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Belysse Group NV — Earnings Release 2025
Mar 13, 2026
3918_er_2026-03-13_58c63441-b188-4372-9c82-5c991debb246.pdf
Earnings Release
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BELYSSE
PRESS RELEASE
Waregem, 13 March 2026, 7:00 am CET
Regulated information
For immediate publication
Belysse Group nv FY 2025 Results and Q4 2025 Trading Update
Highlights
- FY 2025 consolidated Group Revenue was €254.2m (-9.3% YoY: -7.1% organic, -2.2% FX)
- Revenue growth by division: United States (US) -7.0% (-2.9% organic, -4.1% FX), Europe -12.2%
- FY 2025 Adjusted EBITDA was €34.4m (-19.0% YoY) and Adjusted EBITDA margin was 13.5% (15.1% in FY 2024)
- US Adjusted EBITDA: €29.9m (-6.7% YoY, of which -4.3% FX)
- Europe Adjusted EBITDA: €4.5m (-56.8% YoY)
- Net Debt at the end of 2025 was €128.6m (including €19.6m of IFRS 16 lease liabilities), €6.5m lower than the 31 December 2024 figure.
- Net leverage¹ increased to 4.2x at the end of 2025 from 3.1x reported at the end of 2024.
- Total available liquidity (including headroom under the RCF) was €49.3m at the end of Q4 2025 (versus €52.7m at the end of 2024).
- Debt and cash movements were strongly influenced by offsetting USD translation effects.
Business Update
Consolidated Group Revenue for FY 2025 compared to the prior year period reflects a continued weakening of market demand in the European business. The US project driven business, Bentley Mills, continued to show better resilience.
Consolidated Group Adjusted EBITDA for FY 2025 was impacted by lower volumes as well as a weaker USD.
In the US, the decline in FY 2025 Revenues was volume driven and due to unfavourable USD translation, which was partially offset by increased average selling prices.
Full Year 2025 Adjusted EBITDA decreased versus prior year with slightly increased Adjusted EBITDA margin. Whilst volumes in the second half of the year were lower than the equivalent comparative figure, with Q4 2025 Revenue 8.8% below prior year at constant exchange rate, the order book showed signs of improvement at the end of Q4 2025.
In Europe, the market softness continued and negatively influenced volumes and revenues, in particular in the Residential business.
Full year 2025 Adjusted EBITDA decreased as a result of the lower volumes which were partially mitigated by improved pricing, higher share of the Commercial business and reduced fixed expenses.
Middle East Events
Our trading with customers in the Middle East accounts for less than 2% and so far we have not experienced disruptions to this business.
In response to associated cost increases such as raw materials, energy and transportation, we will be implementing appropriate price increases and surcharges.
¹ Excluding IFRS 16 impacts, but including sale and leaseback
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
James Neuling, CEO of Belysse Group, commented:
"Continued soft market conditions were observed in 2025, in particular in our European Residential business line, while trading within the Commercial business lines in both US and Europe was more resilient. The reported financials of Bentley Mills were also affected by unfavourable USD translation effects.
I want to thank the team who continue to work hard on commercial excellence, efficiency and costs while we are waiting for the markets to recover.
In addition, the European business has been preparing a major upgrade of its ERP system in 2026.
We keep progressing well in our sustainability program, achieving further reductions in CO₂ emissions per m² produced of 0.9 kg, a 23% decrease versus the 2018 baseline, increasing the share of certified recycled content from 33.4% in 2024 to 36.4% in 2025 and successfully re-certifying collections to the latest Cradle-to-Cradle standards. We are proud to be the first flooring company to achieve Cradle to Cradle Certified® Full Scope Gold for our certified carpet tile collections according to version 4.0."
