2025
Foreword
Leadership in the ‘in-between’
What do a company and a chameleon have in common? Both can adapt to their surroundings. At least, when things are working as they should. But let’s be honest: we’d all rather stick with what we know. The familiar ways of working. The routines we’ve built. And yet one thing is certain: everything is constantly in motion, around us and within our own organisation. Some of that change happens naturally, the way a chameleon shifts colour without thinking. Other changes need guidance. Reshaping an organisational structure is very much the latter.
Stubborn as I am, I could act like I have all the answers. I don’t. Sometimes the only way forward is to do it and learn as you go. Not just because I don’t have a ready-made playbook, but because change in a company, unlike for that chameleon who goes it alone, is a shared effort. Everyone brings something to the table.
So no, wisdom isn’t mine alone to claim. Maybe it comes with time.
2025 was the year we began reshaping our organisational structure. Our traditional setup, organised primarily along geographic and functional lines, was no longer serving us the way it once did. We are now building a structure that complements our production sites with market-focused business units: Construction (non-residential construction), Infra and Industry (transport / Vossebelt is excluded from this change), each bringing together commercial operations, project management and assembly under one roof. This strengthens collaboration at group level and deepens our knowledge of the markets we serve. It is a key step in our ambition to become one of the most sought-after players in Western Europe, for clients and future employees alike.
And yes, this is genuinely exciting and unsettling. That in-between, the stretch of time when the old way no longer holds but the new way is not yet fully bedded in, can be uncomfortable. We have grown used to certain ways of working. We have built habits and convictions. Finding common ground amid all of that takes real effort.
Corporate anthropologist Jitske Kramer calls this liminality: the phase between ‘no longer’ and ‘not yet’. Less certainty. Not every question answered. But also the exact phase where renewal becomes possible. That is what I hold on to. Because I know our team is strong enough to carry this family business into its next chapter.
This transition costs time. And money. That shows in last year’s figures, which fell short of our targets. Kampstaal and Kamplacon delivered solid results within Construction, but MF Emmen, Nauta and Vossebelt faced a tough market. My job in this period is to keep things steady, set clear boundaries and make sure we stay on course.
This annual report tells the full story: our performance, our lessons, our progress. The honest account, as you have come to expect from us. Spoiler: that straight path turns out to have more bends than expected. But in the meantime, we keep delivering: #wemakesteelwork. The shop stays open during renovations.
On behalf of the Executive Board,
Bob Soetekouw
TruSteel Group
A group of makers that truly makes steel work.
Revenue
106
€106 million (2024: €121m).
In 2025, our revenue was down 13% on 2024.
Return
Return on equity
8%
(2024: 16%)
Solvency
55%
(2024: 52%)
Employment
352
employees.
45 new colleagues joined us in 2025 (382 as of May 2026).
Energy transition
1457
tonnes of CO₂ emissions across the group. A reduction of 12% compared to 2021.
Emissions per worked hour down 33% compared to 2021.
Graduated BBL students
2
BBL students successfully completed their programme.
New BBL students
4
students started a BBL programme.
Gross investments
€ 6,4 million
(2024: €4.7m). The main investments were in machinery.
Internships
14
14 students completed their internship.
Graduation projects
2
students completed their graduation project.
Production floor space
Our eight divisions now occupy a production area of over
40.000 m2
Safety Culture Ladder — Step 3
All divisions maintained
step 3
on the nationally recognised Safety Culture Ladder.
CO₂ Performance Ladder — Step 5
All divisions maintained
step 5
on the CO₂ Performance Ladder.
National and international clients
Our clients outside the Netherlands include companies in Canada, India, the United States, Germany, Ireland, Spain, Italy and Denmark.
‘Together we get the job done’
#wemakesteelwork
The family business
We are a proud family business that has been building a wide variety of projects across many different market segments for over 45 years, driven by genuine passion and commitment. From innovative recycling installations to bridges and locks, from data centres and parking facilities to tippers and containers: at TruSteel Group, we deliver steel solutions across a broad range of sectors.
Our organisation: TruSteel Group
What began in 1980 as a modest venture constructing barns and sheds has grown into a solid and ambitious player in the steel industry.
Today, our group consists of eight steel-processing companies, where more than 380 skilled professionals bring their knowledge, experience and craftsmanship to work every day. Together, we deliver projects across a wide range of sectors, in the Netherlands and beyond. Over the years, we have built a strong market position and reputation. With annual revenue of over €100 million, we are one of the larger industrial employers in the northern Netherlands. But our strength is not only in size or figures: it is above all in the people who make it happen every day.
We push ourselves to improve and add lasting value for our clients. We do this with a no-nonsense mentality, short lines of communication and a strong hands-on commitment to every project. Safety, quality and reliability are the foundation of everything we do. These core values are firmly embedded in our way of working and in our collaboration with clients and partners. It is how we develop and deliver sustainable, future-ready solutions that meet the demands of today and tomorrow.
