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Entrepreneurs Up2Date - Value Creation Awards 2014-2024
Every year since 2007, Value Square has calculated the fundamental value creation over the past ten years of all Belgian companies that have also been listed on the stock exchange for at least ten years. Their performance is compared to that of Berkshire Hathaway, Warren Buffett's investment vehicle. Over the period from the end of 1964 to the end of 2024, Buffett was able to increase his holding company's book value by 18.24% per year for 60 years. This more than beats the broad U.S. stock index S&P 500 return index, which increased "only" by 10.43% per year. Since 1964, Berkshire Hathaway's stock price rose 19.95% per year. In other words, the stock price followed long-term fundamental value creation.
Past results are not a reliable indicator of the future.
Methodology
The evolution of book value is a good indicator of the evolution of intrinsic or "real" value. In our study, we assess fundamental value creation using the following formula: we take the book value per share at the end of 2024, to which we add all the net dividends received in cash by a private shareholder over the past 10 years; finally, we compare this sum with the book value per share at the end of 2014. The book value per share is obtained by dividing consolidated equity (group share) by the number of shares at the end of the fiscal year. We also make adjustments for capital increases at share prices above book value.
Such analysis of 10-year fundamental economic performance, by the way, is one of many criteria that asset manager Value Square takes into account to assess the quality and risks of all the publicly traded companies it monitors.
Value Square awards prizes each year to the three highest scoring companies in this study and their management is rewarded with a gold, silver or bronze Award. The awards were presented at the "Value Creation Awards" event on Tuesday, May 20, 2025 at the Handelsbeurs on the Kouter in Ghent.
91 Belgian companies screened/ 86 analyzed
We screened a total of 91 Belgian listed companies (listed over the past 10 years). Of five companies, we could not measure the fundamental value creation due to a negative start and/or end value. Our analysis thus includes 86 Belgian listed companies.
VGP wins "Golden Value Creation Awards"
The winner of the Value Creation Awards remains VGP of Van Geet Parks for the fourth year in a row. The family-owned company created 23.5% value per year from 2014-2024. VGP is a pan-European owner, manager and developer of logistics and semi-industrial real estate. Meanwhile, VGP has operations in 18 European countries, both directly and through 50:50 joint ventures.
Management led by CEO Jan Van Geet and CFO Piet Van Geet prides itself on VGP's contribution to the reindustrialization of Europe. Germany is by far the most important market in VGP's real estate portfolio, weighing in at 52%. VGP could therefore benefit in the next few years from Chancellor Friedrich Merz's ambitious €500 billion investment package to boost the German economy. Over the past 10 years, investors in VGP cannot complain. Indeed, the stock market return (including net dividends) was 330%, implying an annual stock market return of 15.7%; this is significantly less than the fundamental value creation.
Melexis wins Silver Value Creation Award. It is now the sixth year in a row that Melexis has won second place. The technology company - half owned by Françoise Chombar, Rudi De Winter and Roland Duchatelet - has created 20.3% annual fundamental value over the past decade. Melexis designs, develops, tests and sells semiconductors for many markets, but the automotive is by far the most important. Due to increasing electrification and rising comfort and safety applications, there is constantly more demand for automotive analog chips. That electrification, however, was a lot slower in 2024 than generally assumed. Again - just like during corona - the automotive semiconductor sector is weighed down by excessive inventories. These have to be eliminated first. The Melexis share received a sharp stock market bounce in 2024, which means that its annual stock market return of only 7.1% over the past 10 years falls well short of its fundamental performance.
The Boone family's family cookie business, with Jan Boone as CEO, has been able to increase sales every year for the past 10 years. Just over half of the turnover comes from the Lotus speculoos cookie "Biscoff." The company's ambitions are not minus: "Biscoff" is to become the third (today fifth) leading cookie brand in the world after Chips Ahoy and Oreo (both from Mondelez).
