| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 4Small sample | 100.0% (4/4) | 25.0% (1/4) | -0.9% | +0.0% | -1.4% |
| 20D | 4Small sample | 100.0% (4/4) | 75.0% (3/4) | +0.4% | +0.3% | -1.3% |
| 60D | 4Small sample | 100.0% (4/4) | 75.0% (3/4) | +2.1% | +1.5% | -0.9% |
| 120D | 3Small sample | 100.0% (3/3) | 100.0% (3/3) | +3.5% | +3.2% | +1.9% |
COMPANY RESEARCH
QRF
QRF.BR · Belgium · Real Estate · REIT—Retail
INSIDER SIGNAL
Insider activity score：72.9 / 100
9 insiders · 9 purchase events · €9.72m net purchases
Europe #34 · Belgium #1
WHY THIS SIGNAL?
Score anatomy
Each bar shows the contribution to the current score; the weights and formula stay unchanged.
Cluster+35.0 / 35
How many distinct insiders bought in the cluster
Purchase size+25.0 / 25
Purchase value relative to company size and liquidity
Role+17.1 / 20
The seniority and relevance of participating insiders
Recency+0.0 / 10
How recently the purchases occurred
Conviction+10.0 / 10
How clearly buying stands out from other activity
What is holding the score back?
- ⚠ Purchase activity is becoming less recent
- ✓ Broad buyer cluster · 4+ distinct filers
- ✓ Strong insider role · ? involved
The role contribution uses the inverted role input of the current European model.
Buying concentration
80%
Largest buyer：Horizon Retail Investeringen WP · 7.82m EUR
Gross qualified purchase transaction-line value：9.72m EUR
The headline € total is net buying for the screen; this module uses gross qualified purchase transaction-line values in the filing currency, so the amounts can differ. The current 15-day buyer-breadth input counts distinct buyers; value concentration is disclosed separately here.
This is a ranking under the current European screening rules—not a probability of gain, return forecast, or buy recommendation.
Key purchase quotes (filing currency)
| Filer | Price per unit | Trade date |
|---|---|---|
| Horizon Retail Investeringen WP | 9.9 EUR | Jul 10, 2026 |
| MT COURT | 9.9 EUR | Jul 10, 2026 |
| ALEXANDER van RAVELS | 9.9 EUR | Jul 10, 2026 |
Model details
Cluster breakdown (does not change the score)
- 15-day buyer breadth (count)
- 9 distinct reported filers
- Peak time window
- 2026-07-10 to 2026-07-10
- Current breadth input
- 1.000 (capped at 4+ buyers)
- Buyer independence
- Not yet measured; related-party fields are not cross-market comparable
What the filings show
- 🟢 Recent eligible purchase
Horizon Retail Investeringen WP · 7.82m EUR · Price 9.9 EUR · Jul 10, 2026 - 🟢 Eligible purchase
MT COURT · 792k EUR · Price 9.9 EUR · Jul 10, 2026 - 🟢 Large eligible purchase
ALEXANDER van RAVELS · 500k EUR · Price 9.9 EUR · Jul 10, 2026 - 🟡 6 remaining qualified transaction line(s) across 6 disclosure(s)
Insider vs stock price
1 purchase day(s), 9 purchase line(s) in the 180-day window.
Daily close (EUR)Day with an insider purchaseTwo or more insiders the same day
Markers sit on the closing price of the transaction day. They show when insiders traded, not the price they paid or received. "Since" compares that day's close with the last close shown; it is what happened at this company, not a forecast.
If you had followed the purchase
Each row starts on the first close on or after the day a purchase was made public, the earliest a reader could have acted, and ends on the last close shown above.
| Made public | Insiders | In this stock, now | In the median peer stock, now | Difference |
|---|---|---|---|---|
| 2026-07-10 | 9 | 983 −1.7% | too few peers | — |
Close to close, before costs, taxes, dividends and currency moves. The peer is the median of the other stocks on the same exchange for which this site holds prices (0 here), not an index. This is what happened, not a forecast: across all purchases on this site the typical gap is close to zero.
Insider timeline
9 insiders bought on the same day, 10 Jul: 6 Associated person, 3 Role not classified. The share closed at 10.15 that day and at 9.98 most recently (−1.7%). That week 160 companies across Europe disclosed insider purchases, an ordinary week (22 of the last 26).
