GVV Monitor: my own dashboard for all Belgian REITs
I’d already been comparing Belgian GVVs myself for some time, using my own overview of share prices, dividends and a few key figures side by side, to see how they compared. At one point, that overview became too cumbersome to maintain manually, so I built my own tool for it: the GVV Monitor. The GVV Monitor is now live at gvv.fighttofire.com. All feedback is welcome 🙂
Comparing Belgian REITs in my Monitor app
The GVV Monitor currently tracks 14 Belgian GVVs: Aedifica, Ascencio, Care Property Invest, Home Invest Belgium, Immo Moury, Inclusio, Montea, QRF, Retail Estates, Vastned, Warehouses De Pauw (WDP), Warehouses Estates Belgium, Wereldhave Belgium and Xior Student Housing.
That is one fewer than the 15 that were still listed at the start of this year. Cofinimmo was removed from the FSMA’s list of public GVVs on 30 June 2026, following its merger by acquisition with Aedifica. Anyone holding Cofinimmo shares had them automatically exchanged for new Aedifica shares.
For each GVV, I display the following in the GVV Monitor:
- the current share price
- the dividend, verified against each GVV’s official press releases
- the net yield after withholding tax
- the debt ratio
- the payout ratio
The share prices are sourced from EODHD and are updated daily after the market closes.
Why are these figures important when comparing Belgian GVVs?
Share price and dividend yield alone do not tell the whole story. A high gross dividend means little if you do not know how much you are left with after withholding tax, and an attractive payout ratio can conceal a very different risk profile if the debt ratio is already approaching the statutory maximum of 65 percent. By comparing these figures side by side in the GVV Monitor, it’s easier to look beyond first impressions.
Incidentally, that was also the direct reason for building the GVV Monitor: after a dividend announcement, I wanted to quickly check the debt ratio before considering topping up a position, but with a separate overview for each GVV, that took too long.
Would you like to compare Belgian GVVs yourself? Do you have any feedback on the GVV Monitor, have you spotted an error, or is there a feature you’d like to see? Let me know in the comments below.