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Waregem, May 28, 2025 - The year 2024 was marked by profound changes for B.I.G. In our recently published annual report, we look back on a challenging year in which we navigated our way through a difficult economic context, laying the foundation for a more resilient future.
Sustained market pressures and strategic adjustments
In 2024, we continued to operate in an economic environment under pressure. Global growth lagged, raw material prices remained high and rising labor costs in Belgium weighed heavily on our margins. At the same time, competition continued to increase, including through cheap imports from Asia and the Middle East, which put additional pressure on several of our divisions.
Persistently weak market demand translated into fierce competition for market share, resulting in higher unabsorbed overhead costs and increasing price pressure. In the process, consumers increasingly opted for budget-friendly alternatives, which had a clear impact on our product mix.
In response, we took targeted and decisive measures, including consolidating production and logistics activities and optimizing our operational processes. In doing so, we remain fully committed to structural efficiency gains and further strengthening our operational strength.
Financial results demonstrate resilience
In 2024, B.I.G. achieved solid financial results despite the challenging context. Consolidated revenue rose by €22,9 million to a rounded €2,0 billion. This represents an increase of 1,2% compared to 2023.
The Polymers division experienced particularly strong growth in the first half of the year, thanks to logistical disruptions and geopolitical tensions that limited European imports of polymers. In the second half, however, this division experienced pressure from a broader downturn in the chemical sector.
Within Engineered Solutions, the Fibres division performed particularly strongly, driven by a recovering geotextile market. In Flooring Solutions, we saw a clear shift to lower-cost soft flooring, at the expense of more expensive hard flooring.
EBITDA came in at €116,1 million - up €18,0 million from 2023 - with an underlying margin of 5,8%. This improvement reflects our adjusted footprint and more efficient cost structure.
Due to restructuring costs and non-cash depreciation of €38,7 million, the fiscal year ended with an exceptional net loss of €11,1 million.
Investing in the future despite headwinds
Despite difficult market conditions, B.I.G. remained committed to its strategic direction. We continued to invest in forward-looking projects and innovations that strengthen our long-term competitiveness.
For example, Beaulieu recently invested 14 mio euro in a new thermoconsolidation line for Rewind® at its Belgian site in Kruisem. This 180-meter-long line, with a larger, more advanced oven, delivers double benefits: in addition to higher production speed and capacity, it also significantly increases energy efficiency. Since the design of Rewind, our recyclable event carpet, requires no water evaporation, gas consumption is typically half that of traditional carpets - an important step in reducing our carbon footprint.
Advances in sustainability goals
Despite a challenging year marked by transformation, we made substantial progress on our Route2030 goals.
We achieved a reduction of approximately 13% in the Group's greenhouse gas emissions compared to our 2021 baseline year, achieving almost one-third of our 2030 targets.
We have expanded our range of lower-impact products, including the launch of Twilight, our first home vinyl flooring made 100% from bio-circular PVC, and Verdite, a recyclable artificial grass backing.
Our employee engagement also increased, with 83% participation in our latest survey and improved scores. Our commitment to social progress was strengthened by our accession to the UN Global Compact and the adoption of a global living wage standard.
All our efforts were confirmed by external recognition, including SBTi validation of our climate goals and multiple EcoVadis medals for different divisions.
Looking ahead to 2025: transition and growth
For 2025, we expect continued volatility, including from potential trade barriers and geopolitical uncertainties. Nevertheless, we remain focused on our long-term objectives: building a forward-looking business, achieving growth in core markets, continuing to invest and further implementing our strategy. Our financial position remains robust, with sufficient resources to support planned investments and ongoing operations.
2025 will be a year of transition and further reform. It will require commitment, collaboration and dedication to our shared goals. But B.I.G. has a strong foundation to build on. I look forward to working with our employees, partners and customers to build a promising future in which together we contribute to sustainable living
Our restructuring initiatives will continue to bear fruit in 2025, through lower costs and increased strength. Our broad geographic spread and focus on local production allow us to respond flexibly to changing market demand.