May 2026
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Largest Real Estate Services Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
Immobel, Inclusio, IEP Invest and Compagnie Financière de Neufcour.
 | Immobel develops mixed real estate with a variety of functions such as living, working, shopping, and leisure. Its project portfolio includes residential, offices, and land banking. The company's real estate development is carried out in Belgium, Luxemburg, France, Germany, Poland, Spain, and the United Kingdom. | $25 | +15% | $255M | $1B | 2.2x | 13.1x | ||
| Inclusio SA holds and manages social housing residential assets. The company is engaged in acquisition, development and management buildings made available to low and middle income tenants. Its portfolio includes new or renovated residential buildings leased to social partners, schools, nurseries, and reception centers for asylum seekers. | $20 | +3% | $154M | $343M | 17.4x | 14.6x | ||
| IEP Invest NV is a real estate development company. | $6 | -5% | $52M | $23M | 3.6x | 10.6x | ||
| Compagnie Financiere de Neufcour SA is engaged in real estate business. The company owns and manages real estate properties of the late 19th century and early 20th century. | $13 | +9% | $5M | $7M | - | 75.8x | ||
| Median | $17 | +6% | $103M | $183M | 3.6x | 13.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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