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Primadonna Naïca

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I.
EXECUTIVE SUMMARY
II.
VAN DE VELDE,
NICE TO MEET YOU
III.
OUR POWER BRANDS
IV.
FINANCIAL
STATEMENT
V.
SUSTAINABILITY
STATEMENT
VI.
CORPORATE
GOVERNANCE
3
14
31
41
11 6
224
Sarda Ariarne

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I. II. III. IV.
V. VI.
# 1
A MESSAGE FROM
OUR CHAIR
# 2
KEY PERFORMANCE
FIGURES
# 3
HIGHLIGHTS
Primadonna Nudda

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SHAKE
IT.
SHAPE
IT.
SHINE.
#1
A MESSAGE FROM OUR CHAIR
SHAKE IT. SHAPE IT. SHINE.
Dear reader,
In this annual report, we look ahead rather than
behind. With a healthy dose of energy, confidence
and ambition, we outline how Van de Velde is evolving
as a leading fashion company: well run, anchored in
a strong and distinctive DNA, and poised for
meaningful growth.
Our foundations are solid: more than a century of
craftsmanship, exceptional quality and an unmatched
fit. Yet, unlocking our full potential means looking
further than perfecting what we already master.
The key to earning and maintaining the trust of women
lies in our ability to shake, shape and – ultimately –
shine. A mantra that applies as much to our brands as
to our organisation.
SHAKE IT
For our brands, the world is moving at unprecedented
speed. Women today discover, consider, and buy
intimate apparel through new channels, driven by new
occasions, voices and values. They expect brands
that recognise their individuality, communicate with
authenticity, and reflect who they are – or aspire to be.
Shake it also means embracing a truly consumer
centric mindset throughout the organisation.
Not just in our offering, but also in our consumer
touchpoints and ways of working. We will push
ourselves to understand changing expectations
sooner and respond more effectively. Everything
we create, whether products or experiences, should
tap into the wishes and aspirations of the women
we serve.
VAN DE VELDE ANNUAL REPORT 2025
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EXECUTIVE SUMMARY MESSAGE FROM OUR CHAIR

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SHAPE IT
Relevance is the guiding star for our brands.
Above all, we want to help women feel good about
themselves with fashionable, long lasting, perfectly fitting
intimate apparel for every occasion. At the same time,
we continue to strengthen the distinctiveness, visibility, and
availability of our brands: Primadonna, Marie Jo and Sarda.
In our organisation, we are reshaping the way we
work by modernising processes, strengthening
collaborations across the value chain, and building
the agility needed to perform in a fast moving
environment. By further strengthening and fully
leveraging our capabilities, Van de Velde will grow into an
organisation that anticipates and responds even better to
what matters most to our consumers.
SHINE
Shine is about brands that are not only seen, but truly felt,
desired, and cherished. Primadonna, Marie Jo and Sarda
each cultivate their own distinctive and irresistible allure, as
you’ll discover throughout this report. Across every
occasion, our brand experience empowers women to feel
confidently poised and beautifully secure.
Second, we want Van de Velde to shine as a company – one
that leads its category with a responsible, long-term vision.
We will preserve our heritage while fully embracing our
transformation. Our ambition is to foster a company where
people feel proud to contribute, proud to belong, and proud
of the impact we create together.
Yvan Jansen
Chairman of the Board of Directors
“Igniting the power in women isn’t just a nice slogan;
it’s a promise we live up to every day.”
As the first non-family Chair of the Board, I look forward to
honouring the strong foundations laid by Herman Van de
Velde throughout his more than 45-year tenure. Among
his many contributions, one stands out: his pivotal role
in shaping our unparalleled supply chain – a legacy that
ensures craftsmanship, uncompromising quality and an
unmatched fit remain at the heart of Van de Velde.
At the same time, I am eager to support the company
as it begins a new chapter, together with all our stakeholders.
My heartfelt gratitude goes to our 1,500 employees for
their dedication, to our distributors, suppliers and partners
for their unwavering commitment, and to our shareholders
for their continued loyalty.
5
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EXECUTIVE SUMMARY MESSAGE FROM OUR CHAIR

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#2
KEY PERFORMANCE
FIGURES
FINANCIAL
2021 2022 2023 2024 2025
Turnover (in millions of euro) 195.3 211.7 211. 3 206.4 202.4
Turnover on a comparable basis 191.2 211.4 212.1 205.8 203.4
EBITDA (in millions of euro) 55.0 58.2 56.1 50.6 46.4
EBITDA on a comparable basis 52.3 58.0 56.6 50.2 47.1
Working capital (in millions of euro) 31.7 48.1 41.0 38.8 39.3
Solvency (in %) 78.7 80.7 81.7 80.3 77.7
Liquidity (in millions of euro) 4.1 4.2 4.5 4.3 3.6
Gross dividend (in euro)
2.03 2.28
2.40 2.40 2.40
Net dividend (in euro)
1.42 1.59
1.68 1.68 1.68
TURNOVER EVOLUTION
6
VAN DE VELDE ANNUAL REPORT 2025
EXECUTIVE SUMMARY KEY PERFORMANCE FIGURES

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ENVIRONMENTAL GOVERNANCE
SOCIAL
100 %
RENEWABLE ELECTRICITY
on Belgian sites
373 kWp
SOLAR PANEL CAPACITY
at our Tunisian site
12 %
RECYCLED CONTENT
Step-by-step adoption of lower carbon materials.
250
COLLEAGUES
TRAINED
on social and
ethical entrepreneurship
90%
FEMALE EMPLOYEES
100 %
OEKO-TEX
®
& REACH COMPLIANT
textiles materials used
57%
FEMALE MEMBERS
of executive management
45%
FEMALE BOARD MEMBERS
30,000
PRODUCTS DONATED
to underprivileged women
KEY
FIGURES
Marie Jo Tom
VAN DE VELDE ANNUAL REPORT 2025
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EXECUTIVE SUMMARY KEY PERFORMANCE FIGURES

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2025 was yet another eventful year,
featuring iconic collaborations, new
consumer front rows, and brand visibility
worthy of the spotlight. Get a glimpse of
how our brands turned heads from
Copenhagen to Atlanta.
#3
HIGHLIGHTS
AN EMPOWERING YEAR IN REVIEW
Primadonna Deauville
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JANUARY
IMPROVING OUR ONLINE
BRAND EXPERIENCE
More and more women start their shopping journey
with a click. To ensure they immediately get the right
experience when they come across our brands,
we launch brand webshops for Marie Jo and
Primadonna in Denmark and start managing our
collections on Amazon Germany.
FEBRUARY
THE PRIMADONNA
EFFECT IS REAL
A survey among 4,000 women in 7 countries
reveals that 84% of women feel mentally stronger
and more confident in Primadonna lingerie, while
93% feels physically better. That’s what we call
‘Real promises. Real impact.’
MARCH
MEET THE NEW MARIE JO,
WITH A REVAMPED LOGO
Or rather, meet the original Marie Jo. Because the refreshed
identity isn’t about change, but about clarity: a sharper
expression of what Marie Jo has always stood for –
making women feel good.
We enhance our brand experience on Zalando in the
Netherlands by taking full control of the digital space
surrounding our intimates.
FIRST AUDITED CSRD REPORT
IS PUBLISHED
Van de Velde publishes its first sustainability report
in accordance with the European Sustainability
Reporting Directive.
Primadonna Twixie
Marie Jo Cathia
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APRIL
SARDA & TOMORROWLAND
REDEFINE FESTIVAL WEAR
Tomorrowland, widely regarded as one of the
best music festivals in the world, teams up with
our power brand Sarda to create a seven-piece,
all-black collection that’s impossible to ignore.
#OwnTheNight
MAY
SHOP-IN-SHOP AT
DE BIJENKORF AND
MAGASIN DU NORD
Our brands are shining in premium department
stores in The Netherlands and Denmark.
Thanks to our improved shop-in-shop concept,
our brands stand out and we can fully curate the
brand experience for women.
CHANGES IN THE
BOARD OF DIRECTORS
Yvan Jansen is appointed as new chairman of the
Board of Directors, succeeding Herman Van de Velde.
The Board also welcomes a new independent director:
Peter Bossaert.
BODY LOVE CAMPAIGN IN
ANTWERP, BELGIUM
Major billboards featuring real Primadonna fans in
lingerie light up Meir, Belgium’s busiest shopping street – a
bold celebration of the love consumers have for our brand.
With dedicated brand sites for Marie Jo and Primadonna, we
improve our online brand experience in Canada.
NEW CHIEF
SALES OFFICER
Laura Perez Ferrer joins the company as the new Chief Sales
Officer. Laura brings a wealth of experience in premium
fashion and commerce, having worked with prestigious
brands such as Nike, Hugo Boss, Salvatore Ferragamo, and
Tiger of Sweden.
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JUNE
SARDA STORE OPENS
IN IBIZA, SPAIN
Sarda’s pilot brand boutique in Ibiza’s newest luxury
hub brings the modern shopper everything from
customisable fitting rooms to digital fitting tools.
Why Ibiza? Bold, free, unapologetic – the iconic island
mirrors exactly what Sarda stands for.
MARIE JO TOM & SMILEY
®
LAUNCH
LIMITED EDITION FULL OF DOPAMINE
What better way to put our feel-good brand in the
picture than a collaboration with fashion brand
Smiley
®
? Happy faces all around in this six-piece
collection!
JULY
PRIMADONNA STORE OPENS
IN ATLANTA, U.S.
Our local retail network Rigby & Peller welcomes the
first customers into our Primadonna pilot brand store,
featuring lingerie and swimwear in 93 inclusive sizes.
The goal: to connect with more women in this high-
potential market.
AUGUST
STREET-STYLE FASHION AT
COPENHAGEN FASHION WEEK
During the fashion event, our ambassadors in street-
style looks show off Marie Jo’s trendy collection.
Several international content creators are invited.
JOINING FORCES WITH 10
BELGIAN FASHION COMPANIES
FOR SUSTAINABILITY
Van de Velde signed the Flanders DC Charter for fair
and responsible fashion businesses
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SEPTEMBER
MARIE JO AND JULIE KEGELS:
A BELGIAN MATCH MADE IN HEAVEN
For her fourth fashion show in Paris, rising Belgian
designer Julie Kegels partners up with Marie Jo.
Together with our design team and seamstresses,
she creates a collection of five lingerie-inspired
show pieces.
As part of our efforts to connect with American
women where they are, we take control of our online
brand experience on Amazon U.S. – thus ensuring
every detail hits the right note.
OCTOBER
VAN DE VELDE RAISES MONEY FOR
PLAN INTERNATIONAL
The Van de Velde Connect team organises a yearly
sport challenge. Our colleagues walk, cycle, and run
a total of 32,000 km. The company adds to this by
organising various other challenges and workshops
to motivate colleagues to go the extra mile.
NOVEMBER
IN-STORE DIGITAL FITTING
TOOL ROLL-OUT
By the end of 2025, our innovative digital fitting tool is
already available in 113 boutiques, both owned and
independent boutiques.
DECEMBER
WE FULLY MANAGE OUR ONLINE
BRAND EXPERIENCE
on Zalando Switzerland, expanding our reach and
making it easier for women across the country to
discover and enjoy our brands online.
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A
SNEAK
PEEK
AT
2026
SHAPEWEAR IN ALL SIZES
BY PRIMADONNA
Primadonna is about to prove shapewear can be just as
alluring as lingerie. Our collection – shaping dresses, briefs,
shaping tops, and bodysuits – enhances natural curves and
boosts confidence to rock every fitted look.
SARDA FESTIVAL WEAR FOR 20
TH
TOMORROWLAND EDITION
Be bold. Be daring. Be Sarda. That’s the vibe for 400,000
festival-goers at Tomorrowland in July 2026. A second
collaboration is in the making.
COMING UP: 30 YEARS
MARIE JO AVERO
Marie Jo’s iconic Avero series turns thirty.
We won’t give it all away, but 2026 will be pure Avero magic.
NEW DISTRIBUTION CENTRE
FOR FASTER DELIVERIES
In Wichelen, Belgium, we’ll start building a new distribution
centre to better meet consumers’ growing demand for
speed. This investment also reaffirms our Belgian roots.
Primadonna Nudda Marie Jo Avero
13
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I. II. III. IV.
V. VI.
# 1
WHY OUR LINGERIE
MATTERS
# 2
HOW WE IGNITE THE
POWER IN WOMEN
# 3
WHAT DRIVES
OUR SUCCESS
# 4
WHERE WE LEAVE
OUR MARK
Sarda Merlene

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We want to empower as many women
as possible – from our brands’ loyal fans
to the skilled women behind our lingerie
and swimwear. And we don’t stop there:
we aim to create a positive impact for
women far beyond our own network.
#1
WHY OUR LINGERIE MATTERS
OUR PURPOSE IS TO IGNITE
THE POWER IN WOMEN
Marie Jo Milao
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EMPOWERING THE
WOMEN WEARING OUR INTIMATES
At Van de Velde, we want to create more than merely
functional or seductive lingerie. We want our consumers
to have it all: the perfect fit, a fashionable look, and
exceptional comfort. But most important, we design
lingerie that boosts women’s self-confidence.
That means we not only appeal to women who already
feel satisfied with their bodies, but also give a welcome
push to women who struggle with the perception of
their own body. We’re here for all of them.
80 %
of women wear the
wrong bra size
Research indicates ill-fitting bras are a
significant problem for many women, particularly
those with larger breasts. Causes range from
difficulties in self-selecting a properly fitted bra to
the unavailability of specific sizes. This, in turn, can
lead to posture problems and pain.
EMPOWERING THE WOMEN
BEHIND OUR BRANDS
Van de Velde employs 1,500 dedicated professionals
across 13 countries – 90% of which are women.
For every single employee, we commit to creating a
positive and thriving work environment.
In daily practice, we focus on three empowering
HR pillars:
STABILIT Y
We provide a stable working environment in all our
entities, including our Tunisian production facilities, our
own and operated shops, and our international sales-
force. The reason: when employees feel confident
about long-term employment, they experience more
job satisfaction.
ENGAGEMENT
We foster a culture of close collaboration between
management and employees, as well as among
employees themselves. This creates an environment
where people feel heard, valued and involved in
decision-making processes – all important factors for
increased productivity and engagement.
SAFETY AND WELL-BEING
We organise employee assistance programs, well-being
initiatives, flexible work arrangements, and opportunities
for professional development and growth. As a result,
we reduce stress levels among our workforce and help
them to establish a positive work-life balance.
90 %
With 90% women on board, we’re proud to be a truly
women-powered organisation.
EMPOWERING WOMEN
IN SOCIETY
Gender inequality is not just a ‘women’s issue’, it is
everyone’s battle. Empowerment of women drives
economic growth, enhances social cohesion, and in-
creases the well-being of all people. But despite pro-
gress in recent years, gender inequalities persist in
social and economic life.
At Van de Velde, we want to make a positive difference
by partnering with organizations that champion
gender equality and support women’s health and
safety through structural, long-term collaboration.
From donations to underprivileged women …
… to financial support for research on
breast health.
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Our credo is: listen closely, act wisely.
If you want to know what women
truly want, ask them – as often as
necessary. That belief has guided
our way of working since the early
beginnings. And throughout the years,
it has led to the creation of three
complementary power brands and a
distinct form of slow fashion.
#2
HOW WE IGNITE THE
POWER IN WOMEN
Sarda Rojas
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OUR 3 POWER BRANDS
To effectively ignite the power in women, we rely on three brands.
Each with their own identity, context, and target audience. With our top-quality intimate apparel,
we reached over 3 million women in 2025.
More on our brands? Take a shortcut.
launch
1865
acquired in 1990
brand promise
Real promises, real impact. With 93 inclusive sizes,
women can have it all: comfort and a cool look,
seduction and support.
assortment
Lingerie, swimwear and shapewear
launch
1981
brand promise
My invisible force:
perfectly fitting intimates that make
women feel good – all day, every day.
assortment
Lingerie and swimwear
launch
1962
formerly Andres Sandra
brand promise
Sarda, unapologetically you: bold,
daring intimates with supersoft fabrics and
a kick-ass, no-nonsense vibe.
assortment
Lingerie, swimwear and activewear
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WE LOVE THE BODY
YOU'RE IN AND THE PLANET
YOU'RE ON
As a business with profound family roots, we’re used to
thinking in generations. So, when we empower women,
we’re not just talking about today’s women. It’s also about
their daughters and the generations after that. To make
fashion a force for good, we build on 4 sustainability pillars.
MINIMISING OUR CLIMATE IMPACT
We believe the fashion industry – which equals
10% of the world’s carbon footprint – should help
combat climate change and pollution. That’s why
we aim for net-zero Scope 1 and 2 emissions by
2030, and a 4.2% annual reduction in Scope 3.
USING MATERIALS SMARTLY
We advocate more responsible fashion production
and consumption with longer-lasting, timeless
garments that fit perfectly and look great – without
overproducing them. To master this form of value
retention, we rely on premium suppliers, quality
materials, and a century of craftsmanship.
Next up: an even greater focus on recycled and bio-
based materials, as well as enhanced forecasting to
minimise material leftovers, and actions to preserve
the value of unsold products.
IGNITING THE POWER IN WOMEN
Driven by our purpose, our consumers and employees
have always been the key focus of everything we do at
Van de Velde. We aim to continuously raise the bar and
broaden our impact and reach.
We also want to create opportunities for growth,
self-development, health and wellbeing for more -
often underpriviliged - women in society.
GETTING EVERYONE ON BOARD
We foster a culture of integrity and mutual respect,
taking into account local legal standards and human
rights. We invite our business partners to join us in this
ethical conduct:
√ Material suppliers: long-term
partnerships with quality-driven fabric suppliers
√ Assembly partners: close collaborations with
a small selection of trusted partners
√ Retailers: support for partners to embody
and share our values
More on our sustainability strategy?
VAN DE VELDE ANNUAL REPORT 2025
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Consumers want better materials,
impeccable sizing, easy-to-match
designs, and smart services that get fit
right – all wrapped in a strong brand
experience. It’s a lot to deliver, but
consumers know they’re leading the
charge and expect brands to follow.
These insights guide us towards our
three strategic focus areas.
#3
WHAT DRIVES
OUR SUCCES
Primadonna Madison
VAN DE VELDE ANNUAL REPORT 2025 NICE TO MEET YOU WHAT DRIVES OUR SUCCES
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WHAT
DRIVES
OUR
SUCCES
CONQUERING
THE HEARTS
AND MINDS OF
WOMEN
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VAN DE VELDE ANNUAL REPORT 2025

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#A
AN OPTIMISED
ASSORTMENT
Our icons, daily essentials, and (re)new(ed) lingerie concepts ap-
peal to millions of women. Some of our iconic designs, such as
Avero (Marie Jo) and Deauville (Primadonna), have existed for
more than 25 years and cover a significant part of our turnover.
However, we’re always looking to improve and expand our brands’
assortments to cater to new needs and wishes. In 2025, we
addressed two markets trends to do so: comfortable and daring.
As always, we did this with an approach designed to make women
feel good about themselves.
Comfortable lingerie:
wireless and seamless bras
Daring lingerie:
from chokers to harnesses
ASSORTMENTS THAT LAST
A LIFETIME
While style and colour preferences for intimate apparel can
change rapidly, consumers’ love for quality, comfort, and reliability
is written in stone. This is how we meet their expectations:
CRAFTSMANSHIP
Building on +100 years of in-house lingerie and fit expertise, our
atelier in Schellebelle, Belgium, is still the beating heart of Van de
Velde. It’s where our stylists, stitchers, fit experts, material and
product engineers collaborate in real-time to aim for perfection.
Moreover, all quality controls – from materials to finished products
– take place here.
INNOVATION
Our craftsmanship is reinforced by an in-house innovation team.
They support technological innovation projects across various
departments with a data-driven mindset. For instance, based on
data and scans of our consumers, they work with algorithms and
AI on improving our fit, design and production processes, and
digital fitting tools.
WE CREATE TOP QUALITY INTIMATE APPAREL
FOR EVERY OCCASION.
“Staying at the forefront of technology
is not a goal in itself. It’s a way of
making true on our purpose, because
it’s only thanks to technology that we
can create 93 inclusive bra sizes,
innovative swimwear, or collections
in special colors without making any
compromises on quality.”
Lien Van de Velde
Head of Innovation
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“THE
DIFFERENCE
BETWEEN GOOD
AND PERFECT
IS 1MM.”
IN THE SPOTLIGHTS:
CRAFTSMANSHIP
MEETS INNOVATION FOR
THE PERFECT FIT
We have a test panel of 65 women, most of them colleagues, with different
body types and cup sizes. They test new prototypes and designs in their
daily life, wearing them, washing them, etc. Based on their feedback, our fit
experts improve the designs until they fit just right.
To complement the panel, our in-house innovation team optimises the fit
based on 1,000 anonymous body scans. A digital breast model, made
possible through scientific modeling and 3D scanning technology, is then
used to obtain flawless consistency.
Karel Van de Velde
Former Creative Director
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#B
WIDE DISTRIBUTION
AND VISIBILITY
Consumers no longer move from awareness to consideration
and finally purchase in a straight line. They bounce between
influencer content, online reviews, physical stores, digital marketplaces,
brand apps, etc. in unpredictable sequences. Fluidity rules.
That’s why, we’ve been harmonising and improving our brand
experience across all channels, both online and offline. Women now get the
same consistent impression, wherever they find us. This will improve our
market share and benefit all sales channels.
FOLLOW THE CONSUMER,
NOT THE CHANNEL
PILOT BRAND STORES IN SPAIN AND THE U.S.
With a dedicated Primadonna store in Atlanta (U.S.) and Sarda store in Ibiza
(Spain), we further strengthen our presence in urban areas. The learnings
from these pilot projects will serve to make brand stores an integral part of
our distribution mix.
LINGERIE BOUTIQUES BETTER EQUIPPED AND TRAINED
By the end of 2025, our innovative BraSizeScan was already available in
113 boutiques, both owned and independent boutiques. Moreover, we
continued to equip boutiques with lifelike in-store mannequins and further
promoted our in-house Lingerie Styling Academy.
BRAND WEBSHOPS IN ALL TOP 10 REGIONS
As 70% of women begin their search for new intimate apparel online, we
ensure they instantly get the premium brand experience they deserve.
In 2025, we took big steps in taking control of our online brand experience.
SHOP-IN-SHOPS AT PREMIUM DEPARTMENT STORES
In 2025, we took full control over our products and service in Magasin du
Nord and de Bijenkorf. Another big step in ensuring that every possible
retail environment and shopping experience is 100% in line with our
brand identity.
DIGITAL MARKETPLACES IN KEY MARKETS
We elevate our brand experience on Zalando in the Netherlands and
Amazon in the U.S. and Germany. That’s where consumers increasingly
start their shopping journey, so being present isn’t optional; it’s essential to
compete and stay relevant
WE CONNECT WITH WOMEN WHERE,
WHEN AND HOW THEY WANT.
VAN DE VELDE ANNUAL REPORT 2025
NICE TO MEET YOU WHAT DRIVES OUR SUCCES
24

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IN THE SPOTLIGHTS:
FUN AND STRESS-FREE
SHOPPING AT SPECIALTY
LINGERIE BOUTIQUES
#Inclusive mannequins to make more
women feel seen and represented.
#Skilled stylists at work to help
consumers find their perfect fit.
#AI-powered fitting tools to instantly
determine a woman’s ideal bra size.
“For a fashion household name like
Van de Velde, forward-vertical
integration isn’t just about speed or
mass-market reach. It’s about
safeguarding the right brand experience,
deepening relationships with consumers,
and gaining real-time insights to guide
creative and strategic decisions.”
Karel Verlinde
CEO
25
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#C
DISTINCTIVE BRAND
IDENTITIES
Lingerie shoppers aren’t all looking for the same thing. So, we
created Primadonna, Marie Jo and Sarda, which connect with
women in distinctive yet complementary ways. Each brand focuses
on the specific needs, tastes, and preferences of its target audience,
resulting in products and messaging that feel personally relevant.
Thanks to this brand familiarity, Primadonna, Marie Jo and Sarda
have grown a strong sense of community among their fans. This,
in turn, is reflected by repeat purchases, positive word-of-mouth,
and brand advocacy.
BRAND FAMILIARITY CREATES LOYAL FANS
84
Marie Jo Net Promoter Score
83
Primadonna Net Promoter Score
ASSORTMENTS THAT LAST
A LIFETIME
Even strong, distinct brands can’t stay relevant without under-
standing their consumers’ evolving needs and desires. That’s why
Primadonna, Marie Jo and Sarda engage in on-going dialogues
with their communities. It helps us to create products that resonate
with consumers, rather than just following trends.
In 2025, our interactions with consumers reached an all-time high,
covering everything from product insights to values and brand
experiences. And this is just the beginning, as 2026 will bring even
more meaningful connections to successfully distinguish our brands.
+5,000
personal connections with consumers to
further optimise our designs (2025)
WE BUILD LOYAL COMMUNITIES
AROUND OUR BRANDS.
“Our brands not only give women a
way to express themselves, we also
invite them to help shape tomorrow’s
intimates into an ever-stronger layer
of confidence.”
Carole Lambert
Head of Brands and Design
26
VAN DE VELDE ANNUAL REPORT 2025
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Van de Velde is rooted in Belgium, but
has a truly global impact. First, through a
supply chain that spans three continents.
Second, through our own retail network
and 3,600 independent retail partners
worldwide. Their combined efforts
enable us to ignite the power in women
in 65 countries (and counting).
#4
WHERE WE LEAVE
OUR MARK
Sarda Rojas
27
VAN DE VELDE ANNUAL REPORT 2025 NICE TO MEET YOU WHERE WE LEAVE OUR MARK

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CORE ACTIVITIES ANCHORED
IN BELGIUM …
In Belgium, we take care of design, quality controls, and
pattern cutting. Assembly, on the other hand, is done abroad:
most of it takes place in our own atelier in Tunisia or in the
specialised workshops of our long-standing partner in
Thailand and China. The remaining volume comes from two
trusted subcontractors in Tunisia, who we’ve collaborated
with for over 15 years.
The final check and packaging of the finished products take
place in Belgium, from where our intimate apparel is distributed
to a large network of retailers, or directly to consumers.
NEW DISTRIBUTION CENTRE APPROVED:
LARGER, FASTER, SMARTER
In 2026, we’ll start building a new distribution centre to
complement the existing one that has served us for
many years. This investment will enable us to store more
products, further improve service levels, and integrate the
latest technology.
“Our new high-tech
distribution centre will
enable us to serve our
consumers how they
want it, when they
want it.”
Marijke Goossens,
Head of Operations & Supply Chain
New distribution
centre in
Wichelen
VAN DE VELDE ANNUAL REPORT 2025
NICE TO MEET YOU WHERE WE LEAVE OUR MARK
28

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Independent
& own retailers
Independent
retailers
HQ in
Belgium
… SERVING RETAILERS AND
WOMEN ACROSS THE GLOBE
Besides our own and operated retail shops in the Netherlands,
the UK, the U.S. and Germany, we collaborate closely with
3,600 independent retail partners. We assist them with
anything from consumer feedback to real-life mannequins
and digital sizing tools. A telling NPS score of 75% in 2025
confirms the mutual trust we’ve built over the years.
Together with an expanding online presence, this multichannel
approach enables us to reach more women in more countries.
Today, over 3 million in 65 countries wear the intimate apparel
by Primadonna, Marie Jo and Sarda.
VAN DE VELDE ANNUAL REPORT 2025
NICE TO MEET YOU WHERE WE LEAVE OUR MARK
29

