investment properties | € 854.92 m | € 852.98 m |
| Investment properties available for rent | € 793.60 m | € 786.43 m |
| Development projects | € 61.32 m | € 66.55 m |
| Investments in associated companies and joint ventures | € 28.63 m | € 28.81 m |
| TOTAL | € 883.55 m | € 881.79 m |
The fair value of the investment properties available for rent amounts to € 854.92 million across 45 sites.
The total contractual annual rents and the estimated rental value of vacant space is € 39.59 million as of 30 June 2025.
The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2 of 4.99%.
Residential properties accounted for 91.4% of the investment properties available for rent on 30 June 2025. 68.7% of the investment properties available for rent are located in the Brussels Capital Region, 10.3% in the Walloon region, 12.3% in the Flemish Region and 8.7% in The Netherlands.
Investment properties available for rent Investment properties available for rent
- By type of property - Geographical distribution
1 The real estate portfolio includes (i) investment properties and (ii) investments in associated companies and joint ventures equity method.
2 Gross rental yield = (contractual gross rents on a yearly basis + estimated rental value on vacant spaces) / (fair value of the investment properties available for rent).
| CONSOLIDATED KEY FIGURES | (in k €) | |
|---|---|---|
| CONSOLIDATED INCOME STATEMENT | H1 2025 | H1 2024 |
| NET RENTAL RESULT | 18,282 | 18,064 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 12,422 | 12,263 |
| OPERATING MARGING3 XVI. Result on the sale of investment properties |
67.9%, 4,691 |
67.9%, 2,230 |
| XVIII. Changes in fair value of investment properties | 10,354 | 49,787 |
| XIX. Other portfolio result | -478 | -208 |
| PORTFOLIO RESULT | 14,567 | 51,808 |
| OPERATING RESULT | 26,989 | 64,071 |
| XX. Financial income | 8 | 4 |
| XXI. Net interest charges | -2,776 | -2,918 |
| XXII. Other financial charges | -45 | -38 |
| XXIII. Changes in fair value of financial assets and liabilities | -1,878 | 2,189 |
| FINANCIAL RESULT | -4,690 | -764 |
| XXIV. Share in the profit of associated companies and joint ventures | 1,053 | 991 |
| TAXES | -163 | -185 |
| NET RESULT | 23,189 | 64,114 |
| Exclusion of portfolio result | -14,567 | -51,808 |
| Exclusion of changes in real value of financial assets and liabilities | 1,878 | -2,189 |
| Exclusion of non-EPRA elements of the share in the result of associated companies and joint ventures | -294 | -181 |
| EPRA EARNINGS 4 | 10,205 | 9,935 |
| Average number of shares 5 | 19,982,868 | 19,663,501 |
| NET RESULT PER SHARE | 1.16 | 3.26 |
| EPRA EARNINGS PER SHARE | 0.51 | 0.51 |
3 Operating margin = (operating result before portfolio result)/(net rental result).
4 EPRA earnings is the net result excluding the (i) portfolio result (ii) the changes in the fair value of financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures. This term is used in accordance with the Best Practices Recommendations of EPRA.
5 The average number of shares is calculated excluding the own shares held by the company. Shares are counted pro rata temporis from the moment of issue or repurchase. The moment of issue may differ from the moment of profit sharing.
Regulated information
| BALANCE SHEET | 31/12/2024 | |
|---|---|---|
| Shareholder's equity (attributable to shareholders of parent company) | 481,969 | 484,437 |
| Total assets | 903,175 | 901,069 |
| Debt ratio (RREC Royal Decree) 6 | 47.50% | 47.19% |
| Debt ratio (IFRS) 7 | 46.64% | 46.30% |
| PER SHARE | 30/06/2025 | 31/12/2024 |
| Number of shares at end of period8 | 19,895,902 | 20,066,379 |
| Stock price at closing date | 20.30 | 17.16 |
| IFRS NAV per share9 | 24.22 | 24.14 |
| Premium compared to IFRS NAV (at closing date) | -16.2% | -28.9% |
| EPRA NTA per share10 | 23.76 | 23.56 |
| Premium compared to EPRA NTA (at closing date) | -14.6% | -27.2% |
6 The debt ratio (RREC Royal Decree) is the debt ratio calculated in accordance with RREC Royal Decree. This means that for the purposes of calculations of the debt ratio, participations in associated companies and joint ventures are processed following the proportional consolidation method.
7 The debt ratio (IFRS) is calculated like the debt ratio (RREC Royal Decree) but based on and conciliating with a consolidated balance in accordance with IFRS where participations in joint ventures and associated companies are processed following the equity method.
8 The number of shares at the end of the period is calculated excluding the own shares held by the company.
9 IFRS NAV per share = Net Asset Value or Net Value per share according to IFRS.
10 EPRA NTA per share = Net Asset Value or Net Value per share following the Best Practices Recommendations of EPRA.
3.1. NOTES TO THE CONSOLIDATED INCOME STATEMENT
Net rental result
The net rental result amounts to € 18.28 million during the first half of 2025 (compared to € 18.06 million in the first half of 2024).
Operating result before the portfolio result
The operating result before the portfolio result amounted to € 12.42 million during the first six months of 2025 (compared to € 12.26 million during the first six months of 2024).
The operating margin11 remained stable on 67.9% during the first half of 2025.
Portfolio result
During the first six months of 2025, Home Invest Belgium has recorded a portfolio result of € 14.57 million.
The result on the sale of investment properties amounted to € 4.69 million during the first half of 2025. Home Invest Belgium sold investment properties in this period for a net sales price totalling € 34.03 million. The net sales value was 16.0% above the fair value as valued by the independent real estate expert.
In addition, during the first half of 2025, Home Invest Belgium recorded a positive change in the fair value of its investment properties amounting to € 10.35 million. These variations consist of:
- A positive variation of € 9.04 million in Belgium; and
- A positive variation of € 1.31 million in the Netherlands.
The other portfolio result amounts to € -0.48 million. In this item, the changes in deferred taxes are recorded.
Financial result
The net interest charges amounted to € -2.78 million in the first half of 2025. The average cost of debt12 amounted to 2.14% in the same period.
The changes in the fair value of the financial assets and liabilities amounted to € 1.88 million during the first half of 2025. These changes are the consequence of a change in the fair value of the interest rate swaps.
Taxes
Taxes amounted to € -0.16 million during the first half of 2025 (compared to € -0.19 million during the first half of 2024).
Net result
The net result (group share) of Home Invest Belgium amounted to € 23.19 million during the first half of 2025, or € 1.16 per share.
11 Operating margin = (operating result before portfolio result)/(net rental result).
12 The average cost of debt = the interest costs including the credit margin and the cost of hedging instruments and increased by capitalized interests divided by the weighted average amount of financial debt over the period.
EPRA earnings
After adjustment of the net result before (i) the portfolio result, (ii) the changes in the fair value of the financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures, EPRA earnings amount to € 10.21 million during the first half of 2025, an increase of 2.7% compared to € 9.94 million during the first half of 2024.
EPRA earnings per share increased by 1.1% to € 0.51 during the first half of 2025.
3.2. NOTES TO THE CONSOLIDATED BALANCE SHEET
Shareholder's equity and NAV per share
On 30 June 2025, the group's shareholder's equity stood at € 481.97 million, a decrease of 10.5% compared to 31 December 2024.
De IFRS NAV per share increased by 0.3% to stand at € 24.22 on 30 juni 2025 (compared to € 24.14 on 31 December 2024).
De EPRA NTA per share increased by 0.8% to stand at € 23.76 on 30 juni 2025 (compared to € 23.56 on 31 December 2024).
3.3.FUNDING STRUCTURE
Debt ratio
The debt ratio (RREC Royal Decree) is 47.50% on 30 June 2025. The debt ratio (IFRS) amounts to 46.64%.
Considering a maximum permitted debt ratio of 65%, Home Invest Belgium still has a debt capacity of € 453.13 million, as defined by the RREC Royal Decree, in order to fund new investments.
Considering Home Invest Belgium's strategy to keep the debt ratio in the medium and long term below 55%, Home Invest Belgium still has a debt capacity of € 151.04 million to fund new investments.
Debt composition
On 30 June 2025, Home Invest Belgium had € 405.00 million in financial debts, composed of:
- - Bilateral credit lines drawn for an amount of € 350.00 million with 7 different financial institutions, with well spread maturity dates until 2032. There are no maturity dates falling in 2025. The first coming maturity dates are in the second half of 2026;
- - Bond loans for an amount of € 49.00 million, maturing between 2028 and 2032;
- - Short trem treasury notes ("commercial paper") for an amount of € 6.00 million. Notwithstanding the short-term nature of the outstanding commercial paper, the outstanding amount is fully covered by available long-term credit lines (back-up lines).
Maturity dates of the financial debts (in € million)
The weighted average remaining duration of the financial debts amounts to 4.1 years.
On 30 June 2025, Home Invest Belgium disposed of € 108.00 million of undrawn available credit lines of which:
- - € 6.00 million long-term back-up lines covering short-term outstanding treasury notes;
- - € 102.00 million available credit lines.
Hedges
On 30 June 2025, 88.1% of the financial debts (i.e. € 357.0 million) had a fixed interest rate, using Interest Rate Swaps as hedging instruments, among other things.
The fixed interest rates have a weighted average remaining duration of 4.9 years.