Tap an item for what it means.
●A purchase: the bigger the dot, the more was bought
Each dot is one insider's purchases on one day. The dot's area follows the amount: the largest purchase here gets the largest dot. Hold the pointer over a dot to see the date and the amount.
▮Purple band: several insiders bought within 15 days
The band marks the stretch with the most different buyers: at most 15 days long and at least two people. Here it is 10 Jul, with 9 insiders. Only the strongest stretch is marked. Several people deciding the same thing is harder to explain by one person's private reasons, but insiders often buy together just after a closed period ends, so compare it with the grey weekly bars.
Blue line: this share's price, −11.3% over these six months
The closing price of each day, from 11.25 on 2026-04-21 to 9.98 on 2026-10-15. The line has no scale; read it for high and low: a dot on a low stretch was bought cheaply, a dot on a high stretch was not.
Dashed line: the typical stock on the same exchange, −8.7%
Taken from the 31 other stocks on the same exchange that this site holds prices for. Each is measured from the first day of the window, and every day the middle one is drawn. It starts where the blue line starts, so the gap between the two is the difference: this share −11.3%, the typical one −8.7%, 2.6 points behind. It is not an index and not a comparison within one industry.
▂Grey bars: companies across Europe disclosing purchases each week
A taller bar is a week in which more companies disclosed insider purchases. The purple bar is the week of the band above: 160 companies, number 22 of the last 26 weeks. If that week was a peak anyway, buying together is less special than it looks.
This company: insiders buying per month, last 12 months
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
9Jul
Aug
Sep
Oct
Darker bars are inside the 180-day window above.
Who traded
| Insider | Role | Purchases | Sales | Bought | First purchase | Share price since | Earlier purchases |
|---|---|---|---|---|---|---|---|
| Lesaffre Arthur | Role not classified | 1 | — | 22.7k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| Michel De Baets | Role not classified | 1 | — | 22.7k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| Vanderhoydonck Francis | Role not classified | 1 | — | 51.9k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| "ARNTHOR" | Associated person | 1 | — | 250.0k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| ALEXANDER van RAVELS | Associated person | 1 | — | 500.0k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| Horizon Retail Investeringen WP | Associated person | 1 | — | 7.8M EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| MT COURT | Associated person | 1 | — | 792.0k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| QRF MANAGEMENT | Associated person | 1 | — | 8.1k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
| WVM PROJECTS | Associated person | 1 | — | 250.0k EUR | 2026-07-10 | −1.7% | fewer than 5 completed |
Why this score? · Model details
Priority = 100 × Σ(fixed weight × 0–1 rule-based input)
| Factor | Weight | This company input | Point contribution |
|---|---|---|---|
| 15-day buyer breadth (count) | 35% | 1.000 | 35.0 |
| Qualified-buy size | 25% | 1.000 | 25.0 |
| Role informativeness (inverted) | 20% | 0.146; source unavailable, filled with a cohort-neutral value | 2.9 |
| Recency | 10% | 0.001 | 0.0 |
| Buy/sell conviction | 10% | 1.000 | 10.0 |
This is a heuristic ordering under the current rules, not a calibrated return forecast. It explains why candidates rank differently; the public-filing evidence and data limits are shown below.
BULL VS BEAR
Two readings of this buying
The same filings, read two ways. Each line is a fact stored for this company with the number behind it, and appears only when that number crosses a fixed threshold. Neither side is a forecast and no winner is declared.
Since 2026-10-13: new on the bear side: thinly traded. All bull and bear lists, and what followed each line in the past →
Where the evidence comes from
Independent evidence does not object: the purchases themselves carry bull lines (several insiders together, more buyers than usual here, large purchases); share price and trading, short sellers, company results were checked and none crosses a bear threshold. No data is held for: company actions.
- The insider purchases themselvesBullseveral insiders together, more buyers than usual here, large purchases Bearvalue concentrated in one buyer, associated persons buying, latest purchase is old1 checked, under the threshold · 3 missing
- Share price and tradingBearthinly traded2 checked, under the threshold
- Short sellers1 checked, under the threshold
- Company results1 checked, under the threshold · 1 missing
- Company actionsno data held
Bull case · the buying is informative
- 9 insiders bought on the same day (2026-07-10). Several people reaching the same decision at the same time is hard to put down to one person's circumstances.Record: after 5,401 earlier disclosures like this, the median 60-session excess return was −3.3%, within 1 percentage point of all comparable disclosures (−3.3%).