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MILLION PIECES
of intimate apparel a year
WORN BY MORE
than three million women
COUNTRIES
across the globe
OUR TOP 10 CONSUMER MARKETS
REVEAL A STRONG FOCUS ON EUROPE
AND NORTH AMERICA:
#1 GERMANY
#2 BELGIUM & LUXEMBOURG
#3 THE NETHERLANDS
#4 FRANCE
#5 THE UNITED KINGDOM
#6 THE UNITED STATES
#7 SWITZERLAND
#8 DENMARK
#9 SPAIN
#10 CANADA
VAN DE VELDE ANNUAL REPORT 2025
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# 1
PRIMADONNA
# 2
MARIE JO
# 3
SARDA
I. II. III. IV.
V. VI.
Marie Jo Cyrille
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Real promises. Real impact.
Primadonna empowers women by
matching unrivalled support with
fashion in 93 (!) inclusive sizes. For the
simple reason that each size matters to
at least one woman out there. In 2025,
our mission resonated with a growing
group of women.
#1
PRIMADONNA
PRIMADONNA
Primadonna Twixie
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VAN DE VELDE ANNUAL REPORT 2025 OUR POWER BRANDS PRIMADONNA
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AN OPTIMISED
ASSORTMENT
For more than 150 years, Primadonna has specialised
in crafting lingerie in an inclusive range of sizes. Today,
we’re proud to be the go-to authority for larger-cup lin-
gerie, swimwear, and shapewear.
ICONS
Our icons include Madison and Deauville. Their fit is
legendary, available in different colours, and each
season they get a fashion update.
OUR ICONS,
ALWAYS ON-TREND
During fall 2025,
Primadonna Madison went
all in on colour with
Blueberry Kiss – a mix
of topaz blue and fuchsia
lace highlights.
Fans of Primadonna
Deauville, in turn, found
their favourite lingerie in
Amethyst Gem, a warm
purple with copper
shimmer accents.
TRUSTED INTIMATES
Primadonna’s superstrength is a wide range of looks,
sizes and styles – without compromises. From
functional to full-on sexy, Primadonna offers on-trend
intimates with the best support and fit all the way up
to an M cup.
We believe in the difference this approach makes
for women who don't feel seen and understood in the
intimates industry - even it means making products
with limited volumes.
From airy wireless bras in every cup size
to daring accessories
NEW COLLECTIONS
Our broad collections cater to all tastes. But it’s not
just about bras and briefs anymore. Primadonna
answers real, growing needs for inclusive sizing across
all intimates’ categories. For instance, we’re launching
shapewear, expanding our sports offering and beach-
wear collection, and adding new never-out-of-stock
swimwear in 2026.
LAUNCH
OF SOLUTIONS
With shapewear,
including corrective
dresses, briefs, shaping
tops, and bodysuits,
Primadonna emphasises
the natural beauty of
female curves.
WIDE DISTRIBUTION
AND VISIBILITY
The opening of a pilot Primadonna store in downtown
Atlanta (U.S.) was an important milestone in 2025.
The store allows us to fully showcase our brand
identity, product range, and expertise to a
predominantly urban public. In that sense, it gives
women a truly immersive experience. The pilot
project has already provided us with invaluable insights
to evaluate the potential of own monobrand stores.
Besides our new brand store in Atlanta, we also
participated in PR and press events in large European
cities, such as Rotterdam and Paris. And to top it off,
we improved our online brand experience. Similar to
Marie Jo, Primadonna launched webshops in
Denmark and Canada, and now offers a spot-on
brand experience on Amazon U.S., Amazon Germany,
and Zalando Netherlands.
Primadonna Primadonna in
in Paris Rotterdam
VAN DE VELDE ANNUAL REPORT 2025
OUR POWER BRANDS PRIMADONNA
33
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A DISTINCTIVE
BRAND IDENTITY
Everything we do starts with our fans. What about the
shop windows featuring mannequins shaped by
hundreds of anonymous body scans? Or what about
our campaigns starring actual Primadonna fans?
Our mission is to make every woman feel seen,
welcomed, and confident while shopping for lingerie.
Our new tagline ‘Real promises. Real impact.’ perfectly
summarises that idea.
The Primadonna effect was also confirmed by our
fans in 2025. A survey among 4,000 women across
5 countries indicated that 70% like their body better
since wearing Primadonna, 84% feel mentally stronger,
and 93% feel physically more comfortable.
PRIMADONNA FANS
TAKE OVER BELGIUM’S
BUSIEST STREET
In 2025, we organised a billboard campaign
at Meir (Antwerp) with real Primadonna fans
photographed by Marie Wynants. The goal
was to inspire others to look at their bodies
with kindness.
“The fact that real fans
proudly appear in lingerie
billboards on such a busy
street shows Primadonna
is a true love brand.”
34
VAN DE VELDE ANNUAL REPORT 2025
OUR POWER BRANDS PRIMADONNA
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MARIE
JO
Marie Jo, our very first own brand and
known for the iconic daisy bra, is
arguably a woman’s safest bet for
feel-good lingerie. One that offers a
solid foundation on which women can
build more challenging new looks.
In 2025, Marie Jo reconnected with its
core identity.
#2
MARIE JO
Marie Jo Cyrille
35
VAN DE VELDE ANNUAL REPORT 2025
OUR POWER BRANDS MARIE JO
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AN OPTIMISED
ASSORTMENT
We want Marie Jo to be women’s invisible force in
every role they play: manager or mum, dreamer or
doer, calm-seeker or adventurer. That’s why our
lingerie and swimwear collection provides a rich mix
of icons, dailies, and newness.
ICONS
Marie Jo is the house of the iconic bra with daisy
straps: a symbol of quality, trust, and feel-good vibes.
Born in the 90s, this classic is still top of mind, with one
going out the door every minute.
TRUSTED INTIMATES
Our essentials are designed for daily use thanks to
their excellent fit, comfort, and versatility. Collections
like Louie and Milao never disappoint.
NEW COLLECTIONS
Marie Jo regularly sparks women’s curiosity with
innovative styles and designs. For instance, early 2026,
we launched ultra-soft underwear as well as more
daring swimwear – always with a flattering fit.
From ultra-soft …to more daring
underwear… swimwear
JOINING
THE WIRELESS
MOVEMENT
Wireless bras are at the
forefront of lingerie trends,
offering freedom of
movement without sacrificing
support. In 2025,
we launched wireless
styles of existing products
throughout the year.
WIDE DISTRIBUTION
AND VISIBILITY
To meet women where they are, we improved
Marie Jo’s online brand experience in 2025.
Think about brand sites in Denmark and Canada, and
wider availability on Amazon and Zalando. With this
increased focus on direct-to-consumer channels in
key markets, Marie Jo is one step closer to becoming
an omnichannel brand.
But 2025 had much more in store. The Copenhagen
Fashion week, for example. Countless views of
streetwear with Marie Jo in the leading role proves
feel-good lingerie can turn heads as well. The ultimate
visibility boost, however, was our partnership with Julie
Kegels, who used deadstock Avero fabrics to create a
unique collection of lingerie-inspired pieces.
JULIE KEGELS GETS CREATIVE
WITH MARIE JO LINGERIE
Together with our design team and
seamstresses, rising fashion designer
Julie Kegels blended craftmanship and
sustainability into a fashion statement.
“I found it incredibly
interesting to see my
designs come to life
in Marie Jo's studio,
thanks to a team with
enormous knowledge
and precision.
The smallest details
were treated with
such attention and
craftsmanship.”
Julie Kegels
Fashion designer
36
VAN DE VELDE ANNUAL REPORT 2025
OUR POWER BRANDS MARIE JO
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A DISTINCTIVE
BRAND IDENTITY
With a brand refresh and refocus, Marie Jo re-
emphasized its dedication to creating feel-good
lingerie for women in 2025. A logo that reminds
nostalgic fans of the original logo, paired with fresh
brand colours, contribute to Marie Jo’s renewed
brand identity.
To keep the momentum going, various initiatives
throughout the year centred around the theme
‘feel-good lingerie’ or Marie Jo as ‘my invisible force’.
In 2026, we plan more initiatives to stress Marie Jo’s
mission: to become every woman’s secret confidence
boost, stitched into her everyday life. The 30-year
anniversary of the iconic Avero bra will definitely be
one of them.
MARIE JO AND THE
COOREVITS SISTERS:
A 3-PART PODCAST CREATED
WITH GENERATION WOW
In the podcast, influencers Annelien and Stephanie
Coorevits sit down with Mai Judeh, Creative Manager
at Marie Jo. On the agenda are stories every woman
can relate to: from breast health, to finding confidence
in the chaos of everyday life, to the beauty of lingerie
that never lets you down.
SMILE,
IT’S MARIE JO TOM
When we see an opportunity, we gladly bring a fresh twist to our icon
collections like Avero and Tom. A telling example was the collaboration
between Marie Jo Tom and Smiley
®
in 2025. With fresh designs,
cheerful details, and unexpected pops of fun, the collaboration reimagines
a beloved classic while staying true to the quality and comfort fans
know and love.
37
VAN DE VELDE ANNUAL REPORT 2025
OUR POWER BRANDS MARIE JO
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Sarda equals daring, rebellious
lingerie with the trusted Van de Velde
fit and quality. Unbound by convention,
our youngest brand especially appeals
to those who value boldness,
unexpected designs, and excellent
wearability. In 2025, we reaped the
benefits of the new course we set for
Sarda late 2024.
#3
SARDA
SARDA
Sarda Chalmers
38
OUR POWER BRANDS SARDA
VAN DE VELDE ANNUAL REPORT 2025
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AN OPTIMISED
ASSORTMENT
The first lingerie, swimwear and activewear collections
under the rebranded Sarda launched in the second
half of 2024. They were created for women who favour
lingerie that breaks with tradition and embraces weara-
bility and versatility. They know exactly how to incorpo-
rate the Tau bodysuit and the Avit top into their outfits.
ICONS & TRUSTED INTIMATES
After just one year, it’s too early to talk about icons,
but we already have some lingerie best-sellers,
including the Chaika body, Lovelace bralette, and
Radia thong. In categories like swimwear and
activewear, we’re also beginning to see pieces with
icon potential.
Sarda offers women plenty of variety. The brand takes
them from desk to dinner, from party to pilates, and
from morning beach strolls to midnight music festivals.
NEW COLLECTIONS
The first rebranded Sarda collections only recently hit
the shelves, we regularly add new must-haves to the
mix. These include bold bralettes, powerful bodysuits,
versatile beachwear, and much more – all made to
stand out.
The main eye-catcher when it comes to newness,
however, was our first collaboration with the electronic
music festival Tomorrowland. The bold fusion of
Tomorrowland’s vibrant energy and Sarda’s daring
craftsmanship worked like a charm.
WIDE DISTRIBUTION
AND VISIBILITY
Sarda made waves in the Mediterranean with the
launch of its first-ever brand store in Ibiza, Spain.
Located in the heart of Platja d’en Bossa, the store
redefines lingerie shopping with an innovative concept
for the modern, independent shopper. For example,
women can freely use our BraSizeScan technology to
guarantee a perfect fit, while they can change the
lighting in our fitting rooms to match their mood.
To celebrate the opening of
Sarda Ibiza, we offered an
exclusive piece of festival
wear to local customers.
Throughout 2025, we also launched campaigns to
increase brand awareness and reach out to new con-
sumers. To complement our campaigns, we sent out
organic communication: newsletters, social media
posts, and website updates.
Influencers and celebrities endorsing
Sarda are helping the community grow.
TikTok 14,4 k followers
Instagram 95,2 k followers
FESTIVAL FASHION:
SARDA AND TOMORROWLAND
TEAM UP (AGAIN)
In 2025, music festival Tomorrowland and Sarda
joined forces to redefine festival wear.
The seven-piece, all-black collection was so
successful that we’ll repeat our collaboration in
2026. The new Tomorrowland x Sarda
collection will feature statement bodysuits, tops,
and bottoms that go beyond lingerie and
swimwear. Every piece is created to express
yourself, unapologetically.
“The partnership marks
a new chapter for Sarda,
evolving from a heritage
lingerie brand into a full
lifestyle brand that moves
with today’s femininities:
she trains, she works,
she parties, and her style
keeps up.”
Céline Soto Perez
Chief Marketing Officer
OUR POWER BRANDS SARDA
39
VAN DE VELDE ANNUAL REPORT 2025
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A DISTINCTIVE
BRAND IDENTITY
The brand Andres Sarda was created in Barcelona
during the 1960s. At a time when the Franco regime
enforced a rigid, patriarchal view of women, Andres
Sarda championed female empowerment from the
very beginning. In many ways, the luxury brand was far
ahead of its time with its unapologetic lingerie.
Andres Sarda became part of Van de Velde in 2008
and steadily grew into a strong brand to complement
Marie Jo and Primadonna.
In 2024, we rebranded Andres Sarda as Sarda. While
the brand’s core DNA remained intact, we gave it a
more rebellious image. The designs continue to be
sexy and innovative, but they are now bolder and
available across a wider range of price points.
Consumers have clearly embraced the new approach.
Our most eye-catching pieces – daring, sexy lingerie
with a rebellious edge – were particularly successful in
2025, giving us confidence to continue on this path in
the coming years.
RULE-BREAKING
SINCE THE 60S
“My father’s vision is still present
in every piece of the first
rebranded Sarda collections.
We were rule-breaking then, and still
are today. For inspiration, we really
focus on what women want to wear,
sometimes before they even know it
themselves. The idea is to redefine
their lingerie game so that women
can use Sarda lingerie to express
themselves unapologetically.”
Nuria Sarda
Design Director at Sarda
OUR POWER BRANDS SARDA
40
VAN DE VELDE ANNUAL REPORT 2025
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I. II. III. IV.
V. VI.
FINANCIAL
STATE
MENT
1
DESCRIPTION OF THE COMPANY
AND ITS ACTIVITIES*
2
GENERAL GOVERNANCE
INFORMATION
3
CONSOLIDATED KEY FIGURES 2025
4
CONSOLIDATED FINANCIAL
STATEMENTS AND RELATED NOTES
5
AUDITOR’S REPORT ON THE
CONSOLIDATED FINANCIAL
STATEMENT
6
CONCISE VERSION OF THE
STATUTORY FINANCIAL STATEMENTS
AND THE STATUTORY ANNUAL
REPORT OF VAN DE VELDE NV
7
STATEMENT OF RESPONSIBLE
PERSONS
*
These chapters of the Board of Director's report are consistent with the Consolidated Financial
Statements and have been prepared in accordance with article 3:32 of Belgium’s Companies Code.
Sarda Milhon

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
42
In this annual report, all above entities together are referred to as the Group.
VAN DE VELDE NV
BELGIUM
Van de Velde Nederland BV
The Netherlands (100%)
Marie Jo GmbH
Germany (100%)
Rigby & Peller Ltd
United Kingdom (100%)
Van de Velde GmbH & Co KG
Germany (100%)
Van de Velde Termelő
és Kereskedelmi KFT
Hungary (100%)
Van de Velde Denmark ApS
Denmark (100%)
Van de Velde Finland Oy
Finland (100%)
Van de Velde Iberica SL
Spain (100%)
Van de Velde Verwaltungs GmbH
Germany (100%)
Van de Velde Confection SARL
Tunisia (99,98%)
Van de Velde North America Inc
United States of America (100%)
Van de Velde Retail Inc
United States of America (100%)
Top Form International Ltd
Hong Kong (25,7%)
Intimacy Management
Company LLC
United States of America
(100% of Van de Velde Retail Inc)
0,02%
100%
For a detailed description of our mission,
core business and activity, we refer to the
first three chapters of this annual report.
The Group structure as at
31 December 2025 is as follows:
1. DESCRIPTION
OF THE COMPANY
AND ITS
ACTIVITIES
FINANCIAL STATEMENT
42
VAN DE VELDE ANNUAL REPORT 2025

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
43
2. GENERAL GOVERNANCE INFORMATION
REMUNERATION REPORT
For the composition, role and operation of the Board of Directors, its
committees and the Management Team, we refer to the chapter ‘Corporate
governance’ in this annual report.
1. INTRODUCTION
The remuneration policy of the company is applicable from 1 May 2024
and was approved by the General Meeting of 24 April 2024. This policy is
published on www.vandevelde.eu.
2. TOTAL REMUNERATION OF NON-EXECUTIVE
DIRECTORS
In accordance with the applicable policy, non-executive directors received
a fixed basic remuneration for their membership or chairmanship of the
Board of Directors, plus a fixed remuneration for their membership or
chairmanship of any advisory committees in 2025. The remuneration
policy enables the company to safeguard the necessary competencies
and experience within the Board of Directors.
TOTAL REMUNERATION OF THE MEMBERS OF NON-EXECUTIVE DIRECTORS (in euro)
NAME, POSITION
BASIC
REMUNERATION
REMUNERATION AS
A MEMBER OF THE
AUDIT AND RISK
COMMITTEE
REMUNERATION AS
A MEMBER OF THE
NOMINATION AND
REMUNERATION
COMMITTEE
TOTAL
REMUNERATION
YJC BV, always represented by Yvan Jansen (Chairman)
(1)
40,000 5,000 0 70,000
(10)
YJC BV, always represented by Yvan Jansen
(Independent director)
(2)
20,000 5,000 5,000 10,000
Herman Van de Velde NV, always represented
by Herman Van de Velde (Chairman)
(3)
40,000 0 7,500 15,833
Herman Van de Velde NV, always represented
by Herman Van de Velde
(4)
20,000 0 0 13,333
Valseba BV, always represented by Isabelle Maes
(Independent director)
(5)
20,000 7,500 5,000 29,167
PALUMI BV, always represented by Peter Bossaert
(Independent director)
(6)
20,000 5,000 5,000 20,000
Benedicte Laureys 20,000 0 0 20,000
Veronique Laureys
(7)
20,000 5,000 0 21,667
Greet Van de Velde 20,000 0 0 20,000
Viancaba BV, always represented by Liesbeth Van de Velde 20,000 0 0 20,000
BVHX BV, always represented by Bruno Vanhoorickx
(Independent director)
(8)
20,000 0 7,500 25,000
PARCinvest BV, always represented by Christian Salez
(9)
20,000 0 5,000 23,333
(1)
Pro rata from 02.05.2025 up to and including 31.12.2025.
(2)
Pro rata from 01.01.2025 up to and including 01.05.2025.
(3)
Pro rata from 01.01.2025 up to and including 01.05.2025.
(4)
Pro rata from 02.05.2025 up to and including 31.12.2025.
(5)
Member of the Nomination and Remuneration Committee pro rata from 01.01.2025 up to
and including 01.05.2025.
(6)
Pro rata from 30.04.2025 up to and including 31.12.2025.
(7)
Member of the Audit and Risk Committee pro rata from 01.01.2025 up to and including 01.05.2025.
(8)
Chairman of the Nomination and Remuneration Committee pro rata from 02.05.2025 up to
and including 31.12.2025.
(9)
Member of the Nomination and Remuneration Committee pro rata from 02.05.2025 up to
and including 31.12.2025.
(10)
We refer to the departures from the remuneration policy set out below, indicating that the fixed annual
compensation of the chairman as defined in the remuneration policy was departed from.’

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
44
3. TOTAL REMUNERATION OF THE MEMBERS OF
EXECUTIVE MANAGEMENT (INCLUDING THE CEO)
In 2025 the executive management was entrusted to the Management
Team, chaired by the CEO. Until 26 August 2025, the Management Team
was exclusively composed of members with a management agreement.
From 26 August 2025, the Management Team had a mixed composition of
six members with a management agreement and one employee. We refer
to the departures from the remuneration policy set out below.
In accordance with the applicable remuneration policy, the following
remuneration was awarded to the members of the Management Team:
TOTAL REMUNERATION OF THE MEMBERS OF EXECUTIVE MANAGEMENT (in euro)
1.
FIXED
REMUNERATION
2.
VARIABLE
REMUNERATION
3.
EXCEPTIONAL
ITEMS
4.
PENSION
COST
5.
TOTAL
REMUNE-
RATION
6.
FIXED/
VARIABLE
REMUNE-
RATION RATIO
NAME, POSITION
BASIC
REMUNERATION
ADDITIONAL
BENEFITS
(1)
ONE YEAR
VARIABLE
MULTI-YEAR
VARIABLE
Karel Verlinde
CommV (CEO),
always represented
by Karel Verlinde
(management
company)
412,152 0 70,272 0 0 0 482,424
85% fixed
remuneration
15% variable
remuneration
Other members
of the Management
Team together
(excluding CEO)
(2)
1,284,340 24,582 168,905 0 0 0 1,477,827
Between 87%
and 89% fixed
remuneration
Between 13%
and 11%
variable
remuneration
(1)
For the Management Team member employed as an employee (from 26 August 2025), this includes a fixed reimbursement of expenses, meal vouchers, hospitalization insurance and company car with fuel card.
(2)
If remunerated through an employment contract, the social security charges paid by the employer are not included. If remunerated through a management agreement, the total cost for the company is included.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
45
4. NOTE TO THE VARIOUS COMPONENTS OF THE
REMUNERATION OF THE MEMBERS OF THE
MANAGEMENT TEAM (INCLUDING THE CEO)
4.1. VARIABLE REMUNERATION
A. SHORT-TERM VARIABLE REMUNERATION
As stated in the remuneration policy, the targets for short-term variable
remuneration are based partly on objective parameters closely linked
to the results of the Group (collective targets) and partly on individual
targets closely linked to the responsibility of the member in question. The
collective targets represent 80% of the total targets, the individual targets
20%. Two collective targets were set for 2025: turnover and EBITDA. The
Board of Directors, on the proposal of the Nomination and Remuneration
Committee, established the turnover and EBITDA for 2025 and the extent to
which the targets were achieved. On this basis, the corresponding payment
level was established. The corresponding payment level of the collective
targets combined is equal to 25.83 % of the target bonus.
The individual targets were set and evaluated for each individual
Management Team member.
B. LONG-TERM VARIABLE REMUNERATION
No long-term variable remuneration was granted in 2025.
4.2. PENSION
Until and including 25 August 2025 the Management Team was exclusively
composed of members with a management agreement. The employee
who was appointed as a member of the Management Team as from 26
August 2025, does not participate in the company pension plan.
5. SHARE-RELATED REMUNERATION
The non-executive directors do not receive any remuneration in the form of
shares. This means the company departs from Recommendation 7.6 of the
Corporate Governance Code 2020. This departure is explained by the fact
that the family directors are, directly or indirectly, long-term shareholders
of the company and, in general, the non-executive directors are currently
deemed to be sufficiently focused on long-term value creation for the
company. The award of the shares to the non-executive directors is
deemed unnecessary for that reason. However, the company will evaluate
this recommendation on a regular basis in regard to any (mandatory)
compliance in the future.
No minimum threshold has been set for shares that must be held by the
members of the executive management. This means the company departs
from Recommendation 7.9 of the Corporate Governance Code 2020.
This departure is explained by the fact that the interests of the executive
management are currently deemed to be sufficiently oriented to long-term
value creation in the company by means of an existing long-term incentive
programme in the form of an option plan (see table on the right). Setting a
minimum threshold for shares that must be held by the members of the
executive management is deemed unnecessary for that reason. However,
the company will evaluate this recommendation on a regular basis in
regard to any (mandatory) compliance in the future.
The Board of Directors of 26 August 2025 approved the 2025 option plan.
As a result, the Nomination and Remuneration Committee can award
options on shares of the company to the executive management for five
years. These options are awarded free of charge. The exercise price of
the options is, per share, equal to the lowest amount of (i) the average of
the closing prices of the share on the market over the thirty calendar days
prior to the date of the offer or (ii) the closing price of the final trading day
prior to the date of the offer. The options are valid for a term of ten years.
The company and the option holder may decide by mutual agreement to
reduce the term of validity of the options below ten years, but it can never
be reduced below five years. The options are not exercisable before the
end of the third calendar year following the year in which the options are
offered.
PERFORMANCE
CRITERIA (PC)
RELATIVE
WEIGHT
A. MEASURED PERFORMANCE
B. CORRESP. PAYMENT LEVEL
Turnover 60%
A. Below target
B. 0.00%
EBITDA 40%
A. Below target
B. 25.83%

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
46
REMUNERATION IN SHARE OPTIONS
NAME,
POSITION
MOST IMPORTANT PROVISIONS OF THE SHARE OPTION PLAN
INFORMATION WITH REGARD TO THE FINANCIAL YEAR UNDER REVIEW
OPENING
BALANCE
CLOSING
BALANCE
1.
IDENTIFICATION
OF THE PLAN
2.
OFFER DATE
3.
ACQUISITION
DATE
4.
END OF THE
RETENTION
PERIOD
5.
EXERCISE PERIOD
6.
EXERCISE PRICE
7.
OPTIONS HELD AT
THE BEGINNING
OF 2025
8.
A) NUMBER OF
OPTIONS OFFERED
B) VALUE OF UNDERLYING
SHARES ON OFFER DATE
9.
A) NUMBER OF EXERCISED OR
EXPIRED OPTIONS
B) VALUE OF UNDERLYING SHARES
ON ACQUISITION DATE
C) VALUE AT E XERCISE PRICE
D) GAIN ON ACQUISITION DATE
10.
OPTIONS HELD AT
THE END OF 2025
Mavac BV
(Marleen
Vaesen)
2015 15/10/2019 14/12/2019 31/12/2022 01/01/2023-15/10/2029 23.36 € 5,000 n/a n/a 5,000
2020 09/10/2020 08/12/2020 31/12/2023 01/01/2024-09/10/2030 22.60 € 5,000 n/a n/a 5,000
2020 01/10/2021 30/11/2021 31/12/2024 01/01/2025-01/10/2031 28.75 € 5,000 n/a n/a 5,000
Vucastar BV
(Peter Corijn)
2020 08/03/2022 07/05/2022 31/12/2026
(1)
01/01/2027-08/03/2032 32.40 € 10,000
(2)
n/a n/a 10,000
Karel Verlinde
CommV
(Karel Verlinde)
2015 15/10/2019 14/12/2019 31/12/2022 01/01/2023-15/10/2029 23.36 € 5,000 n/a n/a 5,000
2020 09/10/2020 08/12/2020 31/12/2023 01/01/2024-09/10/2030 22.60 € 5,000 n/a n/a 5,000
2020 01/10/2021 30/11/2021 31/12/2024 01/01/2025-01/10/2031 28.75 € 5,000 n/a n/a 5,000
2020 04/10/2022 03/12/2022 31/12/2025 01/01/2026-04/10/2032 32.40 € 5,000 n/a n/a 5,000
2020 04/10/2023 04/12/2023 31/12/2026 01/01/2027-04/10/2033 32.25 € 5,000 n/a n/a 5,000
2020 08/10/2024 08/12/2024 31/12/2027 01/01/2028-08/10/2034 29.90 € 5,000 n/a n/a 5,000
2025 02/10/2025 02/12/2025 31/12/2028 01/01/2029-02/10/2035 30.65 € 0
a) 5,000
n/a 5,000
b) 153,250 €
(1)
Contrary to the 2020 option plan, the options are not exercisable before the end of the fourth calendar year following the year in which the options are offered.
(2)
Contrary to the 2020 option plan, it was agreed that 10,000 of the options granted in 2022 remain exercisable in accordance with the normal exercise periods. The remaining 30,000 options granted in 2022 have expired.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
47
Liesbeth
Van de Velde
2015 15/10/2019 14/12/2019 31/12/2022 01/01/2023-15/10/2026 23.36 € 5,000 n/a n/a 5,000
2020 09/10/2020 08/12/2020 31/12/2023 01/01/2024-09/10/2025 22.60 € 5,000 n/a
a) 5,000
(3)
0
b) 0 €
c) 0 €
d) 0 €
2020 01/10/2021 30/11/2021 31/12/2024 01/01/2025-01/10/2026 28.75 € 5,000 n/a n/a 5,000
2020 04/10/2022 03/12/2022 31/12/2025 01/01/2026-04/10/2029 32.40 € 5,000 n/a n/a 5,000
MMW BV
(Willem Wijnen)
2020 04/10/2022 03/12/2022 31/12/2025 01/01/2026-04/10/2032 32.40 € 5,000 n/a n/a 5,000
2020 04/10/2023 04/12/2023 31/12/2026 01/01/2027-04/10/2033 32.25 € 5,000 n/a n/a 5,000
Céline Soto
Perez
2020 04/10/2022 03/12/2022 31/12/2025 01/01/2026-04/10/2027 32.40 € 5,000 n/a n/a 5,000
Moremi BV
(Céline Soto
Perez)
2020 08/10/2024 08/12/2024 31/12/2027 01/01/2028-08/10/2034 29.90 € 5,000 n/a n/a 5,000
Skrapa BV
(Wim
Schelfhout)
2020 04/10/2023 04/12/2023 31/12/2026 01/01/2027-04/10/2033 32.25 € 5,000 n/a n/a 5,000
2020 08/10/2024 08/12/2024 31/12/2027 01/01/2028-08/10/2034 29.90 € 5,000 n/a n/a 5,000
2025 02/10/2025 02/12/2025 31/12/2028 01/01/2029-02/10/2035 30.65 € 0
a) 5,000
n/a 5,000
b) 153,250 €
Marijke
Goossens
2020 04/10/2023 04/12/2023 31/12/2026 01/01/2027-04/10/2028 32.25 € 5,000 n/a n/a 5,000
Kanren BV
(Marijke
Goossens)
2020 08/10/2024 08/12/2024 31/12/2027 01/01/2028-08/10/2029 29.90 € 5,000 n/a n/a 5,000
2025 02/10/2025 02/12/2025 31/12/2028 01/01/2029-02/10/2030 30.65 € 0
5,000
n/a 5,000
153,250 €
(3)
Options expiring on 1 January 2025 due to the expiry of their validity period.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
48
Olama BV
(Stefanie
Baessens)
2020 08/10/2024 08/12/2024 31/12/2027 01/01/2028-08/10/2029 29.90 € 5,000 n/a n/a 5,000
2025 02/10/2025 02/12/2025 31/12/2028 01/01/2029-02/10/2030 30.65 € 0
a) 5,000
n/a 5,000
b) 153,250 €
Laura
Perrez-Ferrer
2025 02/10/2025 02/12/2025 31/12/2028 01/01/2029-02/10/2030 30.65 € 0
a) 2,000
n/a
2,000
b) 61.300 €
Tuur BV
(Stéphane
De Schryver)
2025 02/10/2025 02/12/2025 31/12/2028 01/01/2029-02/10/2035 30.65 € 0
a) 5,000
n/a 5,000
b) 153,250 €

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
49
6. SEVERANCE PAY
During 2025, no severance pay was awarded to a director or member of the
executive management.
7. USE OF THE RIGHT OF CLAW-BACK
During 2025, no variable remuneration was clawed back.
8.
DEPARTURES FROM THE REMUNERATION POLICY
During 2025, there were two departures from the remuneration policy. Both
departures were considered necessary to serve the long-term interests and
sustainability of the Company.
1. It is stipulated in the remuneration policy that all members of the executive
management are appointed on the basis of a management agreement.
The total remuneration of members of executive management
comprises fixed compensation, variable compensation and share-based
compensation (options). Contrary to this, on 26 August 2025, an employee
was appointed as a member of the executive management. The total
remuneration of this member additionally consists of other benefits such
as a fixed reimbursement of expenses, a company car with fuel card,
meal vouchers and hospitalization insurance. This departure from the
remuneration policy was justified by the need to attract international talent
without Belgian nationality and primary residence in Belgium.
2. It is stipulated in the remuneration policy that the compensation for the
mandate of chairman of the Board of Directors is composed of a fixed
annual compensation of 40,000 euro. The Board of Directors appointed
YJC BV as chairman of the Board of Directors on 2 May 2025. The Board
of Directors approved a one-time additional compensation of 40,000 euro
for the mandate of chairman of the Board of Directors, for the period from
2 May 2025 until and including 31 December 2025. This resulted in a total
compensation of 66,667 euro for the mandate of chairman of the Board of
Directors for this period. This departure from the remuneration policy was
justified by the considerably higher workload for YJC BV in order to serve
the long-term interests of the Company after his nomination as chairman.
During 2025, there were no other departures from the remuneration policy.
9. RATIO OF HIGHEST TO LOWER REMUNERATION
Within the Belgian entity, the ratio between the highest and the lowest
employee remuneration amounts to 5.94.
Primadonna Deauville

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
50
10. ANNUAL CHANGE
The remuneration of the members of the Board of Directors, the CEO and
the members of the Management Committee and the main performance
criteria evolved as follows in the period 2024-2025 (without taking into
account any deviations):
(1)
Insofar as the member in question was an employee.
The average remuneration of the employees in Belgium changed as follows:
IN EURO 2025 2024
Chairman of the Board of Directors 40,000 40,000
Member of the Board of Directors 20,000 20,000
Chairman of the Audit and Risk Committee 7,500 7,500
Member of the Audit and Risk Committee 5,000 5,000
Chairman of the Nomination and Remuneration Committee 7,500 7,500
Member of the Nomination and Remuneration Committee 5,000 5,000
CEO (fixed remuneration + short-term variable remuneration) 482,424 457,934
Other members of the Management Committee together
(fixed remuneration + short-term variable remuneration + benefits
(1)
)
1,477,827 1,532,779
Comparable turnover (in million euro) 203.4 205.8
Comparable EBITDA (in million euro) 47.1 50.2
IN EURO 2025 2024
Average gross salary of a full-time equivalent in Belgium 3,868 3,689

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
51
The Management Team leads the company within the framework of careful
and effective control, which makes it possible to evaluate and manage
risks. The Management Team develops and maintains appropriate internal
controls that offer reasonable assurance on the attainment of the goals, the
reliability of the financial information, compliance with applicable laws and
regulations, and the execution of internal control processes.
The Board of Directors oversees the proper functioning of the control
systems through the Audit and Risk Committee. The Audit and Risk
Committee evaluates the effectiveness of the internal control and risk
management systems at least once a year. It must ensure that significant
risks are properly identified, managed and brought to its attention.
In monitoring the financial reporting, the Audit and Risk Committee
especially evaluates the relevance and coherence of the financial
statement standards applied by the company and its Group. This entails an
assessment of the accuracy, completeness and consistency of the financial
information. The Audit and Risk Committee discusses significant financial
reporting issues with executive management and the external auditor.
The Board of Directors bears responsibility for analysis, proactive measures
and plans with regard to strategic risks. The Board of Directors approves the
strategy and goals every year. An annual growth plan for the following two
years is presented to the Board of Directors for approval. The growth plan is
monitored systematically during the meetings of the Board of Directors and
may be adapted on the basis of changed prospects.
Operational risks are regularly identified, updated and evaluated. The
financial department is responsible for monitoring and reporting these. The
Management Team bears the responsibility for analysis, proactive measures
and plans with regard to operational risks.
For each process, internal controls should be in place guaranteeing, where
possible, the proper functioning of this process. The effectiveness of the
internal controls that are important for the completeness and correctness of
the reported figures is regularly verified by the financial department through
random sampling and a control report.
Additional information is provided in the company’s Corporate Governance
Charter as published on the website.
With respect to risk management, we also refer to note 30 on ‘Business risks
with respect to IFRS 7’.
SHAREHOLDING STRUCTURE ON THE BALANCE SHEET DATE
The subscribed capital is 1,936,173.73 euro. It is represented by 12,831,422
shares (denominator).
Within the framework of Belgium’s Transparency Act of 2 May 2007 stakes
must be made public in accordance with the thresholds provided for by
the Articles of Association. The thresholds in Van de Velde’s Articles of
Association are:
• 3%;
• 5%;
• multiples of 5%.
Van de Velde Holding NV holds 7,496,250 (58.42%) shares. It does so
through the Vesta foundation as well as Hestia Holding NV and Ambo
Holding NV. Vesta foundation and Hestia Holding NV together represent
the interests of the Van de Velde family. Ambo Holding NV represents the
interests of the Laureys family.
On 11 March 2021 Lazard Frères Gestion SAS crossed the statutory
threshold of 3%. Following the destruction of its own shares Van de Velde
NV has fallen below the statutory 3% threshold on 7 January 2025.
INFORMATION ABOUT SPECIFIC SAFEGUARDS
A majority of Van de Velde NV’s directors are appointed from the
candidates nominated by Van de Velde Holding NV, as long as they directly
or indirectly hold no less than 35% of the company’s shares.
MAJOR CHARACTERISTICS OF INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
52
INSIDER TRADING
The members of the Board of Directors and some employees that may
possess important information (‘insiders’) have signed the protocol
preventing abuse of privileged information. This means that anyone
wishing to trade in Van de Velde shares must first request the permission
of the Compliance Officer.
Insiders are not permitted to trade in securities in the following periods,
unless they are not related to active investment decisions by the insider,
or are solely the result of external factors or actions by third parties, or are
carried out based on pre-determined conditions.
(i) The period as from 1 January and the moment the annual results are
announced;
(ii) The period of two months immediately prior to the announcement
of the company’s half-year results or the period commencing at the
time of closure of the half year in question and ending at the time of
publication of the half-year results, whichever is shorter.
The Board of Directors can impose a general transaction ban on all
insiders in other periods that may be considered to be sensitive.
All other staff at Van de Velde have been notified in writing of the statutory
stipulations concerning abuse of insider knowledge.
TRANSACTIONS BETWEEN THE COMPANY AND ITS DIRECTORS
AND MEMBERS OF THE MANAGEMENT COMMITTEE
The company’s Corporate Governance Charter, which is published on the
company’s website, explains the rules applicable to transactions and other
contractual links between the company, including its affiliated companies,
and its directors and members of the Management Team that are not
covered by the conflict of interests scheme.
There were no such transactions or other contractual links during 2025.
STATUTORY AUDITOR
The General Meeting of 24 April 2024 of Van de Velde NV appointed PwC
Bedrijfsrevisoren BV, Culliganlaan 5, 1831 Diegem, represented by Lien
Winne BV, duly represented by Lien Winne, as the statutory auditor. This
appointment runs until the Ordinary General Meeting of 2027.
Regular consultations are held with the statutory auditor, who is also invited
to the Audit and Risk Committee for the half-year and annual reporting.
The statutory auditor has no relationship with Van de Velde that could
impact its opinion.
The annual fee awarded to the statutory auditor in 2025 for the audit of the
single annual accounts of Van de Velde NV amounts to €169,950 (plus
VAT, out-of-pocket expenses, the IRE/IBR fee and lump sum expense as
reimbursement for technology and compliance costs), and shall be
adapted each year, based on the consumer price index or with the parties’
agreement. The total cost for 2025 for the audit of the annual accounts of
all Group companies and the consolidated accounts of Van de Velde NV
amounts to €182,310 (excluding VAT and including the aforementioned
€169,950).
In accordance with Article 3:65 of the Companies and Associations Code,
Van de Velde announces that the compensation to persons with whom
the auditor has professional relations amounts to €8,000 in relation to
assignments carried out in 2025 (tax services).
The fee for other assurance assignments to the statutory auditor amounts
to €60,000. Additionally, an amount of €34,750 was charged on CSRD work
for FY24.
MISCELLANEA

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
53
BELGIAN CODE ON CORPORATE GOVERNANCE
Van de Velde NV complies with the majority of the principles laid down in
the Belgian Code on Corporate Governance. During 2025 the Code on
Corporate Governance was departed from as follows:
• Non-executive directors do not receive any part of their remuneration
in the form of shares. As such, the company departs from
Recommendation 7.6 of the Code on Corporate Governance. This
departure is explained by the fact that the family directors are, directly
or indirectly, stable shareholders of the company and, more generally,
the views of the non-executive directors are currently considered to
be sufficiently focused on long-term value creation for the company.
The granting of shares to the non-executive directors is at this moment
considered not necessary. However, the company will evaluate this
Recommendation on a regular basis for the purpose of any possible
(need for) future compliance.
• No minimum threshold of shares to be held by the members of
executive management is determined. As such, the company departs
from Recommendation 7.9 of the Code on Corporate Governance.
This departure is explained by the fact that the interests of executive
management are currently considered to be sufficiently focused on
long-term value creation for the company in view of the existing long-
term incentive programme in the form of an option plan. For these
reasons, the determining of a minimum threshold of shares to be
held by the members of executive management is not considered
necessary. However, the company will evaluate this Recommendation
on a regular basis for the purpose of any (need for) future compliance.
• Until and including 1 May 2025, the company departed from
the recommendation in Article 3.5.2 of the Code on Corporate
Governance
(1)
with regard to one independent director. The company
concludes that the director could still be considered as independent
during this period, since there was only a deviation with regard to one
of the criteria of Article 3.5.2 of Code on Corporate Governance and the
director acted in the spirit of an independent director.
• There are no specific agreements or systems that give the company
the right to recover variable paid allowances if they are wrongly awarded
on the basis of data that subsequently proves to be incorrect. As such,
the company departs from Recommendation 7.12 of the Code on
Corporate Governance. This departure is explained by the fact that the
company will, if appropriate, rely on the possibilities of common law.
CONFLICT OF INTERESTS SCHEME
In 2025 there was no conflict of interest under article 7:96 of the CCA within
the Board of Directors or the Management Team.
(1)
To qualify as an independent director, you must not have been a non-executive director for more than
12 years.
Primadonna Salerno