The total value of the hedges at closing date was positive for an amount of € 12.02 million due to an increase in interest rates after conclusion of the hedges.
Through its hedging policy, the board of directors to protect the company against potential increases in interest rate.
rate 88,1%
Overview of fixed-rate debt, hedged variable-rate debt (SWAPS) and unhedged variablerate debt.
4.1. RENTAL ACTIVITY
In the first half of 2025, Home Invest Belgium saw a healthy rental market with a strong demand for quality homes in the regions in which it is active. This resulted in a very high occupancy rate. The average occupancy rate13 of investment properties available for rent stands at 98.3% in the first half of 2025. The Lfl (like-for-like) rental growth was 4.3% in the first half of 2025.
4.2.ACQUISITIONS
Acquisition sustainable housing project Jardin Leopold - Brussels – Belgium
Home Invest Belgium acquired the Jardin Leopold development project in Brussels (Laeken) in January 2025. The transaction concerns the acquisition of a site with 2 old warehouses and a building permit. Home Invest Belgium will realise a new build project consisting of 56 units. The total investment in the project will amount to approximately € 18.0 million. The gross initial yield is estimated at around 4.7%. The project is expected to be delivered by the end of 2026.
4.3.RENOVATION AND DEVELOPMENT PROJECTS
Delivery of Jourdan 95 – Brussels – Belgium
In March 2025, Home Invest Belgium completed the Jourdan 95 residential project in Brussels (Saint-Gilles). The project consists of 48 sustainable rental residential units strategically located between Porte de Halle and Avenue Louise in Brussels.
At the end of 2022, HOMI received a permit to transform an outdated office building into high-quality rental housing.14 The result is a modern complex of 48 units spread across six floors. The units range from efficient studios to spacious four-bedroom apartments, with many having private terraces. In addition, the building offers a communal gym, a laundry room, bicycle storage and 55 underground parking spaces. On the ground floor, residents have a communal garden, while a nursery is already in use, adding to the vibrancy of the neighborhood.
The choice to renovate the existing building instead of demolishing it fits perfectly with HOMI's sustainability objectives. This approach significantly reduces the ecological footprint.
This project was carried out in collaboration with the architectural firm A2RC.
13 The average occupancy rate represents the average percentage, over a given period, of the contractual rents of the leased premises, in relation to the sum of the contractual rents of the leased premises plus the estimated rental value of the unleased premises. The occupancy rate is calculated excluding (i) buildings under renovation, (ii) buildings that are being placed on the market for the first time and (iii) buildings for sale.
14 See press release dated 16 September 2022: "Home Invest Belgium obtains building permit for Jourdan project in Saint-Gilles".
Sustainability and quality of life were at the heart of the renovation of Jourdan 95. The building is heated entirely without the use of fossil fuels. Domestic hot water and heating are produced by 3 collective air-water heat pumps. About 100 solar panels provide green electricity production. The houses have an estimated average primary energy consumption of 42 kWh/m²/year (energy label A).
Progress City Dox (Lot 4) – Brussels - Belgium
In November 2021, Home Invest Belgium purshased from Atenor building plot LOT 4 of the CITY DOX project in Brussels (Anderlecht).
LOT 4 has an ideal location right next to the Vaartdijk in Anderlecht and is part of the large-scale CITY DOX project along the Brussels-Charleroi canal. LOT 4 will be developed into 163 residential units and 2,700 m² of space for production.
The work is nearing completion and the final touches are being made ahead of delivery in the second half of 2025.
Renovation building Charles Woeste – Brussels - Belgium
Home Invest Belgium has started the thorough renovation of its building Charles Woeste located in Brussels (Jette).
The building, part of Home Invest Belgium's property portfolio since 1999, consists of 2 blocks with a total of 92 units and 30 parking spaces.
The renovation is in 2 phases: block 1 consists of 48 apartments; block 2 consists of 42 apartments. With the renovation, Home Invest Belgium aims to improve both the energy performance of the building and the living comfort in the apartments.
Completion of the renovation project is scheduled for Q1 2026.
4.4. SALES
On 29 January 2024, Home Invest Belgium announced to have entered into an agreement, under usual conditions precedent, for the sale of the City Gardens building located in Leuven.15 Home Invest Belgium executed the notary deed on 17 January 2025, thus successfully completing the sale.
The net sale price amounts to € 34.0 million and is 16% above the last fair value as estimated by the property expert on 31 December 2024.
This investment is a good illustration of Home Invest Belgium's business model, in which the entire value chain is controlled (from construction or renovation, through management, letting and maintenance, to the eventual sale of a building).
The City Gardens building consists of 138 apartments, 2 shops and 92 parking spaces. Home Invest Belgium acquired the building in 2009 and completely renovated it in 2010. Home Invest Belgium then held the building in its portfolio for 15 years and operated it on the rental market. In 2025, Home Invest Belgium sold the building and realised a capital gain of € 15.6 million (i.e. 85%) compared to the historical purchase price (plus Capex expenditure).
4.5.ENERGY EFFICIENCY OF THE RESIDENTIAL PORTFOLIO
Home Invest Belgium's s property portfolio has an average primary energy consumption of 105 kWh/m²/year on 30 June 2025.
Home Invest Belgium's ambition is to further reduce the average primary energy consumption of the residential portfolio to <100 kWh/m²/year by 31 December 2026.
By comparison, the average energy consumption of the residential market is 294 kWh/m²/year in the Brussels Capital Region. Only 17% of the market is below 150 kWh/m²/year; only 6% of the market is below 95 kWh/m²/year.16
4.6.EXPIRY OF LEASEHOLD RIGHTS IN LOUVAIN-LA-NEUVE ON 7 JUNE 2026
On 25 January 2013, Home Invest Belgium acquired leasehold rights on buildings CV9, CV10 and CV18 in Louvain-La-Neuve17. The building rights have a residual term until 7 June 2026.
At the end of the leasehold rights, UCL (as the grantor) has the option to:
- (i) Either pay HOMI the market value of the structures;
- (ii) Or extend the building rights for a term of 49 years in the form of a leasehold.
UCL has informed HOMI that it will not extend the leasehold rights and will therefore opt for payment of the market value of the structures. Based on external valuation reports, the market value of the structures is estimated at approximately € 50 million.
On 7 June 2026, the contractual rents from the leasehold rights will lapse and HOMI will have a claim against UCL for the market value of the structures. The annual contractual rents on these buildings amount to € 4.2 million on 30 June 2025.
The decline in rental income resulting from the expiry of the building rights has already been offset by the investment programme that HOMI has implemented in recent years, in particular (i) the completion of 119
15 See press release 'Home Invest Belgium sells City Gardens in Leuven' dated 29 January 2024.
16 Source: Bruxelles Environnement, "Certification PEB des habitations individuelles" (données 2021).
17 See press release "Acquisition de l'ensemble des droits réels du certificat immobilier - Louvain La Neuve 1976 - » dated 4 December 2012
additional rental properties in 2024 and the first half of 202518 (€ 1.9 million in annual rental income19), (ii) the construction of 219 additional licensed rental properties currently under development20 (€ 3.5 million in annual rental income21, and (iii) the investment in the Cityforward project.
4.7.SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE
On 5 March 2025, Home Invest Belgium reached an agreement in principle with Cityforward regarding the future acquisition of a residential development portfolio in the European district of Brussels.
On 5 August 2025, Home Invest Belgium signed a final agreement with Cityforward for the acquisition of 8 projects (spread over 3 major clusters), representing a development programme of approximately 70,000 m². All projects are located in prime locations in the centre of Brussels, more specifically in the European district. The agreement concerns the development of a property portfolio on which Cityforward took over the long lease rights from SFPIM in 2024.22
ILO-cluster
HOMI will acquire full ownership23 of the projects (each separately) after obtaining a final and enforceable building permit and the realisation of a number of conditions precedent. Subsequently, HOMI will convert the office buildings into residential projects for long-term holding and letting.
In connection with the future acquisition of the projects, HOMI has made an advance payment to Cityforward of € 50.0 million. The acquisition price for the individual projects will be set off against the advance paid, increased with an annual capitalised remuneration of 8.6% on the (outstanding) advance payment.
Depending on the final permit applications, HOMI estimates the total investment amount for the projects (including the advance payment) at circa € 280 million. Its realisation is expected to be spread over a period of 7 to 9 years. The estimated rental income at full occupancy is expected to amount to approximately € 14 million. The gross initial yield (Yield on Cost) is expected to be approximately 5.0%. HOMI expects to internalise
18 In 2024 and the first half of 2025, the following three projects were completed: Den Dam (Antwerp), Blue Quarter (Hasselt) and Jourdan 95 (Sint-Gillis – Brussels).
19 Contractual gross rents on an annual basis + estimated rental value of vacant spaces as at 30 June 2025.
20 The approved pipeline consists of the following two projects: City Dox (Anderlecht – Brussels) and Jardin Leopold (Laken – Brussels).
21 Estimated rental value on 30 June 2025.
22 The long lease rights on the portfolio were transferred from SFPIM to Cityforward; SFPIM retained the residual rights.
23 HOMI will also take over the residual rights of the properties from SFPIM.
a development on this investment in line with the market, which will contribute to the company's equity and EPRA NTA.
Evolution of the stock market price
Home Invest Belgium's shares have been listed on the Euronext Brussels continuous market since 16 June 1999 and are part of the BEL Small Index. Since 19 September 2022, HOMI shares have been included in the FTSE EPRA NAREIT Global Real Estate Index.