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Full Year 2025 Revenue and Adjusted EBITDA per Division
| (€ million, unless otherwise mentioned) | FY 2025 | FY 2024 | % Change | o/w organic | o/w FX |
|---|---|---|---|---|---|
| Europe | 110.5 | 125.9 | (12.2)% | ||
| US | 143.7 | 154.5 | (7.0)% | ||
| Consolidated Revenue | 254.2 | 280.4 | (9.3)% | (7.1)% | (2.2)% |
| Europe | 4.5 | 10.4 | (56.8)% | ||
| US | 29.9 | 32.0 | (6.7)% | ||
| Consolidated Adjusted EBITDA | 34.4 | 42.4 | (19.0)% | (15.7)% | (3.3)% |
| Europe | 4.1% | 8.3% | |||
| US | 20.8% | 20.7% | |||
| Consolidated Adjusted EBITDA Margin | 13.5% | 15.1% |
Q4 2025 Revenue per Division
| (€ million, unless otherwise mentioned) | Q4 2025 | Q4 2024 | % Change | o/w organic | o/w FX |
|---|---|---|---|---|---|
| Europe | 27.6 | 30.0 | (7.8)% | ||
| US | 31.3 | 37.6 | (16.8)% | ||
| Consolidated Revenue | 58.9 | 67.6 | (12.8)% | (8.3)% | (4.4)% |
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Other Financial Items Review
Non-Recurring Items below Adjusted EBITDA
The net impact of non-recurring items on 2025 net result was a negative €5.9m (€0.16 per share) vs. a positive €0.1m (€0.00 per share) in 2024. The expense in 2025 is mainly related to the implementation of our new ERP system and the recognition for soil remediation and purification in Europe.
Net Financing Costs
The net financing cost of €12.3m (€10.1m in 2024) primarily represent the interest expenses on external borrowings. This increase is strongly influenced by the USD translation effects in 2025 and the one-time positive impact of the settlement of the Senior Secured Note that matured in 2024.
Taxation
The Group reported a tax expense for 2025 of €3.5m (€2.3m in 2024) based on an overall loss before tax of €3.1m (profit before tax of €12.9m in 2024). This amount mainly results from the taxing of the profits at our US division and the non-recognition of deferred tax assets on the losses in Europe.
Earnings per Share
Loss per share of €0.18 in 2025 compared to earnings per share of €0.29 in 2024.
Dividends
Given our focus remains on deleveraging and further investing into the business, the Board does not propose a dividend for the year.
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Glossary: Alternative Performance Measures
The following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly-titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance, or our liquidity under IFRS.
Organic Growth is defined as growth excluding (i) FX impacts, which comprise the translation of key foreign entities and (ii) M&A impacts.
Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) the impact of the purchase price allocation mainly on change in inventories, (ii) gains on asset disposals, (iii) integration and restructuring expenses, (iv) depreciation / amortization, (v) impairment and write-offs and (vi) environmental provisions that relate to historical pollution.
Adjusted EBITDA margin is defined as the Adjusted EBITDA as a percentage of revenue.
Net Debt is defined consistent versus previous reporting as (i) Term Loan, (ii) Notes maturing in 2030, (iii) Bank and other borrowings (and where noted IFRS 16 liabilities) less (iv) cash and cash equivalents.
Leverage is defined as the ratio of Net Debt to Adjusted EBITDA (both excluding IFRS 16 impacts as per previous reporting, except for sale and leaseback transactions).