Figure 1 Legal structure
Figure 2 Business Unit organisational structure
Our divisions
In 2025, TruSteel Group strengthened its position as an organisation, supported by eight specialised divisions. Each brings its own expertise to the development and delivery of solutions for the construction, infrastructure, industrial and transport sectors (see figure 2 for the organisational chart).
Kampstaal has been a trusted name in structural steelwork for non-residential construction, industry and the energy sector for over 45 years. From our sites in Emmeloord and Meppel, we deliver complex load-bearing constructions for parking facilities, data centres and utility projects in the Netherlands and abroad. We also manufacture stairs, platforms and structural components for the electricity grid. Our skilled employees manage the entire process, from design and fabrication to on-site assembly. Modern production halls, a well-equipped machinery fleet and continuous investment in people, equipment and expertise allow us to maintain a consistently high standard of quality.
In 2025, we delivered several outstanding projects, including the One Milkyway parking facility in The Hague, a commercial building for the European Space Agency in Noordwijk, and a number of data centres at Schiphol-Rijk, Frankfurt and Eemshaven.
One Milkyway parking facility in The Hague
European Space Agency (ESA) HERZ 2.0 Noordwijk
Datacenters Edcams 07
Kamplacon has long been a specialist in sustainable roof and wall structures for non-residential construction. From Emmeloord and Ootmarsum, our skilled professionals work on new construction, renovation and maintenance projects for clients in the Netherlands and beyond. Our professional approach, collaborative mindset and advanced production facilities allow us to tackle even the most complex building challenges. Together with sister company Kampstaal, we also deliver complete construction solutions covering foundations, steel and cladding.
In 2025, we completed a range of projects, including industrial units for De Groene Agri in Rutten, a renovation project at Autobedrijf Van der Heide in Emmeloord, and several data centres at Schiphol-Rijk, Frankfurt and Eemshaven.
Datacenter Eemshaven
Autobedrijf van der Heide, Emmeloord
Vossebelt is a forward-thinking company offering innovative and highly efficient material transport solutions. In our production halls in Geesbrug, our team manufactures tippers, hooklift containers, floor systems, belt unloaders and custom-built transport equipment. Vossebelt manages the entire process in-house, from design and production to installation on truck and trailer chassis. Our products are known for their high standards in quality, safety and finish, and are built to perform under the most demanding conditions.
In 2025, we delivered a wide range of transport solutions. We supplied rear-end tippers to Koninklijke Oosterhof Holman, Jan Bakker and Buuron Transport, and delivered electric combinations for Vrijbloed and Loonbedrijf Mulder, among others. For the Municipality of Kampen, Waterschap Hollandse Delta and the Municipality of Leeuwarden, we supplied two-way tippers, hooklift tippers and other transport solutions.
Two-way tipper, Waterschap Hollandse Delta
Two-way tipper, Vrijbloed Transport
Rear-end tippers, Oosterhof Holman
Hooklift tipper, Loonbedrijf Mulder
Rear-end tippers, Jan Bakker Transport
Tipper and crane combination, Municipality of Leeuwarden
Rear-end tippers, Buuron Transport
With 150 years of experience in the steel industry, Nauta Heeg has built a strong track record in heavy steel constructions for infrastructure and industry, including bridges, fenders, offshore facilities and grid components. High production halls, cranes with a lifting capacity of up to 80 tonnes and a location on navigable waters allow the company to build and transport large constructions efficiently. Working alongside its sister companies, Nauta Heeg takes on complex projects of all kinds, making it a reliable partner for today’s infrastructure and industrial challenges.
In 2025, we delivered several impressive projects, including mooring piles for the port of Texel, the Ventofoil XL for Econowind and a sea jetty in Brunsbüttel, Germany.
VentoFoil, Econowind
VentoFoil, Econowind
Mooring piles, haven Texel
MF Emmen serves clients across a wide range of industrial sectors, including energy, food technology, infrastructure and recycling. The company develops and implements efficient solutions to optimise production processes. With a modern machinery fleet and highly skilled employees, MF Emmen delivers complex products from design through to completion. CNC turning, milling, welding and metal cutting are all carried out in-house.
In 2025, we worked on a flare installation for Bakker Service (gas and petrochemical industry), tilt tables for ReBuildit (prefab concrete elements) and a range of offshore frames.
Offshore frame, WellGear Group
Tilt tables , Rebuildit Group
Tilt tables , Rebuildit Group
Onderconstructies, Omrin
TruSteel Energy is an experienced partner in solar energy. We offer a single point of contact and take care of everything, from supplying a complete solar panel system to connecting it to the public grid. In addition to solar power, TruSteel Energy also specialises in other energy solutions, including energy storage (particularly relevant in areas with grid congestion), energy management systems and EV charging stations.