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
54
SHARE LISTING
The shares of Van de Velde have been quoted on the Brussels stock
exchange, currently Euronext Brussels, since 1 October 1997, under the
abbreviation ‘VAN’ (MNENO).
Van de Velde’s shares can be traded using the ISIN code BE0003839561.
Euronext Brussels lists Van de Velde on the spot market (continuous
market) of Euronext Brussels in compartment B (market capitalization
between 150 million and 1 billion euro).
In line with its series of local indexes, Euronext Brussels maintains a BEL20,
BEL Mid and BEL Small index, the components of which are selected on
the basis of liquidity and free float market capitalization.
Van de Velde is listed in the BEL Small index. The weight in this index was
5.37% at the end of 2025.
LIQUIDITY PROVIDER
Van de Velde concluded a liquidity agreement with Bank Degroof in July
2002, which was renewed in 2024.
A liquidity provider guarantees the constant presence of bid and offer
prices at which investors can conduct transactions and sets a permanent
maximum spread between purchase and selling price of 5%. This allows
the increase in share velocity and the reduction of the spreads between bid
and offer prices. Major price fluctuations can be avoided on small traded
volumes and the listing on the continuous segment of Euronext Brussels
can be guaranteed.
GENERAL MEETING
The General Meeting of Shareholders is held at the seat of the company
(unless another place is mentioned in the convocation) at 5 pm on the last
Wednesday of April. If this day is an official holiday the meeting is held on
the next working day.
An Extraordinary General Meeting can be convened whenever the interests
of the company so demand it and must be convened whenever the
shareholders representing one fifth of the capital so demand it.
AUTHORIZED CAPITAL
The Board of Directors is authorized for a period of five years from the
announcement in the annexes to Belgisch Staatsblad/Moniteur belge (12
May 2025) to raise the subscribed capital one or more times by a total
amount of 1,936,173.73 euro, under the conditions stated in the Articles of
Association.
ACQUISITION OF OWN SHARES
On 30 April 2025, the Extraordinary General Meeting of Shareholders
authorized the Board of Directors to buy or sell its own shares. This
authorization is valid for a period of (i) three years as from 12 May 2025 if
the acquisition is necessary to avoid a serious imminent disadvantage and
(ii) five years as from 12 May 2025 if the Board of Directors, in accordance
with Article 7:215 of the CCA, acquires the legally permitted number of its
own shares at a price equal to the price at which they are listed on Euronext
Brussels.
The Board of Directors approved a share buy-back programme of up to
15 million euro on 26 February 2025. The buy-back programme started on
4 March 2025 and has an anticipated duration of one year.
In 2025, 151,427 of its own shares were acquired by Van de Velde NV and
at the end of 2025, Van de Velde NV had 357,818 of its own shares in its
possession.
The treasury shares held by Van de Velde NV show the company’s
confidence in its strategy. See note 13 to the consolidated financial
statements for more information.
DESTRUCTION OF OWN SHARES
On 13 November 2024, the Board of Directors approved a destruction of
230,995 of the company’s own shares. These own shares were destroyed
on 7 January 2025, resulting in a change of nominator from 13,062,417
shares (before 7 January 2025) to 12,831,422 shares (from 7 January
2025).
DIVIDEND POLICY
Van de Velde’s objective is to pay out a yearly dividend. In doing so, it takes
the following factors into consideration:
• Appropriate payment to shareholders in comparison with other
companies listed on Euronext Brussels;
• Retention of sufficient self-financing capacity to respond to attractive
investment opportunities;
• Remuneration proportionate to cash flow expectations.
The dividend policy of Van de Velde consists in paying out at least 40%
of the consolidated profit, Group share, excluding the result based on the
equity method. Furthermore, Van de Velde does not retain excess cash in
the organization.
INFORMATION TO SHAREHOLDERS

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
55
FINANCIAL SERVICES
The financial services are provided by Belfius as main payment agent.
NOTIFICATIONS UNDER ARTICLE 74 § 7 OF THE ACT OF 1 APRIL
2007 ON PUBLIC TAKEOVER OFFERS.
Van de Velde did not receive any new notifications during 2025.
PROPOSED PROFIT DISTRIBUTION
The dividend on distributable profit will be allocated to the shares with rights
that are not suspended. In other words, the treasury shares held, for which
no profit share is retained are not taken into account to reduce distributable
profit. As per 31 December 2025, this concerns 357,818 treasury shares
purchased within the framework of the buy-back programme (see above).
Reference is made to Article 7:217 of the CCA.
The number of shares with dividend rights is accordingly reduced from
12,831,422 to 12,473,604
(1)
shares.
The application of the pay-out percentage (40% of consolidated profit,
Group share, excluding result based on the equity method) produces a
dividend per share of 0.855 euro.
Van de Velde has the policy of not retaining excess cash in the organization
but distributing, it in one way or another, to the shareholders. Cash required
for operating and investing activities is evaluated on an annual basis. For
2025 this implies that the Board of Directors will propose to the General
Meeting the payment of a gross dividend for the fiscal year 2025 of 2.40
euro per dividend entitled share. After the payment of withholding tax, this
represents a net dividend of 1.68 euro per dividend entitled share.
After approval by the General Meeting of Shareholders, the final dividend
will be paid out as from 11 May 2026.
FINANCIAL CALENDAR
Closing of fiscal year 2025 31 December 2025
Announcement of annual results 2025 5 March 2026
Publication of annual financial report 2025 27 March 2026
General Meeting of Shareholders 29 April 2026
Ex-coupon date 7 May 2026
Record date 8 May 2026
Dividend payment date 11 May 2026
Publication of 2026 half-year results 26 August 2026
Closing of fiscal year 2026 31 December 2026
(1)
Provided that the number of own shares remains unchanged, namely 357,818.
Primadonna Kero

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
56
3. CONSOLIDATED KEY FIGURES 2025
PROFIT AND LOSS ACCOUNT
IN MILLION OF EURO 2025 2024
2023
2022
2021
Operating income 207.4 211.3 217.3 217.2 200.3
Turnover 202.4 206.4 211.3 211.7 195.3
Turnover on a comparable basis
(1)
203.4 205.8 212.1 211.4 191.2
EBITDA
(2)
46.4 50.6 56.1 58.2 55.0
EBITDA on a comparable basis
(3)
47.1 50.2 56.6 58.0 52.3
EBIT
(4)
35.7 40.2 45.3 48.1 41.8
Consolidated results without result of equity method and
before taxes
(5)
35.1 40.6 45.1 46.7 40.8
Consolidated results without result of equity method and
after taxes
(5)
27.4 31.8 36.0 37.5 32.5
Profit for the period
(6)
17.8 32.0 33.6 36.8 32.0
Operating cash flow
(7)
37.1 45.9 54.3 30.0 50.6
BALANCE SHEET
IN MILLION OF EURO 2025 2024
2023
2022
2021
Fixed assets 67.9 79.0 76.4 72.1 73.3
Current assets 118.8 123.4 126.5 136.4 133.9
Balance sheet total 186.7 202.4 203.0 208.4 207.2
Shareholders' equity 145.0 162.4 165.9 168.1 163.1
Net debt position
(1)
-41.0 -48.2 -51.0 -50.6 -61.3
Working capital
(2)
39.3 38.8 41.0 48.1 31.7
Capital employed
(3)
107.2 117.8 117.4 120.1 105.0
(1)
Turnover on a comparable basis is turnover excluding early deliveries to enable seasons to be compared.
For the reconciliation of the amount we refer to the press release of the annual report.
(2)
EBITDA is earnings before interest, taxes, depreciation and amortization on tangible and intangible assets.
(3)
EBITDA on a comparable basis is EBITDA excluding the impact of early deliveries, to enable seasons to be compared.
For the reconciliation of the amount we refer to the press release of the annual report.
(4)
EBIT is earnings before interest and taxes.
(5)
Result of the Group (Group share) before share in the profit / (loss) of associates (equity method).
(6)
Result of the Group (Group share) after share in the profit / (loss) of associates (equity method).
(7)
Operating cash flow is equal to net cash flow from operating activities.
(1)
Financial debts less cash and cash equivalents (a negative position refers to a cash position; a positive position refers to a debt position).
(2)
Current assets (excluding cash and cash equivalents) less current liabilities (excluding financial debts).
(3)
Fixed assets plus working capital.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
57
FINANCIAL RATIOS
IN %, EXCEPT LIQUIDITY 2025 2024
2023
2022
2021
Return on equity
(1)
17.8 19.4 21.5 22.7 21.1
Return on capital employed
(2)
24.4 27.1 30.3 33.3 29.5
Solvency
(3)
77.7 80.3 81.7 80.7 78.7
Liquidity
(4)
3.6 4.3 4.5 4.2 4.1
MARGIN ANALYSIS AND TAX RATE
IN % 2025 2024
2023
2022
2021
EBITDA
(1)
22.9 24.5 26.5 27.5 28.2
EBITDA on a comparable basis
(2)
23.2 24.4 26.7 27.4 27.4
EBIT
(3)
17.7 19.5 21.5 22.7 21.4
Tax rate
(4)
21.9 21.5 20.2 19.7 20.3
(1)
Consolidated result after taxes (excluding equity method) / Average of equity at end of fiscal year and previous fiscal year.
(2)
Consolidated result after taxes (excluding equity method) / Average of capital employed at end of fiscal year and previous fiscal year.
(3)
Equity / Balance sheet total.
(4)
Current assets / Current liabilities.
(1)
EBITDA on turnover.
(2)
EBITDA on a comparable basis on turnover on a comparable basis.
(3)
EBIT on turnover.
(4)
Income taxes and Consolidated result before taxes (excluding equity method).
STOCK MARKET DATA
2025 2024
2023
2022
2021
Average daily volume in pieces 4,252 5,734 4,028 3,825 5,537
Number of shares at year end 12,831,422 13,062,417 13,062,417 13,322,480 13,322,480
Number of traded shares 1,084,210 1,467,781 1,027,043 982,922 1,428,603
Velocity 8.4% 11.2% 7.9% 7.4% 10.7%
Turnover (in thousands of euro) 34,101 46,583 34,073 34,208 38,862
(in euro per share)
Highest price 35.30 35.35 37.15 39.80 35.80
Lowest price 29.00 28.55 30.70 29.70 21.65
Closing price 30.10 29.35 33.75 30.20 34.30
Average price 31.42 31.72 33.32 34.61 26.52

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
58
KEY FIGURES PER SHARE
000 EURO 2025 2024
2023
2022
2021
Book value
(1)
11.6 12.9 12.9 12.9 12.4
EBITDA
(2)
3.6 3.9 4.3 4.4 4.1
EBITDA on a comparable basis
(3)
3.7 3.8 4.3 4.4 3.9
Profit for the period
(4)
1.4 2.5 2.6 2.8 2.4
Gross dividend
(5)
2.40 2.40 2.40 2.28
(8)
2.03
(8)
Net dividend
(5)
1.68 1.68 1.68 1.59
(8)
1.42
(8)
Dividend yield
(6)
7.97% 8.18% 7.11% 7.55%
(8)
5.92%
(8)
Pay-out percentage
(7)
109% 95% 86% 78% 82%
VALUE DETERMINATION
IN MILLION OF EURO 2025 2024
2023
2022
2021
Book value
(1)
145.0 162.4 165.9 168.1 163.1
Market capitalization
(2)
386.2 383.4 440.9 402.3 457.0
Enterprise value (EV)
(3)
343.1 323.5 379.2 338.2 381.9
MULTIPLES
2025 2024
2023
2022
2021
EV/EBITDA
(1)
7.4 6.4 6.8 5.8 6.9
EV/EBITDA on comparable basis
(2)
7.3 6.4 6.7 5.8 7.3
Price/Profit
(3)
21.6 12.0 13.1 10.9 14.3
Price/Book value
(4)
2.7 2.4 2.7 2.4 2.8
(1)
Shareholders’ equity / Number of shares at year end (excluding own treasury shares).
(2)
EBITDA / Number of shares at year end.
(3)
EBITDA on a comparable basis / Number of shares at year end.
(4)
Profit for the period / Number of shares at year end.
(5)
Gross dividend, as will be proposed by the Board of Directors to the General Meeting of Shareholders, is 2.40 euro per dividend entitled share.
Net dividend is 1.68 euro per dividend entitled share.
(6)
Gross dividend / Closing price.
(7)
Pay-out percentage of the consolidated profit, Group share, excluding result based on the equity method
and excluding impairment on financial fixed assets.
(8)
The figures for 2021 and 2020 have been adjusted to reflect the final dividend amounts distributed, taking into account treasury shares
held at the time of distribution.
(1)
Shareholders’ equity.
(2)
Number of shares on 31 December multiplied by the closing price.
(3)
Market capitalization plus net debt position less participations (equity method).
(1)
Enterprise value / EBITDA.
(2)
Enterprise value / EBITDA on a comparable basis.
(3)
Market capitalization / Profit for the period.
(4)
Market capitalization / Book value.

Graphics
FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
59
VAN DE VELDE AND BEL20 STOCK MARKET PRICE STOCK MARKET PRICE IN 2025
01/02/2002
01/01/1997
02/01/2025
08/01/20 07
02/07/2025
19/07/2011
01/03/2015
03/02/2021
0
21/10/2002
30/06/1998
02/02/2025
20/09/2007
02/08/2025
0 ?/12/2011
10/11/2016
15/10/2021
19/03/2003
19/03/1999
02/03/2025
06/06/2008
02/09/2025
21/08/2012
26/07/2017
28/06/2022
3 0/11/20 04
03/12/1999
02/04/2025
18/02/2009
02/10/2025
08/05/2013
11/04/2018
08/03/2023
11/0 8/20 0 5
23/08/2000
02/05/2025
03/11/20 0 9
02/11/2025
20/01/2014
20/12/2018
20/11/2023
25/04/2006
15/05/2001
02/06/2025
19/07/2010
02/12/2025
02/01/2014
25/05/2020
06/09/2019
06/08/2024
22/04/2025
0
100
20
200
40
600
300
60
700
400
80
800
500
120
100
900
140
VDV NV Bel20 VDV NV Bel20

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
60
4. CONSOLIDATED FINANCIAL STATEMENTS
AND RELATED NOTES
CONSOLIDATED BALANCE SHEET 61
CONSOLIDATED INCOME STATEMENT
AND OTHER COMPREHENSIVE INCOME 62
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 63
CONSOLIDATED CASH FLOW STATEMENT 64
NOTES TO THE FINANCIAL STATEMENT 65
1. General information 65
2. Summary of significant accounting policies 65
3. Goodwill and intangible assets with indefinite useful life 74
4. Intangible assets 78
5. Tangible fixed assets 79
6. Investments in associates 80
7. Other fixed assets 82
8. Grants 82
9. Inventories 82
10. Trade and other receivables 83
11. Other current assets 84
12. Cash and cash equivalents 84
13. Share capital 84
14. Provisions 85
15. Pensions 86
16. Other operating income and other expenses 88
17. Deferred tax assets and liabilities 88
18. Trade and other payables 89
19. Other current liabilities and taxes payable 89
20. Financial instruments 90
21. Financial result 90
22. Personnel expenses 91
23. Income taxes 92
24. Earnings per share 93
25. Dividends paid and proposed 93
26. Leases 94
27. Related party disclosures 96
28. Segment information 98
29. Events after balance sheet date 99
30. Business risks with respect to IFRS 7 and other risks 100
VAN DE VELDE ANNUAL REPORT 2025 FINANCIAL STATEMENT THE YEAR OF 2025
60

Graphics
FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
61
000 EURO 2025 2024
NOTE
Assets
Total fixed assets 67,856 78,960
Goodwill 4,546 4,640 3
Intangible assets 20,783 20,832 4
Tangible fixed assets 29,562 29,699 5
Right-of-use assets 8,706 10,392 26
Investments accounted for using the equity method 2,076 11,663 6
Deferred tax asset 0 0 17
Other fixed assets 2,182 1,735 7
Total current assets 118,817 123,433
Inventories 48,146 42,302 9
Trade receivables 14,124 15,159 10
Other current assets 6,489 7,062 11
Cash and cash equivalents 50,058 58,910 12
Total assets 186,673 202,393
000 EURO 2025 2024
NOTE
Equity and liabilities
Shareholder's equity 144,989 162,431
Share capital 1,936 1,936 13
Treasury shares -9,902 -12,989 13
Share premium 743 743 13
Other comprehensive income -4,186 -3,222
Retained earnings 156,397 175,962
Non-controlling interests 0 0
Grants 0 41 8
Total non-current liabilities 9,003 10,950
Provisions 179 155 14
Provisions lease liability 605 614 26
Pensions 1,505 1,552 15
Lease liability 5,805 7,497 26
Deferred tax liability 909 1,132 17
Total current liabilities 32,682 28,971
Trade and other payables 26,758 23,575 18
Lease liabilities 3,253 3,240 26
Other current liabilities 2,328 1,860 19
Income tax payable 343 297 19
Total equity and liabilities 186,673 202,393
CONSOLIDATED BALANCE SHEET


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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
62
000 EURO 2025 2024
NOTE
Turnover 202,361 206,435
28
Other operating income 5,008 4,863 16
Cost of materials -31,574 -35,583 9
Other expenses -76,042 -75,924 16
Personnel expenses -53,336 -49,176 22
Depreciation and amortization
(1)
-10,688 -10,393 4, 5, 26
Operating profit 35,729 40,221
Finance income 1,812 2,699 21, 26
Finance costs -2,417 -2,359 21, 26
Share in result of associates -1,458 226 6
Impairment related to associates -8,129 0 6
Profit before taxes 25,538 40,786
Income taxes -7,689 -8,738 23
Profit for the period 17,848 32,048
Other comprehensive income
Exchange differences on translation of foreign operations related
to Group entities: -841 1,605
• Gains and losses related
to Group entities
(2)
-841 884
• Gains and losses related
to associated companies 0 721 6
Share of other comprehensive income of investments accounted
for using the equity method 0 70 6
Items that may be reclassified to realized profit or loss -841 1,675
Remeasurement gains/(losses)
on defined benefit plans -164 -508 15
Deferred taxes on defined
benefit plans 41 127 23
Items that will not be reclassified to realized profit or loss -123 -381
Total of profit for the period and other comprehensive income 16,885 33,343
000 EURO 2025 2024
NOTE
Profit for the period 17,848 32,048
Attributable to the owners of the company 17,848 32,048
Attributable to non-controlling interests 0 0
Total of profit for the period and other comprehensive income 16,885 33,343
Attributable to the owners of the company 16,885 33,343
Attributable to non-controlling interests 0 0
Basic earnings per share (in euro) 1.42 2.52 24
Diluted earnings per share (in euro) 1.42 2.52 24
Weighted average number of shares 12,541,695 12,717,937 24
Weighted average number of shares for diluted profit per share 12,556,316 12,733,310 24
Proposed dividend per dividend entitled share (in euro) 2.40 2.40 25
Total proposed dividend (in 000 euro) 29,937 30,271 25
(1)
This includes depreciation and write-downs on fixed assets.
Write-downs on current assets, however, are included in other expenses.
(2)
The result from currency translation differences relates mainly to USD and GBP.
CONSOLIDATED INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME


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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
63
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
SHAREHOLDER'S EQUITY OF THE COMPANY
INVESTMENTS IN ASSOCIATES
(EQUITY METHOD)
000 EURO
CHANGE IN EQUITY CAPITAL
TREASURY
SHARES
(2)
SHARE
PREMIUM
PENSION
RESERVE
CUMULATED
COMPREHENSIVE
INCOME
RETAINED
EARNINGS
REVALUATION
RESERVE OF
SHARES
(1)
SHARE IN
REVALUATION
RESERVE
TOP FORM
CUMULATED
COMPREHENSIVE
INCOME
TOTAL EQUITY
Equity at 31/12/2023 1,936 -6,596 743 -382 1,722 174,352 -6,406 1,394 -843
165,920
Profit for the period 32,048 32,048
Other comprehensive income -381 1,605 23 70 1,317
Transactions on treasury shares (note 13) -6,394 -6,394
Granted and accepted stock options 290 290
Dividends (note 25) -30,751 -30,751
Equity at 31/12/2024 1,936 -12,989 743 -763 3,326 175,962 -6,406 1,394 -772 162,431
Profit for the period 17,848 17,848
Other comprehensive income -123 -841 -26 -990
Transactions on treasury shares (note 13) 3,087 -7,492 -4,404
Granted and accepted stock options 247 247
Dividends (note 25) -30,143 -30,143
Equity at 31/12/2025 1,936 -9,902 743 -886 2,485 156,397 -6,406 1,394 -772 144,989
(1)
The revaluation reserve of shares relates to an unrealized revaluation reserve of Top Form International Ltd shares, at a time when the interest
in Top Form International Ltd. was not yet included in accordance with the equity method, but as available-for-sale financial assets.
This unrealized reserve remains unchanged until the sale of the interest in Top Form International Ltd.


(2)
In 2025, the transaction on treasury shares involves the cancellation, the purchase and the exercise of treasury shares.
In 2024, the transaction on treasury shares involves both the purchase and exercise of treasury shares.


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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
64
000 EURO 2025 2024
NOTE
Operating activities
Profit before tax 25,538 40,786
Depreciation and amortization
of (in)tangible and right-of-use
assets 10,688 10,393 4, 5, 26
Capital gains and losses on
realizations of fixed assets -0 -64
Mutation of net valuation
allowance current assets -437 -2,166 9, 10
Provisions 0 0 14, 18, 26
Result based on
the equity method 9,587 -226 6
Loss / (gain) on sale
of subsidiaries, associates
and assets held for sale 0 0
Financial profit and loss 255 -442 21
Other non cash-items 82 736
Gross cash flow provided
by operating activities 45,712 49,018
000 EURO 2025 2024
NOTE
Decrease / (Increase)
in inventories -6,318 6,394 9
Decrease / (Increase)
in trade accounts receivable 1,946 -1,765 10
Decrease / (Increase)
in other assets -2,164 -16 11
(Decrease) / Increase
in trade accounts payable 2,686 -248 18
(Decrease) / Increase
in other liabilities 1,036 2,041 16, 18
Change in operating
working capital -2,814 6,406
Income tax paid -5,549 -9,939
Interests -255 442 21, 26
Net cash flow provided
by operating activities 37,094 45,926
Cashflow from investment activities
(In)tangible assets - acquisitions -7,191 -6,439 4, 5
Realization of fixed assets 0 52
Investment in associated
companies 0 38
Net cash flow used in
investing activities -7,191 -6,349
Net cash flow before
financing activities 29,903 39,578
000 EURO 2025 2024
NOTE
Cashflow from financing activities
Dividends paid -30,143 -30,751
25
Dividends received 0 0
Sale of treasury shares
for stock options 303 183 13
Purchase of treasury shares -4,751 -6,605 13
Reimbursement of lease liabilities -4,024 -4,091 26
Proceeds / (Reimbursement)
of short-term borrowings 0 0
Net cash flow used
in financing activities -38,615 -41,264
Net change in cash
and cash equivalents -8,711 -1,686
Cash and cash equivalents
on 1 January 58,910 60,595 12
Effect of exchange rate
fluctuations -141 1
Cash and cash equivalents
on 31 December 50,058 58,910 12
Net change in cash
and cash equivalents -8,711 -1,686
CONSOLIDATED CASH FLOW STATEMENT


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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
65

1. GENERAL INFORMATION
The Van de Velde Group designs, develops, manufactures and markets
fashionable premium lingerie together with its subsidiaries.
The company is
a limited liability company, with its shares listed on Euronext Brussels.
The company’s main office is located in Wichelen, Belgium.

The consolidated financial statements were authorized for issue by the
Board of Directors on 4 March 2026, subject to approval of the statutory
non-consolidated accounts by the shareholders at the Ordinary General
Meeting to be held on 29 April 2026.
In compliance with Belgian law, the
consolidated accounts will be presented for informational purposes to the
shareholders of Van de Velde NV at the same meeting. The consolidated
financial statements are not subject to amendment, except confirming
changes to reflect decisions, if any, of the shareholders with respect to the
statutory non-consolidated financial statements affecting the consolidated
financial statements.
This annual report is in accordance with article 3:32 of Belgium’s
Companies Code. The various components as prescribed by article 3:32
are split across the various chapters in this annual report.




2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying consolidated financial statements have been prepared
in compliance with 'IFRS accounting standards', as adopted for use in the
European Union as of the balance sheet date.


T
he amounts in the financial statements are presented in thousands of
euro unless stated otherwise.

The financial statements were prepared in
accordance with the historical cost principle, except for valuation at fair
value of derivative financial instruments and defined benefit pension plans -
plan assets measured at fair value.



USE OF ESTIMATES
The preparation of financial statements in conformity with 'IFRS accounting
standards' requires that the management makes certain estimates and
assumptions that affect the amounts reported in the financial statements
and accompanying notes.
Estimates made on each reporting date reflect the conditions that existed
on those dates (e.g. market prices, interest rates and foreign exchange
rates). Although these estimates are based on management’s best
knowledge of current events and actions that the Group may undertake,
actual results may differ from those estimates.
The most important application of estimates relates to:

IMPAIRMENT OF INTANGIBLE FIXED ASSETS WITH INDEFINITE USEFUL
LIFE (INCLUDING GOODWILL)
Intangible fixed assets with indefinite useful life including goodwill are
subject to an annual impairment test. This test requires an estimation of
the value-in-use of these assets. The estimate of the value-in-use requires
an estimate of the expected future cash flows related to these assets
and the choice of an appropriate discount rate to determine the present
value of these cash flows. For the estimate of the future cash flows, the
management must make a number of assumptions and estimates,
such as expectations with regard to growth in revenues, development
of profit margin and operating costs, period and amount of investments,
development of working capital, growth percentages for the long term and
the choice of a discount rate that takes into account the specific risks. More
details are given in note 3.


INVENTORY WRITE-DOWN
Inventory held by the Group is composed of raw materials, work in
progress, finished goods and merchandise. The provision for economic
obsolescence is calculated based on the age of the stock, identification of
the collection (seasonal collection or long-term collection) and an estimate
of future sales of the related stock items.
EMPLOYEE BENEFITS – PENSIONS
The costs of the defined pension plans as well as the cash value of the
pension liability are determined by actuarial calculations. To this end, various
assumptions are used that could differ from the actual developments in the
future. As a consequence of the complexity of the actuarial calculations and
the long-term character of the liabilities, the employee liabilities are highly
sensitive to changes in the assumptions. The main actuarial assumptions
and the sensitivity analysis are included in note 15.





NOTES TO THE FINANCIAL STATEMENT

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
66







CONSOLIDATION PRINCIPLES
SUBSIDIARIES
Van de Velde NV has direct or indirect control over an entity, if and only if, it
has all the following:
• Power over the investee;
• Exposure, or rights, to variable returns from its involvement with the
investee; and
• The ability to use its power over the investee to affect the amount of the
investor’s returns.
The financial statements of subsidiaries are included in the consolidated
financial statements of the Group from the date that control commences
until the date that control ceases. They are prepared as of the same
reporting date and using the Group accounting policies. Intragroup
balances, transactions, income and expenses are eliminated in full.
Inter-company transactions, balances and unrealised gains on transactions
between Group companies are eliminated. Unrealised losses are also
eliminated, unless the transaction provides evidence of an impairment
of the transferred asset. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted
by the Group.


ASSOCIATES
Associates are companies in which Van de Velde NV directly or indirectly
has a significant influence. This is assumed to be the case when the Group
holds at least 20% of the voting rights attached to the shares. The financial
statements of these companies are prepared in accordance with the
same accounting policies used for the Group. The consolidated financial
statements contain the share of the Group in the result of associates
in accordance with the equity method from the day that the significant
influence is acquired until the day it ends. If the share of the Group in
the losses of the associates is greater than the carrying amount of the
participation, the carrying amount is set at zero and additional losses are
recognized only insofar as the Group has assumed additional obligations.
Participations in associates are revalued if there are indications of possible
impairment or of the disappearance of the reasons for earlier impairments.
The participations valued in the balance sheet in accordance with the
equity method also include the carrying amount of related goodwill.
Under the equity method of accounting, the investments are initially
recognised at cost and adjusted thereafter to recognise the Group’s share
of the post-acquisition profits or losses of the investee in profit or loss, and
the Group’s share of movements in other comprehensive income of the
investee in other comprehensive income. Dividends received or receivable
from associates and joint ventures are recognised as a reduction in the
carrying amount of the investment. Unrealised gains on transactions
between the Group and its associates and joint ventures are eliminated to
the extent of the Group’s interest in these entities. Unrealised losses are
also eliminated, unless the transaction provides evidence of an impairment
of the asset transferred.









FOREIGN CURRENCIES
FOREIGN CURRENCY TRANSACTIONS
The reporting currency of the Group is the euro. Foreign currency
transactions are recorded at the exchange rate on the transaction date.
Monetary assets and liabilities denominated in foreign currencies are
converted at the exchange rate on the balance sheet date. Gains and
losses resulting from the settlement of foreign currency transactions and
from the conversion of monetary assets and liabilities denominated in
foreign currencies are recognized in the income statement. Non- monetary
assets and liabilities denominated in foreign currencies are converted at the
foreign exchange rate on the date of the transaction.
Items included in the financial statements of each of the Group’s entities
are measured using the currency of the primary economic environment in
which the entity operates (‘the functional currency’).
FINANCIAL STATEMENTS OF FOREIGN ACTIVITIES
Van de Velde’s foreign operations outside the euro zone are considered to
be foreign activities. Accordingly, assets and liabilities are converted to euro
at foreign exchange rates on the balance sheet date. Income statements of
foreign entities are converted to euro at the average exchange rates of that
currency over the past 12 months. The components of shareholders’ equity
are converted at historical rates. Exchange differences arising from the
conversion of shareholders’ equity to euro at year-end exchange rates are
recorded in ‘Other comprehensive income’. On sale or disposal of a foreign
operation, the deferred cumulative amount recognized in equity relating to
that particular foreign operation is recognized in the income statement.





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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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INTANGIBLE ASSETS
RESEARCH AND DEVELOPMENT
The nature of the development costs within the Van de Velde Group,
primarily product and process innovation, is such that they do not meet
the criteria set out in IAS 38 for recognition as intangible assets. They are
therefore expensed when incurred. Development costs within the Group
in relation to research and development of software are capitalized under
software.
The depreciation begins when the intangible assets are available
for use, and this by a straight-line depreciation over a period of five years.

When the activation starts, the conditions of IAS38 are fulfilled.
ACQUIRED BRANDS
Brands acquired as part of business combinations are deemed to be
intangible assets with an indefinite useful life. These are measured at the
value established as part of the allocation of fair value of the identifiable
assets, obligations and contingent obligations on the acquisition date,
less accumulated impairment losses. These brands are not amortized
but are tested annually for impairment (for more details, see note 3). The
correctness of classification as intangible assets with indefinite useful life is
also evaluated.
OTHER INTANGIBLE ASSETS
Other intangible assets (software and online platform) acquired by Van de
Velde are recognized at cost (purchase price plus all directly attributable
costs) less accumulated amortization and accumulated impairment losses.
Expenses for the registration of trade names and designs are recorded
as brands with finite useful life to the extent that this relates to new
registrations in the country of registration.
Other expenditures on internally
generated goodwill and brands are recognized in the income statement
when incurred.
Amortization begins when the intangible asset is available
using the straight-line method. The useful life of intangible assets with a
finite life is generally estimated at three to five years. Other intangible assets
include acquired distribution rights and similar rights, which are amortized
over a period of five years.

The rules of IAS 38 are met at the moment of
activation of other intangible assets.



Primadonna Varadeo

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GOODWILL

Goodwill represents the excess of the cost of an acquisition over the fair
value of the Group’s share of the net identifiable assets of the acquired
subsidiary/associate at the date of acquisition. Goodwill is tested annually
for impairment or more frequently if events or changes in circumstances
indicate that the asset might be impaired. Goodwill is treated by the Group
as an asset of the parent and is considered as a monetary item. As a result,
these assets are converted based on the rate in force at the balance sheet
date. Goodwill is recorded at cost less accumulated impairment losses.








TANGIBLE FIXED ASSETS
ASSETS HELD
Tangible fixed assets are recognized at cost less accumulated depreciation
and accumulated impairment losses. Cost is determined as being the
purchase price plus other directly attributable acquisition costs, such as
non-refundable tax and transport.
SUBSEQUENT EXPENDITURE
Subsequent expenditures are capitalized only when it increases the future
economic benefits embodied in the item of property, plant and equipment.
Otherwise, it is recognized in profit or loss when incurred.

DEPRECIATION
The depreciable amount equals the cost of the asset less its residual value.
Depreciation starts from the date the asset is ready for use, using the
straight-line method over the estimated useful life of the asset. Residual
value and useful life are reviewed at least at each fiscal year end.




The depreciation rates used are as follows:
Buildings 15-25 years
Production machinery and equipment 2-10 years
Electronic office equipment(1) 3-5 years
Furniture(1) 5-10 years
Vehicles(1) 3-5 years
(1)
In note 5, this is included in plant, machinery and equipment.
Land is not depreciated as it is deemed to have an indefinite life.






IMPAIRMENT OF ASSETS
The carrying amount of Van de Velde’s fixed assets, other than deferred
tax assets, financial assets and other non-current assets are reviewed on
each balance sheet date to determine whether there is any indication of
impairment. If any such indication exists, the asset’s recoverable amount
is estimated. An impairment test is conducted annually on intangible
assets that are not yet available for use, intangible assets with an indefinite
useful life and goodwill, regardless of whether there is any indication of
impairment.
An impairment loss is recognized in profit or loss whenever
the carrying amount of an asset exceeds its recoverable amount.

CALCULATION OF RECOVERABLE AMOUNT
The realizable value of an asset is the greater of its fair value less cost
to sell and value-in-use. In assessing value-in-use, the estimated future
cash flows are discounted to their present value using a discount rate
that reflects current market assessments of the time value of money and
the risks specific to the asset. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for the
cash-generating unit to which the asset belongs.
REVERSAL OF IMPAIRMENT
Impairment losses on goodwill are not reversed.
For any other assets, an impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had
been recognized.




INVENTORIES
Raw materials, work in progress, merchandise and finished goods are
valued at the lower of cost or net realizable value. Net realisable value is
the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make
the sale. Cost of inventories comprises all purchase costs, conversion
costs and other costs incurred in bringing the inventories to their present
location and present condition. The valuation method for the stocks is the
first in first out (FIFO) method.
Purchasing costs include:
• Purchase price, plus
• Import duties and other taxes (if not recoverable), plus
• Transport, handling and other costs directly attributable to the acquisition
of the goods, less
• Trade discounts, rebates and other similar items.
Conversion costs include:
• Costs directly related to the units of production, plus
• A systematic allocation of fixed and variable indirect production costs.
The provision for obsolescence is calculated consistently throughout the
Group based on the age and expected future sales of the items at hand.



