Belgian real estate company Ghelamco, owned by businessman Paul Gheysens, reported a net loss of €323.9 million in 2024, despite reducing its debt through record property sales, according to its financial results, released on Wednesday evening.
Ghelamco attributed the drop in revenue primarily to “one-off, exceptional losses.” These included a €119 million loss due to the bankruptcy of the main contractor on the UK project, The Arc.
Additionally, the sale of The Warsaw Unit skyscraper in Poland resulted in a €52.3 million loss, while the sale of The Wings in Diegem led to a €9.1 million accounting loss.
Ghelmco emphasised that last year it focused on “targeted property sales and substantial debt reduction.” Real estate projects worth a total of €802 million were sold across Belgium, Poland, and France. As a result, the group reduced its net financial debt by a third, or approximately €504 million.
Finally, the company noted that bonds in Belgium and Poland, amounting to €180 million, were successfully repaid or refinanced.