In 2025, TruSteel Energy delivered a wide range of energy solutions, including a solar panel installation for a data centre in Eemshaven, energy storage modules for Agrico Research and an energy storage system for Nauta Heeg.
TruSteel Infra helps keep the Netherlands’ infrastructure safe, accessible and liveable. Our focus is not only on expanding infrastructure, but also on the major renovation and replacement challenges the country will face in the decades ahead. Working closely with clients and partners, we build smart and sustainable steel solutions for complex civil works, including bridges, locks, weirs and pumping stations.
In 2025, we delivered several impressive infrastructure projects, including the Huiswaarderbrug in Alkmaar, the Holslootbrug in Holsloot and the Heemskesbrug in Farmsum.
TruSteel Recycling is a leading supplier of complete recycling systems and standalone components. We focus primarily on sorting solutions for processing construction, demolition, industrial and green waste. We supply turnkey recycling lines directly to clients, including trommel screens, air separators, danodrums and conveyor belts, as well as individual components for separating various waste streams. Existing installations can also be modified or expanded on request. With years of experience and deep expertise, TruSteel Recycling has helped many industries find effective recycling solutions.
In 2025, we delivered several impressive recycling projects, including a 3D trommel for Kiverco (Northern Ireland), a trommel screen for SusBde Loc Nagpur (India) and a trommel screen for Bio Waste (Hamburg, Germany).
Stronger together
Collaboration is at the heart of TruSteel Group: between our employees, partners and clients, and among the eight divisions that make up our group. In 2025, our divisions worked more closely together than ever on a range of impressive projects. By leveraging economies of scale and sharing knowledge, we can serve our clients even better with tailored, sustainable solutions. Together, we manage the entire value chain, from concept to completion, allowing us to fully relieve our clients of all concerns.
New business units
Over the past year, we have taken important steps in the further development and diversification of our organisation. To respond more effectively to new market opportunities, we have established several new business units.
These new business units bring together commercial and project management activities, enabling us to operate with greater focus within specific client segments and areas of expertise. This sharpens our focus, increases our agility and strengthens our ability to move quickly. It creates clarity, builds capability and lays a solid foundation for further growth.
Our production sites each have their own specialisations:
- Kampstaal: steel structures for Construction and Industry
- Kamplacon: roof and façade structures and energy solutions for Construction and Industry
- Nauta Heeg and MF Emmen: heavy steel constructions for Infra and Industry
At the same time, we are working to increase the interchangeability of work across our sites, so that capacity within the group can be used more effectively.
Business unit Industry
Activities that were previously spread across several companies are now brought together within one powerful business unit: Industry. Within this unit, we deliver end-to-end solutions for the industrial market, covering everything from complex structures for factories and power plants to high-spec tank construction and specialist applications for the defence sector.
We have the expertise to take on even the most demanding projects. Our broad technical knowledge and specialist disciplines give clients a single point of contact throughout the entire process, from design and engineering to execution and handover. This integrated approach ensures efficiency, quality and safety at every stage, delivering durable, reliable and high-quality solutions for clients in the industrial sector.
Business unit Infra
With the launch of our new Business Unit Infra, we bring together the activities of several divisions under one roof. This combines our extensive knowledge and experience in infrastructure projects, including fenders, bridges and locks, jetty structures, weirs and pumping stations, offshore structures and other heavy constructions. We are involved from project start through to handover, giving us significant influence over risk management and the ability to capitalise on opportunities. Our depth of experience allows us to develop innovative solutions for a wide variety of infrastructure projects.
Our strength lies in managing large-scale projects and developing smart solutions for complex challenges. With our new structure, we act faster, work more efficiently and lay a solid foundation for future-proof infrastructure solutions that contribute to a safe and sustainable living environment.
Business unit Construction
Our new Business Unit Construction brings several companies together under one roof. It is designed to respond more quickly to market developments and to consolidate specialist knowledge within one clear structure.
With our broad expertise in complex non-residential projects, we offer clients a complete package. We handle the full build, from foundations and steel structures through to cladding, across a wide range of project types, including offices, schools, industrial units, distribution centres, parking facilities and data centres. We also design, manufacture and install stairs, platforms and structural components for the electricity grid. On sustainability, we take our responsibility seriously: by installing solar panels and energy storage systems, we actively contribute to future-ready solutions.
In recent years, we have delivered projects for clients in the Netherlands and abroad, with an increasing focus on circular and sustainable construction. Prefab construction plays a growing role in this approach, optimising build processes and reducing material use. The result is shorter lead times and greater efficiency on site. At the same time, the system remains flexible, modular and demountable, with an eye to future reuse and changing requirements.