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TRADE AND OTHER RECEIVABLES
Trade receivables are recognized at cost less impairment losses. If there
is objective evidence that an impairment loss has been incurred on trade
receivables, the impairment loss recognized is the difference between the
carrying amount and the present value of estimated future cash flows.
All trade receivables are individually assessed for excess impairment
according to the ECL model. The excess impairment is incorporated in the
‘general administration’ section under other expenses.
CLASSIFICATION AND VALUATION
Under IFRS 9, debt instruments are subsequently valued at fair value
through profit or loss (FVTPL), amortized cost or fair value with recognition
of value adjustments to unrealized results (FVTOCI). The classification
is based on two criteria: the business model of the Group for the
management of the assets; and whether the contractual cash flows of
the instruments represent ‘principal and interest payments only’ on the
outstanding principal. Trade receivables and other financial assets are held
to collect contractual cash flows and lead to cash flows that represent only
payments of principal and interest. These are classified and valued as debt
instruments at amortized cost as explained in the ‘Revenue from contracts
with customers’ section.
The Group has not designated financial obligations as FVTPL. There are no
changes in the classification and valuation of the Group’s financial liabilities.

IMPAIRMENT
IFRS 9 requires the Group to recognize a provision for expected credit
losses (ECLs) for all debt instruments that are not held at fair value through
profit or loss and contract assets. ECLs are based on the difference
between the contractual cash flow that follows from the contract and
all cash flows that the Group expects to receive, discounted on the
basis of the effective interest rate. For trade receivables, the Group uses
the simplified application for the calculation of the ECLs whereby an
impairment is recognized on the basis of historical credit losses, adjusted
for economic or credit conditions that are such that the actual losses are
greater or less than suggested by historical trends.
The Group applies the IFRS 9 simplified approach to measuring expected
credit losses, which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To determine expected credit losses (IFRS 7), Van de Velde applies
a provision matrix in which trade receivables are classified into age
categories (not past due, 1–30 days past due, 31–60 days past due,
61–90 days past due and more than 90 days past due). A separate loss
percentage is applied to each category, based on the Group's historical
credit loss data. The historical percentages are reviewed annually and
adjusted if sector-specific or economic factors give rise to a higher or lower
expected loss than the historical trend suggests.
In line with this IFRS 9 methodology, Van de Velde creates an additional
collective provision based on the provision matrix, in addition to the existing
individual impairments on doubtful debts.










LEASES
The Group assesses at contract inception whether a contract is, or contains,
a lease. That is, if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for a consideration.
GROUP AS A LESSEE
The Group applies a single recognition and measurement approach for
all leases, except for short-term leases (<12 months) and leases of low-
value assets (< €5,000). The Group recognizes lease liabilities to make
lease payments and right-of-use assets representing the right to use the
underlying assets.

RIGHT-OF-USE ASSETS
The Group recognizes right-of-use assets at the commencement date of
the lease (i.e., the date the underlying asset is available for use). Right- of-
use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities.
Right-of-use assets are measured at cost, comprising the following: the
amount of the initial measurement of lease liability, any lease payments
made at or before the commencement date, less any lease incentives
received, any initial direct costs, and restoration costs.


Right-of-use assets are depreciated on a straight-line basis over the shorter
of the lease term and the estimated useful lives of the assets, as follows:
Plant and machinery maximum 10 years
Motor vehicles and machinery maximum 5 years

If ownership of the leased asset transfers to the Group at the end of
the lease term or the cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful life of the asset.





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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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The right-of-use assets are also subject to impairment. Refer to the
accounting policies in the ‘Impairment of non-financial assets’ section.
LEASE LIABILITIES
At the commencement date of the lease, the Group recognizes lease
liabilities measured at the present value of lease payments to be made over
the lease term. The lease payments include fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or
a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of penalties
for terminating the lease, if the lease term reflects the Group exercising the
option to terminate. Every six months, the management, together with the
Executive Board, evaluates the options for granting and terminating leases
based on the strategic plan. Variable lease payments that do not depend
on an index or a rate are recognized as expenses in the period in which the
event that triggers the payment occurs.
To determine the current value of the lease payments, the Group will
discount future lease payments at the incremental borrowing rate on
the start date (i.e. the interest that the lessee would pay if he took out
a loan with the bank for a similar asset over a similar duration). After
the commencement date, the amount of lease liabilities is increased
to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term, a change in the lease
payments (e.g. changes to future payments resulting from a change in an
index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
SHORT-TERM LEASES AND LEASES OF LOW-VALUE ASSETS
The Group applies the short-term lease recognition exemption to its short-
term leases of machinery and equipment (i.e., those leases that have a
lease term of 12 months or less from the commencement date and do
not contain a purchase option). The Group also applies the exemption
for leases for which the underlying assets have a low value (value below
€5,000).









DERIVATIVE FINANCIAL INSTRUMENTS
HEDGES
Van de Velde applies derivative financial instruments only in order to
reduce the exposure to foreign currency risk. These financial instruments
are entered into in accordance with the aims and principles laid down by
general management, which prohibits the use of such financial instruments
for speculation purposes.
Derivative financial instruments are initially measured at fair value. As
a result, at reporting date all derivatives are measured at fair value with
changes in fair value recognized immediately in the income statement. The
fair value of derivatives is calculated by discounting the expected future
cash flows at the prevailing interest rates. All spot purchases and sales of
financial assets are recognized on the settlement date.







CASH AND CASH EQUIVALENTS
Cash and cash equivalents include bank balances, available cash and
short-term deposits. Interest income is recognized based on the effective
interest rate of the asset.
Short-term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.





SHARE CAPITAL

Where any Group company purchases the company’s equity instruments,
for example as the result of a share buy-back or a share-based payment
plan, the consideration paid, including any directly attributable incremental
costs (net of income taxes), is deducted from equity attributable to
the owners of Group as treasury shares until the shares are cancelled
or reissued.
Where such ordinary shares are subsequently reissued,
any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity
attributable to the owners of the Group.
CHANGE IN CAPITAL
When there is an increase or decrease in Van de Velde’s share capital, all
directly attributable costs relating to that event are deducted from equity
and not recognized in profit or loss when incurred.

DIVIDENDS
Dividends are recognized as a liability in the period in which they are
approved by the General Meeting.

PROVISIONS
Provisions are recognized when Van de Velde has a present legal or
constructive obligation as a result of past events, and it is probable that an
outflow will be required to settle the obligation and a reliable estimate of the
amount of the obligation can be made. If the effect is material, provisions
are determined by discounting the expected future cash flows at a rate
that reflects current market assessments of the time value of money and,
where appropriate, the risks specific to the liability.



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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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EMPLOYEE BENEFITS
PENSION PLAN
Van de Velde has Group insurance plans for its Belgian employees and
Group insurance plans for its employees elsewhere. Under IAS 19 all
pension plans are recognized as defined contribution plans or defined
pension plans. A defined contribution plan is a pension plan in which a
company pays fixed contributions to a separate company and has no legal
or actual obligation to pay further contributions if the pension fund has
inadequate assets to pay the benefits related to the years of service in the
current or previous periods to all employees. A defined pension plan is a
pension plan that is not a defined contribution plan.
The pension plans in foreign countries are defined contribution plans. The
costs connected with these are recognized through profit and loss when
incurred. Pension plans in Belgium are defined pension plans.
A liability was recognized in the balance sheet with regard to the Belgian
pension schemes equal to the sum of the cash value of the gross liabilities
on account of defined pension entitlements (including the tax due on
contributions relating to pension costs) as at the balance sheet date, less
the market value of the fund investments. An independent actuary makes
on an annual basis an actuarial calculation of this gross liability using the
projected unit credit method.
The interest expense is calculated by applying a discount rate to the asset
or the liability of the defined pension entitlements. This interest expense is
recognized through profit and loss. In establishing an appropriate discount
rate, the company bases itself on the interest rates applicable to high-grade
corporate bonds in cash, which correspond to the currency in which the
liability is expected to be paid in accordance with the expected duration of
the defined pension liability.
Revaluations, including actuarial gains and losses and the return on fund
investments (excluding net interest expense), are recognized in other
comprehensive income when they occur. Revaluations must not be
reclassified to profit and loss in later periods.
Past service pension cost is recognized through profit and loss when the
plan is changed or when the related restructuring or termination benefits
become payable by the company, whichever occurs first.
SHARE-BASED PAYMENTS
The fair value of the share options awarded under the Group’s share option
plan is established on the grant date, with due consideration for the terms
and conditions under which the options are granted and using a valuation
technique corresponding to generally accepted valuation methods for
establishing the price of financial instruments and with due consideration
for all relevant factors and assumptions. The fair value of the share options
is recognized as personnel expenses for the period until the beneficiary
acquires the option unconditionally (i.e. vesting date). This concerns equity
settled option plans being incorporated into equity.








INCOME TAX
The current income tax charge is calculated on the basis of the tax laws
enacted or substantively enacted at the end of the reporting period in the
countries where the company and its subsidiaries operate and generate
taxable income. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation
is subject to interpretation, and it considers whether it is probable that
a taxation authority will accept an uncertain tax treatment. The Group
measures its tax balances based on either the most likely amount or the
expected value, depending on which method provides a better prediction
of the resolution of the uncertainty

Income tax on the profit or loss for the year comprises current and
deferred tax. Income tax is recognized in the income statement except
insofar as it relates to items included in shareholders’ equity. In that case,
income tax is included in shareholders’ equity.

Current tax is the expected tax payable on the taxable income for the year,
using applicable tax rates on the balance sheet date, and any adjustments
to tax payables with respect to previous years.
For financial reporting purposes, deferred income tax is calculated using
the liability method based on temporary differences at the balance sheet
date between the tax bases of assets and liabilities and their carrying
amounts.
Deferred income tax assets are recognized only insofar as it is probable
that taxable profit will be available against which the deductible temporary
differences, the carry-forward of unused tax credits and unused tax losses
can be utilized.
Deferred income tax assets and liabilities are measured at the tax rates that
are expected to apply in the year in which the asset is realized or the liability
is settled, based on tax rates (and tax laws) that have been implemented or
substantively implemented at the balance sheet date.
Deferred tax assets and deferred tax liabilities are offset when a legally
enforceable right exists to set off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the
same taxation authority.






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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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TRADE AND OTHER PAYABLES
Trade and other payables are stated at cost, trade payables are non-
interest bearing and are normally settled on 30-day terms. Other payables
are non-interest bearing and have an average term of six months.
Trade payables are recognised initially at their fair value and subsequently
measured at amortised cost using the effective interest method.







REVENUE FROM CONTRACTS WITH CUSTOMERS
IFRS 15 provides a five-step model for the administrative processing
of revenue from contracts with customers. Under IFRS 15, revenue is
recognized in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services.
GOODS SOLD
The two biggest revenue streams of the Group are revenue from B2B and
revenue from D2C. Within these revenue streams, it is usually expected
that the sale of the goods represents the only performance obligation.
Furthermore, the revenue is recognized when the control over the article is
transferred to the customer, usually upon delivery of the goods.
Allowed discounts for cash payments are charged to the profit and loss
account at the moment of the collection of the claim. This discount is
included as a reduction in turnover. Van de Velde has applied the practical
expedient for allowed discounts for cash payments. That is, the promised
amount of consideration is not adjusted for the effects of a significant
financing component if the period between the transfer of the promised
good or service and the payment is one year or less.

Sales of products in the physical and digital stores are recorded when the
sale is settled. The sale is recorded in revenue excluding taxes on sales and
value added taxes and includes discounts and commercial promotions.

The necessary provisions for returns are recognized and revised every six
months based on historical data.
GIFT CARDS AND STORE CREDITS
The Group’s retail network sells gift cards and issues credits to its
customers when merchandise is returned. The cards and credits either do
not expire or have an expiry date of up to 24 months. In line with IFRS 15,
the Group recognizes sales from gift cards when they are redeemed by
the customer. The unused gift cards and credits are included in the profit
and loss account in accordance with internally determined percentages.
This recognition represents the estimate of the management of which the
probability of use by the customer is estimated to be minimal. This profit is
included in turnover.





FINANCIAL INCOME
Financial income comprises dividend income and interest income.
Royalties arising from the use by others of the company’s resources are
recognized when it is probable that the economic benefits associated with
the transaction will flow to the company and the revenue can be measured
reliably. Dividend income is recognized in the income statement on the date
that the dividend is approved by the General Meeting. Interest income is
recognized based on the effective interest rate of the asset.



GOVERNMENT GRANTS
A government grant is recognized when there is reasonable assurance
that it will be received and that the company will comply with the attached
conditions. Grants that compensate the company for expenses incurred
are recognized as revenue in the income statement on a systematic
basis in the same periods in which the expenses are incurred. Grants
that compensate the company for the cost of an asset are included in
the income statement under other operating income, spread out over the
depreciation period of the asset in question.












EXPENSES
INTEREST EXPENSES
All interest and other costs incurred in connection with borrowings and
finance lease liabilities are recognized in the income statement using the
effective interest rate method.



RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL
COSTS, AND SYSTEM DEVELOPMENT COSTS
Research, advertising and promotional costs are expensed in the year
in which these costs are incurred. Development costs and system
development costs are expensed in the year in which these costs are
incurred if they do not meet the criteria for capitalization. If the development
expenditure meets the criteria, it will be capitalized.




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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
73

NEW AND AMENDED STANDARDS AND INTERPRETATIONS,
EFFECTIVE AS AT 31 DECEMBER 2025.
The following new standards and amendments to standards are
mandatory for the first time for the financial year beginning 1 January 2025
and have been endorsed by the European Union:
• Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange
Rates: Lack of Exchangeability’ (effective on 1 January 2025).
The following new standards and amendments have been issued, are
mandatory for the first time for the financial year beginning 1 January 2025,
but have not been endorsed by the European Union:
• None
The following amendments have been issued, but are not mandatory for
the first time for the financial year beginning 1 January 2025 and have
been endorsed by the European Union:
• Amendments to IFRS 9 and to IFRS 7: the Classification and
Measurement of Financial Instruments (effective on 1 January 2026).
• Amendments to IFRS 9 and to IFRS 7: Contracts Referencing
Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7
(effective on 1 January 2026).
• Annual improvements Volume 11 (effective on 1 January 2026).
The following Standards and amendments have been issued, but are not
mandatory for the first time for the financial year beginning 1 January 2025
and have not been endorsed by the European Union:
• IFRS 18 Presentation and Disclosure in Financial Statements (effective on
1 January 2027).
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective
on 1 January,2027).
• Amendments to IAS 21 ‘The effects of changes in foreign exchange
rates: Translation to a hyperinflationary presentation currency (effective
on 1 January 2027).
The following standard is mandatory since the financial year beginning
1 January 2016 (however not yet subjected to EU endorsement). The
European Commission has decided not to launch the endorsement
process of this interim standard but to wait for the final standard:
• IFRS 14, 'Regulatory deferral accounts' (effective 1 January 2016).
Van de Velde does not expect any impact on the Group's consolidated
financial statements as a result of the above-mentioned new standards,
with the exception of IFRS 18. The Group expects that IFRS 18 will have an
impact; the analysis of its nature and extent is currently ongoing.



Marie Jo Louie

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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
74

3. GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIFE
GOODWILL
Goodwill is allocated and tested for impairment at the cash-generating
unit level that is expected to benefit from synergies of the combination the
goodwill resulted from. Cash-generating units are determined based on
revenue generated (digital and owned retail and franchise) in the markets in
which they operate.
The carrying value of goodwill (after impairment and other adjustments)
was allocated to each of the cash-generating units (in thousand euro) as
follows:
000 EURO SARDA INTIMACY RIGBY & PELLER RE-TAIL(1) TOTAL
Carrying value, gross
At 01/01/2025 6,357 26,189 1,843 2,797 37,186
Acquisition through business combinations 0 0 0 0 0
Exchange rate differences 0 0 -94 0 -94
At 31/12/2025 6,357 26,189 1,749 2,797 37,092
Impairment and other adjustments (revaluation)
At 01/01/2025 6,357 26,189 0 0 32,546
Adjustments 0 0 0 0 0
At 31/12/2025 6,357 26,189 0 0 32,546
At 31/12/2025
Accumulated acquisitions 6,357 26,189 1,749 2,797 37,092
Accumulated adjustments 6,357 26,189 0 0 32,546
Goodwill, net 31/12/2025 0 0 1,749 2,797 4,546
(1)
Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.



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FINANCIAL STATEMENT THE YEAR OF 2025
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BRAND NAMES WITH INDEFINITE USEFUL LIFE
The carrying value of brands with indefinite useful life (after impairment and
other adjustments) was allocated to each of the cash-generating units
(in thousand euro) as follows:
Brands with indefinite useful life are:
• The Sarda brand acquired in 2008. In 2012 an impairment charge of
5,531 thousand euro was recognized on this brand.
• The Intimacy brand and concept acquired in 2010. This brand and
concept is fully impaired in 2014 (7,784 thousand euro).
• The Rigby & Peller brand and concept acquired in 2011, the fair value of
which was determined as part of a business combination.
These brands are considered to have an indefinite useful life because the
Group sees them as a fully-fledged extension of its existing brand portfolio.
RIGBY &
000 EURO SARDA INTIMACY PELLER RE-TAIL(1) TOTAL
Carrying value, gross
At 01/01/2025 11,000 7,784 7,113 0 25,897
Acquisition through business combinations 0 0 0 0 0
Exchange rate differences 0 0 -377 0 -377
At 31/12/2025 11,000 7,784 6,736 0 25,520
Impairment and other adjustments (revaluation)
At 01/01/2025 5,531 7,784 0 0 13,315
Adjustments 0 0 0 0 0
At 31/12/2025 5,531 7,784 0 0 13,315
At 31/12/2025
Accumulated acquisitions 11,000 7,784 6,736 0 25,520
Accumulated adjustments 5,531 7,784 0 0 13,315
Brand names with indefinite useful life, net 31/12/2025 5,469 0 6,736 0 12,205
(1)
Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.



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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
76









IMPAIRMENT TEST
In the fourth quarter of every year, the Group conducts its annual
impairment test for each cash-generating unit. The following intangible
assets allocated to each of the cash-generating units were subject to an
impairment test in 2025:
000 EURO SARDA RIGBY & PELLER RE-TAIL TOTAL
Goodwill 1,749 2,797 4,546
Brands with indefinite useful life 5,469 6,736 12,205
Total intangible assets 5,469 8,485 2,797 16,751



























RESULT OF THE IMPAIRMENT TEST
In 2025 the impairment test showed that the realizable value for all
cash-generating units (Sarda, Rigby & Peller and Re-tail) exceeded the
carrying value and hence no impairment was required.
METHODOLOGY APPLIED TO THE IMPAIRMENT TEST
This test aims to compare the realizable value and the carrying value of
each cash-generating unit:
• A model-based approach determines the realizable value based on the
calculated value-in-use, being the present value of the future expected
cash flows from these cash-generating units:
– For the first year in the forecast period 2026, the growth plan as
approved by the Board of Directors is used as the basis.
– For the subsequent years 2027-2030, a cash flow projection is drawn
up based on realistic assumptions.
• For Sarda, this was based on the 2025-2029 strategic plan, which was
approved by the Board of Directors on 12 June 2023.
• The discount rate used to calculate the present value of the future
expected cash flows is based on the market assessments and is
explained below.
The calculation of the value-in-use for all cash-generating units is most
sensitive to the following assumptions:
• Turnover assumptions for the forecast period;
• EBITDA
(1)
development and EBITDA margins applied to the turnover
forecast;
• Growth rate used to extrapolate cash flows beyond the forecast period;
• Discount rate.
The assumptions related to turnover and EBITDA developments are based
on available current internal data as well as historical percentages on the
basis of experience, which are determined for each of the cash-generating
units separately. The growth rate and discount rates are checked against
external sources insofar as possible and relevant.
TURNOVER ASSUMPTIONS FOR THE FORECAST PERIOD
For the three cash-generating units, the growth plan as approved by the
Board of Directors is the starting point in the forecast period 2026.
For Sarda we expect turnover growth during the period 2027-2029.
For the planning period 2026-2029 moderate turnover growth on a
like-for-like basis has been applied to the cash-generating units Rigby &
Peller and Re-tail.
Fully aligned with the segment reporting, the turnover estimates for the
cash-generating units Rigby & Peller and Re-tail include the D2C turnover
realized by the stores as well as the B2B turnover for the Van de Velde
products sold by these retail channels. Furthermore, the estimate for Rigby
& Peller also takes into account the digital sales generated in Germany and
the United States of America under the Rigby & Peller brand name. B2B
sales to franchise shops are included in Re-tail.
EBITDA DEVELOPMENT AND EBITDA MARGINS APPLIED TO THE
TURNOVER FORECAST
In 2024 we repositioned the Sarda brand after a detailed and intensive
preparation period that began in 2022. Since its launch in 1962, the Sarda
brand has been seen as visionary and lauded for its groundbreaking
designs. The new, stronger strategy allows us to express the brand’s DNA
even more. The target group is looking for easy-to-wear lingerie that makes
a fashion statement. To reinforce the repositioning, we will change the
name Sarda to Sarda. Pre-sales started in January, with the official launch
in the second half of 2024.



(1)
Operating profit before depreciation and amortization.


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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
77
A gradual increase in the EBITDA percentage towards the target EBITDA
percentage for a (partially) integrated retail chain is assumed for the cash-
generating units Rigby & Peller and Re-tail. This is achieved by means of a
high gross margin, limited cost increases and the target market share of
Van de Velde products. The contributions to EBITDA of digital sales under
the Rigby & Peller brand in Germany and the United States of America were
also included in the valuation. B2B sales to franchise shops are included in
Re-tail.
GROWTH RATE USED TO EXTRAPOLATE CASH FLOWS BEYOND THE
FORECAST PERIOD
The long-term percentage applied to extrapolate cash flows beyond the
forecast period is assessed in line with the expected long-term inflation for
all cash-generating units (2%).
DISCOUNT RATE
The discount rates represent the current market assessment of the
risks specific to the Van de Velde Group on the one hand and the cash-
generating units on the other. The discount rates are estimated on the basis
of the weighted average cost of capital after tax and are for the three cash-
generating units in a range between 9% and 10.5%. This corresponds to a
cost of capital before tax of between 11.25% and 13.1%.
SENSITIVITY TO CHANGES IN ASSUMPTIONS
With regard to the assessment of the value of the cash-generating unit
Sarda, Rigby & Peller and Re-tail, management is of the opinion, based on
the sensitivity analysis, that a change to the basic assumptions would not
currently lead to the book value of the unit exceeding the realizable value.
The tested sensitivities related to the following aspects:
• Lower than planned turnover growth (of -4% or -5%) during the planning
period (2026-2028);
• A reduction in the long-term percentage (from 2% to 1%) used to
extrapolate the expected turnover;
• An increase in the weighted average cost of capital of 9% or 9.5% to
12% on average.

Marie Jo Mary Lynn
VAN DE VELDE ANNUAL REPORT 2025

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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
78


4. INTANGIBLE ASSETS
BRANDS DISTRIBUTION
BRANDS WITH RIGHTS
WITH FINITE INDEFINITE AND SIMILAR
000 EURO TOTAL USEFUL LIFE USEFUL LIFE RIGHTS SOFTWARE KEY MONEY
Intangible assets, gross
At 01/01/2024 68,925 4,836 25,567 3,734 34,471 317
Investments 3,047 31 0 0 3,016 0
Disposals -47 0 0 0 0 -47
Other adjustments 0 0 0 0 0 0
Exchange rate
adjustments 326 0 330 0 -4 0
At 31/12/2024 72,251 4,867 25,897 3,734 37,483 270
Amortization and impairment
At 01/01/2024 48,510 4,717 13,315 3,734 26,431 313
Amortization 2,956 103 0 0 2,849 4
Impairment -47 0 0 0 0 -47
Disposals 0 0 0 0 0 0
Exchange rate
adjustments 0 0 0 0 0 0
At 31/12/2024 51,419 4,820 13,315 3,734 29,280 270
Intangible assets,
net 31/12/2024 20,832 47 12,582 0 8,203 0
BRANDS DISTRIBUTION
BRANDS WITH RIGHTS AND
WITH FINITE INDEFINITE SIMILAR
000 EURO TOTAL USEFUL LIFE USEFUL LIFE RIGHTS SOFTWARE KEY MONEY
Intangible assets, gross
At 01/01/2025 72,251 4,867 25,897 3,734 37,483 270
Investments 3,317 111 0 0 3,206 0
Disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
Exchange rate
adjustments -377 0 -377 0 0 0
At 31/12/2025 75,191 4,978 25,520 3,734 40,689 270
Amortization and impairment
At 01/01/2025 51,419 4,820 13,315 3,734 29,280 270
Amortization 2,989 68 0 0 2,921 0
Impairment 0 0 0 0 0 0
Disposals 0 0 0 0 0 0
Exchange rate
adjustments 0 0 0 0 0 0
At 31/12/2025 54,408 4,888 13,315 3,734 32,201 270
Intangible assets,
net 31/12/2025 20,783 90 12,205 0 8,488 0

Brands with a specific useful life include, among other things, the registration costs of internally developed brands.
Further details relating to brands with indefinite useful life are included in Note 3.
The investment in software in 2025 concerns the further development of the digital platforms as well as the further
implementation of our new warehouse management system. There were also additional investments in the various
software supporting applications.
Key money relates to stores in Germany and the Netherlands. Key money refers to the ‘droit au bail’ or the right to
rent shops and is recognized at cost.
Expenditure on research activities (434 thousand euro in 2025) undertaken to acquire new scientific or technical
knowledge and understanding, is recognized as expense when incurred.



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FINANCIAL STATEMENT THE YEAR OF 2025
79

5. TANGIBLE FIXED ASSETS
INSTALLATIONS,
LAND AND MACHINERY ASSETS UNDER
000 EURO TOTAL BUILDINGSAND EQUIPMENT CONSTRUCTION
Tangible fixed assets, gross
At 01/01/2024 105,568 49,702 54,621 1,245
Investments 3,427 1,149 2,185 93
Transfer -84 510 264 -858
Disposals -2,009 0 -2,009 0
Exchange rate adjustments 185 0 185 0
At 31/12/2024 107,087 51,361 55,246 480
Depreciation and impairment
At 01/01/2024 75,666 29,541 46,125 0
Depreciation 3,620 1,387 2,233 0
Disposals -1,898 0 -1,898 0
Exchange rate adjustments 0 0 0 0
At 31/12/2024 77,388 30,928 46,460 0
Tangible fixed assets,
net 31/12/2024 29,699 20,433 8,786 480
INSTALLATIONS,
LAND AND MACHINERY AND ASSETS UNDER
000 EURO TOTAL BUILDINGS EQUIPMENT CONSTRUCTION
Tangible fixed assets, gross
At 01/01/2025 107,087 51,361 55,246 480
Investments 4,083 631 3,317 135
Transfer -50 0 0 -50
Disposals -319 0 -319 0
Exchange rate adjustments -579 -81 -498 0
At 31/12/2025 110,222 51,911 57,746 565
Depreciation and impairment
At 01/01/2025 77,388 30,928 46,460 0
Depreciation 4,010 1,465 2,545 0
Disposals -319 0 -319 0
Exchange rate adjustments -419 54 -473 0
At 01/01/2025 80,660 32,447 48,213 0
Tangible fixed assets,
net 31/12/2025 29,562 19,464 9,533 565
Investments in tangible fixed assets include, in addition to various improvement and maintenance investments in
buildings, the preparatory work for the expansion of the distribution centre in Wichelen. In addition, there were also
renovations in our stores in the Netherlands, Germany and the United Kingdom.



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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
80


6. INVESTMENTS IN ASSOCIATES
Investments in associates consist of the following Group interests:
25.7% in Top Form International Ltd.
Top Form is a company based in Hong Kong with operations in
several Asian countries. The main activity is the production of lingerie,
predominantly for major European and American fashion brands. The
company is listed on the Hong Kong Stock Exchange.
Van de Velde invested in Top Form in 2007 and has held 25.66% of shares
since 2011. The Top Form International Group always closes its financial
year on 30 June of the calendar year, which is a different closing date than
for the Group.
The participation in the associated company Top Form International Ltd.
is 9.6 million euro lower than at the end of 2024 of which 8.1 million euro is
relate to impairment.
NET CARRYING AMOUNT000 EURO TOP FORM LTD.
At 01/01/2024 10,646
Results of the fiscal year(1) 226
Capital increase 0
Impairment of investment in associates 0
Dividend received 0
Share in the revaluation reserve 0
Share in other comprehensive income (conversion impact) 70
Conversion profit and losses 721
At 31/12/2024 11,663
At 01/01/2025 11,663
Results of the fiscal year(1) -1,458
Capital increase 0
Impairment of investment in associates -8,129
Dividend received 0
Share in the revaluation reserve 0
Share in other comprehensive income (conversion impact) 0
Conversion profit and losses 0
At 31/12/2025 2,076
The carrying amount of the 25.66% investment in Top Form International
Ltd. is 2,076 thousand euro as of 31 December 2025, which corresponds to
the value based on the stock market price on that date taking into account
the 77,258,590 shares that Van de Velde NV holds in Top Form.
TOP FORM INTERNATIONAL – VALUATION OF THE INVESTMENT
As part of the periodic review of its financial investments, the recoverable
amount of this investment was reassessed on 31 December 2025.
In previous financial years, a value-in-use approach was considered
most appropriate, as the internal cash flow projections were sufficiently
substantiated and stable. Under the current circumstances, explained
below, this is no longer the case.
Top Form's prospects and cash flows are currently characterized by
increased uncertainty, partly due to weaker market conditions in its
key sales market, a volatile international trade climate, and uncertainty
surrounding the partnership with one of its customers.
As a result, internally prepared cash flow projections are currently less
predictable, making a value-in-use valuation is less appropriate today.
For this reason, the recoverable amount as of 31 December 2025, was
determined based on the fair value, derived from the share price on the
balance sheet date. This share price serves as an external and observable
benchmark that reflects current market expectations for Top Form.
(1)
Result for the financial year combined with the impact on equity resulting from the change in the
minority interest at the level of this investment in Topform, in line with IAS 28 and the Group valuation
rules.




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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
81


The change in valuation basis resulted in a write-down of 8.1 million euro.
KEY FIGURES TOP FORM LTD.31/12/2025
Number of shares 77,258,590
Share price at 31/12/2025 (in HKD) 0.245
Share value at 31/12/2025 (in 000 HKD) 18,928
Share value at 31/12/2025 (in 000 euro) 2,076
Book value at 31/12/2024 (in 000 euro) 11,663
Share in result of associates -1,458
Impairment loss at 31/12/2025 (in 000 euro) -8,129
In parallel, Van de Velde continues to work on further diversifying
its production activities, partly considering the global uncertainty. In
collaboration with Top Form, part of the production is being relocated
to Thailand. Tests are also being conducted with additional production
partners in the Far East.
The key figures for the participation in Top Form are as follows:
000 EURO TOP FORM LTD.31/12/2025 TOP FORM LTD.31/12/2024
Tangible fixed assets 13,821 17,082
Other fixed assets 21,381 23,344
Right-of-use asset 3,100 2,774
Current assets 48,220 57,187
Non current liabilities 3,063 6,281
Current liabilities 39,857 42,796
Lease liabilities 5,064 2,971
Equity 38,538 48,340
Unrealized result in equity 10,524 10,825
Turnover 121,537 149,341
Profit/(Loss) attributable to owners of the company -5,817 -562
The figures for Top Form International Ltd. refer to the closing date of 31
December 2025 (first half of the 2024-2025 fiscal year). Revenue and net
income refer to the results over a 12-month period.



Sarda CID

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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
82

9. INVENTORIES
Inventories by major components are as follows:
000 EURO 2025 2024
Finished and merchandise goods 31,536 30,257
Work in progress 12,249 9,120
Raw materials 12,147 10,164
Inventories, gross 55,932 49,541
Less: Allowance for obsolescence -7,786 -7,240
Inventories, net 48,146 42,302
The allowance for obsolescence at 31 December 2025 concerns finished products (4,862 thousand euro) and raw
materials (2,924 thousand euro). The allowance for obsolescence at 31 December 2024 concerns finished products
(4,564 thousand euro) and raw materials (2,675 thousand euro). The decrease in depreciation of 2024, is due to the
higher depreciation in 2023 following a review on the classification of our permanent collection.
The allowance for obsolescence and the additional write-downs is recorded in the income statement under 'Cost of
materials'.
The cost of materials is as follows:
000 EURO 2025 2024
Purchase of raw materials 37,418 31,935
Change in inventories -6,390 6,446
Change in allowance for obsolescence 547 -2,798
Cost of materials 31,574 35,583

The evolution in the components of the working capital is explained in the press release of the annual results.

8. GRANTS
A grant of 407 thousand euro was received in tranches from VLAIO (the Flemish Agency for Innovation and
Entrepreneurship) over de period 2017 to 2020 as a result of an ongoing research and development project. The
grant is recognized in the income statement pro rata the depreciation of the underlying asset for which the grant was
received. In 2025, the final portion of the subsidy, amounting to 41 thousand euros, was recognised in the income
statement. In 2024, 81 thousand euro of the subsidy was recognised in the income statement.