On 30 June 2025, Home Invest Belgium's shares closed at € 20.30 (compared to € 17.18 on 30 June 2024).
The liquidity of the share increased to an average of 11,755 share transactions per trading day, during the first half of 2025 (compared to 10,317 shares during the first half of 2024).
Evolution of the share
| 1H 2025 | 1H 2024 | |
|---|---|---|
| Share price (in €) | ||
| On the last day | € 20.30 | € 17.18 |
| Highest | € 20.75 | € 18.88 |
| Lowest | € 16.76 | € 14.54 |
| Average | € 18.78 | € 16.24 |
| Volume | ||
| Average daily volume | 11,755 | 10,317 |
| Total volume (6 months) | 1,492,888 | 1,300,000 |
| Total number of shares on June 30th | 20,200,136 | 20,200,136 |
| Market capitalisation on June 30th | € 410 miljoen | € 347 miljoen |
| Free float24 | 47.7% | 48.8% |
24 Free float = [(total number of shares on the last day) - (total number of shares held by parties who have made themselves known by a transparency declaration in accordance with the Law of 2 May 2007) / [total number of shares outstanding].
Evolution of the share price and gross distribution per share
Shareholder structure
The table below lists shareholders in Home Invest Belgium who hold more than 3% of the company's shares. Notifications under the Belgian Transparency Law (Law of 2 May 2007 regarding the disclosure of major holdings) can be found on the company's website.
Based on the transparency declarations received, information from the shareholder register and information received from shareholders at the date of this half-year report, Home Invest Belgium's shareholder structure is as follows:
| SHAREHOLDERS | NUMBER OF SHARES | % OF THE CAPITAL |
|---|---|---|
| Van Overstraeten Group* 25 | 6,122,785 | 30.3% |
| AXA Belgium SA* 26 | 3,507,465 | 17.4% |
| Spouses Van Overtveldt – Henry de Frahan* |
628,748 | 3.1% |
| Own Shares | 304,234 | 1.5% |
| Other aandeelhouders | 9,636,904 | 47.7% |
| Total | 20,200,136 | 100.0% |
* Based on the last information received by the shareholder.
25 Stavos Real Estate BV is 100% controlled by the partnership BMVO 2014.
The partnership BMVO 2014 is controlled 100% by Stichting Administratiekantoor Stavos.
Stichting Administratiekantoor Stavos is 100% controlled by Liévin, Hans, Johan and Bart Van Overstraeten.
26 AXA Belgium SA is a subsidiary of AXA Holdings Belgium SA who in turn is a subsidiary of AXA SA.
On 6 May 2025, the General Meeting and the Extraordinary General Meeting approved the total distribution to the shareholders of € 1.14 per share (compared to € 1.12 for 2023), an increase for the 25th consecutive year.
The distribution to the shareholders consists of the combination of:
- a gross dividend of € 1.02 per share (an increase of € 0.01 compared to € 1.01 for 2023)
- a reduction of shareholders' equity of € 0.12 per share. This distribution will in turn consist of a part reduction of capital and a part distribution from the reserves (in accordance with Article 18, paragraph 7 of the WIB).
The amounts and dates of the distributions to the shareholders are presented schematically below:
| Distribution to shareholders: Dividend | € 1.02 gross | Calendar |
|---|---|---|
| Dividend financial year 2024 (coupon n°8) – Ex date | Monday 12 May 2025 | |
| Dividend financial year 2024 (coupon n°8) – Record date | Tuesday 13 May 2025 | |
| Dividend financial year 2024 (coupon n°8) – Payment date | € 1.02 gross | Wednesday 14 May 2025 |
| Distribution to shareholders: Reduction of equity | € 0.12 gross | Calendar |
|---|---|---|
| Capital decrease (coupon n°9) – Ex date | Monday 12 May 2025 | |
| Capital decrease (coupon n°9) – Record date | Tuesday 13 May 2025 | |
| Capital decrease (coupon n°9) – Payment date | € 0.10 gross | Thursday 24 July 2025 |
| Distribution from reserves (coupon n°10) – Ex date | Monday 12 May 2025 | |
| Distribution from reserves (coupon n°10) – Record date | Tuesday 13 May 2025 | |
| Distribution from reserves (coupon n°10) – Payment date | € 0.02 gross | Thursday 24 July 2025 |
For the coming years, the board of directors foresees a distribution policy based on an annual increase equal to or higher than the long-term inflation. The Board of Directors bases this on:
- the constant indexed rental flow from existing investment properties;
- monitoring the operational costs of the company;
- the company's hedging policy, which provides good visibility on interest charges and makes them assessable in the medium term;
- the existing pipeline of project developments.
The board of directors also points to the significant reserves that the company has built up over the years as a safety cushion for the future.
During the first half year of 2025, the operational results of Home Invest Belgium continued to developed positivly.
The residential rental market continues to grow steadily in those cities where Home Invest Belgium is active, mostly thanks to:
- a long-term urbanisation trend, marked by demographic growth in big cities, including both young and older people, leading to increased demand for housing;
- an increasing number of tenants in big cities, due to factors including an increasing need for flexibility and a change in attitudes towards private property and concepts of urban sharing.
Home Invest Belgium owns a sustainable portfolio given its young age. More than 50% of the investment properties available for rent are younger than 10 years. Given the quality and the location of the properties in predominantly large urban areas, Home Invest Belgium is well positioned to take on a leading role in the favourable trends of the residential market.
Given this background, The Board of Directors confirms its confidence in the long-term perspectives of the company.
For 2025, Home Invest Belgium expects an increase of the EPRA earnings per share to € 1.20 (compared to € 1.16 in 2024).
CONSOLIDATED INCOME STATEMENT
| (in k €) | 1H 2025 | 1H 2024 |
|---|---|---|
| I. Rental income | 18,287 | 18,054 |
| III. Rental-related expenses | -5 | 10 |
| NET RENTAL RESULT | 18,282 | 18,064 |
| IV. Recovery of property charges | 96 | 104 |
| V. Recovery of charges and taxes normally payable by the tenant on let properties | 858 | 930 |
| VII. Charges and taxes normally payable by the tenant on let properties | -3,359 | -3,464 |
| VIII. Other incomes and expenses related to letting | 0 | 0 |
| PROPERTY RESULT | 15,877 | 15,634 |
| IX. Technical costs | -671 | -706 |
| X. Commercial costs | -319 | -324 |
| XI. Taxes and charges on unlet properties | -89 | -97 |
| XII. Property management costs | -767 | -723 |
| XIII. Other property costs | 0 | 0 |
| Property costs | -1,845 | -1,851 |
| PROPERTY OPERATING RESULT | 14,032 | 13,783 |
| XIV. General corporate expenses | 1,737 | -1,647 |
| XV. Other operating incomes and expenses | 127 | 128 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 12,422 | 12,263 |
| XVI. Result sale investment properties | 4,691 | 2,230 |
| XVIII. Changes in fair value of investment properties | 10,354 | 49,787 |
| XIX. Other portfolio result | -478 | -208 |
| Portfolio result | 14,567 | 51,808 |
| OPERATING RESULT | 26,989 | 64,071 |
| XX. Financial income | 8 | 4 |
| XXI. Net interest charges | -2,776 | -2,918 |
| XXII. Other financial charges | -45 | -38 |
| XXIII. Changes in fair value of financial assets and liabilities | -1,878 | 2,189 |
| Financial result | -4,690 | -764 |
| XXIV. Share in the result of associated companies and joint ventures | 1,053 | 991 |
| PRE-TAX RESULT | 23,352 | 64,299 |
| XXV. Corporation tax | -163 | -185 |
| XXVI. Exit taks | 0 | 0 |
| Taxes | -163 | -185 |
| NET RESULT | 23,189 | 64,114 |
|---|---|---|
| NET RESULT ATTRIBUTABLE TO THE PARENT COMPANY | 23,189 | 64,114 |
| Exclusive portfolio result | -14,567 | -51,808 |
| Exclusive changes in the real value of the financial assets | 1,878 | -2,189 |
| Exclusive non-EPRA earnings in the share of the result of associated companies and joint ventures | -294 | -181 |
03/09/2025 5.40 pm
| EPRA EARNINGS | 10.205 | 9,935 |
|---|---|---|
| Average number of shares 27 | 19,982,868 | 19,663,501 |
| NET RESULT PER SHARE | 1.16 | 3.26 |
| EPRA EARNINGS PER SHARE | 0.51 | 0.51 |
| 1H 2025 | 1H 2024 | |
| NET RESULT | 23,189 | 64,114 |
|---|---|---|
| Other elements of the global result | 0 | 0 |
| GLOBAL RESULT | 23,189 | 64,114 |
27 The average number of shares at the end of period was calculated excluding own shares held by the company. Shares are counted pro rata temporis from the moment of issue or redemption. The time of issue may differ from the time of profit-sharing.