In our own production environment, equipped with a modern and advanced machinery fleet, we manage the entire process: from design and engineering to production and on-site assembly. This integrated approach gives us maximum control over quality, planning and delivery. By keeping the entire process in-house, we develop tailored solutions that precisely match the specific needs of our clients.
New activity: TruSteel Projects GmbH
In 2025, we established a German entity under the name TruSteel Projects GmbH. All new projects in Germany are now carried out through this GmbH, including work by our divisions Kampstaal and Kamplacon.
This move is part of our continued professionalisation and strengthening of our activities in the German market. For our clients and partners, quality, expertise and collaboration remain unchanged.
Governance
TruSteel Group operates with several layers of governance, working together to ensure clear and effective leadership. Overall responsibility for the group rests with the Executive Board, which sets the strategic direction, takes decisions on key matters and safeguards long-term objectives. In 2025, the Executive Board consisted of Managing Director Bob Soetekouw, Commercial Director Rieks Jansen, Commercial Director Paul Kok and Project Director Bas van Hoeve. As of 1 May 2026, Rieks Jansen will step down from the Executive Board upon his retirement. The Executive Board reports to the Supervisory Board, which was established in accordance with legal requirements for corporate governance.
The General Board supports and strengthens this leadership structure and consists of the Executive Board, division directors, the Group Controller, the QHSE Manager and the IT Manager. The Group Controller oversees the sound organisation and operation of the administrative function. Employee interests are represented through the Group Works Council.
Within TruSteel Group, each company operates under its own name and is led by its own management team. There is, however, a strong emphasis on collaboration and synergy across the group, facilitated through integrated consultation within the Executive Board, General Board, operations meetings and business unit meetings.
Diversity across our governance layers is an ongoing priority. We are committed to increasing the proportion of women across the organisation and to ensuring that the same proportion is represented at board level. Currently, 11% of our employees are women. In 2025, one woman joined the General Board, meeting our own target.
Controls
Management oversight is supplemented by a range of management systems, including ISO 9001 and 14001, Safety Culture Ladder Step 3, VCA**, CO₂ Performance Ladder and CE EN1090. These systems define how quality, safety, compliance and effectiveness are assured across TruSteel, and how environmental impact is kept to a minimum. They also support risk management, help counter threats and enable us to capitalise on strengths and opportunities.
The systems are monitored in part by a QHSE team made up of colleagues from across the group’s subsidiaries, led by a manager at group level. Internal reviews take the form of management reviews, with this annual report serving as TruSteel’s management review. External reviews are carried out by accredited audit bodies.
In 2025, we invested in additional software to document processes and systems and to monitor and resolve any deviations from standards. One area for attention identified through management reviews is that internal audits have been falling behind our own planning targets.
‘True, truth and trust: TruSteel!’
Core values
As a family business, we place great importance on building long-term, strong relationships: with our clients, our employees and our partners. Everything we do is guided by three core values: sincerity, trust and a shared passion for steel. These values are deeply connected and call for a solid commitment to safety, sustainability and integrity. That commitment runs through everything we do every day. It is how we make steel work. When TruSteel people make a promise, they keep it. That is what we mean by #WEMAKESTEELWORK
Figure 3 TruSteel core values
SINCERITY AND INTEGRITY (TRUE AND TRUTH)
Sincerity and integrity are at the heart of everything we do. They are embedded in our organisation and visible in our day-to-day actions. They define what we stand for as a group, how we behave and how we act: towards each other, and towards our clients, business partners and the wider society we are part of. Honesty, ethical conduct and transparency form the foundation. This is how we build lasting relationships based on trust and mutual respect.
BUILDING TRUST (TRUST)
At TruSteel Group, we design, produce and deliver high-quality steel projects. With years of experience in tailored solutions, we have proven ourselves to be a reliable partner in the steel industry. Our focus is not only on delivering impressive results, but on building lasting relationships with our clients. We earn trust by showing up as an experienced and capable partner. We do business openly and honestly, listen carefully to our clients, make clear agreements and, most importantly, we deliver on them. This is how we build trust and long-lasting partnerships.
PASSION FOR STEEL (STEEL)
What drives us is our passion for engineering. Every day, we take on structural challenges in non-residential construction, infrastructure, transport and industry. We do this with enthusiasm and dedication, always with a keen eye for what our clients actually need. We know that at the start of a project, not everything is set in stone. That is exactly where we excel. Our structural engineers, technical designers and project managers think along from day one. Working closely with the client, we develop a design that is both fitting and buildable. That same commitment carries through into delivery. We make sure ideas become reality and grow into sustainable solutions that clients can rely on and build on.
Our core values, our policy
SAFE WORKING — We work safely or we don’t work at all!
