Activity & esg report 2024
message
from the Executive Vice-Chairman and the Chief Executive Officer
Pierre Sironval
Chief Executive Officer
Johan Beerlandt
Executive Vice-Chairman
In 2024, BESIX once again proved to be a trusted partner in delivering ambitious and complex projects, thanks to our client-focused, comprehensive service proposition.
Our integrated model, combined with our deep local market knowledge, allows us to consistently deliver smart, value-driven solutions tailored to each client’s needs. The hard work delivered by our teams has allowed the company to deliver significant progress across our Business Lines.
With regards to our financial performance, we can proudly announce a 1.7% increase in revenue to EUR 3.5 billion. The adjusted EBITDA has reached EUR 150 million and the net income totalled EUR 42 million. Finally, our order book has almost doubled year-on-year, to reach BESIX’s record level of EUR 8.2 billion, while tendered margins on these new projects have also improved.
Looking ahead to 2025, we are encouraged by a robust pipeline of projects with an adequate risk-reward balance. At the same time, we remain focused on sound financial management, particularly around cash flow and addressing legacy matters. With discipline and determination, we are ready to build on this momentum in the year ahead.
Message from the CEO of BESIX Group
Dear Readers,
In 2019, BESIX Group and its entities began, continued or completed hundreds of construction projects, on five continents. The multiple achievements presented in the pages of this Activity Report are representative examples of them. The Group’s 14,000 employees have once again demonstrated their talent, passion and intelligence, showing to our clients and partners the reliability of our group and the excellence which is our main purpose. I would like to congratulate them and thank them with all my heart.
More than ever, BESIX Group will need their qualities and their dedication in the months to come. In March 2020, many worksites were halted or slowed down due to the coronavirus pandemic which has spread around the world. Our first priority has been the health of our employees, their families and their respective communities, as well as actively participating in the various initiatives taken by the states in which we are present.
The second priority is the actions we are taking inside BESIX Group in order to pass through the difficult economic conditions that will follow this pandemic. Inevitably, the financial results for 2020 will suffer.
We are nonetheless confident in our group’s ability to overcome the difficulties and challenges that this crisis imposes. In addition to its employees, BESIX Group can rely on its clear strategy, its sense of entrepreneurship, as well as its financial health and operational expertise.
After four consecutive years of growth, BESIX Group closed 2019 with a record turnover of €3.3 billion and an order book of €4.8 billion, also a record. On the other hand, the consolidated net profit, at €42.2 million, is significantly lower than was forecast. Our net cash position is increasing again and our solvency ratio has been above the industry average for many years.
This financial solidity, combined with the first-rate expertise we have developed in recent years in future-oriented sectors, will help us to face the upcoming headwinds.
This forward-looking approach is demonstrated by the cutting-edge infrastructures – road, marine, airport and rail, as well as water and waste treatment – built by BESIX Group in 2019, some of which we also designed and financed, and for which we will provide operations and maintenance for decades.
This year we have also designed, built and developed high-quality buildings of various types, housing and offices in particular, as well as sports and logistics facilities. To these achievements we must also add the many specialist trades in the group’s subsidiaries, some of which contributed significantly to our result.
The pages of this activity report give a clear overview of our achievements both in our core business, that is to say construction, and in our two other major activities, real estate development and concessions. Real estate development continues to perform well with record turnover in 2019, while the concessions activity has achieved good results, particularly in the Middle East.
We hope you enjoy discovering them through the following chapters.
Another specificity that makes our group stands out in the sector, is our internal Engineering department. It is also thanks to these in-house experts that we are able, today, to meet the expectations of our clients, offering them unique Value Engineering solutions and undertaking projects of unprecedented scale and complexity.
BESIX Group’s investments in innovation are also starting to bear fruit. In 2019, we started our 3D concrete printing activities, experimented with promising new technologies on our sites, and achieved strong performance in terms of sustainability and circularity, especially in the building sector. We have constructed energy-neutral infrastructure and a new generation smart building, to which are added several promising research programmes in which we participate.