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Reconciliation of Alternative Performance Measures
Net Debt and Leverage(1)
| (€ million) | December 31, 2028 | December 31, 2024 | ||||
|---|---|---|---|---|---|---|
| Non Current | Current | Total | Non Current | Current | Total | |
| Term Facility | 124.8 | 0.4 | 125.2 | 124.3 | 0.5 | 124.8 |
| Senior Secured Notes | 1.8 | 0.0 | 1.9 | 1.8 | 0.0 | 1.9 |
| Bank and other borrowings | 9.7 | 1.8 | 11.5 | 11.5 | 1.8 | 13.2 |
| Less: Cash and Cash equivalents | - | (34.5) | (34.5) | - | (38.6) | (38.6) |
| Adjusted for capitalized financing fees | 2.6 | 2.3 | 4.8 | 4.9 | 2.3 | 7.2 |
| Net Debt (excl. IFRS16 Impact) | 138.9 | (29.9) | 109.0 | 142.5 | (34.1) | 108.4 |
| Adjusted EBITDA (excl. IFRS16) | 26.1 | 34.8 | ||||
| Leverage1 | 4.2x | 3.1x | ||||
| IFRS16 impact | 11.2 | 8.4 | 19.6 | 18.9 | 7.7 | 26.6 |
| Reported Net Debt | 150.1 | (21.5) | 128.6 | 161.4 | (26.4) | 135.0 |
(1) Leverage excludes IFRS 16 impacts, but includes sale and leaseback transactions
Financial Statements
Statutory Auditor's Note on the Financial Information for the Year Ended 31 December 2025
The statutory auditor, PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL, represented by Wouter Coppens, acting on behalf of Wouter Coppens BV, has confirmed that the audit, which is substantially complete, has not to date revealed any material misstatement in the draft consolidated accounts, and that the accounting data reported in this press release is consistent, in all material respects, with the draft consolidated accounts from which it has been derived.
The consolidated sustainability data reported in the press release has not been reviewed by the statutory auditor.
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Consolidated Statement of Comprehensive Income
| (€ thousands) | For the year ended December 31 | |
|---|---|---|
| 2025 | 2024 | |
| I. CONSOLIDATED INCOME STATEMENT | ||
| Revenue | 254,219 | 280,381 |
| Raw material expenses | (91,678) | (109,418) |
| Changes in inventories | (2,441) | (424) |
| Employee benefit expenses | (73,112) | (76,532) |
| Other income | 1,045 | 891 |
| Other expenses | (53,638) | (52,459) |
| Depreciation / amortization | (19,327) | (19,582) |
| Adjusted Operating Profit | 15,069 | 22,857 |
| Integration and restructuring expenses | (5,867) | 133 |
| Operating profit / (loss) | 9,201 | 22,990 |
| Finance income | 7,478 | 14,199 |
| Finance expenses | (19,812) | (24,288) |
| Net finance expenses | (12,334) | (10,089) |
| Profit / (loss) before income taxes | (3,132) | 12,901 |
| Income tax benefit / (expense) | (3,491) | (2,328) |
| Profit / (loss) for the period | (6,623) | 10,573 |
II. CONSOLIDATED OTHER COMPREHENSIVE INCOME
Items in other comprehensive income that may be subsequently reclassified to P&L
Exchange differences on translating foreign operations (14,185) 7,556
Items in other comprehensive income that will not be reclassified to P&L
Changes in deferred taxes (0) 123
Changes in employee defined benefit obligations 2 (478)
Other comprehensive income for the period, net of tax (14,184) 7,201
Total comprehensive income for the period (20,807) 17,774
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Consolidated Balance Sheet
| For the year ended December 31 | ||
|---|---|---|
| (€ thousands) | 2025 | 2024 |
| Property, plant and equipment | 90,971 | 99,615 |
| Of which IFRS 16 related right-of-use assets (excluding sales-and-leaseback) | 16,196 | 22,557 |
| Land and buildings | 36,010 | 42,170 |
| Plant and machinery | 49,263 | 51,825 |
| Other fixtures and fittings, tools and equipment | 5,698 | 5,620 |
| Goodwill | 98,718 | 107,668 |
| Intangible assets | 4,243 | 4,698 |
| Deferred income tax asset | 520 | 1,372 |
| Trade and other receivables | 574 | 624 |
| Total non-current assets | 195,026 | 213,978 |
| Inventories | 46,214 | 49,608 |