7. OTHER FIXED ASSETS
Other fixed assets consist of the following:
000 EURO 2025 2024
Security deposits for VAT 169 218
Other security deposits 718 734
Borrowings 1,295 783
Other fixed assets, net 2,182 1,735



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FINANCIAL STATEMENT THE YEAR OF 2025
83












10. TRADE AND OTHER RECEIVABLES
Trade and other receivables are non-interest bearing. Standard payment
terms are country-defined. In addition to payment terms, Van de Velde also
applies customer-defined credit limits in order to assure proper follow-up.
In the event of overdue invoices, a reminder procedure is initiated.
In 2025 there was a loss of 802 thousand euro with respect to trade
receivables (199 thousand euro in 2024). This loss is recognized in the
income statement under ‘Turnover’.
Concerning the trade receivables, there are no indications that the
debtors will not fulfil their payment obligations. Neither are there any
customers that account for more than 10% of the consolidated turnover.
Under IFRS 9 Van de Velde has an obligation to recognize expected losses
on trade receivables. The decrease in impairment relates, on the one hand,
to a reversal of the write-down of doubtful debts of 291 thousand euro (use
of 467 thousand euro in 2024) and, on the other hand, to the application of
IFRS 9 standard for an amount of 180 thousand euro (313 thousand euro
in 2024). The total decrease of impairment losses on trade receivables,
913 thousand euro, is recognized in the income statement under ‘Other
expenses’.
In accordance with IFRS 9 requirements, Van de Velde applies a provision
matrix for trade receivables that takes into account the age of the
receivables. The balances are classified into the following categories: not
past due, 1–30 days past due, 31–60 days past due, 61–90 days past due
and more than 90 days past due. A separate loss percentage is applied to
each category, based on the Group's historical credit loss data. The ECL
percentages used for 2025 were 1.17%, 1.43%, 2.19%, 3.21% and 4.55%
for the above categories, respectively. These percentages are updated
annually and adjusted when sector-specific or economic factors give rise to
changes in the expected credit risk.
The aging analysis of the trade receivables at year end is as follows:
000 EURO TOTAL NOT PAST DUE PAST DUE1 - 60 DAYS PAST DUE60-90 DAYS PAST DUE> 90 DAYS
2025 14,461 11,456 1,800 724 481
2024 16,409 11,924 2,285 882 1,318
Working capital (current assets excluding cash and cash equivalents minus
current liabilities excluding financial debt) amounted to 39.3 million euro in
2025 versus 38.8 million euro in 2024, indicating stable working capital.


Accounts receivable are as follows:
000 EURO 2025 2024
Trade receivables, gross 14,461 16,409
Less: allowance for impairment losses on trade receivables -337 -1,250
Trade receivables, net 14,124 15,159



The table below summarizes a global view of the allowances for
impairment losses on trade receivables:
000 EURO 2025 2024
At 1 January -1,250 -669
Applied losses 802 199
Additions 111 -781
At 31 December -337 -1,250




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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
84



11. OTHER CURRENT ASSETS
Other current assets consist of the following:
000 EURO 2025 2024
Prepaid expenses (1) 3,134 1,955
Tax receivables (VAT and corporate income tax) 3,355 5,093
FX forward contracts (note 20) 0 14
Other current assets, net 6,489 7,062
(1)
Pre-paid expenses mainly concern pre-paid maintenance costs.
The decrease in taxes receivable is attributable to lower corporate income tax recoverable in 2025, as a result of
lower advance payments compared to 2024.







13. SHARE CAPITAL
000 EURO 2025 2024
Nominative shares 7,793,599 7,573,991
Dematerialized shares 5,037,823 5,488,426
Total number of shares 12,831,422 13,062,417
On 31 December 2025 Van de Velde NV’s share capital was 1,936 thousand euro (fully paid), represented by
12,831,422 shares with no nominal value and all with the same rights insofar as they are not treasury shares,
whose rights have been suspended or cancelled. The Board of Directors of Van de Velde NV is authorized to raise
the subscribed capital one or more times by a total amount of 1,936 thousand euro under the conditions stated
in the Articles of Association. This authorization is valid for five years after publication in the annexes to Belgisch
Staatsblad/ Moniteur belge (12 May 2025).
The distributions from retained earnings of Van de Velde NV, the parent company, is limited to a legal reserve, which
was built up in previous years, in accordance with Belgium’s Companies Code, to 10% of the subscribed capital.

TREASURY SHARES
On 30 April 2025, the Extraordinary General Meeting of Shareholders authorized the Board of Directors to buy or
sell its own shares. This authorization is valid for a period of (i) three years as from 12 May 2025 if the acquisition
is necessary to prevent a serious imminent disadvantage and (ii) five years as from 12 May 2025 if the Board of
Directors, in accordance with Article 7:215 of the CCA, acquires the legally permitted number of its own shares at a
price equal to the price at which they are listed on Euronext Brussels.
The Board of Directors approved a share buy-back programme of up to 15 million euro on 26 February 2025. The
buy-back programme started on 4 March 2025 and has an anticipated duration of one year.




12. CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of the following:
000 EURO 2025 2024
Cash at banks and in hand 37,888 19,879
Marketable securities 12,170 39,031
Cash and cash equivalents 50,058 58,910
Marketable securities predominantly consist of saving accounts at financial institutions. A small part refers to
a financial investment. Cash and cash equivalents recognized in the cash flow statement comprise the same
elements as presented above.



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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
85


At the end of 2024 Van de Velde NV held 449,386 treasury shares.
In 2025, 151,427 of its own shares were acquired (worth 4,751 thousand euro) and 230,995 own shares were
cancelled (worth 7,492 thousand euro). During 2025, 12,000 options were exercised under the option plan (worth 303
thousand euro).
At the end of 2025 Van de Velde NV held 357,818 treasury shares with a total value of 9,902 thousand euro.
The treasury shares held by Van de Velde NV will, on the one hand, be offered to management under an option
programme that has been running since 2010 and, on the other hand, be used to reduce accumulated cash no
longer needed for business operations.
000 EURO 2025 2024
Share capital 1,936 1,936
Treasury shares -9,902 -12,989
Share premium 743 743



14. PROVISIONS
000 EURO PROVISIONS
At 01/01/2024 204
Arising during the year 0
Utilized 0
Reversal -49
Provisions at 31/12/2024 155
At 01/01/2025 155
Arising during the year 24
Utilized 0
Reversal 0
Provisions at 31/12/2025 179
In 2025, there was an increase of 24 thousand euro on the existing provision for sales agents.


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FINANCIAL STATEMENT THE YEAR OF 2025
86
15. PENSIONS
Van de Velde has seven defined pension plans in Belgium. These
plans are clarified on a cumulative basis, as they are situated in the
same geographical location and have the same attributes and risk
characteristics, i.e. defined pension plans.
The pension plan in Belgium is subject to Belgian legislation and is a Group
insurance plan with guaranteed return (Tak 21). Since 2016, an annual
actuarial valuation has been made on 31 December by an independent
actuary.
The pension plan in Belgium is financed. If the fund investments are lower
than the minimum guarantee set by law, the insurer will notify the employer.
The latter can then pay an additional contribution into the plan.
As well as the Belgian pension plans, the company also has pension plans
for its staff in Germany. These pension plans are defined contribution
plans. In 2025, the pension provision on the balance sheet was
24 thousand euro (24 thousand euro in 2024).
The adjusted actuarial calculation for the Belgian pension plan at
31 December 2024 and 31 December 2025 shows the following results:
AT 31/12/2024
7,911
-1,528
GAIN/(LOSS)
AS
A CONSEQUENCE
OF CHANGES TO
CALCULATION
METHOD
PENSION COST ALLOCATED
ALLOCATED TO OTHER
TO REALIZED COMPREHENSIVE EMPLOYER
000 EURO AT 01/01/2024 INCOME RETURN (1) INCOME (2) CONTRIBUTION BENEFITS PAID
Defined pension entitlement -9,274 -678 -294 524 0 283 -9,439
liability
Market value of the fund
7,867 0 263 -1,032 1,096 -283
investments
Net liability in the balance
sheet -1,407 -678 -31 -508 1,096 0
GAIN/(LOSS)
AS
A CONSEQUENCE
OF CHANGES TO
CALCULATION
METHOD
PENSION COST ALLOCATED
ALLOCATED TO OTHER
TO REALIZED COMPREHENSIVE EMPLOYER
000 EURO AT 01/01/2025 INCOME RETURN (1) INCOME (2) CONTRIBUTION BENEFITS PAID AT 31/12/2025
Defined pension entitlement -9,439 -834 -334 371 0 376 -9,860
liability
Market value of the fund
7,911 0 299 -535 1,081 -376 8,379
investments
Net liability in the balance
sheet -1,528 -834 -35 -164 1,081 0 -1,481
(1)
The ‘Return’ column includes the interest cost to the defined pension rights and the expected return on the asset.
(2)
For the 2025 financial year, the change in calculation method allocated to other comprehensive income consists of 83 thousand euro in experience adjustments and 288 thousand euro in financial
adjustments and there are no changes in demographic adjustments. For the 2024 financial year, the change in calculation method allocated to other comprehensive income consists of -13 thousand euro in
experience adjustments, 537 thousand euro in financial adjustments and there are no changes in demographic adjustments.


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FINANCIAL STATEMENT THE YEAR OF 2025
87
The investments primarily relate to qualifying insurance policies (99.9% of
all investments). The expected contribution by the employer for the year
ending 31 December 2025 is 1,081 thousand euro.
The main actuarial assumptions used in the valuation of the pension plans
are shown in the table below:
2025 2024
Annual pay rises (excluding inflation)
age 20-24 6.60% 6.60%
age 25-29 5.10% 5.10%
age 30-34 2.60% 2.60%
age 35-39 2.10% 2.10%
age 40-44 3.10% 3.10%
from age 45 1.60% 1.60%
Annual inflation 2.30% 2.30%
Annual discount rate 4.07% 3.70%
Pension age in years 65 65
Total number of members 982 1,001
Average age in years 45.7 45.5
Estimated duration in years 15.98 16.35
The expected duration of the non-discounted pension payments is broken
down in the table below:
EXPECTED BENEFITS
Within 12 months (fiscal year ending 31 December 2026) 418
Between 2 and 5 years 1,321
Between 5 and 10 years 5,079
Total expected benefits 6,818
The cash value of pension liabilities depends on a number of factors that
are determined actuarially on the basis of a number of assumptions. The
assumptions used when calculating the net pension costs (income) include
the discount rate. Changes in the assumptions impact the carrying value of
the pension liabilities.
Van de Velde determines the appropriate discount rate at the end of
each year. This is the interest rate that must be applied to determine
the cash value of the estimated future cash flows required to meet the
pension liabilities. When determining the appropriate discount rate, Van
de Velde uses the interest rate of high-value corporate bonds expressed
in the currency in which the pensions will be paid out and with a duration
comparable to the duration of the corresponding pension liabilities.
Other important assumptions for pension liabilities, such as the expected
annual growth rate of salaries and expected withdrawals, are based partly
on current market conditions and partly on proprietary parameters.
The table below shows the effect of the discount rate on the defined
pension entitlement liability:
VALUATION TREND-0.5% ORIGINAL VALUATION TREND+0.5%
Discount rate 3.57% 4.07% 4.57%
Defined pension entitlement liability 10,305 9,860 9,122
Market value of the investment funds 8,917 8,379 7,886
The table below shows the effect of the withdrawals from the plan on the
defined pension entitlement liability:
ORIGINAL SENSITIVITY
Withdrawals from the plan Employer table 0.00%
Defined pension entitlement 9,860 10,861
The sensitivity analysis in the above tables is determined on the basis of a
method that shows the impact on the liability due to the defined pension
entitlements as a consequence of reasonable changes to significant
assumptions occurring at the end of the period. This analysis is based on
a change to a significant assumption that keeps all other assumptions
constant. The sensitivity analysis may not be representative of actual
changes in the defined pension entitlement liability because it is unlikely
that changes to the assumptions could occur in isolation.


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FINANCIAL STATEMENT THE YEAR OF 2025
88




















16. OTHER OPERATING INCOME AND OTHER EXPENSES
Other operating income and other expenses consist of the following:
000 EURO 2025 2024
Income from passed on costs 3,386 3,362
Income from recovered costs 899 760
Other income 722 742
Total other operating income 5,008 4,863
Subcontracting costs 20,786 19,097
Distribution costs 12,153 11,670
Sales and marketing costs 24,893 25,142
General administration costs 18,210 20,015
Total other expenses 76,042 75,924

Other operating income consists mainly of charged costs (import duties and transport costs) and recovered costs
(personnel costs and insurance) and is in line with the previous financial year.

Total other expenses, consisting primarily of subcontracting, distribution, sales and marketing expenses, are in line
with last year. Underlying this is a slight increase in subcontracting costs on the one hand and a slight decrease in
rental costs and consultancy fees on the other.



17. DEFERRED TAXES ASSETS AND LIABILITIES
The deferred taxes, valued at the theoretical tax rate of 25%, consist of the following:
000 EURO DEFERRED TAX LIABILITIES ON FIXED ASSETS DEFERRED TAX ASSETS ON ASSETS/LIABILITIES DEFERRED TAX ASSETS ON TRANSFERRABLE LOSSES TOTAL
At 01/01/2024 4,190 -4,312 -77 -199
Changes 130 1,202 0 1,332
At 31/12/2024 4,319 -3,110 -77 1,132
At 01/01/2025 4,319 -3,110 -77 1,132
Changes -539 315 0 -223
At 31/12/2025 3,780 -2,795 -77 909
The net deferred tax liability of 909 thousand euro mainly concerns the following:
• With regard to the deferred tax liability on fixed assets, the depreciation amount of a tangible fixed asset must
be spread over its life in a systematic way. In the statutory financial statements we use the double declining
depreciation method on assets purchased until 31 December 2019, which is restated in the consolidation. The
deferred tax on this at the end of 2025 was 1,604 thousand euro. Finally, a deferred tax liability was determined on
user fees in the amount of 2,177 thousand euro.
• The deferred taxes of 259 thousand euro were recorded on a revaluation of stock. Deferred taxes of 313 thousand
euro are also recognized under IFRS 9 with regard to the pension liability at Van de Velde. In addition, deferred
taxes related to write-downs on trade receivables for 45 thousand euro were recognized under IFRS 9. Lastly, a
deferred tax asset was determined on lease obligations in the amount of 2,177 thousand euro.
• The deferred tax assets of 77 thousand euro on transferrable losses concern our German retail division. For our
division in the United States, Intimacy Management Company LLC, it was decided not to provide for a deferred
tax asset as there is no certainty that we will be able to use this in the future against future profits. The current
estimated unrecognized latency is 1,752 thousand euro.
• Of the total decrease of 223 thousand euro, 182 thousand euro was recognised in the profit and loss account,
while 41 thousand euro was recognised directly in equity (see Note 23).


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FINANCIAL STATEMENT THE YEAR OF 2025
89






18. TRADE AND OTHER PAYABLES
Trade and other payables consist of the following:
000 EURO 2025 2024
Trade payables 16,724 14,279
Payroll, social charges 7,845 7,677
Gift cards and credits issued 214 225
Accrued charges 1,929 1,301
Deferred income 0 0
FX forward contracts (note 20) 46 93
Trade and other payables 26,758 23,575

Working capital (current assets excluding cash and cash equivalents minus current liabilities excluding financial
debt) amounted to 39.3 million euro in 2025 versus 38.8 million euro in 2024, indicating stable working capital.





19. OTHER CURRENT LIABILITIES AND TAXES PAYABLE
000 EURO 2025 2024
Other current liabilities: taxes (VAT payable, local taxes, withholding taxes) 2,328 1,860
Taxes payable: corporate income taxes 343 297
The increase in current liabilities is due to an increase in outstanding VAT liabilities.
Outstanding tax liabilities are in line with last year. The effective tax rate for 2025 is comparable to that for 2024 (note
23).





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FINANCIAL STATEMENT THE YEAR OF 2025
90




20. FINANCIAL INSTRUMENTS
The fair value of the financial assets and liabilities (including cash, trade
receivables and trade liabilities) is essentially equal to the book value, with
the exception of the derivatives, which are valued at fair value.
The Group applies derivative financial instruments to limit the risks of
unfavourable exchange rate fluctuations originating from operations and
investments.
DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE
ACCOUNTING
The company uses FX forward contracts to manage transaction risks with
a maturity date between 02/01/2026 and 01/06/2026 (maturity for 2024:
between 02/01/2025 and 02/06/2025).
On 31 December 2025, the fair value of these FX forward contracts was -46
thousand euro, comprising an unrealized income of 0 thousand euro and
an unrealized loss of 46 thousand euro.
In summary, the various fair values are set out in the following table:
000 EURO 2025 2024
Derivatives that do not qualify for hedge accounting:
Other current assets 0 14
Other current liabilities -46 -93
Real value -46 -79
The valuation technique used to determine the fair value is level
2-compliant, with the various levels and related valuation techniques
defined as follows:
• Level 1: quoted (and not adjusted) prices on active markets for identical
assets and liabilities;
• Level 2: other techniques, in which all inputs that have a major impact on
the recognized fair value are observable (directly or indirectly);
• Level 3: techniques, using inputs with a major impact on the fair value
and for which no observable market data is available.
















21. FINANCIAL RESULT
The financial result breaks down as follows:
000 EURO 2025 2024
Interest income 636 1,397
Interest costs 5 -4
Interest result, net 641 1,393
Exchange gains(1) 1,011 1,033
Exchange losses(1) -1,483 -1,376
Exchange result, net -472 -342
Other financial income 165 268
Other financial costs -486 -490
Other financial costs due to IFRS 16 -454 -490
Financial result -605 339
(1)
Exchange rate differences (gains and losses) mainly relate to USD, CAD and GBP.














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FINANCIAL STATEMENT THE YEAR OF 2025
91





22. PERSONNEL EXPENSES
Personnel expenses are as follows:
000 EURO 2025 2024
Wages 10,032 9,296
Salaries 33,239 30,333
Social security contributions 9,287 8,719
Other personnel expenses 778 829
Personnel expenses 53,336 49,176

SHARE-BASED PAYMENTS
The fair value of the options on the grant date is recognized for the period
until the beneficiary acquires the option unconditionally in accordance with
the gradual acquisition method.
The impact of IFRS 2 on the result of the year 2025 was 247 thousand euro
versus 290 thousand euro in 2024. The option plans were valued using the
Black-Scholes-Merton model for call options. The following assumptions
were used to determine the weighted average fair value at grant date:




PLAN PLAN PLAN PLAN PLAN PLAN PLAN PLAN
2015 2020 2020 2020 2020 2020 2020 2025
Award date(1) 15/10/19 09/10/20 01/10/21 08/03/22 04/10/22 04/10/23 08/10/24 02/10/25
Dividend right as of the grant
no no no no no no no no
date
Contractual term of the options 7-10 5-10 5-10 10 5-10 5-10 5-10 5-10
Exercise price 23.36 22.60 28.75 32.40 32.40 32.25 29.90 30.65
Expected volatility 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
-0.234% -0.580% -0.322% 1.141% 1.917% 2.389% 2.185% 2.841%
Risk-free interest rate
-0.415% -0.785% -0.580% 1.888% 2.245% 1.933% 2.339%
Fair value of the share option at
7.67 5.32 8.25 10.03 9.09 9.83 8.03 8.10
grant date (in euro)
(1)
The exchange of property will take place on the 60th day after the award date, known as the grant date.


The share option plan has changed as follows:
NUMBER OF SHARES AND OPTIONS OPTION PLAN 2010-2025
Outstanding at 01/01/2024 177,000
Exercisable at 01/01/2024 50,000
Movements during the year
Accepted 30,000
Forfeited 0
Exercised -8,000
Expired -15,000
Outstanding at 31/12/2024 184,000
Exercisable at 31/12/2024 92,000
Movements during the year
Accepted 27,000
Forfeited 0
Exercised -12,000
Expired -5,000
Outstanding at 31/12/2025 194,000
Exercisable at 31/12/2025 102,000






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FINANCIAL STATEMENT THE YEAR OF 2025
92


23. INCOME TAXES
The major components of income tax expense for the years ending 31
December 2025 and 2024 are:
000 EURO 2025 2024
Current income tax 7,871 7,279
Current income tax charge 7,095 7,085
Adjustments in respect of current income
776 194
tax of previous years
Deferred income tax -182 1,459
Relating to the origination and reversal
-182 1,459
of temporary differences
Income tax expense reported in 7,689 8,738
the consolidated income statement
Taxes reported in the other
-41 -127
comprehensive income

The reconciliation of income tax expense applicable to income before
taxes at the statutory income tax rate and income tax expense at the
Group’s effective income tax rate for each of the past two years ending 31
December is as follows:
000 EURO 2025 2024
Profit before taxes(1) 35,124 40,561
Parent's statutory tax rate of 25% 8,781 10,140
Taxes paid related to previous years 776 194
Higher income tax rates in other countries -136 -128
Lower income tax rates in other countries 63 20
Utilization tax losses and unrecognized losses -9 -33
Disallowed expenses 390 278
Tax credits -2,177 -1,733
Total income taxes 7,689 8,738
Effective income tax rate 21.89% 21.54%
(1)
Profit before taxes excluding the share in the result of associates and impairment charges on financial
fixed assets.


Sarda Rojas

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FINANCIAL STATEMENT THE YEAR OF 2025
93
25. DIVIDENDS PAID AND PROPOSED
000 EURO 2025 2024
Dividend paid 30,143 30,751
•in 2025:
2.40 euro per dividend entitled share for fiscal year 2024.
•in 2024:
•2.40 euro per dividend entitled share for fiscal year 2023.
Dividend proposed 29,937 30,271
•2.40 euro per dividend entitled share for fiscal year 2025.
•No dividend rights are attached to treasury shares.

24. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net income for the
year attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the year, excluding the shares
purchased by the Group and held as treasury shares (note 13).
Diluted earnings per share are calculated by dividing the net income for the
year attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the year, both adjusted for the effects
of dilutive potential ordinary shares (stock options).
2025 2024
Profit attributable to shareholders 17,848 32,048
(in 000 euro)
Weighted average number
12,541,695 12,717,937
of ordinary shares
Dilutive effect of stock options 14,621 15,373
Weighted average number of shares
12,556,316 12,733,310
after impact of dilution
Basic earnings per share (euro) 1.42 2.52
Diluted earnings per share (euro) 1.42 2.52
In 2025, the options awarded over the period 2019 – 2021 and 2024 had a
dilutive effect. In 2024, the options awarded over the period 2019 - 2021 had a
dilutive effect.

Primadonna Naica
VAN DE VELDE ANNUAL REPORT 2025

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FINANCIAL STATEMENT THE YEAR OF 2025
94

26. LEASES
The Group has lease contracts for various assets such as vehicles and
buildings used in its activities. The Group depreciates these assets on a
straight-line basis over the shorter of the following periods: lease term in the
contract or estimated useful life of the assets, with a maximum of 5 years
for cars and machinery and a maximum of 10 years for buildings.
There are several lease contracts that include extension and termination
options and variable lease payments. The contracts with variable lease
payments are revenue-based. One variable lease payment of 14 thousand
euro was applicable in 2025 compared to 15 thousand euro in 2024.
We estimate the future outflow for this contract at 121 thousand euro,
spread over a period of five years. The other contracts with variable
lease payments are currently expected to generate no additional outflow.
There are currently no known future obligations under the extension and
termination options that are not included in the current liabilities on the
balance sheet.
The Group also has certain leases of assets with short lease terms and
leases of assets with low value. The Group applies the ‘short-term lease’
and ‘lease of low-value assets’ recognition exemptions for these leases.
Contracts that do not relate to an identifiable asset also fall outside the
scope as well as the variable rental obligations according to turnover.
A number of renewal options exist on the current leases for which it is
uncertain at present whether they will be exercised. If these renewal options
were to be exercised, this would lead to an increase in the lease liability of
4,020 thousand euro. We do not expect to exercise options to terminate
leases early.

Set out below are the carrying amounts of right-of-use assets recognized
and the movements during the period:
RIGHT-OF-USE
ON RENTAL
RIGHT-OF-USE AGREEMENTS
ON RENTAL FOR
AGREEMENTS PASSENGER
FOR VEHICLES AND
000 EURO TOTAL BUILDINGS MACHINERY
Right-of-use assets, gross
At 01/01/2024 23,594 18,347 5,247
Additions 1,980 0 1,980
Remeasurement 517 1,712 -1,195
Other adjustments 0 0 0
Disposal -1,485 -948 -536
Exchange rate effects 544 308 236
At 31/12/2024 25,151 19,419 5,733
Depreciation and impairment
At 01/01/2024 14,077 11,191 2,885
Depreciations recorded 3,817 2,334 1,483
Impairment 0 0 0
Remeasurement -1,651 -353 -1,298
Disposal -1,485 -948 -536
Exchange rate effects 1 -5 6
At 31/12/2024 14,760 12,219 2,541
Right-of-use assets,
net at 31/12/2024 10,392 7,200 3,192
RIGHT-OF-USE
ON RENTAL
RIGHT-OF-USE AGREEMENTS
ON RENTAL FOR
AGREEMENTS PASSENGER
FOR VEHICLES AND
000 EURO TOTAL BUILDINGS MACHINERY
Depreciation and impairment
At 01/01/2025 25,151 19,419 5,733
Additions 2,023 934 1,088
Remeasurement -306 139 -445
Other adjustments 0 0 0
Disposal -1,092 -154 -938
Exchange rate effects -908 -903 -4
At 31/12/2025 24,868 19,434 5,434
Depreciation and impairment
At 01/01/2025 14,760 12,219 2,541
Depreciations recorded 3,689 2,243 1,446
Impairment 0 0 0
Remeasurement -589 -109 -480
Disposal -1,092 -154 -938
Exchange rate effects -606 -605 -1
At 31/12/2025 16,161 13,594 2,568
Right-of-use assets,
net at 31/12/2025 8,706 5,841 2,866






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FINANCIAL STATEMENT THE YEAR OF 2025
95



The investments in buildings relate to a new retail location in the United States and the Netherlands, as well as a new
agreement for an existing location in the United Kingdom and the Netherlands. The revaluations mainly reflect the
impact of indexation and changes in the estimated end date of leases.
The investments in vehicles mainly relate to new lease agreements to replace expiring lease contracts.
The provision for lease liabilities relates to a provision for costs necessary to restore the leased assets to their original
condition upon termination of the contract.
The table below summarizes the maturity profile of the Group's financial liabilities:
000 EURO 3 TO 12 MONTHS 1 TO 5 YEARS MORE THAN 5 YEARS TOTAL
2025 3,620 5,827 481 9,927
2024 3,703 7,716 724 12,143
The table below provides a general overview of the short-term and long-term liabilities relating to IFRS 16:
000 EURO 2025 2024
At 01/01 10,736 9,628
Additions 1,924 1,982
Other changes (revaluations and exchange rate effect) -62 2,755
Payments -3,541 -3,628
At 31/12 9,057 10,736
Current 3,253 3,240
Non-current 5,805 7,497
The following are the amounts of IFRS16 in profit and loss:
000 EURO 2025 2024
Depreciation expense of right-of-use assets 3,689 3,817
Interest expense on lease liabilities -454 -490
Expense relating to short-term leases (included in 'other expenses') 34 18
Expense relating to leases of low-value assets
56 99
(included in 'other expenses')
Rent costs related to reassessments
0 9
(included in 'other operating income')
Variable rent costs based on turnover 14 15




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27. RELATED PARTY DISCLOSURES
FULL CONSOLIDATION
The consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries
listed in the following table.
(%) EQUITY CHANGE ON
INTEREST PREVIOUS
NAME ADDRESS 2025 YEAR
Lageweg 4 Parent
VAN DE VELDE NV 9260 SCHELLEBELLE, Belgium company
VAT-nr. BE 0448.746.744
VAN DE VELDE GMBH & Co KG Grabenstraße 3 100 0
40213 DUSSELDORF, Germany
VAN DE VELDE Grabenstraße 3 100 0
VERWALTUNGS GMBH 40213 DUSSELDORF, Germany
VAN DE VELDE TERMELO Selyem U.4 100 0
ES KERESKEDELMI KFT 7100 SZEKSZARD, Hungary
MARIE JO GMBH Grabenstraße 3 100 0
40213 DUSSELDORF, Germany
VAN DE VELDE IBERICA SL Calle Santa Eulalia, 5 100 0
08012 BARCELONA, Spain
VAN DE VELDE CONFECTION SARL Route De Sousse BP 25 100 0
4020 KONDAR, Tunisia
VAN DE VELDE FINLAND OY 1C7-8, Fashion Center, Härkähaankuja 14 100 0
01730 Vantaa, Finland
(%) EQUITY CHANGE ON
INTEREST PREVIOUS
NAME ADDRESS 2025 YEAR
1252 Madison Avenue
VAN DE VELDE NORTH AMERICA INC NY 10128, NEW YORK, 100 0
United States of America
VAN DE VELDE DENMARK APS C/O Revisionscentret Møllegade 2B, st. 100 0
6330 PADBORG, Denmark
1252 Madison Avenue
VAN DE VELDE RETAIL INC NY 10128, NEW YORK, 100 0
United States of America
INTIMACY MANAGEMENT 1252 Madison Avenue
COMPANY LLC NY 10128, NEW YORK, 100 0
United States of America
Ground Floor 22/22a Conduit Street
RIGBY & PELLER LTD W1S 2XT, LONDON 100 0
United Kingdom
VAN DE VELDE NEDERLAND BV Beethovenstraat 28H 100 0
1077 JH AMSTERDAM, the Netherlands
Sales of goods and services are at arm’s length between Group companies.




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FINANCIAL STATEMENT THE YEAR OF 2025
97





COMPANIES TO WHICH THE EQUITY METHOD
IS APPLIED
The equity method is applied to the following companies:
(%) EQUITY CHANGE ON
INTEREST PREVIOUS
NAME ADDRESS 2025 YEAR
TOP FORM 7/F., Port 33, 33 Tseuk
INTERNATIONAL Luk Street, 25.7 0
LTD San Po Kong, Kowloon,
Hong Kong
TOP FORM INTERNATIONAL LTD ("TFI")
In 2025 purchases between the Group and TFI amounted to 11,488
thousand US dollar. On 31 December 2025 the Group had trade payables
to TFI in the amount of 1,042 thousand US dollar. In 2024 purchases
between the Group and TFI amounted to 11,788 thousand US dollar.
On 31 December 2024 the Group had trade payables to TFI in the amount
of 665 thousand US dollar.


RELATIONSHIPS WITH SHAREHOLDERS
41.58% of the shares of Van de Velde NV are held by the general public.
These shares are traded on Euronext Brussels. Van de Velde Holding NV,
which groups the interests of the Laureys and Van de Velde families, holds
the remainder of the shares.
RELATIONSHIP WITH KEY MANAGEMENT PERSONNEL
See the remuneration report in chapter 2 of the financial statement.
DIRECTOR REMUNERATION
Herman Van de Velde NV received annual gross remuneration of 47,500
euro for his chairmanship of the Board of Directors and the Nomination
and Remuneration Committee from 1st of January 2025 until and
including the 1st of May 2025 (granted pro rata). YJC BV received annual
gross remuneration of 105,000 euro for his chairmanship of the Board of
Directors and membership of the Audit and Risk Committee (granted pro
rata). The other non-executive members (excluding the managing director)
received an annual remuneration of 20,000 euro for their membership of
the Board of Directors. All members of the Board of Directors (excluding
the managing director) received 5,000 euro for their membership of
the Nomination and Remuneration Committee and the Audit and Risk
Committee respectively, while the chairman received a remuneration
of 7,500 euro. The total remuneration for the directors (excluding the
managing director) was 288.3 thousand euro in 2025 and 243.0 thousand
euro in 2024. The directors have not received any loan or advance from the
Group.
MANAGEMENT TEAM REMUNERATION
For the year ended 31 December 2025, a total amount of 1,960 thousand
euro (1,991 thousand euro in 2024) was awarded to the members of the
Management Team, including the managing director.
These total amounts include the following components:
• Basic remuneration: base salary earned in their position during the year
under review;
• Variable remuneration: bonus acquired in the year under review. There
are various pay-out forms, including cash, a warrant plan and a share
option plan;
• Group insurance premiums: insurance premium (invalidity, death,
pension plan) paid by the Group;
• Other benefits are the private use of a company car and hospitalization
insurance;
• Exceptional remuneration concerns a retention bonus or a severance
payment.
000 EURO 2025 2024
Basic remuneration 1,696 1,695
Variable remuneration 239 171
Group insurance premiums 0 11
Other benefits 25 29
Exceptional remuneration 0 84
Total 1,960 1,991
In addition to these cash benefits, share-based benefits were granted to
the members of the Management Team through the share option plan.
In 2025 the members of the Management Team had the opportunity to
participate in a share option plan by which they were granted 5,000 options
(same in 2024). No calculated costs are linked to the options accepted by
the members of the Management Team in 2025.




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28. SEGMENT INFORMATION
Van de Velde distinguishes two operational segments based on the operating model: the B2B (business to business)
and the D2C (direct to consumer) distribution channel. This operating model stipulates that external segment
reporting is based, among other things, on internal organization, management structure and internal financial
reporting. The management evaluates, based on the management reporting, the performance of both segments at
EBITDA level to make decisions on the allocation of resources and the evaluation of the achievements.
The selling price determines whether sales are attributed to the B2B or D2C segment.
The B2B segment refers to sales realized at wholesale price. Today this concerns the business with independent
retail partners, e-tail partners, franchisees, marketplaces and department stores.
The D2C segment refers to sales realized at retail price. Today this concerns the business from our own store
network, our own websites and the concession sales in department stores.
The result of a segment includes the costs and revenues directly generated by the segment. Non direct costs or
revenues are reasonably attributed to a segment, based on activities or volumes.
Assets and liabilities that can be reasonably attributed to segments (goodwill and other fixed assets as well as stock
and trade receivables) are attributed. An important part of the assets and liabilities cannot be attributed to segments
and is managed at Group level. The valuation principles of the operational segments are the same as the most
important policies of the Group.
Van de Velde does not have any transactions with a single customer worth more than 10% of total turnover.
SEGMENT INCOME STATEMENT


















2025 2024
000 EURO B2B D2C UNALLO- CATED TOTAL B2B D2C UNALLO- CATED TOTAL
Segment revenues 146,473 55,888 0 202,361 153,313 53,122 0 206,435
Segment costs -109,432 -46,512 0 -155,944 -111,142 -44,679 0 -155,821
Depreciation 0 0 -10,688 -10,688 0 0 -10,393 -10,393
Segment results 37,041 9,376 -10,688 35,729 42,171 8,443 -10,393 40,221
Net finance profit -605 339
Result from associates -9,587 226
Income taxes -7,689 -8,738
Net income 17,848 32,048







SEGMENT BALANCE SHEET








2025 2024
000 EURO B2B D2C TOTAL B2B D2C TOTAL
Segment assets 55,496 19,941 75,437 50,836 21,561 72,397
Unallocated assets 111,236 129,996
Consolidated total assets 55,496 19,941 186,673 50,836 21,561 202,393
Segment liabilities 26,447 14,937 41,384 24,065 15,242 39,307
Unallocated liabilities 145,289 163,086
Consolidated total liabilities 26,447 14,937 186,673 24,065 15,242 202,393


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FINANCIAL STATEMENT THE YEAR OF 2025
99


BREAKDOWN BY REGION - TURNOVER
2025 2024
000 EURO EUROZONE NON-EUROZONE TOTAL EUROZONE NON-EUROZONE TOTAL
Turnover 148,241 54,120 202,361 152,435 54,000 206,435
The most important markets accounting for more than 10% of turnover are stated below in descending order
of turnover:
• Germany, Belgium and the Netherlands for the eurozone;
• United States, United Kingdom and Switzerland for non-eurozone.