Our strong operational skills coupled to our decade-long investment in new knowledge constitute a pledge of the future. Even if it will be difficult, BESIX Group is today equipped to overcome the economic consequences of the coronavirus crisis, and then to continue to grow. We will achieve this by retaining, at the centre of our actions, the values of our group – excellence, passion, unity, co-creation and respect – and by being faithful to our purpose: «Excel in creating sustainable solutions for a better world.»
Thank you for your interest in BESIX Group and in the extraordinary projects that we are carrying out in collaboration with our clients and many partners.
Happy reading,
Pierre Sironval
Chief Executive Officer
Message from the Chairman of BESIX Group
Dear Readers,
In 2019, BESIX Group celebrated its 110th anniversary.
During these eleven decades, BESIX and its entities have provided Europe, and in particular the Benelux, with state-of-the-art buildings and infrastructure. Many a time we have stood at the forefront of progress in our business sectors. In the Middle East, through our subsidiary Six Construct, we have been actively contributing to the spectacular development of the Arabian Peninsula, as early as 1965, when only few companies were keen on venturing in this region of the world. From Australia to Africa, we have built the reputation and quality brand of BESIX and its subsidiaries.
We have always been curious to experiment, to dare and to be innovative; often having the courage to do what no one else had ever done before us. The world’s tallest skyscraper, harbours or quay walls in hardly-accessible remote locations, a stadium within a limited schedule like never done before. Finally, in all circumstances, we have made sure that our projects are responding to the expectations of our clients. The year 2019 again provides multiple examples, as evidenced in this Activity Report.
Throughout its history, BESIX Group has experienced many crises, economic troubles and wars. The strength of BESIX has always been, not only to overcome them, but above all to transform them into opportunities. For instance, today we are recognised worldwide as one of the most performant companies in the maritime sector. BESIX acquired this expertise immediately after World War I, by committing to rebuild Belgium’s ruined canals and locks, to build new ones and carry out the largest infrastructure projects in the country.
The same goes for the period from World War II to the first Gulf War, and from the economic crisis of 1929 to the one of 2008. BESIX Group has always bounced back.
Again, at the start of 2020, we have entered a new time of crisis. Its origin this time is public health-related and it will undoubtedly have deep economic consequences. The coming months will be challenging and for BESIX it will certainly be no exception. However, the Board of Directors and I remain confident. Because if there has been one constant in the history of BESIX Group, it is that of having always employed the most talented, intelligent staff and workers, who are always keen to take up the challenge and explore new paths. It is they who, over the decades, have enabled our group to dare and excel. In 2020, from senior management to workers, BESIX Group can count on the best and I have tremendous confidence in them. Together, we will not only survive this crisis, but will transform it, I am convinced, into new opportunities.
Johan Beerlandt
Executive Vice-Chairman
milestones 2024
January
BESIX Group is awarded the Belgian Top Employer certification for an impressive sixth time in a row.
February
BESIX Nederland officially hands over the keys of Mediavaert, one of the largest hybrid timber buildings in the world, to media company DPG Media in Amsterdam.
April
BESIX Middle East’s North Field Expansion project in the port of Ras Laffan receives the Outstanding Performance Award at the Qatar Energy LNG Annual Safety Day Summit (Qatar).
May
Start of works on the ring road R4 West and East between Ghent and the port of Ghent, the second-largest infrastructure construction site in Flanders (Belgium).
June
The contract for the renovation of the Krammer locks complex is awarded to BESIX and BESIX Unitec (the Netherlands).
July
The financial close is reached for the construction of two 200-metre flyovers, four pedestrians bridges and a 200-metre steel bridge in Gabon.
August
BESIX Watpac is named head contractor to deliver the new Shellharbour Hospital in New South Wales, Australia.
September
BESIX Watpac starts the construction of the Deep Maintenance and Modification Facility, including a four-bay aircraft hangar for specialised maintenance of military aircrafts in Penfield, South Australia.