At TruSteel Group, safety is our absolute top priority: our safety mindset is always on. Every day, we work to raise safety awareness and keep improving. We share knowledge, enforce strict safety policies and make sure our people understand the risks on the shop floor and on site. Where needed, we take action to prevent unsafe situations. Our goal is to reduce unsafe incidents and their consequences, including absenteeism and accidents. We also believe strongly that our people should be able to work in good health, safely and with enjoyment. That is why we keep investing in a safe working environment.
SUSTAINABLE CONSTRUCTION WITH STEEL
We are open and transparent, including about the environmental impact of steel. And we firmly believe in steel as the sustainable material of the future. Structural steel is made from over 90% recycled material, lends itself well to demountable construction and can be reused time and again. Steel is also inherently strong, enabling large spans and making it easy to adapt buildings for future users with different needs. Read all about it in our sustainability policy.
INTEGRITY
Honesty and reliability go hand in hand with integrity. Core values mean nothing if we do not live by them. Even under pressure, we stand by our principles. We have no hidden agenda. Our interests are those of our partners.
‘2025: a year of deliberate choices to develop our organisation
and strengthen our strategic position.’
Lookback
Financial results 2025
From a strong starting position to a year of delivery and deliberate choices
Coming off an exceptionally strong 2024, we entered 2025 with a healthy order book and a solid foundation. At the same time, we had already flagged that the market outlook was mixed and that projects were increasingly starting later than planned.
That is exactly what played out in 2025. Although the order book held up well, delayed project starts put pressure on capacity utilisation in parts of the year. Combined with longer decision-making timelines on the client side, this resulted in a lower level of activity than in 2024.
At the same time, 2025 was a year in which we made deliberate choices to develop the organisation further and strengthen our strategic position.
Revenue and profitability
Revenue in 2025 came in at €106 million, below the €121 million achieved the year before. This reflects the reality that a strong order book does not automatically translate into consistent capacity utilisation.
Profitability was also down on 2024. Following the strong return of the previous year, return on equity fell from 16% to 8%. This was driven by lower volumes, difficult market conditions in industry and infrastructure, timing differences in projects and targeted organisational investments that took longer than expected to bear fruit.
In addition, a significant provision was made within Kampstaal in connection with a client facing liquidity problems.
Excluding this one-off item, results within Construction remain robust and in line with expectations.
TURNOVER AND PROFIT ON EQUITY CAPITAL
Construction and recycling transport
Steel construction infra-industry
Commercial-industrial structures & cladding
Return on equity
Cost development: investing in continuity
The cost base adjusted more slowly to lower revenue in 2025. Staff costs in particular rose as a result of investments in capacity and organisational development, while external costs fell due to a lower volume of outsourced work.
This reflects a deliberate choice to retain and develop capacity, in line with our long-term strategy. It supports the agility and continuity of the organisation.
Performance and market developments by business unit
Construction: solid performance
Within the Construction business unit (Kampstaal and Kamplacon), we look back with satisfaction on the year’s performance, despite the provision at Kampstaal mentioned earlier.
Capacity utilisation and project execution were strong, and the underlying results confirm the value of combining steel structures, roof and façade construction as a stable foundation within the group. Kampstaal and Kamplacon continued to contribute to data centre projects in the Netherlands and abroad in 2025. We see plenty of opportunity to remain active in this segment in the years ahead, supported by our strong reputation in the sector.
Infra: a positive trend taking shape
Within Infra, our investments in market position and organisation are beginning to pay off. Order intake is showing clear growth, and project results are showing cautious improvement. We are seeing the first signs of the replacement and renovation programme (R&R) in the Netherlands gaining momentum.
Given the nature of infrastructure projects, with long lead times, this growth has so far had limited impact on capacity utilisation in 2025.
The stronger intake does, however, point to better capacity utilisation over the longer term. Looking towards 2027 in particular, the outlook is more positive, reducing our reliance on filling capacity with lower-margin work. This strengthens the stability of the group.
Industry: building phase with clear potential
Within Industry, 2025 was very much a year of foundation-building. Gaining market share and developing the organisation takes time before it translates into sustained improvement in results. We are also seeing the industrial market, which is primarily globally oriented, affected by uncertainty driven by geopolitical tensions. High energy costs in Europe are making it unattractive for global players to invest in Europe.
That said, TruSteel has taken clear first steps, including our involvement in the construction of a large biofuel plant in Delfzijl from 2026. This underlines the potential of this business unit.
Infra and Industry production: not yet at target
Results at Nauta Heeg and MF Emmen fell short of expectations in 2025. Vossebelt also had another difficult year.
These results are not where we want them to be and continue to require attention. At the same time, they need to be seen in the context of the strategic choices that have been made: investments in new markets, new structures and building commercial position.
