Construction company Cordeel, based in Temse, East Flanders, came close to achieving a turnover of €1 billion last year and expects to reach this milestone by the end of this year.
In 2024, Cordeel reported a turnover of €990 million, marking a 5% increase from 2023 and setting a record for the company. The consolidated EBITDA (earnings before interest, taxes, depreciation, and amortisation) reached €45 million, and net profit was €15 million. The previous year, Cordeel faced a loss of over €22 million due to a one-off write-down, rising interest rates, and increased building costs.
“2024 has been a pivotal year for Cordeel Group,” said Pascale Van Damme, the newly appointed CEO of Cordeel Group. She attributed part of the turnover growth to the Netherlands, where the company is constructing several residential towers in Amsterdam. Margins have also improved, partly due to the sale of land and apartments.
In Belgium, Cordeel is involved in major projects such as the Oosterweel Link in Antwerp and the construction of the new AZ Jan Portaels hospital in Vilvoorde.
