1. Belgium Stocks

  2. •

    Finance

  3. •

    Real estate investment trusts
Qrf Comm. VA

Qrf Comm. VA

10.00
EUR
+0.12
(+1.21%)
110.22MMarket Cap
Feb 19Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.08
2.53
2.9
3
2.98
2.83
2.25
1.85
1.62
1.7
1.89
1.71
- -
- -
Basic EPS, GAAP
-0.51
0.86
1.29
1.61
0.88
0.1
-2.81
-0.72
0.31
1.62
-0.31
1.35
- -
- -
Free Cash Flow per Basic Share
1.21
-0.59
0.71
1.08
0.21
1.27
1.23
0.9
1.16
1.35
1.4
1.18
- -
- -
Dividend per Share
- -
- -
1.19
0.95
1.11
1.18
0.62
0.77
0.46
0.45
0.5
0.77
- -
- -
Book Value per Share
21.91
22.3
22.48
23.08
22.92
22
17.26
15.84
15.27
15.94
14.7
15.28
- -
15.97
Tangible Book Value per Share
21.91
22.3
22.48
23.08
22.92
22
17.26
15.84
15.26
15.94
14.7
15.28
- -
15.97
Basic Weighted Avg Shares
3
3
4
5
5
6
7
7
8
8
8
8
9
11
Sales/Revenue/Turnover
- -
9
10
14
16
17
16
14
12
13
15
14
- -
- -
Operating Margin (%)
44.76
74.44
70.08
72.86
72.71
71.84
72.24
64.79
74.91
73.68
76.52
70.87
- -
- -
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
-2
3
5
8
5
1
-20
-5
2
13
-2
11
- -
- -
Effective Tax Rate (%)
- -
2.43
1.61
4.98
7.97
18.47
- -
- -
- -
0.3
- -
0.67
- -
- -
Profit Margin (%)
-599.65
33.79
44.33
53.69
29.55
3.66
-124.83
-38.61
19.08
95.38
-16.29
79.01
- -
- -
Working Capital
1
1
-1
-1
-26
-11
14
-10
-48
-32
-17
-32
- -
-41
LT Debt
40
62
105
120
125
129
90
105
71
102
107
64
- -
148
Total Equity
75
76
105
123
135
130
128
118
116
125
119
124
- -
166
Return on Invested Capital (%)
- -
3.51
3.7
4.51
2.81
1.42
- -
- -
- -
3.36
- -
6.32
- -
- -
Return on Capital (%)
- -
3.16
3.31
4.17
2.5
0.78
- -
- -
- -
5.72
- -
6.53
- -
- -
Return on Common Equity (%)
- -
3.87
5.08
6.85
3.7
0.46
-15.92
-4.33
1.99
10.42
-2.01
9.01
- -
- -

Capital Structure

EUR

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
ST Debt
40
- -
38
LT Borrowings
55
- -
142
LT Finance Leases
6
- -
6
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
8
11
10
Market Capitalization
82
104
110

Working Capital

EUR

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
Total Current Assets
3
- -
5
Cash, Cash Equivalents & STI
1
- -
2
Accounts Receivable, Net
1
- -
3
Inventories
- -
- -
- -
Total Current Liabilities
45
- -
46
Payables & Accruals
- -
- -
- -
ST Debt
40
- -
38
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
- -
Free Cash Flow
- -
- -
- -
Net Income, GAAP
- -
- -
- -
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
14
2025
- -
- -
- -
2026
- -
- -
- -

Semi-annual Earnings Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1.35
2025
- -
- -
- -
2026
- -
- -
- -

Semi-annual Dividends Per Share

EUR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.77
2025
- -
- -
- -
2026
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
William Vanmoerkerke
Full Time Employees
7
Sector
Finance
Industry
Real estate investment trusts
Address
Museumstraat 11/211 Ghent Belgium 2000
IPO Date
Dec 18, 2013
Website
qrf.be
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Business
Qrf Comm. VA (QRF.BR) is a Belgian publicly regulated real estate investment company (BE-REIT or GVV) that specializes in the acquisition, redevelopment, and leasing of commercial real estate situated in the city centers of Belgium and the Netherlands. The company focuses on properties dedicated to retail, consumer spending, leisure, culture, and hospitality, including shopping centers, high-street retail units, and mixed-use developments leased to major tenants such as H&M, Inditex group brands, and The Sting; it maintains a portfolio emphasizing inner-city locations with redevelopment potential to enhance value through asset management and tenant optimization. Qrf Comm. VA operates through two primary geographic segments—Belgium, which generates the majority of revenue, and the Netherlands—and targets institutional investors and retail tenants in resilient urban markets. Founded on September 3, 2013, and headquartered at Museumstraat 11/211 in Antwerp, Belgium, the company listed on Euronext Brussels shortly thereafter with an initial retail property portfolio valued at approximately EUR 114 million. It adheres to a conservative financing strategy with a target debt ratio of around 50% (temporarily up to 55% for opportunistic deals) and an active interest rate hedging policy. In recent developments, Qrf Comm. VA completed two strategic acquisitions on September 30, 2025—a portfolio of fifteen prime inner-city properties and a shopping center in Oostende featuring an Inditex group brand as the new anchor tenant (set to open in Q2 2026)—partially financed through a capital increase. Earlier activities include the Q4 2024 results announcement in February 2025 and Q3 2024 results in October 2024, alongside ongoing transparency declarations regarding major shareholders such as Quintet Private Bank and reference investors. The company continues to pursue portfolio expansion and redevelopment, as evidenced by prior transactions like the 2023 acquisition of Korenmarkt and sales of non-core assets.