Regulated information
SUMMARY OF THE CONSOLIDATED BALANCE SHEET
| (in k €) | 30/06/2025 | 31/12/2024 |
|---|---|---|
| ASSETS | ||
| I. Non-current assets | 896,223 | 896,507 |
| B. Intangible assets | 502 | 570 |
| C. Investment properties | 854,924 | 852,978 |
| D. Other tangible assets | 30 | 45 |
| E. Non-current financial assets | 12,138 | 14,103 |
| F. Lease receivables | 0 | 0 |
| I. Investments in associated companies and joint ventures | 28,629 | 28,811 |
| II. Current assets | 6,952 | 4,562 |
| B. Current financial assets | 157 | 388 |
| C. Lease receivables | 73 | 73 |
| D. Trade receivables | 3,070 | 1,283 |
| E. Tax receivables and other current assets | 14 | 1 |
| F. Cash and cash equivalents | 1,491 | 1,252 |
| G. Deferred charges and accrued income | 2,147 | 1,566 |
| TOTAL ASSETS | 903,175 | 901,070 |
| SHARESHOLDER'S EQUITY | 481,969 | 484,437 |
| I. Shareholder's equity attributable to the shareholders of the mother company | 481,969 | 484,437 |
| A. Capital | 99,988 | 102,042 |
| B. Share premium account | 70,475 | 70,441 |
| C. Reserves | 288,317 | 230,981 |
| D. Net result of the financial year | 23,189 | 80,973 |
| II. Minority interests | 0 | 0 |
| LIABILITIES | 421,207 | 416,633 |
| I. Non-current liabilities | 402,309 | 402,108 |
| A. Provisions | 0 | 0 |
| B. Non-current financial debts | 398,723 | 398,691 |
| a. Financial debts |
349,930 | 349,914 |
| b. Financial leasing |
0 | 0 |
| c. Others |
48,793 | 48,777 |
| C. Other non-current financial liabilities | 0 | 731 |
| F. Deferred taxes-liabilities | 3,164 | 2,686 |
| a. Exit Tax |
0 | 0 |
| b. Others |
3,164 | 2,686 |
| II. Current liabilities | 18,898 | 14,525 |
| B. Current financial debts | 6,727 | 7,809 |
| a. Financial debts |
0 | 0 |
| b. Financial leasing |
0 | 0 |
| c. Others |
6,727 | 7,809 |
| C. Other current financial liabilities | 0 | 0 |
| D. Trade debts and other current debts | 7,516 | 3,873 |
| a. Others |
7,516 | 3,873 |
| E. Other current liabilities | 2,524 | 132 |
| F. Accrued charges and deferred income | 2,132 | 2,711 |
| TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES | 903,175 | 901,070 |
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
| (in k €) | Capital | Capital increase expenses |
Share premium |
Legal reserve |
Reserve from the chages in fair value of investment properties |
Reserve from estimates transfer costs and righs |
|---|---|---|---|---|---|---|
| BALANCE ON 31/12/2023 | 103,508 | -1,698 | 64,633 | 99 | 241,134 | -22,983 |
| Allocation of net result 2023 | 0 | 0 | 0 | 0 | -21,090 | 0 |
| Allocation of operational distributable result | ||||||
| Changes in deferred taxes | ||||||
| Changes in fair value of investment properties | -21,090 | -3,102 | ||||
| Changes in fair value of hedging instruments | ||||||
| Dividends financial year 2023 (balance paid in June | ||||||
| 2024) | 0 | 0 | 0 | 0 | 0 | 0 |
| Variation due to sales of buildings | -1,546 | 1,152 | ||||
| Result of the financial year 2024 | ||||||
| Acquisition/sale of own shares | ||||||
| Share-based payments | ||||||
| Other increases (decreases) | ||||||
| Capital decrease | -1,988 | |||||
| Capital increase | 2,531 | -311 | 5,807 | |||
| BALANCE ON 31/12/2024 | 104,051 | -2,009 | 70,441 | 99 | 218,497 | -24,934 |
| BALANCE ON 31/12/2024 | 104,051 | -2,009 | 70,441 | 99 | 218,497 | -24,934 |
| Allocation of net result 2024 | 0 | 0 | 0 | 0 | 84,589 | -21,257 |
| Allocation of operational distributable result | ||||||
| Changes in deferred taxes | ||||||
| Changes in fair value of investment properties | 84,589 | -21,257 | ||||
| Changes in fair value of hedging instruments | ||||||
| Dividend financial year 2024 (balance paid in June | ||||||
| 2025) | 0 | 0 | 0 | 0 | 0 | 0 |
| Variations due to sales of buildings | -14,457 | 3,520 | ||||
| Results first half year of financial year 2025 | ||||||
| Acquisition/sale of own shares | ||||||
| Share-based payments | ||||||
| Other increases (decreases) | -34 | 34 | ||||
| Capital decrease | -20,020 | |||||
| Capital increase | ||||||
| BALANCE ON 30/06/2025 | 102,031 | -2,043 | 70,475 | 99 | 288,629 | -42,670 |
Regulated information
| Reserve of the balance of changes in fair value of the authorised heding instruments to which hedge accounting as defined in IFRS is applied (+/-) |
Reserve of the balance of changes in fair value of the authorised heding instruments to which hedge accounting as defined in IFRS is not applied (+/-) |
Reserve for fiscal deferral |
Reserve for treasury shares |
Reserve for share based payments |
Other reserves |
Result carried forward from previous financial years |
Net result of the financial year |
Total |
|---|---|---|---|---|---|---|---|---|
| 0 | 32,097 | -2,583 | -2,108 | 414 | 1,259 | 18,269 | -14,281 | 417,761 |
| 0 | -11,660 | 363 | 0 | 0 | 0 | 1,391 | 14,281 | -2,674 |
| 1,398 | -1,398 | 0 | ||||||
| 363 | -363 | 0 | ||||||
| 24,193 | 0 | |||||||
| -11,660 | 11,660 | 0 | ||||||
| 0 | 0 | 0 | 0 | 0 | 0 | -6 | -19,811 | -19,817 |
| 395 | 0 | |||||||
| 80,973 | 80,973 | |||||||
| -722 | -722 | |||||||
| 63 | 310 | 373 | ||||||
| 0 | ||||||||
| -170 | -2,158 | |||||||
| 8,027 | ||||||||
| 0 | 20,437 | -2,220 | -2,767 | 724 | 1,259 | 19,885 | 80,973 | 484,437 |
| 0 | 20,437 | -2,220 | -2,767 | 724 | 1,259 | 19,885 | 80,973 | 484,437 |
| 0 | -7,120 | -463 | 0 | 0 | 0 | 4,930 | -80,973 | -20,293 |
| 4,756 | -4,756 | 0 | ||||||
| -463 | 463 | 0 | ||||||
| -63,332 | 0 | |||||||
| -7,120 | 7,120 | 0 | ||||||
| 0 | 0 | 0 | 0 | 0 | 0 | 173 | -20,468 | -20,294 |
| 10,937 | 0 | |||||||
| 23,189 | 23,189 | |||||||
| -3,222 | -3,222 | |||||||
| 110 | 137 | 274 | ||||||
| -367 | 0 -2,388 |
|||||||
| 0 | ||||||||
| 0 | 13,317 | -2,683 | -5,879 | 862 | 1,259 | 35,384 | 23,189 | 481,969 |
SUMMARY OF THE CONSOLIDATED CASH FLOW STATEMENT
| (in k €) | 1H 2025 | 1H 2024 |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 1,251 | 2,609 |
| 1. Cash flows from operating activities | 14,520 | 13,633 |
| Result of the financial year | 23,189 | 64,113 |
| Result of the financial year before interest and taxes | 26,989 | 64,071 |
| Interests received | 8 | 4 |
| Interests paid | -2,820 | -2,956 |
| Change in fair value of financial assets and liabilities | -1,878 | 2,189 |
| Share in the result of associated companies and joint ventures | 1,053 | 991 |
| Taxes | -163 | -185 |
| Adjustment of profit for non-cash transactions | -9,358 | -50,514 |
| Depreciation and impairments | 103 | 112 |
| - Depreciation and impairments on non-current assets | 103 | 112 |
| Other non-monetary elements | -7,537 | -51,310 |
| - Depreciation of previously capitalised financing costs | 32 | 41 |
| - Changes in fair value of investment properties (+/-) | -10,354 | -49,789 |
| - Changes in fair value of financial non-current assets (+/-) | 182 | 244 |
| - Changes in fair value of hedging instruments and other portfolio results | 2,356 | -1,981 |
| - Other non-monetary elements | 247 | 174 |
| Gain on realization of assets | -4,691 | -2,230 |
| - Capital gains realized on sale of non-current assets | -4,691 | -2,230 |
| Reversal of financial income and expenses | 2,768 | 2,914 |
| Changes in working capital needs | 688 | 34 |
| Movements in asset items: | -2,381 | -749 |
| - Current financial assets | 0 | 0 |
| - Trade receivables | -1,786 | 28 |
| - Tax receivables and other short-term assets | -13 | 0 |
| - Deferred charges and accrued income | -581 | -778 |
| Movements in liabilities items | 3,069 | 783 |
| - Trade debts and other current debts | 3,643 | 2,004 |
| - Other current liabilities | 4 | -198 |
| - Accrued charges and deferred income | -579 | -1,023 |
| 2. Cash flow from investment activities | 13,087 | -13,013 |
| Investment properties – capitalized investments | -5,042 | -3,901 |
| Investment properties – new acquisitions | -3,355 | 0 |
| Sales of investment properties | 34,025 | 7,354 |
| Development projects | -12,529 | -16,364 |
| Other intangible assets | -19 | -94 |
| Other tangible assets | 0 | -8 |
| Non-current financial assets | 7 | 0 |
| Lease receivables | 0 | 0 |
| Long-term financial fixed assets | 0 | 0 |
| 3. Cash flow from financing activities | -27,367 | 607 |
| Increase (+) / Decrease (-) in bank debts | 0 | 15,000 |
| Increase (+) / Decrease (-) in financial debts | -1,083 | 0 |
| Purchase and sale of treasury shares | -3,222 | 0 |
| Other long-term financial debts | 0 | 0 |
| Interest received | 8 | 4 |
| Interest paid | -2,776 | -2,918 |
| Paid financial charges | 0 | 0 |
| Dividend of the previous financial year | -20,294 | -11,479 |
| Capital increase | 0 | 0 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,491 | 3,837 |
- NOTE 1: BASIS OF FINANCIAL REPORTING
- NOTE 2: SEGMENTED INFORMATION
- NOTE 3: INVESTMENT PROPERTIES
- NOTE 4: FINANCIAL LIABILITIES
- NOTE 5: DEBT RATIO
- NOTE 6: FINANCIAL ASSETS AND LIABILITIES
- NOTE 7: CONSOLIDATED SCOPE
- NOTE 8: OFF-BALANCE SHEET RIGHTS AND OBLIGATIONS
- NOTE 9: EVENTS AFTER THE BALANCE SHEET DATE
- NOTE 10: AUDITOR'S REPORT
- NOTE 11: STATEMENT OF RESPONSIBLE PERSONS
NOTE 1: BASIS OF FINANCIAL REPORTING
The consolidated half-year results have been prepared in accordance with the International Financial Reporting Standards (IFRS) and with IAS 34 on "Interim financial reporting". The accounting methods and principles used to draw up these interim summary financial statements are identical to those used to prepare the annual financial statements for the financial year ending 31 December 2024.
