Paul Gheysens — © carlo coppejans
Ghelamco, the real estate company of the Gheysens family, has made a loss in the past year. This is evident from the annual results that the company released on Thursday.
The Ghelamco group (Belgium, UK, France and Poland) must record an underlying net loss of 6.7 million euros for the full 2023 financial year. Including the depreciation on the costs of the – never realized – Euro Stadium in Brussels for an amount of 25.2 million euros, this brings the net loss to 31.9 million euros.
The real estate group, which was founded in 1985 by Paul Gheysens, suffered from impairments (54.3 million euros), especially in Poland. On the other hand, 68.3 million euros in value increases were booked.
The group says it has had a good second half of the year. In the first six months of this year, three commercial projects will be delivered for which binding sales agreements have been signed, generating an estimated revenue of EUR 160 million. This allows the group to reduce its net financial debt position – the group has a net financial debt of 1.336 billion euros. The group’s business model remains “robust,” Ghelamco assures.