- No insider bought in the 180 days before this window; 9 have bought in it. The buying is new for this company, not a habit.Record: after 3,134 earlier disclosures like this, the median 60-session excess return was −2.7%, within 1 percentage point of all comparable disclosures (−2.7%).
- Net purchases of €9.7M equal 7.5% of the company's market value (€128.9M): large for the size of the business.
Bear case · discount it
- Horizon Retail Investeringen WP accounts for 80% of the value bought. The other 8 buyers add names more than money.Record: after 3,396 earlier disclosures like this, the median 60-session excess return was −3.4%, within 1 percentage point of all comparable disclosures (−3.5%).
- 6 of 9 buyers are filed as persons closely associated with a manager (family or a holding vehicle), not the manager. This model weights such filers among the least informative.Record: after 1,554 earlier disclosures like this, the median 60-session excess return was −7.4%, 1.6 percentage points below all comparable disclosures (−5.8%).
- The latest purchase was 99 days ago (2026-07-10). A reporting period has passed since, so what the buyers knew then may already be public.
- Share price and tradingAbout €41k of the stock changes hands on an average day, below this site's €500k screening line. A position is hard to enter or leave at the quoted price.
Evidence still missing
- No buyer here has 5 or more completed earlier purchases on record, so there is no track record to weigh.
- Only one reading of profitability is held (profit margin 163%). Whether earnings and cash flow are rising or falling needs the last two reports side by side.
- European notifications have no field saying whether a purchase was pre-arranged; there is no counterpart to the US 10b5-1 box. None of the 9 purchase lines mentions a plan, but a bare “Purchase / Acquisition” does not rule one out.
- The filings give the size of each trade, not what the buyer already held. Whether a purchase added 1% to a personal stake or doubled it is not known.
Checked and under the threshold: 5
- BearNo insider sale is recorded in the same 180 days.
- BearThe share price changed −11% over six months (three months −1.2%, one month −1.2%) and stands 16% below its 52-week high. Counted for the bear side from a fall of 20%.
- BearOver three months the share price changed −1.2% and the median of 164 Real Estate companies changed −6.9%: ahead by 6 points. Counted for the bear side from 20 points behind.
- BearThe register of FSMA shows no published net short position in this company. Positions under 0.5% are never published, so this does not show that nobody is short.
- BearProfit margin on the latest captured figures is 163%. Counted for the bear side when negative.
Both columns arrange stored facts only. They do not change the insider score or the ranking and are not investment advice.
Signal history
72.9 / 100
Latest recorded score
↓ -0.1 ptsversus the comparable snapshot on 2026-09-14 (34 calendar days apart)
- Recorded snapshots
- 35
- First snapshot
- 2026-08-26
Only scores captured when the scoring run completed are compared. These are raw signal scores saved when each full scoring run completed. They describe changes in research ranking, not price performance or returns.
Why did it change?
Decomposition across the five score factors between comparable snapshots; historical scores are not recalculated.
- Recency-0.1 pts
Signal score history
Fixed 0–100 scale; dates are spaced by calendar time.
Recent recorded points
- 74.2
- 73.1
- 72.9
- 72.9
- 72.9
View all recorded scores
| Snapshot date | Signal score |
|---|---|
| 2026-08-26 | 74.2 |
| 2026-08-27 | 74.1 |
| 2026-08-28 | 73.5 |
| 2026-08-31 | 73.4 |
| 2026-09-01 | 73.4 |
| 2026-09-02 | 73.4 |
| 2026-09-03 | 73.3 |
| 2026-09-04 | 73.3 |
| 2026-09-07 | 73.1 |
| 2026-09-08 | 73.1 |
| 2026-09-09 | 73.1 |
| 2026-09-10 | 73.0 |
| 2026-09-11 | 73.0 |
| 2026-09-14 | 73.0 |
| 2026-09-23 | 72.9 |
| 2026-09-24 | 73.0 |
| 2026-09-25 | 72.9 |
| 2026-09-28 | 72.9 |
| 2026-09-29 | 73.0 |
| 2026-09-30 | 73.0 |
| 2026-10-01 | 73.0 |
| 2026-10-02 | 73.0 |
| 2026-10-03 | 73.0 |
| 2026-10-04 | 73.0 |
| 2026-10-05 | 73.0 |
| 2026-10-06 | 73.0 |
| 2026-10-07 | 72.9 |
| 2026-10-08 | 72.9 |
| 2026-10-09 | 72.9 |
| 2026-10-12 | 72.9 |
| 2026-10-13 | 72.9 |
| 2026-10-14 | 72.9 |
| 2026-10-15 | 72.9 |
| 2026-10-16 | 72.9 |
| 2026-10-18 | 72.9 |
Sector context
- Buying breadth
- 9.0% (32 / 354 issuers)
- Sector rank
- #5 / 12
- 7D breadth change
- -0.9 pp · vs 2026-10-12 (6d)
- 30D breadth change
- History building
This is sector-level research context. It does not affect the Insider Signal or ranking.