NOTE 2: SEGMENTED INFORMATION
The investment strategy of Home Invest Belgium focuses on residential real estate in a broad sense of the word (apartments, holiday homes, etc.). The segmentation of the company is consequently determined by the geographical location of its buildings. Home Invest Belgium distinguishes between 4 geographical segments: The Brussels Capital Region, The Flemish Region, the Walloon Region and The Netherlands.
Regulated information
INCOME STATEMENT PER GEOGRAFICAL SEGMENT
| 1H 2025 | Consolidated | Brussels | Flemish | Walloon | The | Unatributed |
|---|---|---|---|---|---|---|
| (in k €) | total | Region | Region | Region | Netherlands | |
| I. Rental income | 18,287 | 10,694 | 2,122 | 3,382 | 2,089 | 0 |
| III. Rental-related expenses | -5 | 12 | -38 | 21 | 0 | 0 |
| NET RENTAL RESULT | 18,282 | 10,706 | 2,084 | 3,403 | 2,089 | 0 |
| IV. Recovery property charges | 96 | 75 | 13 | 8 | 0 | 0 |
| V. Recovery of charges and taxes normally payable by the tenant on let properties (+) |
858 | 271 | 86 | 424 | 77 | 0 |
| VII. Charges and taxes normally payable by the tenant on let properties (+) |
-3,359 | -2,098 | -354 | -801 | -107 | 0 |
| VIII. Other incomes and expenses related to letting (+/-) | 0 | 0 | 0 | 0 | 0 | 0 |
| PROPERTY RESULT | 15,878 | 8,955 | 1,829 | 3,034 | 2,060 | 0 |
| IX. Technical costs (-) | -671 | -573 | -29 | -43 | -26 | 0 |
| X. Commercial costs (-) | -319 | -225 | -28 | -36 | -29 | 0 |
| XI. Taxes and charges on unlet properties (-) | -89 | -40 | -16 | -33 | 0 | 0 |
| XII. Property management costs (-) | -767 | 0 | 0 | 0 | 0 | -767 |
| XIII. Other property costs (-) | 0 | 0 | 0 | 0 | 0 | 0 |
| PROPERTY COSTS | -1,845 | -838 | -73 | -112 | -55 | -767 |
| PROPERTY OPERATING COSTS | 14,033 | 8,117 | 1,756 | 2,921 | 2,005 | -767 |
| XIV. General corporate expenses (-) | -1,737 | 0 | 0 | 0 | 0 | -1,737 |
| XV. Other operating incomes and expenses (+/-) | 127 | 0 | 0 | 0 | 0 | 127 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 12,423 | 8,117 | 1,756 | 2,921 | 2,005 | -2,376 |
| XVI. Result sale investment properties (+/-) | 4,691 | 0 | 4,691 | 0 | 0 | 0 |
| XVIII. Variations in the fair value of property investments (+/-) | 10,354 | 705 | 109 | 8,230 | 1,312 | 0 |
| XIX. Other portfolio result | -478 | 0 | 0 | 0 | 0 | -478 |
| OPERATING RESULT | 26,991 | 8,822 | 6,556 | 11,151 | 3,316 | -2,854 |
| XX. Financial income (+) | 8 | 0 | 0 | 0 | 0 | 8 |
| XXI. Net interest charges (-) | -2,776 | 0 | 0 | 0 | 0 | -2,776 |
| XXII. Other financial costs (-) | -45 | 0 | 0 | 0 | 0 | -45 |
| XXIII. Variations in the fair value of financial assets and liabilities (+/-) |
-1,878 | 0 | 0 | 0 | 0 | -1,878 |
| FINANCIAL RESULT | -4,690 | 0 | 0 | 0 | 0 | -4,690 |
| XXIV. Share in the result of associated companies and joint ventures |
1,053 | 0 | 0 | 0 | 0 | 1,053 |
| PRE-TAX RESULT | 23,353 | 8,822 | 6,556 | 11,151 | 3,316 | -6,492 |
| XXV. Corporate Tax (-/+) | -163 | 0 | 0 | 0 | 0 | -163 |
| XXVI. Exit tax | 0 | 0 | 0 | 0 | 0 | 0 |
| TAXES | -163 | 0 | 0 | 0 | 0 | -163 |
| NET RESULT | 23,189 | 8,822 | 6,556 | 11,151 | 3,316 | -6,655 |
INCOME STATEMENT PER GEOGRAFICAL SEGMENT
| 1H 2024 | Consolidated | Brussels | Flemish | Walloon | The | Unatributed |
|---|---|---|---|---|---|---|
| (in k €) | total | Region | Region | Region | Netherlands | |
| I. Rental income | 18,054 | 10,478 | 2,312 | 3,260 | 2,004 | 0 |
| III. Rental-related expenses | 10 | -5 | -4 | 19 | 0 | 0 |
| NET RENTAL RESULT | 18,064 | 10,472 | 2,308 | 3,279 | 2,004 | 0 |
| IV. Recovery property charges | 104 | 74 | 24 | 5 | 0 | 0 |
| V. Recovery of charges and taxes normally payable by the tenant on let properties (+) |
930 | 307 | 115 | 433 | 76 | 0 |
| VII. Charges and taxes normally payable by the tenant on let properties (+) |
-3,464 | -2,141 | -408 | -812 | -102 | 0 |
| VIII. Other incomes and expenses related to letting (+/-) | 0 | 0 | 0 | 0 | 0 | 0 |
| PROPERTY RESULT | 15,634 | 8,712 | 2,040 | 2,905 | 1,978 | 0 |
| IX. Technical costs (-) | -706 | -431 | -88 | -135 | -51 | 0 |
| X. Commercial costs (-) | -324 | -201 | -67 | -56 | 0 | 0 |
| XI. Taxes and charges on unlet properties (-) | -97 | -93 | -5 | 0 | 0 | 0 |
| XII. Property management costs (-) | -723 | 0 | 0 | 0 | 0 | -723 |
| XIII. Other property costs (-) | 0 | 0 | 0 | 0 | 0 | 0 |
| PROPERTY COSTS | -1,851 | -725 | -160 | -191 | -51 | -723 |
| PROPERTY OPERATING COSTS | 13,783 | 7,987 | 1,879 | 2,714 | 1,927 | -723 |
| XIV. General corporate expenses (-) | -1,647 | 0 | 0 | 0 | 0 | -1,647 |
| XV. Other operating incomes and expenses (+/-) | 128 | 0 | 0 | 0 | 0 | 128 |
| OPERATING RESULT BEFORE PORTFOLIO RESULT | 12,264 | 7,987 | 1,879 | 2,714 | 1,927 | -2,243 |
| XVI. Result sale investment properties (+/-) | 2,230 | 0 | 2,039 | 190 | 0 | 0 |
| XVIII. Variaties in de reële waarde van vastgoedbeleggingen (+/- ) |
49,787 | 37,258 | 11,777 | 132 | 620 | 0 |
| XIX. Ander portefeuilleresultaat | -208 | 0 | 0 | 0 | 0 | -208 |
| OPERATIONEEL RESULTAAT | 64,072 | 45,245 | 15,696 | 3,036 | 2,547 | -2,451 |
| XX. Financiële inkomsten (+) | 4 | 0 | 0 | 0 | 0 | 4 |
| XXI. Netto interestkosten (-) | -2,918 | 0 | 0 | 0 | 0 | -2,918 |
| XXII. Andere financiële kosten (-) | -38 | 0 | 0 | 0 | 0 | -38 |
| XXIII. Variations in the fair value of financial assets and liabilities (+/-) |
2,189 | 0 | 0 | 0 | 0 | 2,189 |
| FINANCIAL RESULT | -764 | 0 | 0 | 0 | 0 | -764 |
| XXIV. Share in the result of associated companies and joint ventures |
991 | 0 | 0 | 0 | 0 | 991 |
| PRE-TAX RESULT | 64,300 | 45,245 | 15,696 | 3,036 | 2,547 | -2,224 |
| XXV. Corporate Tax (-/+) | -185 | 0 | 0 | 0 | 0 | -185 |
| XXVI. Exit tax | 0 | 0 | 0 | 0 | 0 | 0 |
| TAXES | -185 | 0 | 0 | 0 | 0 | -185 |
| NET RESULT | 64,114 | 45,245 | 15,696 | 3,036 | 2,547 | -2,409 |
NOTE 3: INVESTMENT PROPERTIES
Investment properties available for rent are investments in real estate assets held for long term rent and/or to increase capital.
