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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 market 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 the book value of his holding company by 18.24% per year for 60 years. This is more than beat the broad US stock index S&P 500 return index, which “only” rose by 10.43% per year. Since 1964, Berkshire Hathaway's share price has risen by 19.95% per year. In other words, the stock price followed fundamental value creation in the long term.
Past performance is not a reliable indicator of the future.
Methodology
The evolution of book value is a good measure 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, adding all 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. From this quotient, we calculate the compound interest rate to obtain the value creation per year.We obtain the book value per share by the consolidated equity (group share) to be divided by the number of shares in the end of the financial year. We also make adjustments for capital increases at stock market prices above book value.
By the way, such an analysis of the fundamental economic performance over 10 years is one of the many criteria that asset manager Value Square takes into account to assess the quality and risks of all listed companies it monitors.
Every year, Value Square awards awards to the three highest-scoring companies in this study and their management is rewarded with a gold, silver or bronze Award. The prizes 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 on the stock exchange over the past 10 years). We were unable to measure the fundamental value creation of five companies through a negative start and/or end value. Our analysis therefore 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 business created 23.5% value per year in the period 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.
The management led by CEO Jan Van Geet and CFO Piet Van Geet is proud that VGP is contributing to the reindustrialization of Europe. Germany is pre-eminently the most important market in VGP's real estate portfolio, weighing 52%. In the coming years, VGP could therefore benefit from Chancellor Friedrich Merz's ambitious 500 billion euro investment package to boost the German economy. Over the past 10 years, investors in VGP can't complain. Indeed, the stock market return (including net dividends) was 330%, which implies an annual stock return of 15.7%; this is significantly less than the fundamental value creation.
Melexis wins the Silver Value Creation Award. It is now the sixth year in a row that Melexis won second place. The tech 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 increasing comfort and safety applications, there is constantly more demand for analog chips in the automotive sector. However, electrification was much slower than generally assumed in 2024. Once again — just like during corona — the automotive semiconductor sector is burdened by too high stocks. They must be removed first. The Melexis stock rose sharply in 2024, leaving its annual stock return of only 7.1% significantly behind fundamental performance over the past 10 years.
The Boone family's family cookie company, with Jan Boone as CEO, has been able to increase sales every year over the past 10 years. Just over half of the turnover comes from the Lotus speculoos cookie “Biscoff”. The company's ambitions are no small: “Biscoff” should become the third (today fifth) most important cookie brand in the world after Chips Ahoy and Oreo (both from Mondelez).
Lotus has also been 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. 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” segment is also growing rapidly with brands such as Nakd and Bear. Fundamental value creation has amounted to 17.0% over the past 10 years, placing Lotus Bakeries in third place in our study and thus taking the Bronze Value Creation Award to its home base in Lembeke. The stock market performance is even more remarkable with an annual stock return of 28.0%, which provided the company with 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% in the period 2014-2024, amounting to 13.7% per year (in euro). Warren Buffett and Value Square are convinced that stock prices follow the fundamental value evolution in the long term. Over the past ten years, Berkshire Hathaway's share price has risen by an average of 13.4% per year (in euro). At Berkshire, the stock price therefore follows the fundamentals perfectly.
This year, there are nine Belgian companies that have 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 has averaged 19.8% per year over the past 10 years. Like last year, Jensen Group is in 10th place (with a fundamental value creation of 13.2%).
The fundamental increase in value of the 86 companies analysed over the period 2014-2024 averaged 6.9% per year. At 4.8%, the average stock market performance lags a full 2% behind fundamental value creation.
Top 10 Overview
VGP develops and manages logistics and semi-industrial real estate, such as distribution centers and warehouses, especially for large international companies. They buy land, build custom and rent to customers in sectors such as e-commerce and production. VGP is active across Europe, with a focus on sustainable and energy-efficient buildings.
Melexis designs and manufactures microchips and sensors, especially for the automotive industry. Their technology supports, among other things, tire pressure measurement, climate control and driver assistance systems. 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 pampering and healthy snacks, combining traditional recipes and innovation.
Argenx is a biotechnology company that develops drugs against autoimmune diseases such as myasthenia gravis. With their technology platform, they develop antibodies that specifically influence the immune system, especially for 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 others. The company supplies raw materials and chemical components for various industrial applications.
Floridienne is a holding company active in chemicals, 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, rents and manages logistics real estate such as warehouses and distribution centers, especially in Belgium and Western Europe. Customers include e-commerce companies, supermarkets and industrial players. WDP focuses on sustainability, for example via 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 football matches and the Olympics. Their systems enable real-time repeats, delayed images and analyses. Major broadcasters and production houses around the world use their tools.
Jensen Group develops industrial washing machines and automation solutions for laundries that serve hospitals and hotels. They provide complete systems for washing, drying, ironing and folding linen on a large scale. Their customers are active worldwide.
This study was conducted under the responsibility of Patrick Millecam, Partner and Senior Portfolio Manager at Value Square. In doing so, he received the support of Robbe Debaene, intern and student Finance & Risk Management — Master of Business Sciences, Ghent University.