| Trade and other receivables | 15,819 | 17,503 |
| Current income tax assets | 798 | 585 |
| Cash and cash equivalents | 34,459 | 38,605 |
| Total current assets | 97,290 | 106,301 |
| Total assets | 292,316 | 320,279 |
| Share capital | 252,950 | 252,950 |
| Share premium | 65,660 | 65,660 |
| Other comprehensive income | (5,699) | 8,485 |
| Retained earnings | (198,363) | (191,717) |
| Other reserves | (39,876) | (39,876) |
| Total equity | 74,673 | 95,502 |
| Senior Secured Notes | 1,839 | 1,839 |
| Term Facility | 124,785 | 124,319 |
| Bank and Other Borrowings | 20,855 | 30,353 |
| Of which IFRS 16 related lease liabilities (excluding sales-and-leaseback) | 11,163 | 18,888 |
| Deferred income tax liabilities | 3,710 | 3,842 |
| Provisions for other liabilities and charges | 3,918 | 2,689 |
| Employee benefit obligations | 601 | 631 |
| Derivative Financial Instruments | 1,816 | 1,547 |
| Total non-current liabilities | 157,523 | 165,220 |
| Senior Secured Notes | 17 | 17 |
| Term Facility | 443 | 503 |
| Bank and Other Borrowings | 10,230 | 9,439 |
| Of which IFRS 16 related lease liabilities (excluding sales-and-leaseback) | 8,415 | 7,685 |
| Provisions for other liabilities and charges | 211 | - |
| Other payroll and social related payables | 11,921 | 14,415 |
| Trade and other payables | 37,239 | 35,087 |
| Income tax liabilities | 60 | 97 |
| Total current liabilities | 60,121 | 59,557 |
| Total liabilities | 217,643 | 224,778 |
| Total equity and liabilities | 292,316 | 320,279 |
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Consolidated Statement of Cash Flow
| For the year ended December 31 | ||
|---|---|---|
| (€ thousands) | 2025 | 2024 |
| I. CASH FLOW FROM OPERATING ACTIVITIES | ||
| Net profit / (loss) from the period | (6,623) | 10,573 |
| Adjustments for: | ||
| Income tax expense/(income) | 3,491 | 2,328 |
| Finance income | (7,478) | (14,199) |
| Financial expense | 19,812 | 24,288 |
| Depreciation, amortisation | 19,327 | 19,582 |
| (Gain) / loss on disposal of non-current assets | (89) | (119) |
| Movement in provisions | (149) | 645 |
| Expense recognised in respect of equity-settled share-based payments | (22) | 8 |
| Cash generated before changes in working capital | 28,268 | 43,106 |
| Changes in working capital: | ||
| Inventories | 2,009 | 3,733 |
| Trade receivables | 668 | 6,312 |
| Trade payables | 4,421 | (7,887) |
| Other working capital | (2,382) | (302) |
| Cash generated after changes in working capital | 32,985 | 44,962 |
| Net income tax (paid) | (3,131) | (4,830) |
| Net cash generated / (used) | 29,854 | 40,132 |
| II. CASH FLOW FROM INVESTING ACTIVITIES | ||
| Acquisition & disposal of property, plant and equipment | (9,974) | (9,286) |
| Acquisition of intangibles | (1,701) | (915) |
| Net cash used by investing activities | (11,675) | (10,200) |
| III. CASH FLOW FROM FINANCING ACTIVITIES | ||
| Interest and other finance charges paid, net | (10,179) | (21,630) |
| Proceeds from borrowings with third parties | - | 120,000 |
| Repayments of Senior Secured Notes | - | (118,624) |
| Repayments of borrowings with third parties | (9,402) | (8,517) |
| Net cash generated / (used) by financing activities | (19,581) | (28,770) |
| NET INCREASE/ (DECREASE) IN CASH AND BANK OVERDRAFTS | (1,402) | 1,162 |
| Cash, cash equivalents and bank overdrafts at the beginning of the period | 38,605 | 35,812 |
| Exchange gains/(losses) on cash and cash equivalents | (2,745) | 1,631 |
| Cash, cash equivalents and bank overdrafts at the end of the period | 34,459 | 38,605 |
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Consolidated Statement of Change in Shareholder Equity
| (€ thousands) | Share capital | Share premium | Other comprehensive income | Retained earnings | Other reserves | Total equity |
|---|---|---|---|---|---|---|
| Balance at 31 December 2023 | 252,950 | 65,660 | 1,283 | (202,298) | (39,876) | 77,720 |