The investment properties are originally booked based on their purchase price, including transaction costs and the nondeductible VAT (the "acquisition cost"). For buildings acquired through merger, demerger or contribution of a branch of activity, the taxes payable on the potential capital gains on the assets thus integrated are included in the cost of the assets concerned.
At the end of the first accounting period after their initial booking, all investment properties are booked at their fair value.
The fair value is determined in two steps.
In the first step, an independent external real estate expert carries out an evaluation of all investment properties including transfer taxes (registration fees or other transfer taxes), the so called "investment value".
The expert estimates the investment value based on different methods such as: the capitalization of the estimated rental value and the Discounted Cash Flow method (DCF method) and the price per unit method or a combination of these methods. The expert is allowed to use other methods for his expertise.
In the second step, in order to switch from the investment value to the fair value, the expert withholds an estimated amount of transfer taxes from the estimated investment value.
The investment value minus the estimated transfer taxes is the fair value as defined by IFRS 13.
In Belgium, the fair value is determined as follows:
- for properties included in the Belgian portfolio with a global investment value exceeding € 2,500,000, the expert applies a downward adjustment on the investment value of 2.5%28.
- for buildings included in the Belgian portfolio with a global investment value of less than € 2,500,000 or buildings estimated on the basis of the price per unit method, the expert applies a downward adjustment corresponding to registration duties in accordance with the regional regulation:
- 12.5% for real estate located in Brussels and the Walloon Region;
- 12% for real estate located in the Flemish Region;
- 2% for leasehold rights;
- …
When Home Invest Belgium decides to sell a building from its Belgian portfolio under a certain transaction structure, the effective transaction fees, which are expected to apply during the transaction, are deducted in order to determine the fair value, regardless of the global investment value of the building.
In The Netherlands, transaction taxes for residential real estate amount to 10.4%.
28 The accounting treatment (2.5% transaction costs) has been clarified in a press release published by BeAMA on 8 February 2006 and confirmed in a press release from the BE-REIT Association on 10 November 2016.
The table below shows the evolution of the investment properties in the first half of 2025.
| (in k €) | 30/06/2025 | 31/12/2024 |
|---|---|---|
| C. Investment properties, balance at the beginning of the financial year | 852,978 | 755,460 |
| a. Investment properties available for rent at the beginning of the period | 786,432 | 704,893 |
| Completion of development projects (+) | 22,201 | 22,025 |
| Acquisition of buildings (+) | 0 | 0 |
| Capitalized subsequent expenses (+) | 5,042 | 8,530 |
| Acquisition of buildings through companies (+) | 0 | 0 |
| Changes in the fair value of investment properties (+/-) | 9,260 | 60,756 |
| Sales (-) | -29,334 | -9,772 |
| a. Investment properties available for rent at the end of the period | 793,601 | 786,432 |
| b. Development projects at the beginning of the period | 66,546 | 50,567 |
| Capitalized subsequent expenses (+) | 12,529 | 35,956 |
| Delivered development projects | -22,201 | -22,025 |
| Changes in the fair value of the investment properties (+/-) | 1,094 | 2,049 |
| Acquisitions of projects | 3,355 | 0 |
| Acquisitions of buildings through companies | 0 | 0 |
| b. Development project at the end of the period | 61,332 | 66,546 |
| c. Tangible fixed assets for own use | 0 | 0 |
| d. Others | 0 | 0 |
| C. Investment properties, balance at the end of the period | 854,924 | 852,978 |
The fair value is based on the following quantitative parameters:
| Investment properties available for rent | 30/06/2025 | |||
|---|---|---|---|---|
| Rent capitalisation method | ||||
| Estimated rental value (ERV) | Weighted average of € 168/m² (range between: € 107/m² and € 236/m²) | |||
| Vacancy assumptions | Average of 5 months (range between: 0 and 18 months) | |||
| Capitalization rate | Average of 4.9% (range between 3.6% and 13.0%) | |||
| Number of m² or number of units | Average of 4,784 m² (range between: 278 m² and 16,519 m²) | |||
| Discounted cash flow method | ||||
| Estimated rental value (ERV) | Weighted average of € 163m² (range between: € 87/m² and € 312/m²) | |||
| Vacancy Assumptions (long-term) | Average of 2 month (range between: 0 and 5 months) | |||
| Number of m² or number of units | Average of 5,525 m² (range between: 1,368 m² and 20,488 m²) | |||
| Discount rate | Average of 4.8% (range between 3.8% and 6.7%) | |||
| Inflation | Average of 2.1% (range between 1.9% and 2.2%) | |||
| Project development | 30/06/2025 | |||
| Rent capitalisation method | ||||
| Estimated rental value (ERV) | Weighted average of € 167/m²(range between: € 162/m² and € 186/m²) | |||
| Vacancy assumptions | Average of 0 months | |||
| Capitalization rate | Average of 4.3% (range between 4,0% and 4,3%) | |||
| Number of m² or number of units | Average of 10,556m² (range between: 4,308m² en 16,804m²) | |||
| Non-observable input | Impact of fair value with: | |||
| Decrease | Increase |
Estimated rental value (ERV) Negative Positive Vacancy Assumptions (long-term) Negative Positive
| Capitalization rate | Positive | Negative |
|---|---|---|
| Number of m² or number of units | Negative | Positive |
Investment properties are valued on a quarterly basis by an independent and qualified property expert. The reports are drafted based on information shared by the company including the lease state, expenses and taxes borne by the lessee, rents and works to be carried out.
The property expert uses market-related parameters (discount rate, etc.) based on his judgment and professional experience. The information shared with the property expert, the parameters and the assessment model used by the property expert are checked by the management, the audit committee, and the board of directors.
NOTE 4: FINANCIAL LIABILITIES
| Financial liabilities (in k €) |
30/06/2025 | 31/12/2024 |
|---|---|---|
| Short-term liabilities within one year | 6,000 | 7,000 |
| Long-term liabilities between one and five years | 255,500 | 177,000 |
| Long-term liabilities over more than five years | 143,500 | 222,000 |
| TOTAL | 405,000 | 406,000 |
On 30 June 2025, Home Invest Belgium had liabilities of € 405.00 million composed of:
- - bilateral credit lines for an amount of € 350.00 million. The bilateral credit lines are entered into with 7 different financial institutions, with well spread maturity dates until 2030. Home Invest Belgium does not have any maturities falling in 2025. The first coming maturity date is in the second half of 2026;
- - bondloans for an amount of € 49.00 million, with maturity date between 2028 and 2032;
- - short trem treasury notes ("commercial paper") for an amount of € 6.00 million. Notwithstanding the shortterm nature of the outstanding commercial paper, the outstanding amount is fully covered by available longterm credit lines (back-up lines).
NOTE 5: DEBT RATIO
| 30/06/2025 | 31/12/2024 | |
|---|---|---|
| Liabilities | 436,631 | 431,921 |
| - Adjustments | -6,136 | -6,381 |
| Debts as referred to in art. 13 of the REIT Royal Decree | 430,494 | 425,540 |
| Adjusted assets for the calculation of the debt ratio | 906,294 | 901,747 |
| Debt ratio (RREC Royal Decree) | 47.50% | 47.19% |
NOTE 6: FINANCIAL ASSETS AND LIABILITIES
| E. Non-current financial assets | 30/06/2025 | 31/12/2024 | |||
|---|---|---|---|---|---|
| (in k €) | Category | Book value | Fair value | Book value | Fair value |
| Financial instruments | A | 12,146 | 12,146 | 14,103 | 14,103 |
| Granted guarantees | B | 0 | 0 | 0 | 0 |
| TOTAL | 12,146 | 12,146 | 14,103 | 14,103 |
| B. Current financial assets | 30/06/2025 | 30/06/2024 | |||
|---|---|---|---|---|---|
| (in k €) | Category | Book value | Fair value | Book value | Fair value |
| Financial instruments | A | 157 | 157 | 388 | 388 |
| Others | B | 0 | 0 | 0 | 0 |
| TOTAL | 157 | 157 | 388 | 388 |
| I. Non-current liabilities | 30/06/2025 | 31/12/2024 | ||
|---|---|---|---|---|
| (in k €) | Book value | Fair value | Book value | Fair value |
| A. Provisions | 0 | 0 | 0 | 0 |
| b. Others B |
0 | 0 | 0 | 0 |
| B. Non-current financial debts | 398,723 | 395,227 | 398,691 | 393,391 |
| a. Financial institutions B |
349,930 | 349,930 | 349,914 | 349,914 |
| b. Financial leasing B |
0 | 0 | 0 | 0 |
| c. Other debts B |
48,793 | 45,297 | 48,777 | 43,477 |
| C. Other non-current financial liabilities | 422 | 422 | 731 | 731 |
| a. Hedging A |
422 | 422 | 731 | 731 |
| TOTAL | 399,145 | 395,649 | 399,422 | 394,122 |
| II. Current liabilities | 30/06/2025 | 31/12/2024 | ||||
|---|---|---|---|---|---|---|
| (in k €) | Book value | Fair value | Book value | Fair value | ||
| B. Current financial debts | 6,727 | 6,727 | 7,809 | 7,809 | ||
| a. | Financial institutions | B | 0 | 0 | 0 | 0 |
| b. | Financial leasing | B | 0 | 0 | 0 | 0 |
| c. | Others | |||||
| - Received guarantees |
B | 727 | 727 | 809 | 809 | |
| Others - |
B | 6,000 | 6,000 | 7,000 | 7,000 | |
| C. Other current financial liabilities | 0 | 0 | 0 | 0 | ||
| a. | Authorised hedging instruments A |
0 | 0 | 0 | 0 | |
| D. Trade debts and other current debts | 7,516 | 7,516 | 3,873 | 3,873 | ||
| c. | Others | |||||
| Suppliers - |
B | 2,525 | 2,525 | 2,139 | 2,139 | |
| Tenants - |
B | 633 | 633 | 805 | 805 | |
| Tax, salary and social security payables - |
B | 4,359 | 4,359 | 929 | 929 | |
| TOTAL | 14,243 | 14,243 | 11,682 | 11,682 |
The categories correspond to the following classifications:
- A. Assets or liabilities held at fair value;
- B. Assets or liabilities held at amortised cost.
