Vastned Retail Belgium (VASTB) - Net Assets
Based on the latest financial reports, Vastned Retail Belgium (VASTB) has net assets worth €725.49 Million EUR (≈ $848.17 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€1.29 Billion ≈ $1.50 Billion USD) and total liabilities (€559.84 Million ≈ $654.51 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Explore cash efficiency ratio of Vastned Retail Belgium to assess how effectively this company generates cash.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €725.49 Million |
| % of Total Assets | 56.44% |
| Annual Growth Rate | 7.4% |
| 5-Year Change | 218.72% |
| 10-Year Change | 188.95% |
| Growth Volatility | 25826491.24 |
Vastned Retail Belgium - Net Assets Trend (2000–2025)
This chart illustrates how Vastned Retail Belgium's net assets have evolved over time, based on quarterly financial data. Explore VASTB long-term asset investment ratio to see how much of total assets are deployed in long-term investments.
Annual Net Assets for Vastned Retail Belgium (2000–2025)
The table below shows the annual net assets of Vastned Retail Belgium from 2000 to 2025. For live valuation and market cap data, see Vastned Retail Belgium (VASTB) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €728.96 Million ≈ $852.22 Million |
+232.59% |
| 2024-12-31 | €219.18 Million ≈ $256.24 Million |
-5.48% |
| 2023-12-31 | €231.89 Million ≈ $271.11 Million |
-0.06% |
| 2022-12-31 | €232.03 Million ≈ $271.27 Million |
+1.45% |
| 2021-12-31 | €228.71 Million ≈ $267.39 Million |
-2.69% |
| 2020-12-31 | €235.03 Million ≈ $274.78 Million |
-9.00% |
| 2019-12-31 | €258.29 Million ≈ $301.96 Million |
-3.78% |
| 2018-12-31 | €268.44 Million ≈ $313.84 Million |
-2.21% |
| 2017-12-31 | €274.51 Million ≈ $320.93 Million |
+8.81% |
| 2016-12-31 | €252.28 Million ≈ $294.94 Million |
+3.18% |
| 2015-12-31 | €244.50 Million ≈ $285.84 Million |
+0.63% |
| 2014-12-31 | €242.97 Million ≈ $284.05 Million |
+3.19% |
| 2013-12-31 | €235.47 Million ≈ $275.29 Million |
+0.16% |
| 2012-12-31 | €235.08 Million ≈ $274.83 Million |
+2.77% |
| 2011-12-31 | €228.74 Million ≈ $267.42 Million |
+11.47% |
| 2010-12-31 | €205.21 Million ≈ $239.91 Million |
+2.81% |
| 2009-12-31 | €199.59 Million ≈ $233.34 Million |
+0.17% |
| 2008-12-31 | €199.25 Million ≈ $232.94 Million |
+6.12% |
| 2007-12-31 | €187.76 Million ≈ $219.51 Million |
+8.08% |
| 2006-12-31 | €173.73 Million ≈ $203.10 Million |
+1.18% |
| 2005-12-31 | €171.70 Million ≈ $200.74 Million |
+131795263.83% |
| 2004-12-31 | €130.28 ≈ $152.31 |
-99.90% |
| 2003-12-31 | €130.63K ≈ $152.72K |
-99.90% |
| 2002-12-31 | €126.33 Million ≈ $147.70 Million |
-0.20% |
| 2001-12-31 | €126.59 Million ≈ $147.99 Million |
+3.39% |
| 2000-12-31 | €122.44 Million ≈ $143.14 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Vastned Retail Belgium's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 4908100000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €49.08 Million | 6.77% |
| Common Stock | €191.00 Million | 26.33% |
| Other Components | €485.41 Million | 66.91% |
| Total Equity | €725.49 Million | 100.00% |
Vastned Retail Belgium Competitors by Market Cap
The table below lists competitors of Vastned Retail Belgium ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
LCY Technology Corp
TW:4989
|
$457.95 Million |
|
Lungteh Shipbldg Co Ltd
TW:6753
|
$458.02 Million |
|
EUROKAI GmbH & Co. KGaA
F:EUK3
|
$458.03 Million |
|
BENZ Mining Corp
AU:BNZ
|
$458.28 Million |
|
Soft-World International
TWO:5478
|
$457.88 Million |
|
Wajax Corporation
TO:WJX
|
$457.60 Million |
|
Quality Houses Public Company Limited
BK:QH
|
$457.52 Million |
|
Yulon Nissan Motor Co Ltd
TW:2227
|
$457.46 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Vastned Retail Belgium's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 219,175,000 to 725,490,000, a change of 506,315,000 (231.0%).
- Net income of 49,081,000 contributed positively to equity growth.
- Dividend payments of 1,753,000 reduced retained earnings.
- Other comprehensive income decreased equity by 97,587,000.