Insider profile outcomes
Historical performance following insider filings. The company role is translated below each name while preserving the original title.
- Excess return = stock return − BEL 20 return over the same period.
- Hit rate = completed events with positive excess return ÷ total completed events.
- Price coverage = valid point-in-time prices ÷ events mature enough for that period.
- Returns start on the first shared trading session on or after publication.
- Small-sample rule: n<5 is shown for transparency and is not scored.
Events are disclosure-level observations; related disclosures published on the same date may share a return path and may not be statistically independent. This research enrichment does not affect the insider score or ranking.
| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 2Small sample | 100.0% (2/2) | 50.0% (1/2) | +0.4% | +0.4% | -1.1% |
| 20D | 2Small sample | 100.0% (2/2) | 0.0% (0/2) | -1.4% | -1.4% | -1.4% |
| 60D | 2Small sample | 100.0% (2/2) | 50.0% (1/2) | -0.4% | -0.4% | -0.9% |
| 120D | 1Small sample | 100.0% (1/1) | 100.0% (1/1) | +1.1% | +1.1% | +1.1% |
| Period | Completed events | Price coverage | Hit rate | Median excess return | Average excess return | Worst excess return |
|---|---|---|---|---|---|---|
| 5D | 2Small sample | 100.0% (2/2) | 0.0% (0/2) | -0.9% | -0.9% | -1.1% |
| 20D | 2Small sample | 100.0% (2/2) | 50.0% (1/2) | -0.3% | -0.3% | -1.3% |
| 60D | 2Small sample | 100.0% (2/2) | 50.0% (1/2) | +0.9% | +0.9% | -0.9% |
| 120D | 1Small sample | 100.0% (1/1) | 100.0% (1/1) | +1.9% | +1.9% | +1.9% |
Market context
PRICE PERFORMANCE
VOLATILITY & LIQUIDITY
- Volatility
- 18.3%
- Beta
- 0.43
- Avg daily volume
- €37,211.1
VALUATION
- Market cap
- €128.9M
- P/E
- 3.4×
FUNDAMENTALS
- Profit margin
- 163.3%
- ROE
- 19.5%
- Industry
- REIT - Retail
Prices to 16 Oct 2026: price cache (Yahoo Chart/risk profile). From OpenBB/yfinance, captured 16 Oct 2026: Market cap, P/E, Profit margin, ROE, Beta, Industry. It does not affect the insider score or rank.
Disclosed net short positions
The FSMA register, read 18 Oct 2026, publishes no net short position of 0.5% or more in this issuer. Positions below 0.5% are never published, so this is not evidence that nobody is short.
Short-position disclosures are external context; they do not affect the insider score, ranking, or filing eligibility.
Insiders' buying price vs the latest close
Insiders paid 9.90 EUR a share on average (9 purchase lines, 9 buyers, 2026-07-10 – 2026-07-10). The close on 2026-10-15 was 0.8% above that price.
Prices paid are weighted by shares and taken from the filings; dividends are not counted. Not scored.