FURTHER INFORMATION ABOUT THE ASSETS OF THE COMPANY - LOCATION
000 EURO BELGIUM OUTSIDE BELGIUM TOTAL
Tangible fixed assets 21,852 7,710 29,562
Intangible assets 14,047 6,736 20,783
Right-of-use assets 2,347 6,359 8,706
Inventories 43,966 4,180 48,146

29. EVENTS AFTER BALANCE SHEET DATE
No events after the balance sheet date had a major impact on the situation of the company.

Primadonna Madison

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30. BUSINESS RISKS WITH RESPECT TO IFRS7 AND OTHER RISKS
Besides the general strategic risks, Van de Velde has identified the
following risks with respect to IFRS 7:
CURRENCY RISK
Due to its international character, the Group is confronted with various
exchange rate risks on sale and purchase transactions.
In terms of currency risk, between 25% and 30% of Group turnover is
generated in currencies other than the euro. In addition, a significant
proportion of purchases and expenses are traded in foreign currency (e.g.
purchases of raw materials and subcontractors, as well as local expenses
within the retail network).
Where possible, currency risks are managed by offsetting transactions in
the same currency or by fixing exchange rates through forward contracts.
These risks are managed at the level of the parent company. The Group is
aware that exchange risks cannot always be fully hedged.
Foreign operations increase the currency risk of the Group. Financial
instruments are not used to hedge this risk.
CLOSING RATE AVERAGE RATE
CAD 0.6190 0.6323
CHF 1.0745 1.0689
NOK 1.1446 1.1680
GBP 0.8532 0.8822
USD 0.2933 0.2963

The Group performed a sensitivity analysis in 2025 on the outstanding
trade receivables and trade payables of the Group, at the balance sheet
date converted with a sensitivity of 10%.
000 EURO +10% -10%
CAD 47 -47
CHF 23 -23
AUD 30 -30
GBP -73 73
26 -26
The Group performed a sensitivity analysis in 2025 on the equity
components in the foreign currency of the Group, at the balance sheet date
converted with a sensitivity of 10%.
000 EURO +10% -10%
GBP 337 -337
USD 1,319 -1,319
TND 391 -391
2,048 -2,048


Marie Jo Cyrile
VAN DE VELDE ANNUAL REPORT 2025

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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CREDIT RISK
As a consequence of the large diversified customer portfolio, the Group
does not have a significant concentration of credit risks. The Group has
developed strategies and additional procedures to monitor and limit credit
risk at its customers. B2B sales are generated through around 3,500
independent retailers and a small number of fashion department stores.
No single customer accounts for more than 3.7% of the annual turnover of
the Group.
Furthermore, the insolvency risk is covered by credit insurance. In
accordance with IFRS 9, the Group applies the ECL model to its trade
receivables. For further explanation in this regard, we refer to note 10.
With respect to eCommerce activities, the credit risk is limited by using
country-specific payment methods, and there is collaboration with
an external partner who monitors the creditworthiness of potential
eCommerce customers.

MACRO-ECONOMIC RISK
The impact of the macro-economic environment is monitored by
Management and action is taken as needed.
The macro-economic factors impact the impairment tests on goodwill,
brand names with indefinite useful lives and participations in associated
companies, as well as on the calculation of the pension provision. In
particular:
• Higher interest rates and uncertainties on the market impact the
discount rates to be applied;
• Current market conditions are reflected in the WACC & discount rates
applied in the impairment analyses and in the assumptions applied to
the actuarial calculation of the pension provision;
• The impact of inflation & increased interest costs was included in the
budgets used for the impairment tests and the sensitivity analyses.
LIQUIDITY AND CASH FLOW RISK
The liquidity and cash flow risk is rather limited thanks to the large
operational cash flow and the net cash position (50.1 million euro). Credit
lines worth more than 10 million euro are also available. The Group has no
borrowings with fixed repayments.

RISK OF INTERRUPTIONS IN THE SUPPLY CHAIN
Adequate measures have been taken in several areas to minimize
interruptions in the supply chain and deal with any such interruptions that
do occur. Examples of such measures are:
• The IT department has designed a disaster recovery plan to minimize
the risk of damage from the failure of the computer infrastructure.
Additionally, investments are made to limit the risk of failure of the
computer infrastructure itself.
• The risks of interruption in deliveries by a supplier and the possible
alternatives (if available) have been identified and are regularly
monitored. The creditworthiness of suppliers is also monitored.
• As far as possible, the concentration risk at suppliers is managed by
sufficient diversification. The ten leading material suppliers account
for approximately 55% of purchase costs of material. The largest
supplier accounts for approximately 22% of purchase costs, the second
approximately 7% and third for approximately 5%, whereas all other
suppliers account for no more than 4%.
• Assembly capacity is mainly spread over Tunisia, China and Thailand.
• The raw materials warehouse and the distribution centre are located at
the same site. These warehouses are in separate buildings and both
comply with high safety standards.
• Transparent chain management has been set up in which provisions
and/or any interruptions are proactively identified so that action can be
taken.
Moreover, business risks as a consequence of a potential interruption are
covered by insurance. Adequate measures have been taken in consultation
with insurers who also regularly inspect the various locations.



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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
102
RISK OF OVERVALUED STOCK
Van de Velde’s business model entails risks with regard to raw materials
and finished products. Raw materials are ordered and production is
launched before we have full insight into the orders. As far as possible,
Van de Velde attempts to concentrate this risk at the level of raw materials
rather than finished products.
Van de Velde also applies a strict policy regarding write-downs on
inventories:
• The value of finished products for which sales are declining is written off
at the end of the season or during the following season. These finished
products are fully written off in the subsequent year.
• If there is no further need for additional production, the related raw
materials are written off completely.
PRODUCT RISK
Sales are spread over about 44,000 stock references, more than 13,000 of
which are changed every season. Therefore, sales do not depend on the
success of any one model.
COMPLIANCE AND REGULATORY RISKS
Van de Velde Group is subject to federal, regional and local laws and
regulations in each country in which it operates. Such laws and regulations
relate to a wide variety of matters, such as data security, privacy, product
liability, health and safety, import and export, occupational accidents,
employment practices and the relationship with associates (regarding
overtime and workplace safety among other things), tax matters, unfair
competitive practices and similar regulations.
Compliance with, or changes in, these laws could reduce the revenues and
profitability of the Group and could affect its business, financial conditions
or the results of operations.
Van de Velde Group has been subject to and may in the future be subject
to allegations of violating certain laws and/or regulations. Such allegations
or investigations or proceedings may require the Group to devote
significant management resources to defending itself. In the event that
such allegations are proven, Van de Velde may be subject to significant
fines, damages awards and other expenses, and its reputation may be
harmed.
Van de Velde Group actively strives to ensure compliance with all laws and
regulations to which it is subject. A degree of insurance has been taken out
to cover some of the above-mentioned risks.


Sarda KHarlan
VAN DE VELDE ANNUAL REPORT 2025

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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RISK MANAGEMENT AND INTERNAL CONTROLS
OVER SUSTAINABILITY REPORTING
To cover risk management and internal control processes in relation to
our sustainability reporting, a CSRD work group was set up during 2024.
The work group holds weekly meetings since June 2024 and is led by
the Sustainability Manager. Other participants are the CFO, Head of HR,
Finance Manager and Head of Legal, Risk & Compliance.
The scope of the work group includes:
• Van de Velde NV and all its direct and indirect subsidiaries
• all disclosure requirements under the CSRD
The main risks that were identified in relation to the sustainability report, were:
• a lack of clear definitions and/or processes for data collection
• a lack of clear responsibilities
• timely finalization of the sustainability report
The work group implemented several initiatives to allow internal control on
all data and information required under CSRD and to mitigate the above
mentioned risks:
• one person within Van de Velde was designated as the final responsible
for each specific ESRS standard;
• a process document was created for all quantitative datapoints, wherein
the responsible for the data, data collection, data storage, data validation
and internal control and timing of reporting were described;
• a software (Greenomy) was used to provide an accurate overview of all
disclosure requirements;
• a consultant was enlisted to perform an internal check on the process
documents as well as to support the reporting process.

Members of the Management Team were asked to read through the initial
draft texts to validate the absence of incorrect statements.
The completeness and correctness of the sustainability report is verified
by our external auditor. The members of the Audit and Risk Committee
perform oversight on the auditor’s work in relation to the sustainability
report.
Van de Velde does not see any risks in climate change with direct impact
in 2025. During the year 2025, expenditures related to climate change were
not material. Considerations in the context of climate change do not have
a material impact on the financial assessment and estimates in this annual
report.

OTHER OPERATIONAL RISKS
The Group is also faced with other operational risks thar are monitored
(where possible) and for which corrective action is taken (where available).

Marie Jo Talea h

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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5. STATUTORY AUDITOR'S REPORT TO THE
GENERAL SHAREHOLDERS’ MEETING OF VAN
DE VELDE NV ON THE CONSOLIDATED
ACCOUNTS FOR THE YEAR ENDED
31 DECEMBER 2025
We present to you our statutory auditor’s report in the context of our
statutory audit of the consolidated accounts of Van de Velde NV (the
“Company”) and its subsidiaries (jointly “the Group”). This report includes
our report on the consolidated accounts, as well as the other legal and
regulatory requirements. This forms part of an integrated whole and is
indivisible.
We have been appointed as statutory auditor by the general meeting d.d.
24 April 2024, following the proposal formulated by the board of directors
and following the recommendation by the audit committee and the
proposal formulated by the works’ council. Our mandate will expire on the
date of the general meeting which will deliberate on the annual accounts for
the year ended 31 December 2026. We have performed the statutory audit
of the Group’s consolidated accounts for 2 consecutive years.
UNQUALIFIED OPINION
We have performed the statutory audit of the Group’s consolidated
accounts, which comprise the consolidated balance sheet as at
31 December 2025, the consolidated income statement and other
comprehensive income, the consolidated statement of changes in equity
and the consolidated cash flow statement for the year then ended, and
notes to the consolidated financial statements, including a summary of
significant accounting policies and other explanatory information, and
which is characterised by a consolidated balance sheet total of 186,673
thousand euro and a profit for the year of 17,848 thousand euro.
In our opinion, the consolidated accounts give a true and fair view of the
Group’s net equity and consolidated financial position as at 31 December
2025, and of its consolidated financial performance and its consolidated
cash flows for the year then ended, in accordance with IFRS Accounting
Standards as adopted by the European Union and with the legal and
regulatory requirements applicable in Belgium.
BASIS FOR UNQUALIFIED OPINION
We conducted our audit in accordance with International Standards on
Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the
International Standards on Auditing as approved by the IAASB which are
applicable to the year-end and which are not yet approved at the national
level. Our responsibilities under those standards are further described in
the “Statutory auditor’s responsibilities for the audit of the consolidated
accounts” section of our report. We have fulfilled our ethical responsibilities
in accordance with the ethical requirements that are relevant to our audit of
the consolidated accounts in Belgium, including the requirements related to
independence.
We have obtained from the board of directors and Company officials the
explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
REPORT ON THE CONSOLIDATED ACCOUNTS

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KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the consolidated accounts of the
current period. These matters were addressed in the context of our audit of
the consolidated accounts as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
Impairment testing of goodwill and brand names with indefinite useful life
(Note 3)
DESCRIPTION OF THE KEY AUDIT MATTER
The carrying value of the Group’s goodwill and brand names with an
indefinite useful life amounts to 4.5 million euro and 12.2 million euro
respectively at 31 December 2025.
These assets are subject to impairment testing on an annual basis or more
frequently if there are indicators of impairment.
We consider this as most significant to our audit because the
determination of whether or not an impairment charge is necessary
involves significant judgement in estimating the future cash flows of the
Cash Generating Units.
HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
We evaluated the appropriateness of the Group’s accounting policies and
assessed compliance with the policies in accordance with IFRS Accounting
Standards as adopted by the European Union.
We evaluated management’s annual impairment testing and assessment
of the indicators of impairment and challenged impairment calculations
by assessing the future cash flow forecasts used in the models, and the
process by which they were drawn up, including comparing them to the
latest budgets presented to the board of directors and internal forecasts.
We understood and challenged:
• the assumptions used in the Group’s budget and internal forecasts and
the long-term growth rates applied by comparing them to economic
forecasts;
• the discount rate by assessing the cost of capital and other inputs
including benchmarking
with comparable organisations;
• the historical accuracy of budgets to actual results to determine whether
cash flow forecasts are reliable based on past experience;
• the mechanics of the underlying calculations.
In performing the above work, we involved our internal valuation experts to
provide challenge and external market data to assess the reasonableness
of the assumptions used by management.
We evaluated the sensitivity analysis around the key drivers within the cash
flow forecasts to ascertain the extent of change in those assumptions
and also considered the likelihood of such a movement in those key
assumptions arising.

Whilst recognizing that cash flow forecasting, impairment modelling
and valuations are all inherently judgmental, we concluded that the
assumptions used by management were within an acceptable range of
possible outcomes.
Allowance for obsolete inventory (Note 9)
DESCRIPTION OF THE KEY AUDIT MATTER

The total inventory value of the Group amounts to 48.1 million euro and
represents 26% of the consolidated balance sheet total at 31 December
2025. This inventory value already takes into account an allowance of
7.8 million euro for inventory items that are considered obsolete per 31
December 2025. Inventory consists of raw materials, work in progress,
finished goods and merchandise goods.
The Group values inventory at the lower of cost or net realizable value. The
allowance for obsolete inventory is calculated based on the ageing and the
expected turnover of the inventory items.
The calculation of allowance for obsolete inventory is important to our audit,
and therefore considered a key audit matter, because of the size of the
amount involved to the consolidated accounts, as well as because of the
uncertainties linked to the judgement in the allowance by management
in estimating the expected turnover as well as the applied allowance
percentages.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
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HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
We evaluated the appropriateness of the Group’s accounting policies and
assessed compliance with the policies in accordance with IFRS Accounting
Standards as adopted by the European Union. Furthermore our audit
procedures contain, among others, the following procedures:
• We have analyzed the calculation for the allowance for obsolete inventory
of the Group and verified that the calculation was applied consistently;
• We have evaluated management’s estimates in view of expected
consumption of raw materials;
• We have tested the accuracy of the applied ageing data of finished
goods by means of a sample test of inventory items;
• We have compared the evolution of the allowance of the inventory year
over year relative to, on the one hand, the types of inventory items (raw
materials versus finished product) and on the other hand relative to the
fashion sensitivity of the items (stayers versus specific summer – winter
collections per brand);
• We have discussed the historically applied allowance percentages with
management and assessed the calculation based on the actual sales of
impaired inventory in the past year
• We have checked the completeness and accuracy of note 9 of the
consolidated accounts
We concluded that the assumptions used by management in respect of
accounting for allowance of obsolete inventory were within an acceptable
range of possible outcomes.
Impairment of investment in Top Form International Ltd. (Note 6)
DESCRIPTION OF THE KEY AUDIT MATTER
As explained in the notes to the financial statements (Note 6), the Group
holds an investment in associates of 2.2 million euro per 31 December
2025 in Top Form International Ltd. This participation is valued in the
balance sheet in accordance with the equity method and this value
also includes the carrying amount of related goodwill. Participations in
associated companies are revalued if there are indications of possible
impairment. Management judged that there were triggers for impairment
due to the economical circumstances in which the associated company
operates as explained in note 6.
We consider this as most significant to our audit because of the size
of the amount involved to the consolidated accounts, and because the
determination of whether or not an impairment charge is necessary
involves significant judgement in estimating the future results of the
associate company.
HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
We evaluated the appropriateness of the Group’s accounting policies and
assessed compliance with the policies in accordance with IFRS Accounting
Standards as adopted by the European Union.
We evaluated management’s impairment testing and assessment of
the indicators of impairment and challenged impairment calculations by
assessing the valuation methodology and model applied, and reviewing the
underlying key figures used in the model.
We understood and challenged:
• management’s identification of impairment indicators,
• management’s evaluation of the method used to calculate the
recoverable amount of the investment in associate,
• the mechanics of the underlying calculation.
In performing the above work, we involved our internal valuation experts to
provide and challenge the underlying calculation method.
Our procedures confirmed that management’s assumptions and estimates
are appropriate in all material aspects.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
FOR THE PREPARATION OF THE CONSOLIDATED
ACCOUNTS

The board of directors is responsible for the preparation of consolidated
accounts that give a true and fair view in accordance with IFRS Accounting
Standards as adopted by the European Union and with the legal and
regulatory requirements applicable in Belgium, and for such internal control
as the board of directors determines is necessary to enable the preparation
of consolidated accounts that are free from material misstatement, whether
due to fraud or error.

In preparing the consolidated accounts, the board of directors is
responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the board of directors
either intends to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
107
STATUTORY AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED ACCOUNTS
Our objectives are to obtain reasonable assurance about whether the
consolidated accounts as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with ISAs will always
detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated accounts.
In performing our audit, we comply with the legal, regulatory and normative
framework applicable to the audit of the consolidated accounts in Belgium.
A statutory audit does not provide any assurance as to the Group’s future
viability nor as to the efficiency or effectiveness of the board of directors’
current or future business management at Group level. Our responsibilities
in respect of the use of the going concern basis of accounting by the board
of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We
also:
• Identify and assess the risks of material misstatement of the consolidated
accounts, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal
control;
• Plan and perform the group audit to obtain sufficient appropriate
audit evidence regarding the financial information of the entities or
business units within the Group as a basis for forming an opinion on the
consolidated financial statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes of the
group audit. We remain solely responsible for our audit opinion.
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control;
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by the board of directors;
• Conclude on the appropriateness of the board of directors’ use of the
going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our statutory auditor’s
report to the related disclosures in the consolidated accounts or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our statutory
auditor’s report. However, future events or conditions may cause the
Group to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the
consolidated accounts, including the disclosures, and whether the
consolidated accounts represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with the audit committee regarding, among other
matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the audit committee with a statement that we have
complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with the audit committee, we
determine those matters that were of most significance in the audit of the
consolidated accounts of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter.

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
108
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
The board of directors is responsible for the preparation and the content
of the directors’ report on the consolidated accounts, including the
sustainability information, and the other information included in the annual
report on the consolidated accounts.
STATUTORY AUDITOR’S RESPONSIBILITIES

In the context of our engagement and in accordance with the Belgian
standard which is complementary to the International Standards on
Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all
material respects, the directors’ report on the consolidated accounts and
the other information included in the annual report on the consolidated
accounts and to report on these matters.
ASPECTS RELATED TO THE DIRECTORS’ REPORT ON
THE CONSOLIDATED ACCOUNTS AND TO THE
OTHER INFORMATION INCLUDED IN THE ANNUAL
REPORT ON THE CONSOLIDATED ACCOUNTS
The director’s report on the consolidated accounts includes the
consolidated sustainability information that is the subject of our separate
report, which contains an 'Unqualified conclusion' on the limited assurance
with respect to this consolidated sustainability information.
In our opinion, after having performed specific procedures in relation to
the directors’ report on the consolidated accounts, this directors’ report
is consistent with the consolidated accounts for the year under audit
and is prepared in accordance with article 3:32 of the Companies' and
Associations' Code.
In the context of our audit of the consolidated accounts, we are also
responsible for considering, in particular based on the knowledge acquired
resulting from the audit, whether the directors’ report on the consolidated
accounts and the other information included in the annual report on the
consolidated accounts, containing consolidated key figures 2025 and a
concise version of the statutory financial statements and the statutory
annual report of Van de Velde NV, is materially misstated or contains
information which is inadequately disclosed or otherwise misleading. In light
of the procedures we have performed, there are no material misstatements
we have to report to you.
STATEMENTS RELATED TO INDEPENDENCE
• Our registered audit firm and our network did not provide services which
are incompatible with the statutory audit of the consolidated accounts,
and our registered audit firm remained independent of the Group in the
course of our mandate.
• The fees for additional services which are compatible with the statutory
audit of the consolidated accounts referred to in article 3:65 of the
Companies' and Associations' Code are correctly disclosed and itemized
in the notes to the consolidated accounts.
OTHER LEGAL AND REGULATORY REQUIREMENTS

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
109
EUROPEAN UNIFORM ELECTRONIC FORMAT (ESEF)
We have also verified, in accordance with the standard on the verification of
the compliance of the annual report with the European Uniform Electronic
Format (hereinafter “ESEF”), the compliance of the ESEF format with the
regulatory technical standards established by the European Delegate
Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated
Regulation”) and with the Royal Decree of 14 November 2007 concerning
the obligations of issuers of financial instruments admitted to trading on a
regulated market.
The board of directors is responsible for the preparation of an annual
report, in accordance with ESEF requirements, including the consolidated
accounts in the form of an electronic file in ESEF format (hereinafter “digital
consolidated accounts”).
Our responsibility is to obtain sufficient appropriate evidence to conclude
that the format and marking language XBRL of the digital consolidated
financial accounts complies in all material respects with the ESEF
requirements under the Delegated Regulation.
Based on our procedures performed, we believe that the format of the
annual report and marking of information in the digital consolidated
accounts included in the annual report of Van de Velde NV per 31
December 2025 complies, and which will be available in the Belgian official
mechanism for the storage of regulated information (STORI) of the FSMA,
are, in all material respects, in compliance with the ESEF requirements
under the Delegated Regulation and the Royal Decree of 14 November
20 07.
OTHER STATEMENT
This report is consistent with the additional report to the audit committee
referred to in article 11 of the Regulation (EU) N° 537/2014.
Ghent, 25 March 2026
The statutory auditor
PwC Bedrijfsrevisoren BV/PwC Reviseurs d'Entreprises SRL
Represented by
Lien Winne*
Bedrijfsrevisor/Réviseur d'Entreprises
*Acting on behalf of Lien Winne BV

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VAN DE VELDE ANNUAL REPORT 2025
FINANCIAL STATEMENT THE YEAR OF 2025
110
6. CONCISE VERSION OF THE ST
A
TUTORY
FINANCIAL ST
A
TEMENTS AND THE ST
A
TUTORY
ANNUAL REPORT OF V
AN DE VELDE NV
In accordance with Article 3:17 of Belgium’s Companies Act, the statutory
financial statements are hereinafter presented in abbreviated form. The
annual report and financial statements of Van de Velde NV and the auditor’s
report will be filed at the National Bank of Belgium within the month following
approval by the General Assembly.
The valuation rules applied for the statutory financial statements differ from
accounting principles used for the consolidated financial statements: the
statutory annual accounts are prepared in accordance with Belgian legal
requirements, while the consolidated financial statements are prepared
in accordance with International Financial Reporting Standards. There are
no material changes to the accounting principles used for the statutory
accounts.
The statutory auditor has issued an unqualified opinion in regard to the
statutory financial statements of Van de Velde NV.
STATUTORY
FINANCIAL STATEMENTS
CONCISE BALANCE SHEET
000 EURO 2025 2024
Fixed assets 54,651 64,339
Intangible fixed assets 8,686 8,358
Tangible fixed assets 17,532 17,940
Financial fixed assets 28,433 38,041
Current assets 126,266 130,624
Amounts receivable after one year 7,811 5,660
Stocks and orders in production 45,446 40,301
Amounts receivable within one year 18,514 20,130
Financial investments 21,063 51,014
Cash and banks and in hand 31,680 12,168
Accrued income and deferred charges 1,751 1,350
Total assets 180,917 194,963
000 EURO 2025 2024
Shareholders' equity 107,562 128,438
Issued capital 1,936 1,936
Share premium 743 743
Reserves 91,619 112,455
Retained earnings 13,263 13,263
Grants 0 41
Provisions, deferred taxes and tax liabilities 0 0
Provisions for risks and costs 0 0
Liabilities 73,356 66,525
Amounts payable after one year 0 0
Amounts payable within one year 73,143 66,249
Accrued charges and deferred income 213 276
Total assets 180,917 194,963