INVESTMENTS
Investments 2024, 2025 en 2026
X € 1.000
2024
2025
2026 (prognosis)
Debt / EBITDA
SOLVENCY
RETURN ON EQUITY
Current ratio
Financial position
The group’s financial position remains solid. Equity has been further strengthened, while the cash position has been shaped by investments and working capital movements. Major investments in 2025 included the replacement of the shot blasting machine at Kampstaal, a new bed milling machine at MF Emmen and the renovation of the quayside at Nauta Heeg. Working capital movements were the primary driver of a lower cash position at year end. The strong recovery in liquid assets in January 2026 confirms that the year-end position was a snapshot rather than a structural shift.
This solid financial foundation puts us in a strong position to continue our strategic course.
Closing: confirmation and course correction
Looking back on 2025, the picture we anticipated, a mixed market, later project starts and less predictable capacity utilisation, proved to be accurate.
At the same time, this year confirms that our strategic choices, market-focused business units, diversification of activities and increasing agility, were both necessary and right.
Where we are satisfied with performance in Construction, there is a clear task ahead within Infra and Industry to accelerate progress and translate it into structural returns.
In 2026, the decision was made to transfer Vossebelt to a new group. Read more about the sale of Vossebelt to GS Meppel.
Strategy and direction
2025-2030
In 2024, we launched a new strategic development programme for 2025–2030, which we completed in March 2025. The main drivers behind the new strategy are:
- To continue flourishing as a family business under the current shareholders
- To achieve sustainable growth that puts clients, employees and society first, resulting in healthy profits
- To make TruSteel the most sought-after employer and supplier in Northwest Europe for innovative steel solutions
Three themes are central to this: working smarter, becoming more market-driven and increasing enjoyment at work.
The following elements from our strategy were on the roadmap for 2025:
- Defining the organisational structure for 2030
- Leadership development
- Teams ready for a proactive market approach
- Setting up consultation structures aligned with the new business unit structure
- Optimising project management
- Sustainability vision and plan
- Exploring smarter ways of working with AI
In 2025, we focused on reshaping our structure to improve governance and predictability: the foundation for delivering on our growth ambitions. This structural change (see figure 2 for the new structure) is on track, as is leadership development. The change creates clear frameworks and accountabilities across the organisation. We are also investing in internal communication, sharing an animation about our strategic direction and bringing people along on the journey. An animation alone is not enough, though. Taking our people with us requires ongoing attention and there is always room to do better.
Our teams are set up for a proactive market approach, with the aim of achieving the right spread in our project portfolio. A key theme in our commercial strategy is reducing our dependence on data centre construction. This segment is still growing, while other market segments have been shrinking and becoming less predictable, partly due to turbulent times in geopolitics, energy prices and the absence of a clear political direction in the Netherlands. We cannot afford to focus on this one theme alone. We also need to keep working on agility. Commercially, we have decided to target large projects in strong-performing segments where clients value our knowledge, expertise and organisational capability. We score well on agility, less so on project portfolio mix. Overall, our intake and results remain solid, and our order book is in good shape across the Infra and Construction segments. The Industry segment is under pressure and we are not hitting our revenue targets there. We are convinced that this segment remains strategically important and will recover in time.
Project management optimisation is gaining traction through our Lean programme, and we are already seeing the first results in better project insight and more standardised ways of working. In 2026, this should translate into more accurate project forecasting, stronger financial project results and higher client satisfaction.
To strengthen our position with key accounts, we need to step up on our sustainability targets. We are increasingly focused on scope 3 impact, but recognise that our current role in the supply chain limits us. We need to break through that. That is why we have sharpened our vision and appointed a sustainability manager. Planning and execution will follow in 2026. We are on track.
On working smarter with AI, we need to move faster. Although AI is already being used across the organisation, developments in this area are moving faster than we can keep up with. In 2026, we will need to invest significantly more time and attention here. We are behind on our ambition in this area. We see real potential for significant efficiency gains and know we need to stay ahead of the competition. We will accelerate on this theme in 2026.
Overall, we are on track with our strategic implementation and satisfied with the progress made.
The world around us
We operate in a sector that is constantly evolving. Demand for industrial and non-residential construction, infrastructure and sustainable transport solutions remains strong, while expectations around quality, sustainability and safety continue to rise. That calls for smart, future-ready solutions.
Projects are becoming increasingly complex. Collaboration with clients, partners and suppliers is essential. Together, we deliver solutions that contribute to a liveable and sustainable environment, built on quality, reliability and continuity.
At the same time, the environment in which we operate is changing rapidly. Building and sustainability regulations shifted significantly in 2025, with new frameworks and requirements following each other in quick succession. This demands flexibility and continuous adaptation. Sustainability is no longer a choice: it is a baseline requirement across all our projects. From design to delivery, we factor in material use, energy consumption and environmental impact.