Buying size vs market trading
0.00% · of estimated traded value in the same period
2026-09-18 – 2026-10-15 · 20 recorded trading sessions
- Disclosed qualifying purchases
- 0 EUR
- Estimated market traded value
- 825,649 EUR
Market-data coverage: 517 verified sessions · Latest session: 2026-10-15 · Ratio status: Available
Recent and largest purchase events / preceding 60-session ADTV
- Jul 10 · "ARNTHOR" · Person closely associated to a senior executive249,995 EUR · 617.84%40,462 EUR ADTV
- Jul 10 · ALEXANDER van RAVELS · Person closely associated to a member of administrative management or supervisory body500,000 EUR · 1235.71%40,462 EUR ADTV
- Jul 10 · Horizon Retail Investeringen WP · Person closely associated to a senior executive7,818,604 EUR · 19323.14%40,462 EUR ADTV
- Jul 10 · Lesaffre Arthur · Senior executive22,740 EUR · 56.20%40,462 EUR ADTV
- Jul 10 · MT COURT · Person closely associated to a member of administrative management or supervisory body792,000 EUR · 1957.37%40,462 EUR ADTV
- Jul 10 · Michel De Baets · Senior executive22,711 EUR · 56.13%40,462 EUR ADTV
- Jul 10 · QRF MANAGEMENT · Person closely associated to a senior executive8,108 EUR · 20.04%40,462 EUR ADTV
- Jul 10 · WVM PROJECTS · Person closely associated to a senior executive249,995 EUR · 617.84%40,462 EUR ADTV
Traded value is estimated as close × shares traded, in major currency units. Includes disclosed qualifying purchases; disclosures may lag. Contractual or planned acquisitions are not necessarily discretionary. Ratios describe relative trading size, not market participation or score contributions.
Latest news
No news has been captured for this company.
Regulatory filings
The filing records held for this company carry no link to the original notice.
Filing evidence
These are underlying national-feed records from the 365-day window ending on the saved ranking snapshot. The score uses only the latest 180 days; older qualifying equity purchases remain visible for audit but do not enter the current score. The original filer, role, transaction classification, instrument, price, volume, value and source fields are retained. The first three rows are shown; remaining records can be unfolded for audit. Other transaction types are retained but excluded from the score.
Excluded transactions & classification
9 qualifying purchase disclosure(s) · 9 transaction line(s)
Jul 10, 2026Purchase / Acquisition
ALEXANDER van RAVELS · Person closely associated to a member of administrative management or supervisory body
Share · 50505 shares × 9.90 EUR · —
Jul 10, 2026Purchase / Acquisition
MT COURT · Person closely associated to a member of administrative management or supervisory body
Share · 80000 shares × 9.90 EUR · —
Jul 10, 2026Purchase / Acquisition
QRF MANAGEMENT · Person closely associated to a senior executive
Share · 819 shares × 9.90 EUR · —
Unfold all 6 remaining filing row(s)
| Transaction date | Published | Filer | Role | Transaction | Instrument | Price (local currency) | Quote currency | Volume | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-07-10 | 2026-07-10 | "ARNTHOR" | Person closely associated to a senior executive | Purchase / Acquisition | Share | 9.90 EUR | EUR | 25252 | — |
| 2026-07-10 | 2026-07-10 | Lesaffre Arthur | Senior executive | Purchase / Acquisition | Share | 9.90 EUR | EUR | 2297 | — |
| 2026-07-10 | 2026-07-10 | Vanderhoydonck Francis | Member of administrative management or supervisory body | Purchase / Acquisition | Share | 9.90 EUR | EUR | 5239 | — |
| 2026-07-10 | 2026-07-10 | Michel De Baets | Senior executive | Purchase / Acquisition | Share | 9.90 EUR | EUR | 2294 | — |
| 2026-07-10 | 2026-07-10 | Horizon Retail Investeringen WP | Person closely associated to a senior executive | Purchase / Acquisition | Share | 9.90 EUR | EUR | 789758 | — |
| 2026-07-10 | 2026-07-10 | WVM PROJECTS | Person closely associated to a senior executive | Purchase / Acquisition | Share | 9.90 EUR | EUR | 25252 | — |
Showing 9 of 9 matching raw-feed row(s) from the current 365-day research window. Prices and reported values remain in the filing currency and its major unit (for example, UK pence are parsed as GBP). The screen-level € aggregate is separately FX-normalised for research ranking, not a trade-date conversion.
Other disclosed transactions · excluded from score
The underlying filing feed is unavailable in this snapshot; this is not a claim that no filings exist.
Snapshot & identity
- Snapshot date
- 2026-10-18
- Ticker
- QRF.BR
- ISIN
- BE0974272040
- Sector
- Real Estate
- Industry
- REIT—Retail
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