| Profit / (loss) for the period | - | - | - | 10,573 | - | 10,573 |
| Other comprehensive income | ||||||
| Exchange differences on translating foreign operations | - | - | 7,556 | - | - | 7,556 |
| Cumulative changes in deferred taxes | - | - | 123 | - | - | 123 |
| Cumulative changes in employee defined benefit obligations | - | - | (478) | - | - | (478) |
| Total comprehensive income for the period | - | - | 7,201 | 10,573 | - | 17,774 |
| Equity-settled share-based payment plans | - | - | - | 8 | - | 8 |
| Balance at 31 December 2024 | 252,950 | 65,660 | 8,485 | (191,717) | (39,876) | 95,502 |
| (€ thousands) | Share capital | Share premium | Other comprehensive income | Retained earnings | Other reserves | Total equity |
| --- | --- | --- | --- | --- | --- | --- |
| Balance 31 December 2024 | 252,950 | 65,660 | 8,485 | (191,717) | (39,876) | 95,502 |
| Profit / (loss) for the period | - | - | - | (6,623) | - | (6,623) |
| Other comprehensive income | ||||||
| Exchange differences on translating foreign operations | - | - | (14,185) | - | - | (14,185) |
| Cumulative changes in deferred taxes | - | - | (0) | - | - | (0) |
| Cumulative changes in employee defined benefit obligations | - | - | 2 | - | - | 2 |
| Total comprehensive income for the period | - | - | (14,184) | (6,623) | - | (20,807) |
| Equity-settled share-based payment plans | - | - | - | (22) | - | (22) |
| Balance at 31 December 2025 | 252,950 | 65,660 | (5,699) | (198,363) | (39,876) | 74,673 |
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem
Earnings Call
The FY 2025 Results will be presented on 13 March 2026 at 10.00 am CET, via a webcast, by CEO James Neuling and CFO Andy Rogiest. The results presentation will be made available on www.belysse.com/investors.
For Further Information, Please Contact
Additional Information Notice
We kindly refer you to our website www.belysse.com/en/investors/company-results where the FY 2025 results presentation is available, which includes more detailed information on our results.
About BELYSSE
Belysse manufactures textile floor coverings for commercial and residential applications and sells its products primarily in North America and Europe under the premium brands Bentley (U.S.), modulyss, arc edition and ITC (Europe). Headquartered in Waregem (Belgium), Belysse employs roughly 1,000 people and operates three manufacturing sites across Belgium (Tielt and Zele) and the United States (Los Angeles). Belysse had revenue of €254 million in 2025 and is listed on Euronext exchange (Euronext: BELYS).
Important Notice
Certain financial data included in this press release are "non-IFRS financial measures." These non-IFRS financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards. Although Belysse Group nv believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures or any ratios included in this presentation.
This press release may include projections and other "forward-looking" statements. Any such projections or statements reflect the current views of the issuer about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections. Belysse Group nv expressly disclaims any obligation or undertaking to publicly update or revise these forward-looking statements other than as required by applicable law. The fact that the current press release includes certain forward-looking statements does not imply an obligation of or constitute a guarantee by Belysse Group nv to include such forward-looking statements in future press releases or communication.
Rounding adjustments have been made in calculating some of the financial information included in this press release. As a result, figures shown as totals may not be exact arithmetic aggregations of the figures that precede them.
NEXT SCHEDULED ANNOUNCEMENT
Belysse Group nv intends to publish a Q1 2026 trading update in April 2026.
BELYSSE
BELYSSE GROUP NV / Franklin Rooseveltlaan 172-174, 8790 Waregem