Immobel enters 2025 in a position of strength, underpinned by increased sales activities, substantial cash reserves and disciplined financial management. The company recorded in 2024 an operating income of EUR 379 million, a 133% increase compared to 2023. With a liquidity position of EUR 182 million, compared to EUR 100 million as per end of June 2024, and a well-hedged debt profile, Immobel is geared to navigate still volatile market conditions with resilience and financial stability.
Furthermore, Immobel successfully secured over EUR 430 million in project refinancing and new financing facilities in 2024, reinforcing its ability to fund ongoing developments and maintain flexibility in a shifting landscape. Early 2025, the company strengthened its financial position with a EUR 135 million corporate financing extension, ensuring ample resources to meet ongoing obligations and drive future growth.
Looking ahead, Immobel anticipates steady residential sales in Belgium and signs of recovery in office transactions under EUR 100 million, even as larger deals remain constrained. With a strategic focus on premium locations and sustainable developments, the company remains resilient and positioned to seize opportunities in 2025 and beyond.
Financial Update
- Liquidity position: EUR 182 million (or EUR 209 million internal view)
- Operating income: EUR 379 million (or EUR 445 million internal view)
- Annualized rental income: EUR 17 million
- EBITDA: EUR 34 million, Underlying net result: EUR 6 million, Net result: EUR - 94 million
- Overhead costs: Decreased to EUR 30 million
- Average cost of debt: 4.3% (all-in), with more than 90% hedged or fixed up to the end of 2026
- Gearing ratio: Improved to 67% compared to 30 June 2024
- Total assets: EUR 1.6 billion (recorded at cost), impaired by EUR 99 million (6% of total assets), reflecting mainly the decision to discontinue select projects (Proximus Towers, Schoettermarial, Arquebusier) to focus on high-potential developments
- Portfolio composition: 71% of portfolio consists of residential real estate
- Permits: Final permits for a Gross Development Value (GDV) of EUR 1.1 billion in 2024, bringing the total permitted GDV portfolio to EUR 2 billion on a total portfolio of EUR 4.3 billion
- Dividend recommendation: The Board of Directors recommends not to declare a dividend for FY 2024 to further solidify the balance sheet
Business Update (as communicated on 8th January 2025)
- Sale of approximately 1,000 residential units in Belgium (Oxy, Slachthuis, UNI, O’Sea, Ilot Saint-Roch, etc.), Luxembourg (River Place, Liewen), France, Germany (Eden), and Poland (Granaria)
- Commercialization launched for EUR 1.2 billion of projects in Brussels
- Handover of 1,315 residential units across all countries
- Signed a binding agreement for the sale of 124 units in the Kiem2050 project with Fonds Kirchberg (Luxembourg)
- Sale of the Cloud One Hotel and the public parking in the Granaria project (Gdańsk, Poland)
- Sale of 6,800 m² of office space to National Lottery (Brouck’R, Brussels)
- Lease of 56,000 m² of office space, including agreements with the European Defense Agency (EDA) at The Muse and agreements with Engie and Motel One at the OXY project in Brussels
- Permits obtained for Kiem2050 and River Place (Luxembourg), UNI, Oxy, Brouck’R, Lebeau, and The Commodore (Brussels), O’Sea Phase 4 (Ostend), and Slachthuis (Antwerp)
- Sale of non-strategic landbanks in Belgium and France for EUR 44.5 million
ESG Update
In 2024, Immobel enhanced its sustainability efforts by standardizing practices and expanding carbon footprint assessments in line with Science Based Targets initiative (SBTi) guidelines. The company continued its efforts towards Taxonomy alignment and conducted biodiversity and socio-economic studies to evaluate project impacts. These initiatives led to a 94% (4-star) GRESB rating, underscoring Immobel's leadership in sustainability.
The statutory auditor, KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Filip De Bock, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material misstatement in the accounting information included in the Company’s annual announcement.
The 2024 Annual Report and ESG Report will be published on March 17, 2025, ahead of the General Shareholders Meeting, which will be held on April 17, 2025.