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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
111
CONCISE INCOME STATEMENT APPROPRIATION ACCOUNT
000 EURO 2025 2024
Operating income 205,623 194,550
Turnover 196,605 198,069
Changes in stocks unfinished goods and
finished goods
3,422 -8,512
Other operating income 5,595 4,993
Non-recurring operating income 0 0
Operating costs 170,233 163,932
Goods for resale, raw materials and
consumables
32,936 28,780
Services and other goods 97,012 92,912
Salaries, social charges and pension costs 35,054 34,246
Depreciations 5,484 5,516
Write-downs and provisions -542 2,223
Other operating costs 289 255
Non-recurring operating costs 0 0
Operating profit 35,390 30,618
000 EURO 2025 2024
Financial result -12,093 -17,657
Finance income 2,962 20,317
Finance costs -15,055 -37,974
Pre-tax profit for the fiscal year 23,296 12,961
Tax on the profit -6,813 -4,938
Profit for the period 16,483 8,023
000 EURO 2025 2024
Distributable profit 16,483 8,023
Distributable profit for the period 16,483 8,023
Addition to reserves 0 0
Transfer from reserves 13,345 22,119
Profit (loss) to be carried forward 0 0
Profit to be distributed 29,828 30,143
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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
112
The statutory report is in accordance with article 3:6 of Belgium's
Companies Code.
1. COMMENTS ON THE FINANCIAL STATEMENTS
The financial statements show a balance sheet total of 180,917 thousand
euro and a profit after tax for the fiscal year of 16,483 thousand euro.
2. IMPORTANT EVENTS AFTER BALANCE SHEET DATE
No events after the balance sheet date had a major impact on the financial
position of the company.
3. EXPECTED DEVELOPMENTS
We refer readers to 'Prospects' in the press release of the annual results.
4. RESEARCH AND DEVELOPMENT
The design department of Van de Velde also comprises a research and
development unit. The design department is responsible for the launch
of new collections, whereas the research and development unit and the
design department research new materials, new production technologies,
new products, new sales-supporting techniques and so on.
5. ADDITIONAL TASKS OF THE STATUTORY AUDITOR
On 24 April 2024, the General Meeting of Van de Velde NV appointed PwC
Bedrijfsrevisoren BV, Culliganlaan 5, 1831 Diegem, represented by Lien
Winne BV, duly represented by Lien Winne, as the statutory auditor. This
appointment runs until the Ordinary General Meeting of 2027.
The annual fee awarded to the statutory auditor in 2025 for the audit of the
single annual accounts of Van de Velde NV amounts to €169,950 (plus
VAT, out-of-pocket expenses, the IRE/IBR fee and lump sum expense
as reimbursement for technology and compliance costs), and shall be
adapted each year, based on the consumer price index or with the parties’
agreement. The total cost for 2025 for the audit of the annual accounts of
all Group companies and the consolidated accounts of Van de Velde NV
amounts to €182,310 (excluding VAT and including the aforementioned
€169,950).
In accordance with Article 3:65 of the Companies and Associations Code,
Van de Velde announces that the compensation to persons with whom
the auditor has professional relations amounts to €8,000 in relation to
assignments carried out in 2025 (tax services).
The fee for other assurance assignments to the statutory auditor amounts
to €60,000. Additionally, an amount of €34,750 was charged on CSRD work
for FY24.
6. DESCRIPTION OF RISKS AND UNCERTAINTIES
The following risks at Group level were examined and, where necessary,
possible coverage or preventive measures were taken (for further details
see note 30):
• Currency risk;
• Credit risk;
• Macro-economic risk;
• Liquidity and cash flow risk;
• Risk of interruptions in the supply chain;
• Risk of overvalued stock;
• Product risk;
• Compliance and regulatory risks;
• Risk management and internal controls over sustainability reporting;
• Other operational risks.
7. ACQUISITION OF OWN SHARES
On 30 April 2025, the Extraordinary General Meeting of Shareholders
authorized the Board of Directors to buy or sell its own shares. This
authorization is valid for a period of (i) three years as from 12 May 2025 if
the acquisition is necessary to avoid a serious imminent disadvantage and
(ii) five years as from 12 May 2025 if the Board of Directors, in accordance
with Article 7:215 of the CCA, acquires the legally permitted number of its
own shares at a price equal to the price at which they are listed on Euronext
Brussels.
STATUTORY ANNUAL REPORT VAN DE VELDE NV
FISCAL YEAR 01/01/2025 - 31/12/2025
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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
113
The Board of Directors approved a share buy-back programme of up to 15
million euro on 26 February 2025. The buy-back programme started on 4
March 2025 and has an anticipated duration of one year.
At the end of 2024 Van de Velde NV held 449,386 treasury shares.
In 2025, 151,427 of its own shares were acquired (worth 4,751 thousand
euro) and 230,995 own shares were cancelled (worth 7,492 thousand euro).
During 2025, 12,000 options were exercised under the option plan (worth
303 thousand euro).
At the end of 2025 Van de Velde NV held 357,818 treasury shares with a
total value of 9,902 thousand euro.
8. CONFLICT OF INTERESTS
In 2025, there was no conflict of interest under article 7:96 of the CCA
within the Board of Directors or the Management Team.
9. BRANCHES
On 19 July 2011 Van de Velde formed a branch in Sweden (organization
number 516407-5078), named “Van de Velde NV Belgium Filial Sweden”.
On 1 July 2017 Van de Velde formed a branch in France (organization
number 831 118 146), named “Van de Velde NV Succursale France”.
10. ENUMERATION WITHIN THE FRAMEWORK
OF ARTICLE 34 OF BELGIUM’S ROYAL DECREE
OF 14 NOVEMBER 2007 CONCERNING THE
OBLIGATIONS OF ISSUERS OF FINANCIAL
INSTRUMENTS THAT MAY BE TRADED ON A
REGULATED MARKET.
• 41.58% of the shares of Van de Velde NV are held by the general public.
The remainder of the shares are held by Van de Velde Holding NV, which
groups the interests of the Laureys and Van de Velde families. Different
types of shares do not exist.
• There are no restrictions on the transfer of securities laid down by law or
the Articles of Association.
• Holders of securities linked to special control: A majority of Van de Velde
NV’s directors are appointed from the candidates nominated by Van de
Velde Holding NV, as long as it directly or indirectly holds no less than
35% of the company’s shares.
• There are no employee share plans in which the controlling rights are not
directly exercised by the employees.
• There are no restrictions on the exercise of voting rights laid down by law
or the Articles of Association.
• Van de Velde NV is not aware of any shareholder agreements.
• Notwithstanding the abovementioned fact that a majority of Van de Velde
NV’s directors are appointed from the candidates nominated by Van de
Velde Holding NV, as long as it directly or indirectly holds no less than
35% of the company’s shares, there are no rules for the appointment or
replacement of the members of the administrative bodies or restrictions
on the exercise of voting rights laid down by the Articles of Association.
• With regard to the power of the administrative body to issuing shares:
the Board of Directors is authorized, for a period of five years from
announcement in the annexes to Belgisch Staatsblad/Moniteur belge (12
May 2025), to raise the subscribed capital one or more times by a total
amount of 1,936,173.73 euro, under the conditions stated in the Articles
of Association.
• The power of the administrative body with respect to the possibility of
purchasing shares: see point 7 above.
• There are no major agreements to which Van de Velde NV is party that
come into effect, are amended or expire in the event of a change in
control of the issuer after a public offer.
• No agreements have been concluded between the issuer and its
directors and/or employees that provide for a payment if the relationship
is ended as a consequence of a public offer.
11. CORPORATE GOVERNANCE
We refer to the chapter ‘Corporate governance’ in this annual report.
000 EURO 2025 2024
Share capital 1,936 1,936
Treasury shares 9,902 12,989
Share premium 743 743
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FINANCIAL STATEMENT THE YEAR OF 2025VAN DE VELDE ANNUAL REPORT 2025
114
12. REMUNERATION REPORT
The remuneration report provides transparent information on Van de
Velde’s reward policy for its directors and members of the Management
Team, in accordance with the Belgian Corporate Governance Act of 17
February 2017 and the Belgian Corporate Governance Code. We refer to
chapter 2 of the Financial statement in this annual report.
13. PROPOSED PROFIT DISTRIBUTION
The Board of Directors proposes to the General Meeting of Shareholders
payment of a gross dividend of 2.40 euro per dividend entitled share.
After payment of withholding tax, this represents a net dividend of 1.68
euro per dividend entitled share. After approval by the General Meeting of
Shareholders the final dividend will be paid out as from 11 May 2026.
Proposed profit distribution in thousands of euro:
14. NON-FINANCIAL INFORMATION
We refer to the chapter 'Sustainability statement' in this annual report.
Karel Verlinde CommV.
always represented by
Karel Verlinde
Managing Director
Distributable profit 16,483
Addition to reserves -13,345
Profit to be distributed
(2)
29,828
• Of this amount, proposed gross dividend of 2.40 euro per
dividend entitled share on 12,473,604
(1)
shares
29,828
(1)
Provided the number of treasury shares held remains unchanged at 357,818.
(2)
The profit to be distributed was adjusted by the residual dividend of 2024, namely 109 thousand euro.
Sarda Miss
VAN DE VELDE ANNUAL REPORT 2025
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115
7. STATEMENT OF
RESPONSIBLE PERSONS
The undersigned declare that, to the best of their knowledge:
A. the financial statements, which have been prepared in compliance with the applicable standards, faithfully reflect the equity,
the financial situation and the results of Van de Velde and the companies included in the consolidation.
B. the annual report faithfully reflects the developments and the results of Van de Velde and the companies included in the
consolidation, as well as providing a description of the main risks and uncertainties it faces.
Karel Verlinde CommV
always represented by
Karel Verlinde
Managing director
YJC BV
always represented by
Yvan Jansen
Chairman
Graphics
I. II. III. IV.
V. VI.
ESRS 2
GENERAL DISCLOSURES
ESRS E1
CLIMATE CHANGE
ESRS E2
POLLUTION
ESRS E3
WATER AND
MARINE RESOURCES
ESRS E5
RESOURCE USE AND
CIRCULAR ECONOMY
ESRS S1
OWN WORKFORCE
ESRS E2
WORKERS IN THE VALUE CHAIN
ESRS S4
CONSUMERS AND END-USERS
ESRS G1
BUSINESS CONDUCT
SUSTAIN-
ABILITY
Marie Jo Soft Studio
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SUSTAINABILITY STATEMENTVAN DE VELDE ANNUAL REPORT 2025
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GENERAL
DISCLOSURES
ESRS 2
Van de Velde NV designs and produces high-quality,
on-trend intimate apparel under the complementary and
distinctive brands Primadonna, Marie Jo and Sarda.
We are a purpose-driven company, with one common
mission: ‘to ignite the power in women.’ We strive to
make a difference for our consumers by boosting their
confidence with undergarments that always fit as good
as they look. It makes us a trusted partner and an
authority in the intimate apparel
market.
We offer consumers a relevant product assortment
all-year round and an impeccable service in all of our
sales channels, both on- and offline. We invest both in
training store stylists via our Van de Velde Academy
as in data-driven digital fitting tools to ensure a smooth
shopping experience at all times.
We collaborate closely with over 3,500 independent
retail partners worldwide. Additionally, we have our own
retail network, including the Rigby & Peller and Lincherie
brands, with a primary focus on the European and North
American market.
The entities considered include all sites owned and
operated by Van de Velde, i.e.,
• Headquarters - Schellebelle: on this site we
centralize core activities as design & development of
the products, marketing & communication, central
sales support, E-commerce, purchase and central
buying, finance & legal, IT, HR, customer service,
production & transport planning, Own & Operated
retail services.
• Distribution center - Wichelen: on this site we
centralize quality control and storage of purchased
goods, cutting of the raw materials, quality control of
finished goods, packaging and distribution towards
retail partners or end-users.
• Production site - Tunisia: on this site, we assemble
about 35% of our products, quality control included.
We recently implemented support services for the
design & development department in Schellebelle.
• Office - Barcelona: in this office, we centralize
design & development, marketing & communication,
and support services for the brand Sarda.
• Own & Operated retail shops: in the Netherlands,
UK, US and Germany.
• Other legal entities mainly regional and sales
related.
OUR COMPANY BP-1/SBM-1
In 2025, the introduction of the CSRD didn’t just change how we report, it also marked a
step for-ward in how we approach sustainability. It helped us bring more structure to what
we already cared about, turning intentions into measurable actions, and gaining a clearer
understanding of our complex value chain and its opportunities. From fibers to finished goods,
from assembling houses to distribution, from supplier to consumer, our impact is almost every-
where.
We are building on the foundations laid in recent years. Colleagues across design, sourcing,
operations and logistics are stepping up. gathering data, questioning assumptions, and
translating strategy into meaningful results. They are doing that extra effort: to search for
lower impact materials, to work with suppliers on transparency and fair practices, to avoid and
reduce waste, to improve transport solutions, to keep designing for durability, and to explore
new pathways for circularity.
We believe there’s always room for improvement, and experience shows that greater
awareness and engagement leads to more meaningful results. Our sustainability approach
goes beyond mere compliance, inspired by a shared mindset ‘we love the body you’re in and
the planet you’re on’.
With this sustainability statement, we reaffirm our commitment to clarity, to accountability and
to progress.
Lieve Vermeire
Sustainability Manager at Van de Velde
VAN DE VELDE ANNUAL REPORT 2025 SUSTAINABLILITY GENERAL DISCLOSURES
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SUSTAINABILITY STATEMENTVAN DE VELDE ANNUAL REPORT 2025
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Furthermore, our subcontractor in the Far East,
Top Form International, receives special attention in the
Impact, Risk & Opportunities (IRO) assessment due to
our financial participation in the company.
In general, the significant sectors for Van de Velde
include Textiles and Clothing, which represents the core
of the company’s activities focused on the production
and sale of fashion items. Just as relevant, is the
Retail sector as it pertains to the sale of products to
consumers through both online and physical stores.
The Logistics and Transport sector is also important,
as it relates to the distribution of products and the
management of the supply chain. These sectors are
crucial for understanding Van de Velde's sustainability
impacts and risks within the fashion industry.
| 112 |
The Netherlands
United Kingdom
Germany
Tunisia
Thailand
China
Head office
Schellebelle
Belgium
United States
Distribution via
independent
retailers
Distribution via
independent and
own retailers
Production
locations
Australia
SUSTAINABILITY STATEMENT
118
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The very first draft of our sustainability strategy
was originally developed in 2022. The United
Nations Sustainable Development Goals (SDG),
the Green Deal, the Global Reporting initiative (GRI)
standards and the Corporate Sustainability Reporting
Directive (CSRD) were among the main sources for
this exercise.
When assessing the SDGs at that time, we focused
on the goals to which we could make a
meaningful contribution through our daily
business activities.
We pay special attention to good health and (mental)
well-being for our 1000-plus employees. With our
brands, we offer high quality and good fitting lingerie
and swimwear that boost women’s self-confidence.
We support targeted research and initiatives related to
breast health, breast cancer and aftercare.
We believe in the power and potential of people.
That’s why we organize specific training and (self-)
deployment tools for our associates. We share know-
how with our partners and consumers on how to
choose, wear and care for our products. We partner
with organizations like Plan International that are
specialized in training and education for (younger)
women.
We believe in the power of people and celebrate the
power in women. Our purpose – ‘We ignite the power
in women’ – is the recurring theme throughout all our
activities and in all our decisions.
We create good working conditions for all associates,
regardless of position or location. We encourage the
protection of human rights and promotion of health
and safety at all partners throughout our value chain.
We develop high-quality products with focus on
longevity. We build new knowledge on how to
integrate more sustainable choices in the design and
development process of new products. We strive to
limit waste in all our operations, and we study second-
life applications for fabric and unsold finished goods.
We calculate our corporate carbon footprint to get
a better understanding of how and where to act to
improve our ecological impact. We integrate this
information into our strategic decisions, and we draw
up action plans to reduce emissions in the coming
decades.
We select partners willing and able to support our
sustainability goals. We look for (new) networks to
develop the specific expertise and knowhow needed
to advance towards a more sustainable future.
OUR SUSTAINABILITY STRATEGY
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SUSTAINABILITY STATEMENTVAN DE VELDE ANNUAL REPORT 2025
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THIS EVOLVED TOWARDS OUR
SUSTAINABILITY STRATEGY OF TODAY,
WHICH CONSISTS OF 4 PILLARS:
WE LOVE THE BODY YOU'RE IN AND THE PLANET YOU'RE ON
MINIMISING OUR
CLIMATE IMPACT
In the first pillar we group all
initiatives that support the reduction
of the carbon emissions of the Van de
Velde group. More specifically, we
initiate projects related to waste
reduction, smart energy management,
reducing the impact of our fleet and
transport optimization.
Contributes to:
USING MATERIALS
SMARTLY
The second pillar covers all
product-related aspects. First and
foremost is the importance of product
quality and longevity. Indirect
emissions related to purchased raw
materials and end-of-life product
processing are key concern in the
fashion industry. The complexity of
our product and the immaturity of
circularity in our niche lingerie business
drive us to take a .more active role. We
focus on the shift towards lower carbon
materials, a very solid forecast to avoid
overstocks and upcycle options for
leftovers of fabrics.
Contributes to:
IGNITING THE POWER
IN WOMEN
Our employees and consumers, whom
are mainly females, have always been
at the very heart of everything we do at
Van de Velde. Self-confidence, (mental)
health, product safety, (breast) health
and gender equality topics are given
the requisite attention here. The aim
of this third pillar is to strengthen
our efforts, not at least with even more
concrete initiatives in the communities.
In that we are guided by our mission
statement – With special focus on
underprivileged women.
Contributes to:
GETTING EVERYONE
ON BOARD
In the fourth pillar we want to take a
more pro-active role in encouraging
and monitoring our active business
partners. First and foremost, we
are focusing on social and ethical
entrepreneurship. The aim is not only
mitigating risk but also being more
transparent and encouraging initiatives
that help nurture a positive social
culture.
Contributes to:
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FRAMEWORK
For the year ended 31 December 2025, Van de Velde reports its
sustainability information in accordance with article 3:32/2 of the Companies’
and Associations’ Code, including compliance with the applicable European
Sustainability Reporting Standards (ESRS). This included:
• Compliance of the process carried out by the Company to identify the
information reported in the Sustainability Statement (the “Process”) is in
accordance with the description set out in Double Materiality Assessment
• Introduction on the methodology (further in this chapter) - compliance of
the disclosures in E1- Climate Change – EU Taxonomy of the Sustainability
Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy
Regulation”).
Van de Velde has made use of the option to omit information required by
ESRS E1, ESRS E2, ESRS E5 and ESRS S1 in accordance with Appendix C of
ESRS 1 (phase-in provisions) and the “quick fix” amendment. We refer to the
‘Overview of disclosure requirements’ for more details. Furthermore, we have
made use of the incorporation by reference concept throughout the annual
report, meaning that cross references have been inserted where relevant.
Any forward-looking information has been based on
disclosed assumptions about events that may occur in the future and
possible future actions.
As a key step in preparing our first CSRD report (FY2024), we thoroughly
conducted a Double Materiality Assessment (DMA) early 2024. This study
was based on the limited guidance, available at that time from the European
Financial Reporting Advisory Group (EFRAG).
We built on insights from previous impact assessments, incorporated the
latest European Sustainability Reporting Standards (ESRS), and developed
new insights and knowledge step-by-step. We worked with scoring
matrices and an aggregation model from an external partner, who also
facilitated workshops on impact and financial materiality. All details on the
methodology can be found further in this report in the chapter
Double Materiality Assessment – Introduction on the methodology.
Given the relatively new and complex nature of the principles and
methodology, we decided to limit the number and types of stakeholders
involved in the DMA. We primarily focused on internal subject-matter experts
and consulted external sustainability experts to validate the new assessment
process.
To identify the perspectives of our key stakeholders—our employees—we
launched a survey in 2023. In this survey, we questioned the environmental
and societal
impacts of our operations and value chain. Additionally, key
retail partners in
Belgium and The Netherlands provided input through the same
questionnaire. Finally, we compared the outcome of the new DMA with the
results of this survey in 2023 and previous
impact assessments, conducted in 2020 and 2021. This comparison
allowed us to identify trends and shifts in stakeholder priorities, ensuring
a reflection of the most current and relevant issues in our assessment.
The insights gained will reinforce our strategy and help us in refining our
sustainability and reporting approach, in alignment with evolving regulations
and stakeholder expectations.
For the CSRD report of this year 2025, no new DMA was conducted. We
concluded that the outcome of the first assessment is still relevant and
actual as there were no significant changes in the business model and
value chain during 2025:
• no significant change in groups of products and services offered;
• no significant changes in types of materials sourced or supplier portfolio;
• no significant changes in markets and type of customers served.
As a lingerie producer, Van de Velde is classified under the ESRS sector
Fashion Industry, manufacturing wearing apparel (NACE code C14.14). The
total revenue continues to come entirely from these activities.
GENERAL BASIS FOR CSRD PREPARATION

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CONSOLIDATION BP-1
Our sustainability statement is prepared on a consolidated basis including
all subsidiaries as explained in the financial statements. Associated
companies are not included in the consolidated Environmental, Social &
Governance (ESG) data points. Our entire value chain, both upstream and
downstream, is included in the relevant qualitative disclosures throughout
the sustainability statements.
The company has not omitted any know-how information related to
intellectual property, or innovation results, and has not utilized any
exemptions from disclosing impending developments or ongoing
negotiations allowed by EU member states.
KEY ESTIMATES AND JUDGEMENTS BP-2
Until the year 2024, our sustainability reporting approach was based on
the Global Reporting Initiative (GRI) standard requirements. As from the
reporting of FY 2024, the presented metrics and data are prepared in
accordance with the European Sustainability Reporting Standards (ESRS)
issued by the EFRAG. This change aims to enhance the relevance and use
of our sustainability information as well as compliance with the CSRD.

Next to the use of available data, some of our upstream and downstream
value chain data, are based on estimations, using indirect sources.
To quantify Greenhouse Gas (GHG) emissions, we perform various
calculations using global industrial emission factors. These factors are
reviewed annually to ensure that the most up-to-date data and sources
are used. We still do some estimations for specific categories such as
commuting and end of life of products. And there's still a significant level of
estimation uncertainty that applies to the waste figure (i.e. Tunisia).

While it can be challenging to pinpoint the exact level of accuracy, we
assure our stakeholders that we have carefully compiled our emission
inventory to ensure its completeness and correctness.
If we find that improving the accuracy of these measurements is essential,
we will conduct a thorough review of our methods. Possible enhancements
may involve refining our own data gathering processes, improving access
to reliable emission factors, collecting direct data from suppliers and
adjusting our calculation methods.
In this report of 2025, we have restated some reported figures due to
material changes resulting from data corrections and improved data
accuracy identified after publication:

•
Scope 2: Recalculation of market-based and location based GHG Scope
2 emissions for 2024, following adjustment of the emission factor for
purchased electricity in Tunisia (See ESRS E1-6)
•
Scope 3 Category 1: Purchased goods: in 2024 we updated the
emission factors for some specific raw materials (Polyamide, Polyester,
Elastane, Cotton). This update represents a methodological change in our
emissions calculation approach. As these new emission factors are more
accurate, calculations for 2022 and 2023 were redone (See ESRS E1-6).
•
Total water consumption for 2024 was recalculated, following data
corrections (See ESRS E3-4)
•
Materials used: weight and percentage of biological materials used in
products and packaging were recalculated, following clarification of the
definitions (See ESRS E5-4)
EXTERNAL REVIEW
All quantitative data were subject to an external review through a limited
assurance process conducted by our auditor PwC of which conclusions
can be found in the 'Limited assurance report of the statutory auditor to the
general shareholders’ meeting on the consolidated sustainability statement
of Van de Velde NV for the accounting year ended on 31 December 2025'.

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MANAGEMENT TEAM’S ROLE IN OVERSEEING
IMPACTS, RISKS AND OPPORTUNITIES [GOV-1]
The Management Team established a Sustainability Committee during
2023. The Sustainability Committee is chaired by the Sustainability Manager,
and consists of the CEO, CFO, Head of HR, Head of Operations and Supply
Chain and certain members of the leadership team at Van de Velde (Head of
Innovation, Head of Procurement and Head of Legal, Risk & Compliance).
The Sustainability Committee is responsible for setting and implementing
Van de Velde’s sustainability strategy, including corresponding targets and
projects. The relevant projects are led by key ambassadors in the various
departments, with sponsorship by members of the Management Team or
leadership team. The Sustainability Manager regularly checks in with project
leads to monitor progress and is responsible for strategy, implementation
and monitoring coordination, reporting, and leading internal and external
communications for the program.
There are no employee-elected representatives within the Sustainability
Committee.
The Sustainability Committee presents the sustainability strategy, along with
corresponding targets and projects, to the Board of Directors for approval
at least once a year. The following structure has been established for
sustainability oversight.
• Several Management Team members, including the CEO and CFO, are
members of the Sustainability Committee, ensuring active representation
and oversight.
• The Sustainability Manager, chair of the Sustainability Committee, reports
to the Head of Legal, Risk & Compliance. The Head of Legal, Risk &
Compliance serves as Secretary to the Board of Directors, providing a
direct link to the Board.
Furthermore, the sustainability roadmap is reviewed annually with each
department to maintain alignment of targets and projects.
Dedicated controls and procedures are in place to manage sustainability
impacts, risks, and opportunities. These are integrated across internal
functions through collaboration between the Sustainability Committee and
the Legal, Risk & Compliance Department, ensuring alignment with Van de
Velde’s risk management framework. Regular coordination with the various
departments allows for a unified approach to mitigating risks and leveraging
opportunities.
We refer to the chapter Corporate Governance in this report for the broader
GOV-1 matters:
• Composition and diversity of the board of directors and management team
• Roles and responsibilities of the board of directors and the management
team
INFORMATION PROVIDED TO AND SUSTAINABILITY
MATTERS ADDRESSED BY THE BOARD OF DIRECTORS
AND MANAGEMENT TEAM [GOV-2]
Van de Velde’s Corporate Governance Charter determines that it is the
Board of Directors’ task to approve the framework of risk management for
Van de Velde and to assess its implementation by the Management Team.
The Audit and Risk Committee must ensure that the primary risks are
properly identified, managed and brought to its attention.
It is within this framework that the Audit and Risk Committee validates an
annual risk matrix, as prepared by the Management Team, advising
the Board of Directors on certain risks when overseeing strategy, major
transactions and risk management process.
GOVERNANCE OF SUSTAINABILITY MATTERS

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By conducting our first DMA, we learned that ESG (environmental, social
and governance) risks were traditionally under considered in the annual
risk matrix. During the reporting period, the risk matrix was therefore
revised by the Management Team based on the results of the DMA, to
allow inclusion of the identified ESG risks for Van de Velde. Among others,
the following risks were added or defined more clearly:
• Health & safety
• Labor conditions workers in the value chain
• Stakeholder expectations on sustainability
The axis for the annual risk matrix are defined as follows:
• Horizontal: Total financial impact of the mentioned risk limited to 3
years, being low (<1 mio EBITDA), medium (>1 mio EBITDA) or high (>5
mio EBITDA).
• Vertical: Likelihood of the mentioned risk, being low (unlikely to happen
within 3 years), medium (could happen within 3 years) or high (happens
and active mitigation initiatives are being applied).
X = LIKELIHOOD
Y = IMPACT
LOW
(<1MIO)
LOW
(UNLIKELY WITHIN 3 YEARS)
MEDIUM
(>1MIO)
HIGH
(>5MIO)
• Reputation risk / fines law violations
(corruption, antitrust, insider trading,
green claims…)
• IT security
• Production asset reliability (PPE)
• Privacy breach
• Dependency of IT applications
• Talent scarcity as fashion has limited
eco-system in Belgium
• International tax set-up
• Currency exposure
• Unlawful labor conditions
value chain workers (incl. TNV)
• Increase in sustainability expectations
(legislation, public statements)
• Health & safety
• Credit Risk
• Continuity of Raw material
& CMT/ODM partners
- Financial performance
- Geopolitical situation
MEDIUM
(LIKELY WITHIN 3 YEARS)
HIGH
(HAPPENS)

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All members of the Management Team and certain other
stakeholders (Finance Manager, Sustainability Manager and Head of
Legal, Risk & Compliance) were asked to score the various risks. The
result of the scoring was presented to the Audit and Risk committee
for discussion and validation.
In addition, the timeline and process of conducting the DMA will also
be aligned with the general framework for risk management. The
Sustainability Committee is responsible for properly executing the
DMA and thus identifying, assessing and managing the material
impacts, risks and opportunities.
This will allow the Audit and Risk Committee, and the Board of
Directors, to take into account the entirety of material risks within their
oversight duties. If needed, a separate Audit and Risk Committee can
be planned to focus on the DMA outcome.
Furthermore, each time the outcome of the DMA is presented to
and validated by the Audit Committee, the Sustainability Committee
will perform a check to align actions and targets as well as the
implementation of due diligence processes with the sustainability
strategy. The Sustainability Committee aims to meet at least twice
a year to ensure consistent oversight and alignment with the overall
strategy. In 2025, the Sustainability Committee gathered once to
review progress on Van de Velde’s sustainability strategy, including
associated targets and projects.
The Board of Directors is updated at least annually by the
Sustainability Manager in relation to progress of the sustainability
strategy. They will receive an update on the effectiveness of policies,
actions, metrics, and targets adopted.
No trade-offs associated with impacts, risks and opportunities have
been considered by the Board of Directors and Management Team.
INTEGRATION OF SUSTAINABILITY-RELATED
PERFORMANCE IN INCENTIVE SCHEMES
[GOV-3]
There are no incentive schemes or remuneration policies linked to
sustainability matters for members of the Board of Directors or the
Management Team.
Sarda Rojas
SUSTAINABILITY STATEMENT

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STATEMENT ON DUE DILIGENCE [GOV-4]
The below table provides a mapping of information we provide on our due
diligence process as mentioned throughout our sustainability statements.
CORE ELEMENTS OF DUE DILIGENCE LOCATION IN THE SUSTAINABILITY STATEMENT AND BRIEF DESCRIPTION
a) Embedding due diligence in governance,
strategy and business model
General disclosures, GOV-1: Ensuring frameworks, competencies and experience are
present to effectively oversee sustainability matters
G1-1: Ensuring relevant business conduct policies are implemented, trained and monitored,
including reporting mechanisms in case of violations.
S2 + G1-2: Ensuring suppliers are screened and monitored in terms of human rights,
business integrity and environmental stewardship.
b) Engaging with affected stakeholders in all
key steps of the due diligence
General disclosures, SBM-2: Engagement with stakeholders for the purpose of
conducting the DMA
S1-2: Engagement with own workforce for the purpose of including their perspectives into
the decision-making process
S4-2: Engagement with consumers for the purpose of including their perspectives into the
decision-making process
c) Identifying and assessing adverse impacts General disclosures, SBM-3
d) Taking actions to address those adverse
impacts
E1-2
E2-2
E3-2
E5-2
e) Tracking the effectiveness of these efforts
and communicating
E1-3
E2-3
E3-3
E5-3

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RISK MANAGEMENT AND INTERNAL CONTROLS
OVER SUSTAINABILITY REPORTING [GOV-5]
To cover risk management and internal control processes in relation to
our first CSRD report (FY2024), a work group was set up during 2024,
led by the Sustainability Manager.
Even though this work group has since been dissolved, it implemented
the following building blocks for the following CSRD report(s):
• One person within Van de Velde is designated as the final responsible
for each specific ESRS standard;
• A process document is created for all quantitative datapoints,
wherein the responsible for the data, data collection, data storage,
data validation and internal control and the timing of reporting are
described;
• Specific manuals are established for new data collectors.
These building blocks allow for internal control on all data and
information required under CSRD and mitigate the main risks in relation
to the sustainability report:
• a lack of clear processes for data collection
• a lack of clear process for internal ESG control
• lack of capacity and know-how in the organization
They have been set up for Van de Velde NV and all its direct and indirect
subsidiaries, and for all disclosure requirements under the CSRD.
Members of the Management Team are asked to read through the initial
draft texts to validate the absence of incorrect statements.
Furthermore, a limited assurance conclusion is provided by our external
auditor. The members of the Audit and Risk Committee perform
oversight on
the auditor's work in relation to the sustainability report.
Primadonna Twist Twixie
VAN DE VELDE ANNUAL REPORT 2025

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INTRODUCTION ON THE METHODOLOGY IRO-1
To identify the material topics for Van de Velde, a DMA was thoroughly
conducted early 2024. Below, a summary of this approach and methodology
is presented. The following assumptions were made:
• With regard to step 2, our assumption is that sustainability experts possess
more knowledge on sustainability matters than our own workforce.
• With regard to step 3, only local management at our production site in
Tunisia was invited to participate in the Google survey. Our assumption is
that the answers of local management also represent the answers of other
employees in Tunisia.
Further details on each step are described later in this document. The steps
taken by Van de Velde are as follows:
The assessment process began with Step 1, which focused on information
gathering and knowledge building. This involved reviewing previous
assessments, analyzing impact reports from sources such as McKinsey and
BOF, and examining risk analyses included in strategic plans and past audit
reports. Additionally, interviews with subject matter experts and participation
in webinars and desktop research contributed to a comprehensive
understanding of the relevant issues.
In Step 2, the scope of the assessment was defined. This included
identifying ESRS topics and sector-specific material topics. Sustainability
experts critically evaluated the longlist of topics, leading to potential
adjustments—either downsizing or adding topics within the scope of the
broader value chain.
Step 3 involved setting up a Google survey for employees and clients, which
incorporated the topics identified in the revised longlist from the previous
step.
Next, Step 4 focused on conducting a workshop dedicated to Impact
Materiality. This interactive session, moderated by an external partner began
with training on the context of the CSRD and the ESRS. Participants engaged
in a round table discussion to elaborate on the predefined impacts and
provide new insights. This workshop also prepared attendees for a "scoring
at home" exercise.
In Step 5, a quality check was conducted, consolidating the individual
scores collected during the workshop. Following this,
Step 6 determined the impact-related topics relevant for the financial
assessment.
Step 7 encompassed another workshop, this time focusing on Financial
Materiality. During this session, participants defined time horizons and
thresholds, quantified financial risks and their likelihood, and evaluated and
documented the various risk scenarios. If needed, there was a double-check
with the responsible business units to ensure accuracy.
In Step 8, the results of the Google survey underwent a sanity check to
ensure consistency and validity. Finally, in Step 9, the final outcomes were
reviewed with the Sustainability Committee to ensure alignment with the
corporate strategy.
Once a year, the outcome of this DMA is reviewed by the Sustainability
Committee to verify if certain events or evolutions impact these outcomes.
This may justify a change in some of the impacts, risks or opportunities.
For 2025 the review was done at mid-year and no significant changes were
noted. A potential shift in location areas for production and purchased goods
was named, but as these different locations were already in scope for the
IRO screening last year, a new assessment was not required.
A new DMA will be conducted taking into account the timeframe foreseen in
the applicable regulatory framework.
DOUBLE MATERIALITY ASSESSMENT

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VAN DE VELDE VALUE CHAIN SBM-1
For a thorough understanding of Van de Velde’s value chain, we first refer
to the description of Van de Velde’s business model in BP-1/SBM-1. During
2025, there was no significant change in groups of products and services
offered, markets and customers served.
For a general overview and assessment of sustainability-related goals in
terms of customer groups, significant groups of products and services and
geographical areas, we refer to our sustainability strategy in the introduction
of this chapter and to the more detailed descriptions in each ESRS standard.
We consider the following steps across our entire value chain:
MATERIAL RESOURCES
PRODUCTION
YARNS
END-OF-LIFE
& DISPOSAL
CONSUMERS
CUSTOMERS
& RETAIL
PARTNERS
WEAVING, KNITING
& DYEING FABRICS
CUTTING
QUALITY CONTROL
& PACKAGING
SEWING
Elastane
Cotton Polyamide
Polyester
E
A
D
C
B
F
SUSTAINABILITY STATEMENT
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The impacts risks (and opportunities) are primarily associated with upstream
activities. In the textile and fashion sector, significant challenges are
associated with both purchased goods and workers within the value chain.
Purchased goods, such as textile fabrics and finished fashion products,
often present issues related to environmental impact and ethical production
practices. Additionally, the conditions of workers throughout the value chain,
from raw material production to garment manufacturing, pose critical risks,
including labor rights violations and poor working conditions. Addressing
these risks is crucial for improving sustainability and ethical standards in the
industry.
We consider the following as most important:
A. Fabric suppliers (upstream): These suppliers specialize in weaving,
knitting and dyeing synthetic and elastic textile fabrics. These resources
are crucial for Van de Velde, as these fabrics form the foundation of our
lingerie and swimwear products. Over 75% of our fabric suppliers are
produced in Europe, predominantly consisting of smaller, often local
family-owned businesses. The fibers in these fabrics are synthetic fibers,
meaning they have no naturally grown nor cultivated origin.
B. Subcontractors (upstream): Our subcontracting operations are in
Tunisia and in the Far East (China and Thailand, managed by Top Form
International). The independent Tunisian suppliers work closely with our
own Van de Velde production plant in Kondar, Tunisia.
These independent subcontractors handle over 65% of the assembly for
parts that are cut at our central cutting department in Belgium. While Van
de Velde manages the design, development, fabric procurement, and
cutting at the Belgian site, the subcontractors are solely responsible for
assembling the pieces.
Top Form International is a publicly listed company with a governance
model similar to ours. The company is committed to sustainability, as
reflected in its comprehensive strategy detailed in its annual sustainability
report. As part of this report, Top Form International conducts an annual
risk analysis, which is reviewed and approved by the Board of Directors,
where Van de Velde holds seats. This process ensures that both
companies maintain high standards of sustainability management.
ODM partners (upstream):
More than 90% of the products are result of a CMT (Cut Made Trim)
model at Van de Velde. This means that Van de Velde buys the textile
fabrics directly from the fabric suppliers and takes the cutting and
assembling in own operations. This type of operational model has a high
level of control and transparency in the different process steps.
A small amount of the sold products – lower than 10% - is result of a ODM
(Original Design Manufacturing) collaboration. In this type of partnership,
Van de Velde buys finished garments at the ODM partner. This partner is
not only responsible for the assembling of these products, but also for the
design, the selection and purchase of the fabrics and the cutting.
Until now, Top Form International was the most important partner for
ODM products. In near future, we plan to strengthen this activity and are
screening potential new specialized partners. The prospects are also
located in Far East. Similar IRO’s are relevant for ODM as for CMT and
were already taken into account during the DMA of 2024, as the activities
of Top Form International were involved. Key will be to have the same level
of transparency and collection of the data with new partners.
C. Transport (upstream): weekly transport of cut parts and finished goods
to and from the production sites in Tunisia and the Far East, is crucial
for maintaining the continuity of our production planning related to the,
mostly seasonal, deliveries of our finished goods to our customers and
consumers.
Also, a reliable and continuous income of resources is essential for
flawless supply chain and production planning. Transport companies
are important to follow up in terms of environmental, but also human and
social aspects. We prefer to work with global key players.
The transport activities significantly impact our corporate carbon
footprint, accounting for approximately 30% of our total CO
2
emissions,
primarily due to air transport to and from the Far East. It is also crucial
to address social and ethical issues in the transport sector, as many
carriers work with subcontractors across various regions. To address
this, we have updated our Business Partner Code of Conduct and
screening procedures to cover not only fabric suppliers but also transport
companies and other partners.