October
BESIX acquires a stake in Bao Living, a Belgian pioneer in sustainable modular solutions.
November
BESIX Invest, together with partners PerPetum Energy and Rebel Development is granted a ground-breaking contract to develop, build, finance and maintain renewable energy facilities at the sites of De Watergroep, the largest water company in Flanders, which will produce about 92 GWh of renewable energy by 2030.
December
The Kangaroo Point Bridge is officially opened in Brisbane (Australia). BESIX Watpac realised this 460-metre-long cable-stayed structure in partnership with Brisbane City Council.
January 2024
BESIX Group is awarded the Belgian Top Employer certification for an impressive sixth time in a row.
The BESIX Foundation celebrates its 15th anniversary. Some 20,000 BESIX volunteers participated in one or more of the 348 activities organised by the Foundation in the countries where BESIX Group is active.
BESIX and Dalkia Smart Building successfully deliver the Deloitte University EMEA project in Bailly- Romainvilliers (France).
Read more
February 2024
In Antwerp (Belgium), BESIX and BESIX INFRA, within the joint venture ROCO, begin building the bypass, a temporary parallel road designed to redirect traffic from the existing ring road during its reconstruction. Developed as part of the Oosterweel project, the bypass aims to maintain uninterrupted mobility while extensive upgrades are being made to the permanent infrastructure.
The BERERIX joint venture, involving BESIX, Rizzani de Eccher, and SIA RERE BŪVE, reaches the highest point of the Rail Baltica Riga Central Station (Latvia).
BESIX Nederland officially hands over the keys of Mediavaert, one of the largest hybrid timber buildings in the world, to media company DPG Media in Amsterdam. On October 14th, it is inaugurated by King Willem-Alexander of the Netherlands.
Atenor and BESIX Real Estate Development announce the sale of the WellBe project to Portugal’s largest bank Caixa Geral de Depósitos.
Read more
April 2024
BESIX Middle East’s North Field Expansion project in the port of Ras Laffan (Qatar) receives the Outstanding Performance Award at the Qatar Energy LNG Annual Safety Day Summit.
BESIX installs the first bored piles at Portonave’s maritime infrastructure, with the support of Franki Foundations (Brazil).
Read more
May 2024
The new Hector Henneaulaan bridge over the Brussels ring road is officially opened, a successful collaboration between BESIX and BESIX Infra (Belgium).
The Nachtigal hydroelectric power plant, developed by BESIX, NGE and SGTM, produces and injects the first megawatts into the electricity grid (Cameroon).
Start of works on the ring road R4 West and East between Ghent and the port of Ghent, the second-largest infrastructure construction site in Flanders (Belgium). BESIX is responsible for the design and construction of the infrastructure, as well as its financing and maintenance over a 30-year period.
Read more
June 2024
The contract for the renovation of the Krammer locks complex is awarded to BESIX and BESIX Unitec (the Netherlands).
Built by BESIX, the F Tower in Abidjan reaches 200 metres, about half its total height (Ivory Coast).
BESIX Group successfully retains Level 5 certification in the annual CO2 Performance Ladder audit for its European Business Unit and concerned regional entities.
The Saint-Denis Pleyel station (France), the largest out of the 68 new stations of the Grand Paris Express, is inaugurated. Built by BESIX France, it is expected to handle 250,000 passengers a day by 2031. On July 26, the Olympic Torch for the Paris 2024 Games makes its way through the station.
Read more
July 2024
The financial close is reached for the construction of two 200-metre flyovers, four pedestrians bridges and a 200-metre steel bridge in Gabon. Their construction is trusted to BESIX, Metallic Bridges of Belgium and MATIERE.
The works for the renovation of the Beveren Tunnel are officially launched by the client and the consortium TM Bever consisting a.o. of BESIX, BESIX Infra, and BESIX Unitec (Belgium).