The other long-term financial debts totalling € 48.8 million mainly consist of long-term treasury notes (EMTN).
The other short-term financial debts of € 6.0 million consist of bond (excluding expenses) and short-term treasury notes ("Commercial paper").
The other current and non-current financial liabilities consist of the hedging instruments as described hereafter. The positive fair value of the hedging instruments amounted to € 12.5 million and has been included under the non-current financial assets. The negative fair value of the hedging instruments amounted to € 0.4 million and was included under Other non-current liabilities. All hedges are considered to be cash flow hedges according to IFRS 9.
IFRS 13 provides the obligation to take into account the own credit risk and that of the counterparty in the calculations. The correction on the fair value following the application of the credit risk on the counterparty is being called Credit Valuation Adjustment (CVA). Quantifying the company's own credit risk is being called Debit Valuation Adjustment (DVA). In this context, CVA and DVA was recognised in the Financial Assets and Liabilities for an amount of -0.1 million.
The interest rate hedge instruments are exclusively of the IRS type (Interest Rate Swap). These contracts provide for the conversion from variable interest rates to fixed rates. Up till 30 June 2025, the total nominal amount of the IRS hedges amounted to € 12.0 million.
The hedging instruments are not considered as cash flow hedges. Changes in the value of the hedging instruments are accounted directly in the income statement. The total value of the hedges, including CVA and DVA, up till 30 June 2025 was € 11.8 million. The board of directors aims that its hedge policy will provide the company with maximum protection against any interest rate increases.
| Hedging instruments at 30/06/2025 (in k €) |
Type | Amount | Interest rate | Deadline | Qualification | Fair value at 30/06/2025 |
|---|---|---|---|---|---|---|
| BELFIUS | IRS | 10,000 | 1.28% | 31/08/2026 | Transaction | 66 |
| BELFIUS | IRS | 10,000 | 1.06% | 31/08/2027 | Transaction | 177 |
| BELFIUS | IRS | 21,500 | 0.59% | 10/11/2025 | Transaction | 157 |
| BELFIUS | IRS | 8,000 | 0.41% | 30/10/2026 | Transaction | 178 |
| BELFIUS | IRS | 15,000 | 0.16% | 31/03/2028 | Transaction | 726 |
| BELFIUS | IRS | 20,000 | 0.14% | 31/08/2029 | Transaction | 1,607 |
| BELFIUS | Future IRS | 21,500 | 2.28% | 31/01/2031 | Transaction | -63 |
| BELFIUS | IRS | 17,000 | 2.28% | 31/10/2030 | Transaction | -84 |
| BNP | IRS | 25,000 | -0.28% | 30/09/2028 | Transaction | 1,807 |
| BNP | IRS | 21,500 | 0.25% | 31/03/2031 | Transaction | 2,316 |
| BNP | IRS | 15,000 | 2.66% | 31/12/2033 | Transaction | -284 |
| ING | IRS | 30,000 | -0.33% | 25/09/2027 | Transaction | 1,494 |
| ING | IRS | 15,000 | 0.29% | 21/06/2031 | Transaction | 1,659 |
| KBC | IRS | 15,000 | 0.20% | 30/06/2029 | Transaction | 1,027 |
| KBC | IRS | 15,000 | 0.30% | 30/06/2029 | Transaction | 1,090 |
| KBC | IRS | 30,000 | 2.25% | 04/10/2032 | Transaction | 146 |
| IRS type of coverage | 268,000 | 12,083 | ||||
| Future IRS type of coverage | 21,500 | -63 | ||||
| Total | 12,020 |
IFRS 13 applies to IFRS standards that require or allow fair value valuations or the communication of the fair value information, and thus IFRS 9. IFRS 13 provides a hierarchy of fair values under 3 levels of data input (levels 1, 2 and 3).
Regarding the financial instruments, all these fair values are level 2. As Home Invest Belgium has no levels other than level 2, the company has not implemented a follow-up policy for transfers between hierarchical levels.
The valuation is determined by the banks based on the current value of the estimated future cash flows. Although most of the derivative instruments used are considered to be trading instruments within the meaning of IFRS, they are only intended to hedge interest rate risk and are not used for speculative purposes.
NOTE 7: CONSOLIDATION SCOPE
Up till 30 June 2025, the following companies formed part of the consolidation scope of Home Invest Belgium:
| Name | Company number | Country of origin | Shareholding (direct or indirect) |
|---|---|---|---|
| Home Invest Belgium NV | 0420 767 885 | Belgium | - |
| Charlent 53 Freehold BV | 0536 280 237 | Belgium | 100% |
| De Haan Vakantiehuizen NV | 0707 946 778 | Belgium | 50% |
| BE Real Estate NV | 0474 055 727 | Belgium | 100% |
| The Ostrov NV | 0849 672 983 | Belgium | 100% |
| The Dox 1 NV | 0775 800 852 | Belgium | 100% |
| Home Invest Netherlands NV | 0777 259 317 | Belgium | 100% |
| Blue Quarter NV | 0792 989 450 | Belgium | 100% |
All legal entities of the consolidation scope are domiciled in Belgium: Woluwedal 46/11 in 1200 Brussels. On 30 June 2025, there were no minority interests recorded.
NOTE 8: OFF-BALANCE SHEET RIGHTS AND OBLIGATIONS
- Home Invest Belgium has a number of current collection procedures which may have a very limited effect on the results.
- Home Invest Belgium is involved in several court cases. These cases have no meaningful impact on the financial position or profitability of Home Invest Belgium.
- The majority of the (residential) tenancy agreements signed by Home Invest Belgium stipulate the provision of a rental guarantee of 2 months' rent in favour of Home Invest Belgium.
- Home Invest Belgium and its perimeter companies are also linked to specific contracts such as estimates, insurance contracts, and asset management contracts.
NOTE 9: EVENTS AFTER THE BALANCE DATE
For events after the balance sheet date, reference is made to paragraph 4.7 of this half-year report.
Apart from that, no significant events occurred after the end of the half-year that have an impact on the consolidated figures.
.
NOTE 10: AUDITOR'S REPORT
Statutory auditor's report to the board of directors of Home Invest Belgium nv on the review of the condensed consolidated interim financial information as at 30 June 2025 and for the six-month period then ended
Introduction
We have reviewed the accompanying interim condensed consolidated balance sheet of Home Invest Belgium nv (the "Company"), and its subsidiaries (collectively referred to as "the Group") as at 30 June 2025, the condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated cash flow statement and condensed statement of changes in consolidated shareholders' equity for the six-month period then ended, and notes ("the condensed consolidated interim financial information "). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2025 and for the six-month period then ended are not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.
Brussels, 3 September 2025
EY Bedrijfsrevisoren bv/EY Réviseurs d'Entreprises srl Statutory auditor Represented by
Christophe Boschmans*
Partner
* Acting on behalf of a bv/srl 25CBO0368
NOTE 11: STATEMENT BY RESPONSIBLE PERSONS
As per article 13, §2 of the Royal Decree of 14 November 2007, the board of directors of Home Invest Belgium declares that after taking all necessary actions and to the extent known:
a. the half-year summary figures drafted on the basis of the foundations for financial reporting in accordance with IFRS and IAS 34 "Interim financial reporting" as approved by the European Union give an accurate representation of the assets, the financial situation and the results of Home Invest Belgium and the companies included in the consolidation;
b. the half-year report gives an accurate account of the primary events of the first six months of the current accounting year, of their influence of the summary figures, of the main risk factors and uncertainties in relation to the remaining months of the financial year as well as the primary transactions between the associated parties and any effect on the summary figures should these transactions be of significant importance, and were not carried out under normal market conditions;
c. the details in the interim annual statement are true to the actual situation and that no details have been omitted that may alter the scope of the half yearly statement.
