TBI annual figures 2023

Bart van Breukelen: "I look back on fiscal year 2023 with satisfaction. A year that we closed with good results thanks to the efforts of our motivated and skilled employees. The order book is historically high, sales grew to € 2.6 billion, with € 115 million operating profit (EBITDA). Together we can be very proud of this. For although we have left Covid-19 behind us, the continuing accumulation of external influences had a considerable impact."

Our results

  • Increase in social spending by TBI Funds to almost € 6 million
  • Operating income up 10.2% to € 2,578 million 
  • Operating profit before depreciation and amortization (EBITDA) up 175% to € 115.3 million 
  • Operating margin rises to 4.5% (2022: 1.8%) 
  • Order book at year-end 2023 rises 11.3% to €4.2 billion (2022: €3.7 billion)
  • Accident frequency index (IF): 3.4 (2022: 2.9) 

The societal challenges we face in the Netherlands remain significant. The demand for our services also remains high. Whether it’s about innovation, renovation, remodeling, or sustainability, we have the people and solutions to meet these demands. We reap the benefits of our internal and external networks and the long-term collaborations that enhance our effectiveness and innovation.

Nurturing and inspiring

Our people are the foundation for good business results and the continuity of our enterprises. A combination of technical craftsmanship and effective leadership is necessary to realize our ambitions in sustainability and societal impact. The scarcity in the labor market remains a concern. The growing shortage of qualified workers puts immense pressure on the market. However, we now recognize that the solution begins with retaining our own employees rather than just focusing on recruitment. We pay more attention to the person behind the employee. What motivates someone to stay with us? How can they further develop? That’s why TBI acdmy expanded its range of development opportunities. For example, with the new program ‘The Power of Generations,’ we aim to bring out the best in all generations within TBI. And with the ‘Sustainable Leadership’ program, we encourage and facilitate our current and future leaders to accelerate sustainable developments within TBI.

The TBI Praktijkfondsalso focuses not only on recruitment but also on retaining skilled workers. Leaders play a crucial role in retaining employees. Ultimately, it’s up to them to pay attention to their teams and engage in meaningful conversations. The People & Teams working group coordinates and aligns various initiatives with the enterprises.

Strong teams and effective leadership

As a decentralized organization, we value the diversity of all our enterprises. Simultaneously, we emphasize knowledge sharing, mutual understanding, and new collaborations that benefit TBI as a whole. Initiatives such as the TBI Pavilion, the TOP and TEAM programs, the  Traineeship, and Project Management Day played a significant role in the past year. The TBI WOONlab, celebrating its 10th anniversary in 2024, exemplifies successful collaboration. This leads to the formation of stronger teams with colleagues from different enterprises. While each of our enterprises has its own culture, we recognize the importance of a shared vision of leadership and culture. I believe we’ve made significant strides in this area over the past year. We find alignment in the societal transition to which we contribute, focusing on what matters in our society and to our customers. Therefore, we will continue to emphasize leadership and culture that aligns with these goals in the coming year. This also applies to diversity. Although awareness of diversity’s importance is growing within our enterprises, results still lag behind. With a new action plan, we aim to accelerate our efforts toward diversity.

"More and more strong teams are emerging with colleagues from different companies."
Bart van Breukelen, Chairman Board of Directors TBI

Social Impact

In 2022, we established the TBI Klimaattrein en het TBI Praktijkfonds. These funds, along with the TBI Studiefonds, are part of our identity. A long-term vision and safeguarding the future prospects of the new generations are inherent in TBI’s culture and its shareholder, Stichting TBI. The way these funds were utilized in 2023 demonstrates the social commitment of our companies and partners. We can take pride in that and continue to promote it. This way, we also reach the future generation of skilled professionals who care about society.

Both TBI companies and social organizations submitted applications through the TBI Climate Train for climate initiatives aimed at reducing CO2 emissions in our built environment. The TBI Practice Fund has already initiated several projects to enhance the inflow, progression, and retention of craftsmanship in construction, engineering, and infrastructure, including the establishment of the TBI Vakschool. Given the scarcity in the job market, the developments from the TBI Practice Fund are urgent. As a sector, we have the responsibility to make our profession more attractive, but we also need renewed respect for craftsmanship. As long as parents are prouder of a child choosing a theoretical education over a practical or technical one, there will be a persistent shortage of qualified professionals. And our country’s economic development and sustainability will inevitably suffer as a result.

Accelerating Sustainability

Last year, we actively engaged with “Het Groene Boekje” (The Green Book), which outlines ambitions and concrete objectives for our strategic pillar of Sustainable Solutions. Several companies conducted a baseline assessment of CO2 emissions and developed reduction plans. Collaboration on this theme was extensive; acceleration teams comprising colleagues from different companies produced acceleration guides to fulfill our sustainability goals. Another crucial aspect of the Sustainable Solutions pillar is the TBI Climate Plan. In 2023, we formulated this plan, established CO2 reduction targets for 2025 and 2030, and committed to the Science Based Targets initiative (SBTi) to achieve net-zero emissions by 2050.