BESIX, BESIX Environment and John Cockerill are confirmed as industrial partners for the Hyoffwind project, which encompasses the construction of Belgium’s first green hydrogen plant.
Read more
August 2024
BESIX Watpac is named head contractor to deliver the new Shellharbour Hospital in New South Wales, Australia. This is its ninth project with health infrastructure.
With 25 out of 40 trusses in place, BESIX Watpac and its partners are halfway through the radial truss installation at the One New Zealand Stadium at Te Kaha.
The Dubai Waste-to-Energy Plant enters full operation, processing 5,666 tonnes of waste daily and generating clean energy for 135,000 homes. BESIX has served as the main contractor and industrial equity provider for the plant, and has now commenced a 35-year operation and maintenance period (Dubai, UAE).
BESIX and Donati achieve the breakthrough of the first diaphragm wall in the 874-metre Picchiarella tunnel as part of the State Road 318 project in Valfabbrica (Italy).
BESIX Middle East, as part of the KUnnected Living consortium, is awarded the DBFM contract for the Khalifa University Student Accommodation PPP which will create 3,260 student rooms and communal facilities (UAE). As equity investor and co-sponsor, BESIX brings its engineering and construction expertise and will then oversee the facility management over a 20-year period.
Read more
September 2024
BESIX Watpac starts the construction of the Deep Maintenance and Modification Facility, including a four-bay aircraft hangar for specialised maintenance of military aircrafts in Penfield, South Australia.
The Zayed City Schools, accommodating 5,360 students from kindergarten to Grade 12, are inaugurated, marking the completion of the UAE’s first ever public-private partnership in social infrastructure. BESIX Middle East is now managing the maintenance for 20 years.
The Société Wallonne de Financement Complémentaire des Infrastructures (SOFICO) awards the contract to rehabilitate the Lambermont Viaduct on the E42/ A27 highway to the BESIX-Galère joint venture (Belgium).
Vanhout completes the transformation of the former Antwerp slaughterhouse site into a 22,000 m² high-tech campus for AP University of Applied Sciences and Arts (Belgium).
Almost 7,000 colleagues across the globe collect 15 tonnes of waste during the 6th BESIX CleanUp Day.
BESIX RED unveils its first ESG Impact Report, underscoring its dedication to building a sustainable future for real estate.
The COTU joint venture completes the structural works of the eight massive tunnel elements for the Scheldt Tunnel project in Zeebrugge (Belgium).
Read more
October 2024
BESIX acquires a stake in Bao Living, a Belgian pioneer in sustainable modular solutions. It is the eighth start-up in its diversified investment portfolio (Belgium).
BESIX and joint venture partner Orascom Construction are proud to witness the opening of the Grand Egyptian Museum’s main exhibition galleries of around 13,000 m².
Financial close is reached and works start on a state- of-the-art sludge treatment processing facility in Ghent (Belgium), designed to recover energy from the wastewater of 4 million residents by 2027. The BESIX-Indaver consortium is responsible for the plant’s design, construction, financing, operation, and maintenance until 2046, on behalf of client Aquafin (Belgium).
Read more
November 2024
BESIX Invest, together with partners PerPetum Energy and Rebel Development is granted a ground-breaking contract to develop, build, finance and maintain renewable energy facilities at the sites of De Watergroep, the largest water company in Flanders, which will produce about 92 GWh of renewable energy by 2030. The contract also includes a 25-year Power Purchase Agreement.
On behalf of Holcim, BESIX and DENYS start the civil works on the GO4ZERO project, a decarbonised cement production facility which aims to produce close to 2.3 million tonnes of carbon- neutral cementitious materials per year by 2029. Franki Foundations is handling the deep foundations (Belgium).
Read more
December 2024
The Kangaroo Point Bridge is officially opened in Brisbane (Australia). BESIX Watpac realised this 460-metre-long cable-stayed structure in partnership with Brisbane City Council.
Read more
Strategy
Our vision
We take on today’s boldest
challenges to build a lasting legacy.