Lotus was also able to grow strongly in the United States in recent years thanks to a partnership with Delta Airlines but also through smart distribution in supermarkets and coffee chains. The management still sees a lot of potential in the US, as evidenced by a brand-new factory in North Carolina that makes Biscoff cookies for the North American market. In addition, the "healthy snacks" leg is also growing solidly with brands such as Nakd and Bear. Fundamental value creation was 17.0% over the past 10 years, putting Lotus Bakeries in third place in our study and thus taking the Bronze Value Creation Award home to Lembeke. Its stock market performance is even more remarkable with an annual stock market return of 28.0%, giving the company an entry ticket to the BEL20 Index in 2024.
9 Belgians do better than Buffett
Berkshire Hathaway achieved a total value creation of 260.9% over the period 2014-2024. This amounts to 13.7% per year (in euros). Warren Buffett and Value Square believe that in the long run, stock prices follow the fundamental value evolution. Over the past ten years, the stock price at Berkshire Hathaway rose at an average rate of 13.4% per year (in euros). So at Berkshire, the stock price perfectly follows the fundamentals.
This year, nine Belgian companies created more fundamental value than Berkshire Hathaway over the past decade: VGP, Melexis, Lotus Bakeries, ArgenX, Campine, Floridienne, WDP, Montea and EVS. They achieved an average fundamental value creation of 17.1% per year and their stock market return averaged 19.8% per year over the past 10 years. Jensen Group, like last year, ranks 10th (with a fundamental value creation of 13,2%).
The fundamental value creation of the 86 companies analyzed over the period 2014-2024 averaged 6.9% per year. The average stock market performance lags behind fundamental value creation by a full 2% at 4.8%.
Top 10 overview
VGP develops and manages logistics and semi-industrial real estate, such as distribution centers and warehouses, mainly for large international companies. They buy land, build to order and rent to clients in sectors such as e-commerce and manufacturing. VGP operates across Europe, with a focus on sustainable and energy-efficient buildings.
Melexis designs and manufactures microchips and sensors, primarily for the automotive industry. Their technology supports tire pressure measurement, climate control and driver assistance systems, among other things. Their chips also find applications in healthcare and robotics.
Lotus Bakeries is known for speculoos, but also produces snacks such as cakes, waffles and healthy snacks (e.g. Nakd and Bear). The company sells worldwide and focuses on indulgent and healthy snacks, combining traditional recipes and innovation.
Argenx is a biotechnology company developing drugs against autoimmune diseases such as myasthenia gravis. With their technology platform, they develop antibodies that target the immune system, especially in diseases with few effective treatments.
Campine recycles metals such as antimony and lead from industrial waste streams and produces flame retardant and polymer additives. These are used in batteries, cables and plastics, among other things. The company supplies raw materials and chemical components for various industrial applications.
Floridienne is a holding company active in chemistry, food specialties and biotechnology. In chemistry, they produce salts and recycle zinc; in food, they make delicacies such as escargots and ready-to-eat dishes. The group also invests in innovative biotech around sustainable agriculture and health.
WDP (Warehouses De Pauw) develops, leases and manages logistics real estate such as warehouses and distribution centers, mainly in Belgium and Western Europe. Customers include e-commerce companies, supermarkets and industrial players. WDP focuses on sustainability, for example through solar energy on their buildings.
Montea specializes in logistics real estate, such as warehouses, distribution centers and transport hubs. They build and rent to logistics and industrial companies. Montea is active in Belgium, the Netherlands, France and Germany and focuses on energy efficiency. The de Pauw family (WDP) is the largest shareholder (13.1%).
EVS Broadcast Equipment develops technology and software for live television productions, especially at sporting events such as soccer games and the Olympics. Their systems enable real-time replays, delayed footage and analysis. Major broadcasters and production houses worldwide use their tools.
Jensen Group develops industrial washing machines and automation solutions for laundries serving hospitals and hotels. They provide complete systems for washing, drying, ironing and folding linen on a large scale. Their customers operate worldwide.
This study was conducted under the responsibility of Patrick Millecam, Partner and Senior Portfolio Manager at Value Square. He received the support of Robbe Debaene, intern and Finance & Risk Management student - Master Commercial Sciences, Ghent University.