- Other factors increased equity by 556,574,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €49.08 Million | +6.77% |
| Dividends Paid | €1.75 Million | -0.24% |
| Other Comprehensive Income | €-97.59 Million | -13.45% |
| Other Changes | €556.57 Million | +76.72% |
| Total Change | €- | 231.01% |
Book Value vs Market Value Analysis
This analysis compares Vastned Retail Belgium's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.66x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1146.85x to 0.66x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2003-12-31 | €0.03 | €29.50 | x |
| 2004-12-31 | €0.00 | €29.50 | x |
| 2005-12-31 | €33.81 | €29.50 | x |
| 2006-12-31 | €34.21 | €29.50 | x |
| 2007-12-31 | €36.97 | €29.50 | x |
| 2008-12-31 | €39.23 | €29.50 | x |
| 2009-12-31 | €39.30 | €29.50 | x |
| 2010-12-31 | €40.41 | €29.50 | x |
| 2011-12-31 | €45.04 | €29.50 | x |
| 2012-12-31 | €46.29 | €29.50 | x |
| 2013-12-31 | €46.37 | €29.50 | x |
| 2014-12-31 | €47.81 | €29.50 | x |
| 2015-12-31 | €48.14 | €29.50 | x |
| 2016-12-31 | €49.68 | €29.50 | x |
| 2017-12-31 | €54.05 | €29.50 | x |
| 2018-12-31 | €52.86 | €29.50 | x |
| 2019-12-31 | €50.86 | €29.50 | x |
| 2020-12-31 | €46.28 | €29.50 | x |
| 2021-12-31 | €45.04 | €29.50 | x |
| 2022-12-31 | €45.69 | €29.50 | x |
| 2023-12-31 | €45.66 | €29.50 | x |
| 2024-12-31 | €43.16 | €29.50 | x |
| 2025-12-31 | €44.92 | €29.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Vastned Retail Belgium utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.77%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 69.60%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 1.77x
- Recent ROE (6.77%) is below the historical average (6.77%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 0.01% | 0.00% | 79.57x | 1.99x | €-13.05K |
| 2004 | 9.63% | 0.00% | 93873.06x | 1.99x | €-0.48 |
| 2005 | 10.87% | 100.95% | 0.06x | 1.71x | €1.49 Million |
| 2006 | 7.08% | 66.62% | 0.06x | 1.65x | €-5.08 Million |
| 2007 | 12.72% | 139.63% | 0.05x | 1.77x | €5.11 Million |
| 2008 | 11.03% | 109.63% | 0.06x | 1.68x | €2.06 Million |
| 2009 | 6.09% | 58.74% | 0.06x | 1.69x | €-7.80 Million |
| 2010 | 8.59% | 83.96% | 0.06x | 1.62x | €-2.89 Million |
| 2011 | 15.87% | 170.89% | 0.06x | 1.59x | €13.43 Million |
| 2012 | 7.94% | 78.74% | 0.07x | 1.54x | €-4.84 Million |
| 2013 | 5.18% | 52.35% | 0.06x | 1.55x | €-11.35 Million |
| 2014 | 8.44% | 87.15% | 0.06x | 1.49x | €-3.79 Million |
| 2015 | 6.26% | 72.59% | 0.06x | 1.42x | €-9.15 Million |
| 2016 | 8.14% | 103.71% | 0.06x | 1.40x | €-4.70 Million |
| 2017 | 12.63% | 173.05% | 0.05x | 1.39x | €7.22 Million |
| 2018 | 2.70% | 35.24% | 0.05x | 1.39x | €-19.60 Million |
| 2019 | 1.67% | 21.16% | 0.06x | 1.41x | €-21.51 Million |
| 2020 | -3.63% | -47.06% | 0.05x | 1.42x | €-32.03 Million |
| 2021 | 1.79% | 22.68% | 0.06x | 1.39x | €-18.78 Million |
| 2022 | 6.25% | 77.70% | 0.06x | 1.37x | €-8.71 Million |
| 2023 | 4.87% | 55.67% | 0.06x | 1.36x | €-11.90 Million |
| 2024 | 4.86% | 52.98% | 0.06x | 1.50x | €-11.28 Million |
| 2025 | 6.77% | 69.60% | 0.05x | 1.77x | €-23.47 Million |
Industry Comparison
This section compares Vastned Retail Belgium's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $357,516,500
- Average return on equity (ROE) among peers: 10.89%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vastned Retail Belgium (VASTB) | €725.49 Million | 0.01% | 0.77x | $457.90 Million |
| Ascencio (D) (ASCE) | $437.01 Million | 20.74% | 0.79x | $328.81 Million |
| QRF SCA (QRF) | $123.59 Million | 8.84% | 0.81x | $120.62 Million |
| Retail Estates - Sicafi (RET) | $191.04 Million | 8.01% | 1.37x | $1.01 Billion |
| Wereldhav B-Sicafi (WEHB) | $678.43 Million | 5.98% | 0.44x | $631.16 Million |
About Vastned Retail Belgium
Vastned Retail N.V. is a European publicly listed property company focusing on the best property in the popular shopping areas of selected European cities with a historic city centre where shopping, living, working and leisure meet. Vastned property clusters have a strong tenant mix of international and national retailers, food & beverage entrepreneurs, residential tenants, and office tenants. Th… Read more