Our strengths
Committed staff members
In-house engineering
Integrated service proposition over the value chain
A targeted and sustainable international presence
Our strategic priorities
Inspire, invest, and instil an irresistible culture to drive success
A sound commitment to embrace sustainability
Embracing digital to continuously enhance our processes
Robust dedication to risk management
Profitability as the foundation of diversification ambitions
sustainability and ESG
Message from the Chief People Officer and Group Sustainability & ESG Officer
Creating lasting value is at the heart of our sustainability approach. By staying true to our goal of building a sustainable world, we are helping to shape the future of our industry.
Read moreEnvironmental engagement
BESIX Group takes concrete measures to carefully manage both the environmental impact and the use of natural resources across all its activities.
Read morePeople engagement
BESIX takes decisive actions to ensure a positive and safe work environment by focusing on the wellbeing and safety of employees and all those they engage with, across its operations.
Read moreBusiness engagement
BESIX Group's commitment to excellence goes beyond standard practice, embedding sustainability and ethical considerations into every aspect of its operations.
Read moreBusiness Lines
BESIX Construction
Key achievements include large infrastructure projects in core markets, as well as high-profile developments in the Middle East and Australia. These accomplishments reflect BESIX Construction’s continued commitment to growth, operational stability, and long-term value creation.
BESIX Construction showed significant improvement compared to the three previous years. We successfully addressed past issues, allowing us to move forward with a clean slate and a renewed focus on our goals. Our order book has almost doubled, and the risk-reward balance on new projects has improved across all business units. This is thanks to a strategic focus on quality over quantity. We have become increasingly selective in project choices, prioritising contracts that ensure fair risk distribution and profitability in line with our unique added value.
BESIX Affiliates
In 2024, the BESIX Affiliates have delivered strong results despite challenges. Their performance has once again contributed significantly to the Group’s success, setting a positive tone for 2025.
2024 was a positive year for the BESIX Affiliates overall, as we successfully navigated various challenges, including adverse weather conditions in Belgium during a significant part of the year. Despite these hurdles, our Affiliates exceeded their budget objectives and showed strong resilience. With a solid order book and positive market prospects, we are well-positioned for continued growth. I am confident that the BESIX Affiliates will continue to deliver excellence and contribute to the Group’s success, both in 2025 and beyond.
BESIX Real Estate Development
Despite economic uncertainties and delays in building permits in 2024, the company demonstrated resilience through strategic adaptations, a focus on operational excellence, and a strengthened commitment to ESG principles.
2024 has been another complicated year for the real estate industry, marked by persistent economic and geopolitical uncertainties, while significant delays in building permits added operational difficulties. Despite being hit by these headwinds, we at BESIX RED kept our head above water, driven by the strength, determination, and expertise of our team – our greatest asset. To position ourselves for the years ahead, we will continue to focus on operational excellence, advancing key projects, optimising our portfolio, strengthening ESG commitments, and maintaining a robust risk appraisal approach.
BESIX Invest
Last year, BESIX Invest’s successful year was market by the financial close of major projects in Belgium and the UAE, as well as the first project awards for BESIX New Business Ventures. The greatest success, however, lies with the sustained growth that it observed within its teams in terms of quality, diversity, reputation and team spirit.
Our teams in Brussels (Belgium) and Dubai (UAE) brought four landmark projects to contract and financial close. In Belgium, these relate to the ring road R4 West and East between Ghent and the port of Ghent (which includes the financing as well as the maintenance for 30 years), and to a large-scale sludge incinerator for client Aquafin (which includes the financing as well as the operation and maintenance for 20 years). For the R4 project, the BRAVO4 consortium which we are part of successfully raised in excess of EUR 1 billion of long-term bank debt last year, a significant achievement in challenging financial markets.
highlighted projects
consolidated key figures
Read moreRevenue evolution (in EUR million)
Order book evolution (in EUR million)
discover the Activity & ESG Report 2024