We inaugurated our wooden housing factory, geWOONhout, and embarked on another remarkable wooden high-rise project, SAWA Rotterdam, following the success of Project HAUT in Amsterdam. Additionally, we decided to transition our equipment from diesel to Hydrotreated Vegetable Oil (HVO). Numerous gatherings facilitated knowledge exchange and inspired sustainable practices. Notably, climate journeys for our statutory directors had a significant positive impact, increasing awareness and motivation. However, the increasingly stringent reporting requirements are a concern. While measurement and reporting help identify areas of impact, we must ensure that sustainability reporting remains manageable. Through our investments, we successfully implemented low-CO2 precast concrete and continue to focus on reduced material usage and circular construction. This emphasis should persist.

In Breda, Synchroon and J.P. van Eesteren are working on 5TRACKS, a unique development that brings together 5 functions

Business Results

Nearly all companies had a good year, despite the challenging conditions in the housing market. Sales of new homes to both consumers and investors lagged significantly due to high interest rates and construction costs. Additionally, the number of building permits declined once again. While our construction and development companies have well-filled order portfolios, long-term recovery in new construction is essential for our businesses. Fortunately, we continue to see substantial growth in renovation and maintenance. The sustainability of homes, especially, provided significant work in 2023. In this context, we are particularly pleased with the acquisition and performance of Rutges Vernieuwt.

The office market was already moderate, but it further declined since Covid-19. Attention in this market will continue to focus on sustainability and, to a limited extent, new office concepts. In the infrastructure sector, the emphasis is shifting toward replacement and renovation. Large projects for new infrastructure construction are still delayed due to ongoing nitrogen-related issues. Consequently, Rijkswaterstaat has allocated budgets for replacement and renovation. These extensive and numerous projects will be a strong pillar for our infrastructure division in the coming years.

The drive toward sustainability and electrification in our economy and society is resulting in significant growth for our engineering companies. We anticipate a high workload in the years ahead. However, maintaining sufficient capacity to execute these technical projects poses a considerable challenge.

Internal improvements and opportunities

Our internal project management has improved, encompassing risk management, project execution, and craftsmanship. Across the board, we’ve made substantial progress, with demonstrable effects on our performance. The infrastructure sector has stabilized, and we’ve invested significantly in relationships with clients and partners. Clear agreements enhance collaboration.

Regarding safety, we’ve taken steps over the past year. We’ve initiated a plan to enhance the safety culture across TBI as a whole. Strengthening our learning capacity and setting ambitious goals are part of this effort. Next year, a TBI-wide safety campaign will further raise awareness and reinforce safety culture internally. Nearly all our companies are certified at levels 3 or 4 on the Safety Ladder. Under the ViA (Safety in Procurement) framework, subcontractors are also expected to obtain certification. Safety remains our top priority, recognizing the demands this places on everyone involved.

"Making the built environment more sustainable gained tremendous momentum in the year under review"
Bart van Breukelen, Chairman Board of Directors TBI

Within the strategic pillar of Technological Advancement, much has happened in the past year regarding the theme of Digitalization. A new ERP system has been diligently developed for Comfort Partners, WTH, MDB, Croonwolter&dros and J.P. van Eesteren. These are significant and intensive projects. Additionally, we continue to optimize the use of Building Information Modeling (BIM) and provide data-driven solutions as part of our maintenance portfolios. Such technological progress requires a cross-project approach.

As a project company and chain coordinator, we are uniquely positioned to stimulate innovation through our chain partners. Alongside the application of our own innovative solutions, this will be the input for engineering our projects in the coming years. In this way, we can address the increasing need for standardization and industrialization. It requires strong relationships and structural collaboration, which we will continue to foster in 2024.


On May 1, 2024, I will step down as Chairman of the Board of Directors. I will pass the baton to Hendrik de Haan. Together with Emiel Roozen and Bianca Seekles, he will form the new three-member Board of Directors. When considering succession, we seek individuals who can further advance the organization and improve upon existing practices. I am confident that we have found such individuals. Our team shares a strong commitment to sustainability and embodies the values of our esteemed company, TBI!

Naturally, I want to provide them with the best possible start, ensuring a robust business despite economic uncertainties. Rugby is a part of our home culture, and one lesson I learned from the All Blacks of New Zealand is that you should pass on your jersey better than you received it. I hope I have lived up to that for TBI.


Rotterdam, March 19, 2024

Bart van Breukelen 

Chairman of the Board of Directors, TBI Holdings B.V.

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