Broader changes are also reshaping the sector and society at large. Technological development and digitalisation, a tight labour market, grid congestion and growing sustainability ambitions all demand agility and continuous improvement in how we work. We are actively responding to these shifts across the group.
New opportunities are emerging too. The drive for renewal is stimulating innovation and accelerating the transition to more sustainable ways of building. The world around us is becoming more demanding and complex, making it more urgent than ever to build a future-proof construction sector. That is why we continue to develop an agile organisation with a clear long-term vision. Rooted in our regions, built on collaboration and a deep respect for people and craftsmanship, we deliver solutions that meet the demands of today and the challenges of tomorrow.
Building together
The client at the centre
Our focus is not only on delivering great projects, but on building lasting client relationships. The client is at the heart of everything we do. From the first sketch through to handover, we work closely with our clients and partners. We actively seek dialogue, ask the right questions and think ahead. By getting involved early in the design process, we develop solutions that are not only technically sound, but also more buildable, more cost-efficient and lower risk.
Our approach is straightforward: we listen, make clear agreements and honour them. We communicate openly and work on the basis of trust across all disciplines involved. This is how we build not only strong steel structures, but above all lasting and sustainable client relationships.
Supply chain collaboration
At TruSteel Group, we believe that successful projects start with strong collaboration across the supply chain. That is why we invest in long-term relationships with our clients, suppliers and partners. That collaboration starts in the design phase. By bringing knowledge, experience and responsibilities together early in the process, we improve efficiency, quality and project outcomes.
Supply chain collaboration also creates space for innovation. Together with our partners, we develop smart solutions in circular material applications, digitalisation and prefab construction. On safety and CO₂ reduction too, shared targets are increasingly being set and met.
The consumer as client
From 2025, TruSteel Energy is also targeting the consumer market, with the introduction of new home battery systems for energy storage. As grid congestion continues to affect more regions across the Netherlands, making the most of available grid capacity is becoming increasingly important. Our home battery systems offer a smart, future-ready solution.
A home battery stores locally generated energy for use at a later time, making households less dependent on the electricity grid and contributing to more efficient and sustainable energy use.
In the years ahead, we expect energy storage in and around the home to play an increasingly important role. With TruSteel Energy, we are ready to respond and contribute to a smarter, more future-proof energy system.
Pushing boundaries together: international partnerships in 2025
In 2025, we took on several impressive international projects across the group. Kampstaal delivered steel structures for a high-profile Audi project in Germany. Nauta Heeg built constructions for clients in Barcelona, Germany, Denmark, Canada and Texas, among others.
TruSteel Recycling also played a key role in our international growth, bringing its expertise to clients around the world. Over the past year, the division delivered high-quality trommel screens to clients in Ireland, Germany and India. Kampstaal and Kamplacon worked jointly on several data centre projects in Germany. With a strong pipeline of promising projects ahead, we expect to expand our international activities further in the coming years.
Highlights 2025
Holslootbridge, Holsloot (Drenthe)
Heemskesbridge, Farmsum (Groningen)
Mooring structure, Moerdijk (Noord-Brabant)
Building a more sustainable world
As a family business, we feel deeply connected to the world around us. We want to make a difference today, while also contributing to a liveable future for the generations that follow. Sustainability is therefore an integral part of how we run our business.
In 2025, we again took a critical look at our own impact and sought ways to work smarter, cleaner and more responsibly. We do not do this alone: we do it together with our construction partners, building toward a more sustainable world. By continuing to innovate, improve our processes and reduce our ecological footprint, we contribute every day to a future we can pass on with pride.
Our impact
Sustainability topics such as climate adaptation, CO₂ reduction, circular business practices and the energy transition are high on the societal agenda, and high on ours too. As a family business, we want to make a meaningful and concrete contribution.
We do this by making considered choices in our operations, grounded in our commitment to act sustainably, responsibly and with respect for people and the environment. We also play an active role in the Bouwakkoord Staal (Dutch Steel Construction Agreement).
Our sustainability ambitions
Delivering a good quality of life for today’s society and for future generations requires significant progress across many areas. The United Nations has translated this broad range of societal issues into 17 concrete goals for 2030: the Sustainable Development Goals, or SDGs. TruSteel Group actively contributes to these goals and has embedded them in its sustainability strategy.
Our sustainability focus centres primarily on six of the 17 SDGs, where our activities have the greatest impact. We also aim to perform well across the remaining goals.
Our internal efforts
Through our sustainability strategy, we contribute to our mission of creating a healthy living environment. Two pillars shape this strategy: working smarter and building more sustainably. We apply both throughout all our projects and business processes, continuing to invest in innovative technologies and materials that reduce our ecological footprint and support a circular economy.
