In a remote valley in the Ardennes, along the banks of the Ourthe, the Bistain Mill is an ambitious tourism project currently underway that combines nature, heritage and sustainability.
Behind this initiative is David Janssen, a Flemish property developer previously active in the Leuven-Brussels-Antwerp triangle. After working on a number of residential projects, he decided to refocus his activities on the province of Luxembourg.
Today, with his group Manaux Châteaux, he now focuses on converting exceptional
properties into premium accommodation, taking care to preserve their historic character.
With the Moulin de Bistain project, he hopes, in collaboration with the investors of BeeBonds, to continue building a sustainable tourism ecosystem in Wallonia.
This project not only showcases its entrepreneurial spirit and vision for the future, but is also part of a wider trend that sees more and more Flemish investors looking to Wallonia for property and leisure developments.
Moulin de Bistain: first steps
Four years ago, David Janssen moved his activities to the province of Luxembourg. Under the name of Manaux Châteaux, he is upgrading exceptional properties into top-of-the-range accommodation concepts, with a clear focus on quality, experience and respect for historical heritage.
With projects at Tenneville, Gouvy and Libin, among others, he has systematically developed a model that focuses on scale and professional operation, without detracting from the character of the châteaux and buildings.
The occupancy rate of the two estates already open has already exceeded expectations, confirming both market demand and Janssen's chosen positioning.
Château de la Rochette, Libin - Château de Lihérin, Gouvy - Château de Méliris, Tenneville
The success of these initial projects has given the company the confidence to continue investing and expanding its activities in the region. The Moulin de Bistain project is a further step in this process.
In June 2025, he bought the site through the acquisition of an existing company, including the old mill farm, barns and outbuildings. By financing the purchase entirely from his own resources, he deliberately opted for independence in the start-up phase.
According to Janssen, this approach enables strategic decisions to be taken without external pressure, and allows flexible adaptation as the project evolves.
Development in stages
In the meantime, the development phase has also begun. Eight different types of gîtes have been designed, with particular attention paid to architecture and integration with nature. The red stone and timber facades are intended to allow the project to blend visually into the landscape.
At the same time, studies are being carried out as part of the permit application, including stability studies, impact studies on flora and fauna, bat research, soil permeability, water reuse and energy production. According to Mr Janssen, the application has the backing of the local authorities and enjoys widespread support.
The existing buildings are currently being renovated. In particular, they will be used as offices, as Janssen wants to relocate its offices to the site. In addition, accommodation will be provided for employees who work on site during the week.
For this phase, between €650,000 and €850,000 will be raised from investors on the crowdlending platform BeeBonds, for a term of two years and with a targeted annual return of 8.5 %.
This amount will be supplemented by 800,000 euros of equity capital. Involvement of the banks has been deferred until final authorisation has been obtained, so that a financing structure with optimum terms and conditions can be chosen at that time. According to the current schedule, the BeeBonds crowdlending will be repaid at the start of the next construction phase.
Gîtes Moulin de Bistain (projection)
Third phase
The next stage of the Moulin de Bistain project involves the construction of eleven luxury gîtes. Designed to accommodate groups of 10 to 24 people, these accommodations are aimed at families, groups of friends and companies wishing to stay or organise meetings in a natural setting, with a particularly high standard of finish.
The total cost of the project is estimated at around €16 million. In the final structure envisaged, around €6 million will come from bank financing, €6 million from the public sector and €2 million from the private sector.
through private investors and loans (representing a 30
%), and €4 million from David Janssen's own contribution (70 %).
This distribution reflects the intention to bear a significant proportion of the risk through equity.
Sustainability as the foundation
What sets Moulin de Bistain apart in particular is that sustainability is not an incidental marketing argument, but a structural principle of the entire project.
Over 1,000 trees will be replanted, with a mix of different varieties. There will be no uniform rows or monofunctional plantings, but a natural diversity in terms of species and size.
This approach strengthens biodiversity, increases the resilience of the ecosystem and helps to integrate the project into the valley landscape.
In terms of energy and water, the aim is also to achieve maximum autonomy. The project includes solar panels and a water reservoir with turbines, which will enable renewable energy to be produced locally. Heat pumps and insulation will considerably reduce energy consumption.
In addition, boreholes for drinking water, rainwater harvesting for sanitary facilities and irrigation, and local wastewater treatment via wastewater treatment plants ensure that the site largely manages its own water cycle.
For a project that can accommodate up to 150 people, these are not just details. Energy and water management are crucial factors both in terms of ecological impact and operational cost control.
Sustainability is therefore not an aesthetic choice here, but a structuring principle, integrated from the design stage and determining the future use of the site.
Why are so many Flemings investing in Wallonia?
Moulin de Bistain is part of a wider trend in which Flemish investors are increasingly turning to Wallonia for property and recreational projects.
This trend is not accidental, but the result of a number of structural differences between the two regions.
In Flanders, the spatial context is highly saturated. Land available for development is scarce, authorisation procedures are complex and land prices are high.
Large-scale projects with a pronounced natural or experiential component are increasingly difficult to realise. Wallonia, on the other hand, offers space, scale and exceptional landscapes that are virtually unavailable in Flanders. This creates opportunities to develop projects with a different ambition and a longer time horizon.
Pricing also plays a role. In many Walloon regions, land and property prices are significantly lower than in Flanders.
This means a lower entry price and potentially higher returns, especially when redeveloping existing sites or historic heritage.
For investors, this often means a better balance between risk, capital requirements and potential return.
Demand also supports this dynamic. The Ardennes remain one of the most popular short-break holiday destinations for Flemish and Dutch tourists. What's more, the market is moving away from traditional group accommodation towards upmarket holiday concepts combining comfort, privacy and experience.
This creates space for premium projects that meet the needs of families, groups of friends and businesses looking for quality in a natural environment.