The consolidated half-year results were approved by the board of directors on 2 September 2025.
Home Invest Belgium has used Alternative Performance Measures (APM) within the meaning of the Guidelines issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 in its financial communication for many years. A number of these APMs are recommended by the European Public Real Estate Association, EPRA, while others were established by the sector or by Home Invest Belgium to provide the reader with a better understanding of the company's results and performances.
Performance indicators that are defined by the IFRS or by law, and indicators that are not based on items in the income statement or the balance sheet, are not considered to be APMs.
All information related to the APMs is included in this report and has been approved by the auditor.
Hedging ratio
Definition:
This is the percentage of financial debt with a fixed interest rate compared to the total financial debt. The numerator corresponds to the sum of fixed-rate borrowing plus floating-rate debts after conversion into fixed-rate debts via IRS contracts in effect at the end of the financial year. The denominator corresponds to the total amount of financial debt drawn on the closing date.
Purpose:
A significant portion of the company's financial debts are concluded at floating rates. This APM is used to measure the risk associated with interest rate fluctuations and its potential impact on the results.
Reconciliation:
| (in k €) | 30/06/2025 | 31/12/2024 |
|---|---|---|
| Fixed-rate financial debt | 89,000 | 89,000 |
| Floating-rate financial debts converted into fixed-rate debt via IRS | 268,000 | 268,000 |
| Total fixed-rate debt | 357,000 | 357,000 |
| Total floating-rate debt | 48,000 | 49,000 |
| Total debt | 405,000 | 406,000 |
| Hedging ratio | 88.15% | 87.93% |
Average cost of debt
Definition:
The interest costs (including the credit margin and the cost of the hedging instruments) divided by the weighted average financial debt over the period in question. The numerator corresponds to the sum of the net interest costs included in item XXI of the income statement, after addition of the capitalized interest. The denominator corresponds to the average amount of financial debt calculated over the period.
Purpose:
The company is partly financed by debt. This APM is used to measure the average cost of the interests paid.
Reconciliation:
| (in k €) | 1H 2025 | 1H 2024 |
|---|---|---|
| Net interest charges (heading XXI) | 2,776 | 2,918 |
| Capitalized interests | 1,390 | 1,215 |
| Total cost of financial debt | 4,166 | 4,133 |
| Weighted average amount of debt | 195,003 | 191,655 |
| Average cost of debt | 2.14% | 2.16% |
EPRA NAV
Definition:
EPRA published the new Best Practice Recommendations for financial disclosures of listed real estate companies in October 2019. EPRA NAV is being replaced by three new Net Asset Value indicators: EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets (NTA) and EPRA Net Disposal Value (NDV). The EPRA NAV indicators are obtained by adjusting the IFRS NAV in such a way that any shareholders receive the most relevant information about the value of the company's assets and liabilities.
These three EPRA-metrics are calculated based on the following principles:
- EPRA NRV: displaying the resources required to reconstitute the company through the investment markets based on the current capital and financing structure, including transfer taxes;
- EPRA NTA: displaying a NAV in which the real property and other investments have been revalued to their respective fair values, excluding certain items that are not expected to materialise into a long-term investment property business model;
- EPRA NDV: represents the NAV of the company in a scenario when all assets are being old, and this scenario results in the value of any deferred taxes, debts and financial instruments being realised.
Reconciliation:
| 30/06/2025 | ||||
|---|---|---|---|---|
| (in k €) | EPRA NTA | EPRA NRV | EPRA NDV | |
| IFRS NAV (shareholders of the group) | 481,969 | 481,969 | 481,969 | |
| (v) | Deferred taxes in respect of increases in the fair value of investment properties |
3,164 | 3,164 | |
| (vi) | Fair value of financial instruments | -11,881 | -11,881 | |
| (viii.b) | Intangible fixed assets | -502 | ||
| (x) | Fair value of fixed rate debt | 3,496 | ||
| (xi) | Transfer taxes | 45,278 | ||
| NAV | 472,750 | 518,530 | 485,465 | |
| Number of shares | 19,895,902 | 19,895,902 | 19,895,902 | |
| NAV per share (in €) | 23.76 | 26.06 | 24.40 |
| 31/12/2024 | ||||
|---|---|---|---|---|
| (in k €) | EPRA NTA | EPRA NRV | EPRA NDV | |
| IFRS NAV (shareholders of the group) | 484,437 | 484,437 | 484,437 | |
| (v) | Deferred taxes in respect of increases in the fair value of investment properties |
2,686 | 2,686 | |
| (vi) | Fair value of financial instruments | -13,759 | -13,759 | |
| (viii.b) | Intangible fixed assets | -570 | ||
| (x) | Fair value of fixed rate debt | 5,300 | ||
| (xi) | Transfer taxes | 45,323 | ||
| NAV | 472,793 | 518,687 | 489,737 | |
| Number of shares | 20,066,379 | 20,066,379 | 20,066,379 | |
| NAV per share | 23.56 | 25.85 | 24.39 |
EPRA earnings (per share)
Definition:
The EPRA earnings is the net result (share group) excluding (i) the portfolio result, (ii) the changes in the fair value of financial assets and liabilities, and (iii) the non-EPRA elements of the share in the results of associated companies and joint ventures. The term is used in accordance with the Best Practices Recommendations of EPRA.
Purpose:
This APM measures the underlying operational result of the company, without regard to the result of the change in the value of the assets or liabilities on the portfolio, gains or losses on the sale of investment properties and the other result of the portfolio.
Reconciliation:
| (in k €) | 1H 2024 | 1H 2024 |
|---|---|---|
| NET RESULT (GROUP SHAREHOLDERS) (IFRS) | 23,189 | 64,114 |
| - Excluding: results of sale of investment properties (ii) | -4,691 | -2,230 |
| - Excluding: changes in the fair value of properties (i) | -10,354 | -49,787 |
| - Excluding: other portfolio result (viii) | -478 | +208 |
| - Excluding: variations in the fair value of financial assets and liabilities (vi) | 1,878 | -2,189 |
| - Excluding: non-EPRA elements in the share of the result of associated companies and joint ventures (ix) |
-294 | -181 |
| EPRA EARNINGS | 10,205 | 9,935 |
| Average number of shares | 19,982,868 | 19,663,501 |
| EPRA EARNINGS PER SHARE (in €) | 0.51 | 0.51 |
Operating margin
Definition:
This alternative performance indicator measures the company's operational profitability as a percentage of rental income and is calculated by dividing the "operating result before the result on the portfolio" by "the net rental result".
Purpose:
This APM is used to assess the operating performance of the company.
Reconciliation:
| (in k €) | 1H 2025 | 1H 2024 |
|---|---|---|
| Operating result before portfolio result | 12,422 | 12,263 |
| Net rental result | 18,282 | 18,064 |
| Operating margin | 67.9% | 67.9% |
2025
Half-year financial report: results up till 30 June 2025 Wednesday 3 September 2025 Interim statement: results up till 30 September 2025 Thursday 13 November 2025
| 2026 | |
|---|---|
| Annual press release on the financial year 2025 | Friday 13 February 2026 |
| Publication of the annual financial report on the website | Friday 3 April 2026 |
| Ordinary general meeting of the financial year 2025 | Tuesday 5 May 2026 |
| Payment of the dividend of the financial year 2025 – Ex date | Monday 11 May 2026 |
| Payment of the dividend of the financial year 2025 – Record date | Tuesday 12 May 2026 |
| Payment of the dividend of the financial year 2025 – Payment date | Wednesday 13 May 2026 |
| Interim statement: results up till 31 March 2026 | Wednesday 20 May 2026 |
| Half-year financial report: results up till 30 June 2026 | Wednesday 2 September 2026 |
| Interim statement: results up till 30 September 2026 | Thursday 12 November 2026 |
FOR ADDITIONAL INFORMATION
| Preben Bruggeman | Ingrid Quinet |
|---|---|
| Chief Executive Officer | Chief Legal Officer |
| Tel: +32 (0)2 899 43 21 | Home Invest Belgium |
| E-mail: [email protected] | Boulevard de la Woluwe 46, Box 11 |
| www.homeinvestbelgium.be | B – 1200 Brussels |
ABOUT HOME INVEST BELGIUM
Home Invest Belgium is the largest Belgian listed lessor of residential real estate. The company builds, rents, and maintains most of its buildings under its own management. As constructor and long-term owner, Home Invest Belgium guarantees a qualitative residential experience to its tenants.
With more than 25 years of experience, 45 buildings in its portfolio – half of which are less than 10 years old - and more than 2,500 residential rental units, Home Invest Belgium has a wide range and in-depth expertise. The company uses them to live up to its declared ambition to become the 'landlord of choice' for all its tenants, regardless of their stage of life or lifestyle. This translates into high-quality and sustainable rental housing, communal areas and services for tenants and rent rates in line with the market prices.
Home Invest Belgium is a Belgian public regulated real estate company (GVV/SIR) specialised in the acquisition, sale, development, letting and management of residential real estate. On 30 June 2025 Home Invest Belgium held a real estate portfolio worth € 884 million in Belgium and the Netherlands.
Home Invest Belgium has been listed on Euronext Brussels [HOMI] since 1999. On 30 June 2025 the market capitalisation amounted to € 410 million. The share is part of the BEL Small Index and the FTSE EPRA NAREIT Global Real Estate Index.