We are achieving this through:
- Generating renewable energy with TruSteel Energy solar panels on our own rooftops
- Promoting reuse and circular construction
- Switching to electric vehicles
- Active involvement in the Bouwakkoord Staal, both on the steering committee and in the core team
- Using 100% green electricity (wind energy) Applying LED lighting and energy-efficient machinery
- Optimising installations
These measures contribute to the further reduction of our CO₂ emissions and improvement of our energy efficiency.
CO₂ performance 2025
In 2025, TruSteel Group is certified at Step 5 of the CO₂ Performance Ladder, with the CO₂ management system applied across the organisation and structurally embedded.
- Total emissions: 1,467 tonnes of CO₂
- Target: 1,333 tonnes of CO₂ (not fully achieved)
- Reduction vs 2024: –17 tonnes of CO₂
- Reduction vs 2021: approx. –12%
The target overshoot is primarily explained by lower direct working hours, which pushes emissions intensity up to 2.51 kg CO₂/hour (target: 1.98 kg/hour). Project growth, transport movements and diesel consumption were the main contributing factors. Despite this, absolute emissions continue to fall.
Supply chain impact and circularity (scope 3)
The greatest sustainability impact lies within the supply chain (scope 3). That is why we are working ever more closely with clients, designers, suppliers and industry bodies.
Our focus is on:
- Making the Environmental Cost Indicator (MKI) of steel solutions transparent
- Promoting donor steel and green steel
- Creating transparency and awareness across the supply chain
- Active participation in initiatives by Bouwen met Staal and Dumebo DWS, among others
As a frontrunner within the Bouwakkoord Staal, we take responsibility by sharing knowledge, connecting parties and encouraging concrete action.
We are embedding sustainability ever more deeply in our business model, because lasting impact is only possible when it is anchored in how we operate.
Behaviour and organisation
Sustainability is a fixed part of our day-to-day work and shows up in conversations, decision-making and project choices.
In 2025, we took further steps to embed sustainability in the organisation:
- Integration of CO₂ targets into KPIs
- ISO 14001 certification
- Active role in supply chain partnerships
- Investment in innovation and new business models
We are also preparing for further professionalisation, including:
- The appointment of a sustainability manager
- Registration in the NMD based on the latest standards
- Joining as a frontrunner at nationalestaalbank.nl
- Investment in battery storage across multiple sites
- Further development of data-driven management
Our next steps in sustainable construction
In 2026, we are taking an important step towards further professionalisation of our sustainability policy with the introduction of a central CO₂ registration and monitoring system.
This system will deliver:
- Consistent and transparent data recording
- Reliable underlying calculations
- Application of up-to-date conversion factors
- Full compliance with the CO₂ Performance Ladder, legislation and ISO systems
Our broader focus is on:
- Further reduction of CO₂, with an emphasis on scope 3
- Strengthening supply chain collaboration
- Scaling up circular solutions
- Further integration of sustainability into our business model
Outlook
MARKET DEVELOPMENTS AND OUTLOOK FOR 2026
The order book at the end of 2025 stands at roughly the same strong level as at the close of 2024. Order intake in the first months of 2026 has also been substantial. The order book for TruSteel Construction is particularly healthy, with several large data centre projects around Schiphol, Eemshaven and Frankfurt, as well as the expansion of parking facility P3 at Schiphol. TruSteel Infra is also seeing its portfolio grow in early 2026, with projects including the Strandeiland lock complex in Amsterdam IJburg, the Eastermar bridge and the design-and-build team phase of the Greunsbrug in Leeuwarden. The TruSteel Industry portfolio is lagging behind expectations, which we attribute to the geopolitical tensions mentioned earlier and high energy costs in Europe. We will, however, be starting work on a biofuel plant in Delfzijl in 2026.
Overall, we expect to achieve revenue growth in 2026 with healthy profitability at group level. Should geopolitical tensions ease, investment in the industrial sector is expected to pick up.
We remain positive about the future. Our solid financial foundation, a strong and skilled team and a renewed market focus give us every reason to look forward to delivering on great projects in 2026.
Where will this take us? Follow us on social media to find out.
At the time of publication of this annual report, Vossebelt has been sold to GS Meppel
Vossebelt has been part of TruSteel Group for many years, growing within the group into a well-regarded player in transport solutions, including tippers and hooklift containers. Over time, however, TruSteel Group has sharpened its strategic focus, with a clear emphasis on construction, infrastructure and industry. Despite its strong market position, Vossebelt proved to be a less natural fit with the group’s core activities.
We believe that the strength of Vossebelt, its brand, its products and its approach to market, will be better served within a strategic chain partner that is fully focused on transport solutions.
We are enormously proud of what Vossebelt has achieved as part of our group, and we are confident that this new chapter will allow Vossebelt to develop even further in an environment that is fully aligned with its expertise, DNA and market focus.