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D. Retail partners (downstream): We deliver over 75% of our
products in a B2B context. Our retail partners are primarily small
independent multi-brand shops or larger key accounts such some
well-known department stores. The top five markets are Belgium,
Germany, the Netherlands, France, and Switzerland. The likelihood
of risks related to working conditions is assessed to be relatively low
due to the nature of our B2B clientele. However, we are considering
the development of a Retail Partner Code of Conduct to further
mitigate potential risks.
E. Yarn suppliers (upstream): These specialized firms spin the
specific yarns used in the woven and knitted fabrics provided by our
fabric suppliers. At Van de Velde, 99% of yarns used are synthetic.
The fibers used to create these yarns are synthetically produced
rather than naturally or cultivated, which helps to reduce the risk of
poor working conditions in this tier. Our yarn suppliers are selected
based on their quality performance and other specific requirements
for lingerie. We work with premium, globally represented brands and
companies.
F. End-consumers (downstream): Thanks to our omnichannel
approach, end-consumers can purchase our products through
various channels. These include local physical stores, large
department stores in the city (see D.), our brand websites mariejo.
com, primadonna.com or sardaworld.com, and our owned and
operated retail shops (both physical and digital).
During the 2024 assessment, we examined both the actual and
potential impacts of our activities, considering their positive and
negative effects. This involved a comprehensive analysis of how
these impacts could influence various aspects of our operations and
stakeholder relationships.
In the second phase, we focused on evaluating sustainability-related
risks that could affect our financial performance. This included
assessing potential risks that might have short-term consequences as
well as those that could impact our financial stability in the long term.
Our evaluation aimed to identify, quantify, and mitigate these risks to
ensure robust financial health and resilience.
During the 2025 mid-year review of this DMA , we concluded no
significant changes could be named that would impact the scoring and
IRO identification. We continue to focus on the same material topics
and priorities as we defined in 2024.
Whenever material opportunities arise, we estimate that the necessary
resources are available to define the specific projects and transform
these opportunities into a reality.
Primadonna Swim Delray
SUSTAINABILITY STATEMENT
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INTERESTS AND VIEWS OF STAKEHOLDERS SBM-2
STAKEHOLDERS WHY? HOW? OUTCOME?
Employees Understand expectations of own workforce on ESG related topics Engagement surveys and assessments Action plans and organizational improvements
Enrich the ESG strategy with internal business and operational insights Personal development reviews Internal policy updates
Create awareness around sustainability and ESG targets (create
commitment to ESG targets)
Townhall meetings Internal communication plans
Contributing to a sustainable workplace and working life Internal Conversation Room
Give the opportunity to flag unethical behaviour Formal reporting channels
Shareholders Understand shareholders expectations on ESG strategy Shareholder meetings Responses to shareholders queries
Informing on ESG strategy and increasing attractiveness Formal reporting channels Targeted communications
Ensuring transparency Questionnaires and emails Improvements on public corporate communication
Suppliers Enhance trust and partnership Surveys and assessments Policy updates for business partners
Commitment to support in CO
2
emission reduction plans On-site visits Supplier manual updates
Engage to protect ethical behaviour in the total value chain Workshops and collaborations Targeted action plans with selected suppliers
Compliance with our Code of Conduct Formal reporting channels Pilot cases for testing
(Value chain workers) Understand concerns and building trust On-site visits Action plans for engagement improvements
Give the opportunity to flag unethical behaviour Formal reporting channels
Customers (RP) Enhance loyalty and trust Surveys Action plans for product & services
Understand expectations on ESG strategy On-site visits Improvement of communication and/or marketing strategies
Ensure transparency (include their experience on consumer behaviour) Workshops and collaborations Business partner policies update
Support in their ESG strategy Formal and commercial reporting channels
Consumers Understand their expectations of ESG related topics Surveys and newsletters Action plans for product & services
Monitor buying trends related to sustainability Formal and commercial reporting channels Action plans for go to market
Create awareness around sustainability topics like longevity
Industry associates &
public authorities
Ensure regulatory compliance Network events Alignment on industry approach
Enable the sector to engage policy makers Trainings and knowledge sharing Joined forces for engagement with policy makers
Stimulate a cross-sectoral collaboration White papers and studies Actions for cross-sector collaboration
Development of industry benchmarks and standards
NGO's Understand expectations on ESG related topics Supporting community projects Action plans with more positive impact
Create potential partnerships Collaboration on specific local projects
Contributing to local initiatives
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We chose to adopt a tailored approach for each type of stakeholder group.
Given that the DMA was new in 2024, in both content and methodology, we
decided to conduct the DMA with a select group of internal stakeholders. For
assessing impact materiality, we included:
• members of the management team;
• key stakeholders from finance and legal;
• some subject-matter experts (e.g., energy, purchase,
innovation, ...);
• the sustainability manager.
This selection was based on alignment with our business strategy, internal
expertise, and specific value chain expertise. Some internal stakeholders
also provided broader insights relevant to other stakeholder groups, such as
shareholders, suppliers, customers and end-consumers.
We gathered input from this group through roundtable discussions, followed
by individual scoring. The individual impact scores were recorded in a pre-
prepared questionnaire, which covered all relevant, actual and potential
Impacts, risks & opportunities discussed during the workshops. Participants
scored impact on several parameters such as likelihood, scale, scope and
irremediable character. These results were consolidated into one file, serving
as the basis for the financial assessment of risks and opportunities.
For the financial materiality assessment, we held a separate
roundtable with the CEO, CFO, COO, Head of Strategy, Head of Legal, Risk &
Compliance and Sustainability Manager. This group reviewed the outcome
of the impact analysis and assessed risks and opportunities from a financial
point of view, taking into account the likelihood and time horizon.
In addition to the DMA, we consulted the two most important affected
stakeholder groups through a Google survey. We invited employees
from our Belgian sites, including blue-collar and white-collar workers, middle
management, and worker representatives, to share their expectations
and views on environmental and social matters related to Van de Velde's
business. To ensure involvement from our Tunisian plant, we invited the local
management team in Tunisia to participate in the same survey.
Additionally, we selected customers, including retail partners from Belgium
and the Netherlands, to provide their perspectives on these issues. A few
years ago, our key suppliers were questioned on ESG topics via a survey.
The insights of that survey were also reviewed during the assessment.
The questioned topics were aligned with the topics of the DMA. Each topic
was clearly defined and explained to avoid misinterpretation of the questions.
This approach led to nearly 200 completed responses. The results of this
survey were then compared with the findings of the DMA.
Furthermore, we interviewed a group of seven sustainability experts to
identify both actual and potential impacts related to sustainability matters.
Some experts were representing the industry association or a national NGO
and had valuable knowledge of legislation. With six out of seven experts
being women, we also gathered their perspectives as end-users. Their
feedback was instrumental in refining the long list of topics and enriching the
DMA process.
To gain a broader understanding of impacts on end-users, we consulted
various sources, including, amongst others; “The State of Fashion 2024”
report by Business of Fashion and McKinsey & Company (2024), in which
consumer expectations and trends are stated.
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SCORING METHODOLOGY IRO-1
As previously described, the impacts, risks, and opportunities were identified
by consulting multiple stakeholders and sources. The scoring methodology
employed to assess these impacts, risks, and opportunities was conducted
as follows:
For impact materiality, the following parameters were scored:
• Scale: the magnitude of negative impact on the environment or people, as
well as the size of the positive impact.
• Scope: how widespread the negative impact is, or how extensive the
positive impact may be.
• Irremediable Character: the likelihood that a negative impact can be
reversed.
• Likelihood: scores for actual and potential scenarios.
For financial materiality, following parameters were scored:
• Monetary thresholds were defined and magnitude of the financial effect
was estimated.
• The time horizons were defined as short-term; up to 2025, mid-term; up to
2030 and long-term; up to 2050.
Thresholds for materiality
Finally, management agreed on thresholds to define which topics were
material and which risks and opportunities had to be included in the financial
assessment.
Marie Jo Tom
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OUTCOME DOUBLE MATERIALITY ASSESSMENT SBM-3
OVERVIEW MATERIAL TOPICS
In 2024, we identified the most significant impacts of our activities on both
the planet and people, based on the DMA. We examined sustainability-
related (financial) risks and outlined potential opportunities. We consolidated
the results of the DMA by ESRS topic, identifying E1, E5, S1, S2, and S4 as
our most material sustainability matters.
The fashion industry is known for its significant ecological footprint. In this
context, Climate change (E1) and Circularity (E5) are particularly important
for Van de Velde. These topics are directly related to our products, the
materials we use and the environmental impact of our global operations,
including the end-of-life of our products. Additionally, Pollution (E2) and Water
(E3) are relevant topics, due to their potential (indirect) negative impacts and
risks associated with our textile suppliers.
Moreover, the fashion industry's labor-intensive nature makes the impacts
and risks covered in S1 (Own workforce) and S2 (Workers in the value chain)
particularly pertinent and material to our business. Consumer-related issues,
such as product safety and inclusion, are emphasized in S4 (Customers and
consumers).
We considered the topic of Biodiversity (E4) as non-material for
Van de Velde. During our assessment of the impacts, risks and opportunities
related to biodiversity, the following key points were discussed:
• Van de Velde: building new facilities has the potential to negatively affect
local biodiversity. To minimize or even avoid these negative impacts, we
are committed to following all necessary rules and regulations set by the
local government.
• Upstream: producing the synthetic textile components required for our
yarns and fabrics involves the use of fossil fuels. Extracting these fuels can
negatively impact biodiversity and lead to resource depletion. After careful
consideration, we determined that the environmental impacts associated
with fossil fuel extraction could be more appropriately addressed within our
Circularity (E5) disclosures, where resource use and sustainability are key
focus areas.
Also, the ESRS topic of Affected Communities (S3) was scored as
non-material. Some opportunities, related to societal engagement
(underprivileged women, breast health, ...) were considered to be more
related to the category S4 (Customers and consumers).
In 2024, we introduced this new DMA approach and we integrated the
procedure into our governance process to ensure an annual review of this
DMA by the Sustainability Committee. This involves a check on the material
topics, the priorities and the related identified IRO’s .
In 2025, we aligned the identified sustainability risks with the corporate risk
matrix as mentioned in the chapter GOV-2.
OVERVIEW IMPACT, RISK AND OPPORTUNITIES
Further in the report, tables outline the material sustainability-related impacts
and risks for each ESRS. Each table clearly identifies if these impacts, risks
and opportunities are related to our own operations or occur upstream (e.g.
suppliers) and or downstream (e.g., customers).
Additionally, each IRO includes a brief description to provide context and
understanding. This format is designed to offer a clear and comprehensive
overview of how these sustainability factors affect our business and value
chain.
Although we do not foresee any significant effects of impacts, risks and
opportunities on our business model, value chain, strategy and decision-
making in the near future, we have defined actions to address particular
material impacts or risks, or to pursue particular material opportunities.
These actions are mentioned under the relevant ESRS below. At this
moment, we are not able to define specific time horizons in relation to
material impacts.
Additionally, we do not foresee any significant financial effects of risks and
opportunities on our financial position, financial performance and cash flows
over short, medium or long term. We estimate that there is no significant
risk of a material adjustment within the next annual reporting period to the
carrying amounts of assets and liabilities reported in the related financial
statements.
In below graphic, total overview of the impact and financial materiality.
Graphics
IMPACT MATERIALITY
FINANCIAL MATERIALITY
1,25
0,75
1,75 2,25 2,75 3,25 3,75 4,25 4,75
Protection
of whistleblowers
Employment and inclusion
of persons with disabilities
Working time & adequate
wages at Van de Velde
Health & Safety
at Van de Velde
Governance
Cyber-security
Fleet and mobility
at Van de Velde
Management of
relationships with suppliers
All labour rights of workers
in the value chain
Release of Microplastics
Environmental management at suppliers
Wellbeing at Van de Velde
Diversity at Van de Velde
Transport of goods throughout our value chain
Transparent communication to customers
Energy management at Van de Velde
Product Safety
Customer inclusion
Climate change mitigation and adaptation
Waste streams and circularity
Societal engagement
Resource use and ecodesign
Anti-corruption and bribery
Privacy of customers
Stakeholder relations
Secure employment at Van de Velde
Withdrawal + Consumption
Chemical use
at suppliers
Waste streams
and circularity
Training and skills development
1,25
1,75
2,25
2,75
3,25
3,75
4,25
4,75
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CLIMATE
CHANGE
ESRS E1
MATERIAL IMPACT OR RISK/OPPORTUNITIES DESCRIPTION
CLIMATE CHANGE MITIGATION AND ADAPTATION
Risk
(upstream)
The use of virgin fossil fuel-based materials
(such as Polyamide, Polyester, Elastane...) in our
products.
There is an increasing pressure to reduce the use of virgin fossil fuel-based materials as
they have a higher carbon footprint. This may lead to reputational damage for brands.
One could also expect price increases for fossil fuel-based materials. Even the availability of
fossil fuel-based materials might be at risk due to scarcity in the long term.
Risk
(upstream)
Climate change leads to more extreme temperatures and
weather conditions which can affect production sites in terms of
energy management, infrastructure, …
Production sites (products and fabrics) might need to adapt taking in account different kind of
scenarios: higher energy costs for air conditioning, potential damage to buildings caused by
floods, fire, … Also, water scarcity in specific regions might cause problems in the dyehouses
of textile suppliers.
ENERGY
Risk
(upstream)
The production and treatment of synthetic fabrics is an energy
intensive activity, and not all textile suppliers use climate-neutral
energy sources (yet).
If these producers and/or suppliers must switch to climate-neutral energy sources, this will
involve high costs. As a result, the price of the purchased raw materials will increase, as these
costs will be passed on to their clients.
Negatieve impact
(Van de Velde)
Continued use of grey electricity at Van de Velde (for the Belgian
sites, the production site in Tunisia and the retail shops).
For electricity continuity in our offices, warehouses, shops and production sites, there is still
a need for purchases (grid) energy. Grey electricity (partly coming from fossil base) leads to
higher GHG emissions.
Negatieve impact
(Van de Velde)
Heating of the Belgian sites with gas. The consumption of gas leads to indirect CO
2
emissions.
Opportunity
(Van de Velde)
Deployment of renewable energy and optimized ways of heating
(heat recovery, renewed air conditioning systems, etc.)
The introduction of new state of the art energy systems involves high investment costs but
will pay back in the longer term due to lowered energy consumption and lower
GHG emissions.
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TRANSPORT
Risk
(upstream)
The transport of raw materials (worldwide) by our fabric
suppliers.
As the textile industry in Europe is downsizing and materials must be sourced more in
the Far East (amongst others), transport can lead to higher costs and an increase in CO
2
emissions. This can also create reputational damage.
Risk
(upstream)
The operational model, linked to the seasonal short term time
schedules
Air freight is the best option for guaranteed in time deliveries. Air freight might become more
expensive in the longer term. Transition plan in air business is going rather slowly and agile
transport alternatives are limited.
Negatieve impact
(Van de Velde)
The total impact of traveling of the sales force,
employee commuting and business travel of staff.
Commuting (e.g. by personal car) and business travel (e.g. by air) lead to higher costs and a
higher carbon footprint.
Positieve impact
(Van de Velde)
Attention for more sustainable mobility and introduction
of a fleet plan.
Employees are encouraged to choose a more sustainable alternative for their daily
commute. In addition, employees have the option of working from home. A gradual switch to
an e-car fleet has started.
Opportunity
(Van de Velde)
Increased focus on efficiency and loops of our
transportation and distribution operations.
Looking for optimization of operational flows will lead to lower transport costs (amongst
others) and a lower
carbon footprint.
Negatieve impact
(Van de Velde)
Own transport of goods (flights, boat, trucks, etc.),
both inbound and outbound are a major source of CO
2
emissions.
This can lead to higher transportation costs, high carbon footprint (and taxes), as well as
negative consumer
perception.
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We are confronted with the negative
effects of climate change and the
capacity limitations of our planet on a
daily basis. We acknowledge the reality
that the textile and fashion industry
has become one of the most polluting
industries. For that reason, addressing
climate change is one of the four pillars in
our sustainability strategy #minimizing our
climate impact.
Marie Jo Tom
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Upcoming new technologies
and innovations motivate us
and bolster our belief that the
necessary transition towards a
lower carbon and less polluting
fashion industry is an opportunity
that will also generate benefits
for our own stakeholders in
our value chain.
CLIMATE RELATED RISKS (ESRS-E1.SBM-3)
When we performed the DMA in 2024, we analysed the TCFD list (Task
Force on Climate related Financial Disclosures) of climate-related risks to
be taken into account, and selected those topics that could be of relevance
from an impact, risk or opportunity perspective and evaluated these. We
understand that climate resilience scenario analysis is a pivotal tool to
assess our impacts, risks and opportunities in relation to climate change,
and is necessary as the threats of climate change grow. We have not yet
performed a climate scenario analysis but have instead engaged in a
qualitative analysis process.
During this qualitative analysis process, we concluded that all evaluated
climate-related risks in own operations and along the value chain are
transition risks. This conclusion was based on internal desk research,
alignment with external experts and using definitions described below.
Physical risks involve potential damage and disruption to people, property,
and productivity as a consequence of increased exposure to climate
hazards caused by climate change. Examples include:
• Damage to property and infrastructure: Extreme weather events such
as floods, droughts, and wildfires can lead to direct financial costs
(e.g., repairs, new infrastructure) and indirect costs (e.g., supply chain
disruptions, business interruptions). While often short-lived, these events
can have severe impacts.
• Long-term climate stresses: Changes such as rising sea levels or
increasing temperatures can devalue physical assets and potentially make
them uninsurable over time.
Transition risks arise from the shift away from fossil fuels and other
greenhouse gas (GHG)-emitting activities. Decarbonization is essential
for businesses but comes with costs. Companies that fail or refuse to
decarbonize can be impacted by other types of transition risks such as loss
of market share, reputational risks or regulatory repercussions. Other risks:
• Policy and Legal Risks: Negative perceptions related to climate change
can affect a company's value and make it harder to access capital through
bank lending or capital markets.
• Technological Risks: Disruptions caused by new technologies supporting a
low-carbon economy.
• Market Risks: Economic and social factors affecting the supply and
demand for goods and services.
Summarized, Van de Velde’s climate-related risks are primarily transition
risks, driven by both physical and non-physical factors associated with the
shift towards a low-carbon economy.
Currently, climate-related considerations are not factored into the
remuneration of members of the administrative, management, and
supervisory bodies, nor is their performance assessed against GHG
emission reduction targets. (ESRS-E1.GOV-3)
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POLICIES RELATED TO CLIMATE CHANGE
MITIGATION AND ADAPTATION (ESRS-E1.2)
At Van de Velde, we actively address key environmental priorities
through our comprehensive policies:
• Climate change mitigation: Van de Velde commits to monitoring CO
2
emissions through the GHG protocol and implementing projects that
support emission reduction.
• Energy efficiency: Van de Velde strives to optimize the energy use
across its facilities and monitors their performance.
• Renewable Energy Deployment: The company invests in renewable
energy sources and green energy contracts, indicating its
commitment to using cleaner energy sources.
• Other: Van de Velde's policies also address waste reduction:
- in striving to avoid or reduce waste streams in the different levels of
the organization
- in studying the potential to reduce waste in all our operations
- while promoting awareness training and providing information to all
employees on a regular basis.
- in striving for a rational use of raw materials while investing in
forecast systems and good purchase management.
Broader environmental sustainability efforts:
• We stimulate the adoption of more environmentally responsible
materials in the design phase of our products.
• We never compromise on the high quality and longevity of our
products.
• We develop and install new packaging (systems) with less negative
environmental impact.
• Compliance with local, national, European and international legislation
is our license to operate.
Where needed, Van de Velde makes the policy available to
stakeholders, such as suppliers, employees,.. who need to help
implement it.
At this moment, policies related to climate change adaptation are
considered as non-applicable yet for Van de Velde as main activities
are located in low risk areas.
Primadonna Twist Twist side
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TRANSITION PLAN FOR CLIMATE
CHANGE MITIGATION (ESRS-E1.1)
INTRODUCTION ON THE APPROACH
The organizational boundaries for the carbon
accounting and the transition plan were set using the
operational control approach for consolidation. Under
this approach, the organization accounts for 100% of
the GHG emissions from operations and the value chain
which it has operational control. Operational control
applies when the organization or one of its subunits has
the full authority to introduce and implement its policies
at the operation.
The organizational structure for which the transition
plan is set up, is listed below. This report contains the
footprint of the entire organization Van de Velde.
To effectively address climate change, the Sustainability
Committee of Van de Velde elaborated a framework and
approach for target setting and calculation of our climate
impact. Our primary ambition is to align with the Paris
Agreement and the Science Based Targets Initiative,
ensuring that our targets are scientifically sound,
credible and reliable.
We developed a dashboard to provide an overarching
view of actions, priorities and targets. Each stream within
this plan has dedicated project leads and sponsors from
various business departments.
The steering committee is accountable for monitoring
progress and allocating resources as needed.
GHG emissions are calculated annually using
specialized software, allowing us to categorize and
allocate emissions across different scopes, categories,
and entities. This enables us to estimate and track
the impact of various initiatives, facilitating ongoing
monitoring and recording.
Textile and garment production is a carbon-intense
operation, driven by constant consumption of virgin
resources. This existing way of operating cannot
continue, but the challenge and change towards a
lower GHG-intensive fashion industry is complex, as
this requires availability of innovative – lower carbon
- materials, higher re-use and recycling of resources,
other types of energy used in textile production, and a
shift towards more responsible consumption. In case
the transition towards a lower GHG intense sector slows
down, Carbon lock-in is not excluded and might have
impact on our progress and results.
Van de Velde is committed to review its actions and
goals on a yearly basis, adjusting them as needed,
based on technological advancements, progress
in innovation and other factors. Van de Velde also
supports the implementation of the climate change
mitigation actions with necessary investments and
funding.
VAN DE VELDE
HQ AND
DISTRIBUTION
CENTER (BELGIUM)
SCHELLEBELLE
PRODUCTION
FACILITY
(TUNISIA)
WICHELEN
OWNED AND
OPERATED
STORES
SALES
REPRESENTATIVES
142
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The CapEx plans for the coming years are still partly
under discussion and have yet to be approved. For this
reason, we did not disclose the allocation of resources
and significant monetary amounts of CapEx and
OpEx to support the transition plan. The undertaking
ensures that , beyond the omission of this information
the overall relevance of the disclosure in question is not
impaired. The list of necessary actions and projects to
support climate change mitigation, are included in the
annual budget cycles.
The transition plan with key actions and reduction
targets is described below. We are confident that
achieving these goals will positively impact our
business. This includes benefits such as cost savings
through enhanced energy efficiency, smart decision
making during product development and operations
and building a stronger reputation with our customers
and consumers.
REDUCTION TARGETS (ESRS-E1.4)
The carbon footprint of the Van de Velde group was
calculated for the first time in 2022 as part of the
process of defining the sustainability strategy.
The calculation covers scope 1, 2 and 3. Given that
Scope 3 emissions cover more than 90% of our total
emissions, we are also prioritizing specific measures
for this category. The calculation methodology follows
the GHG Protocol and is in line with ISO 14064. Our
industry is not excluded from the EU Paris-alignment
benchmarks.
In 2024, we established a clear overview of actions
and reduction targets for the three scopes, using the
Science Based Targets (SBT) criteria and specific
recommendations for the Footwear & Apparel sector
as guidelines. In 2025, we continued to work on this
fundament.
Experts of the different business departments were
involved and were in charge of setting up the projects
and objectives, based on the outcome of the GHG
emissions calculation. These original proposals were
reviewed mid-year by the sustainability committee. The
summary of key actions and targets was re-confirmed
as follows:
• For Scope 1 and 2, we have set a target to achieve
net-zero emissions by 2030. The key projects
contributing to this goal include the electrification of
our fleet and a transition to renewable energy sources
for the different entities.
• For Scope 3, we aim to achieve an average annual
(absolute) reduction of 4,2% in emissions. Our
focus continues to be purchased goods, where we
collaborate with our suppliers to introduce materials
with a lower carbon footprint. Despite this is the target,
in 2025 emissions increased, mainly due to this
category purchased goods. Additionally, we focus on
optimizing transport management and improving our
waste management.
EVOLUTION CO
2
BY SCOPE (IN T CO
2
)
19,716
15,869
14,608
16,931
13,349
11,9 08
1.768
2022
0
2023
2024
2025
2027
2030
1,667
1,463
1,206
750
0
5.000
10.000
15.000
20.000
25.000
Scope 1-2
• zero at 2030
• mainly influenced by energy contracts/
production & fleet
Scope 3
• Guidelines Apparel: min 4,2%/y
• Assumption: status quo volumes (level 2023)
The Scope 3 data of 2024 have been restated from 14,552 to 14,608 tCO
2
, following a correction of master data in the category Purchased goods.
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KEY DECARBONIZATION LEVERS:
ACTIONS AND CONTRIBUTION TO THE
TARGETS (ESRS-E1-3)
Various target-setting methods are available. We have
chosen only to reduce absolute emissions based on a
1.5°C scenario, with a net zero target for Scope 1&2 at
2030 and with a linear reduction of 4.2% on annual base
for Scope 3. Scope 3 emissions will be far more difficult
to realize than Scope 1 &2 as Scope 3 emissions are
more outside our direct control.
As most important decarbonization levers for Scope
1 and 2, we identified following categories. The annual
reduction has been achieved so far.
Energy:
Energy consumption, specifically electricity and gas,
accounts for a small % of the total GHG emissions.
This includes emissions from energy use for heating,
cooling, and powering appliances. To decarbonize this
part, transitioning to renewable energy sources, such
as solar and wind power, in the different entities was
needed.
In the past years, we installed solar panels in the
Belgian and Tunisian sites. In the coming years, we plan
to install extra solar capacity in Belgium to increase
our own production of electricity. In 2025, we switched
to green energy contracts for our Belgian facilities,
reducing our reliance on fossil fuels and nuclear energy.
This is reflected in the decrease in electricity-related
CO
2
emissions in this year.
We continue to optimize the electricity consumption
at our sites through several initiatives. These include -
amongst other – the installation of motion sensors for
lighting, and timers for the startup of high-consuming
machines. We consider a future investment in an overall
energy management system to improve monitoring
and increase efficiency.
To reduce gas usage for heating in our Belgian offices
and distribution centre, we will investigate in the coming
year the potential of geothermal and heat pump
systems. This study will be incorporated into the overall
plan for the new construction project in Wichelen. In
the meantime, we are optimizing gas consumption by
implementing guidelines such as keeping interior doors
closed to minimize heat loss during the winter.
Company cars:
We are in the process of electrifying our fleet, which
currently includes over 130 vehicles, In 2024, we revised
at first the car policy and our fleet budget to facilitate
the transition to a full electric fleet by 2028. In 2025
we started the shift towards a 100% electric fleet for
Belgium. As from 2026, we will prepare the shift for
all other countries. The company has also introduced
a mobility budget to encourage staff to use a carbon
neutral alternative for the company car.
In 2023 we invested in 26 EV charging stations at our
Belgian sites, enabling both employees and clients
to charge their vehicles. In 2025 we increased this
capacity and we also installed 6 loading stations at
employees' home. In 2026 we will further expand this
loading capacity, as well for head office,
the distribution centre as for employees at home.
SCOPE 1 - 2
2.000
1.800
1.600
1.400
1.200
1.000
800
600
400
200
0
200
501
572
498
525
2022
2023
2024
2025
2027
2030
971
296
805
692
394
260
290
273
287
290
Fleet
Electricity
Gas
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Purchased goods:
Purchased goods account for approximately 45% of
our total GHG emissions. This category encompasses
the emissions associated with the production and
transportation of the textile fabrics that we use. To
reduce emissions in this area, sustainable sourcing
and production methods, as well as promoting circular
economy practices, can play a vital role.
We are focusing on eco-design by increasing the
use of lower-carbon materials, such as recycled and
bio-based options, and investing in research and
development to explore innovative materials with
minimal environmental impact.
Additionally, we are refining our carbon accounting by
using more accurate benchmarks and primary data
from our most important material suppliers. We carried
out a first review of the emission factors (EF) in 2024.
The data for 2022 and 2023 were recalculated due to
a change in methodology and the introduction of these
new EF in 2024. This is reflected in lower values than
we published last year for those years. In 2025, we
continued using the same EF from 2024. More details
on the EF can be found later in this report (ESRS E1.6
Approach to calculate GHG emissions).
Despite a higher contribution from lower carbon
recycled materials (increasing from 7% to 12%), the
purchased goods-related CO
2
are higher for 2025
due to a higher volume of materials that have been
purchased.
Furthermore, we aim to improve our inventory
management by enhancing our forecasting to avoid
overstocking materials.
Transport upstream:
Transportation contributes to nearly 30% of our total
GHG emissions, encompassing emissions from trucks,
trains, ships and airplanes. Decarbonizing this sector
requires transitioning to cleaner and more efficient
transportation methods.
To minimize CO
2
emissions, we will optimize the actual
air logistics by choosing direct flights to the Far East.
We are also studying options for new transportation
modes for the Far East, such as air/boat, air/train, or
sustainable aviation fuel contracts.
SCOPE 3 EVOLUTION
25000
20000
15000
10000
5000
0
1,463
2022 2023 2024 2025 2027 2030
9,0187,421
5,725 7,030 1,159
4,886 6,693 1,129
4,740 9,403 1,126
1,129
1,129
4,500 5,943
3,275 5,765
End-of-life
Purchased goods
Transport
As most important decarbonization levers for
Scope 3, we identified following
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End-of-life:
End-of-life emissions, accounting for around 6% of total
GHG emissions, arise from the disposal of our products
after consumer use. This includes the emissions
released during waste management processes, such
as landfilling or incineration. We produce over 5.5 million
pieces annually, with none of these products being
recyclable, which results in all products ending up in
landfills or being incinerated.
To address this, we focus on ensuring the longevity
and quality of our products through research and
control systems for our material components, helping
consumers avoid discarding items prematurely.
Additionally, we will explore innovative product designs
and systems to enhance both repairability and
recyclability. On top of that, we are investing in improved
forecasting systems to avoid overstock of non-sold
finished goods.
Waste:
We are committed to decreasing non-recyclable
waste by minimizing overall waste through new cutting
technologies and exploring opportunities for reuse or
upcycling of textile waste streams.
For paper and cardboard – which happens to be the
biggest waste stream – we plan an overall study in 2026
to define specific reduction projects.
Commuting:
To promote sustainable commuting, we have invested
in 2023 in company bikes and installed bike racks for
employees who travel by train and/or bike. In 2024, we
revised our financial incentives to make cycling more
appealing.
Furthermore, we introduced a new mobility policy to
encourage the use of bikes and public transport in
2025.
Last year, we also updated our hybrid working policy to
provide more flexible remote work options, which has
also helped reduce the need for commuting.
Business Travel:
In 2025, we defined new guidelines for business travel
to minimize air travel as much as possible and promote
more sustainable travel alternatives. Even though
this category represents only a small part of Van de
Velde's total carbon footprint, we don't want to ignore its
environmental impact.
With the revised business travel policy, we strive to
find the best balance between environmental impact,
business needs and employee well-being/time
management.
APPROVAL PROCESS AND TRACKING
EFFECTIVENESS
The annual transition plan is a key component of Van de
Velde’s overall business strategy and financial planning.
As a first step, the plan, which outlines potential projects
and targets, is presented to the Sustainability Steering
Committee (SteerCo) for evaluation and discussion.
The transition plan details the targets, actions, and
resources necessary for transitioning to a lower-carbon
economy and is aligned with the company’s financial
planning. This alignment ensures that the financial
resources required for implementing the actions are
considered and integrated into the company’s financial
planning process.
Once reviewed, the transition plan is approved by the
administrative, management, and supervisory bodies,
ensuring its alignment with Van de Velde’s overall
governance and decision-making processes. This
holistic approval process involves a comprehensive
review and endorsement of the plan, guaranteeing
that all aspects are thoroughly considered before final
approval.
The sustainability projects are closely monitored by
the Sustainability Manager, who conducts regular
evaluations to track progress. Adjustments are made
as needed to ensure alignment with our sustainability
goals. Overall, we are on track to meet our objectives
and contribute to a lower-carbon economy.
Business travel
Waste
Energy supply
Commuting
Assets
2500
2000
1500
1000
500
0
2022 2023 2024 2025 2027 2030
621
483
325
266
119
787
487
325
237
119
784
267
428
781
267
279
233
102
787
250
238
202
200
787
100
150
102
150
SCOPE 3 EVOLUTION
214
207
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EU TAXONOMY
As a lingerie producer (NACE Code C14.14), none of
the core activities of the Van de Velde company are
Taxonomy eligible.
Nevertheless, the company has undertaken certain
investments with environmental characteristics. The
company made use of the option to report under the
EU Taxonomy in accordance with the most recently
approved EU guidelines, applying the simplified
reporting approach. Based on the analysis of the 2025
CapEx list, it was concluded that investments potentially
falling within the scope of the EU Taxonomy were
limited to the installation of additional charging stations
for electric vehicles. As these investments represent
only 0.3 % of the total CapEx, they were considered
non-material and were therefore not assessed for
Taxonomy eligibility or alignment in accordance with the
simplified reporting rules.
ACCOUNTING POLICY FOR EU TAXONOMY KPIS
• The figures used for EU Taxonomy reporting are
derived from the company’s consolidated financial
statements prepared in accordance with IFRS.
Turnover corresponds to the “Revenue” line item in the
consolidated income statement.
• Capital expenditure (CapEx) comprises additions to
property, plant and equipment, intangible assets and
right-of-use assets recognised under IFRS 16, as
disclosed in the consolidated statement of financial
position and related notes.
• Operating expenditure (OpEx) for EU Taxonomy
purposes follows the restricted definition set out in the
EU Taxonomy Disclosures Delegated Act and does
not correspond to total operating expenses reported
in the income statement.
Also for OpEx and TO, the process for determination
was the same as last year. No significant changes in
approach for calculation. We refer to the financial
report pxx/lxx for OpEx and pxx/lxx for TO. OpEx and
To of Taxonomy eligible activities is 0%.
FINANCIAL YEAR (2025)
KPI Total
Proportion
of
Taxonomy-
eligible
activities
Taxonomy-
aligned
activities
Proportion
of
Taxonomy-
aligned
activities
Climate
Change
Mitigation
Climate
Change
Adaptation Water
Circular
Economy Pollution
Bio-
diversity
Proportion
of
enabling
activities
Proportion
of
transitional
activities
Non
assessed
activities
conside-
red non-
material
Taxonomy-
aligned
activities in
previous
financial
year (N-1)
Proportion
of
Taxonomy-
aligned
activities in
previous
financial
year (N-1)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
Turnover 202,400k€ 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
CapEx 9,423k€ 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.3% 0% 0%
OpEx 10.3k€ 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
BREAKDOWN BY ENVIRONMENTAL OBJECTIVES
OF TAXONOMY-ALIGNED ACTIVITIES
Template 1: Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure
covering year (N) (summary KPI)
SUSTAINABILITY STATEMENT
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TARGETS AND CRITICAL ASSUMPTIONS
Our current base year is 2022 and our goal is to
achieve carbon neutrality for Scope 1 and 2 emissions
by 2030, in alignment with the Paris Agreement’s
objective of limiting global warming to 1.5°C. For
Scope 3 emissions, we are following the sectoral
decarbonization pathway, using guidelines tailored
to the Footwear and Apparel sector to set our
reduction targets. These targets are continuously in
development, building on new learnings and outcomes
of feasibility studies and research. Our emission
reduction targets have not undergone external
verification yet.
In setting these targets, we assume several key factors
for future developments:
• The growing availability and affordability of new
energy systems and technologies will support the
transition.
• The expansion of electric vehicle (EV) fleets and
charging infrastructure will accelerate progress.
• While economic growth is currently driven by
increasing production and sales volumes, future
shifts in demand may affect sales trends.
• A lack of innovation in certain sectors is slowing
down the transition from fossil fuel-based materials
to bio-based or recycled alternatives.
• The fashion industry’s business model, with
seasonal deliveries, limits flexibility in transport and
logistics.
• Most of our finished products are difficult to
dismantle and not easily recyclable.
• Regulatory changes may influence future decisions
and developments.
• Shifting customer preferences and demand may
impact the transition strategy.
Primadonna Swim Aswan
SUSTAINABILITY STATEMENT
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METRICS
ENERGY CONSUMPTION AND MIX (ESRS-E1.5)
The data presented are a summary of all entities and
energy consumption related activities:
• The Belgian sites in Schellebelle & Wichelen
• The production plant in Tunisia
• The own & operated retail shops
• The global fleet
Total energy consumption has remained almost the
same. The main change comparing to last year is the
shift away from fossil fuels and nuclear sources. This
is mainly due to the introduction of green electricity
contracts for the Belgian sites. At the site in Tunesia,
there is a clear increase in on-site solar production,
however, overall consumption has also increased
due to the start-up of the operational activities in the
expanded section of our production plant.
ENERGY CONSUMPTION AND MIX IN MWH 2024 2025
Fuel consumption from coal and coal products 0 0
Fuel consumption from crude oil and petroleum products 2,053.2 2,179.2
Fuel consumption from natural gas 1,533.35 1,610.59
Fuel consumtion from other fossil sources 0 0
Consumption of purchased or acquired electricity, heat, steam, and cooling
from fossil sources
1,879.59 826.21
Total fossil energy consumption from fossil sources 5,466.14 4,302.39
Share of fossil sources in total energy consumption (%) 71,72 54.74
Consumption from nuclear sources 1,530.63 46.42
Share of consumption from nuclear sources in total energy
consumption (%)
20.08 0.59
Fuel consumption from renewable sources, including biomass (also
comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.)
0 0
Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable sources
270.55 2,626.89
Consumption of self-generated non-fuel renewable energy 354.26 884.07
Total renewable and low carbon energy consumption 624.81 3,510.69
Share of renewable and low carbon sources in total energy
consumption (%)
8.20 44.67
Total energy consumption 7,621.58 7,859,77
ENERGY PRODUCTION AND MIX IN MWH 2024 2025
Renewable energy 354.26 884.07
Non-renewable energy 0 0
Total energy production 354.26 884.07
ENERGY INTENSITY RATIO IN MWH/MILLION EUR 2024 2025
Total energy consumption per net revenue 36.92 38.83
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GROSS SCOPES 1, 2, 3 AND TOTAL GHG
EMISSIONS (ESRS-E1.6)
INFORMATION ON GHG EMISSIONS
AND SIGNIFICANT CHANGES
For the calculation of Van de Velde's 2025 GHG
emissions, there have been no significant changes in
the definition of what the company and its upstream
and downstream value chain include.
APPROACH TO CALCULATE GHG EMISSIONS
To disclose the methodologies, key assumptions, and
emission factors used in calculating or measuring
GHG emissions, we have implemented the following
approach:
• Methodology: We used ‘Carbon+Alt+Delete’
software, which fully aligns with the Greenhouse
Gas Protocol and adheres to ISO 14064 standards
for GHG accounting and reporting. This ensures
our methodology is consistent with internationally
recognized standards for measuring and managing
emissions.
• Significant assumptions: One of the
assumptions in our GHG calculations is that the end-
of-life impact of products is larger than the emissions
generated during their use and processing.
• Emissions Factors: The software applies
emissions factors from reliable, up-to-date sources
(e.g. Eco-invent), which are regularly updated as new
scientific data emerges. These factors follow GHG
Protocol guidelines to measure emissions
from areas such as energy, transport, waste and
end-of-life impacts.
In 2025, the custom emission factor (EF) applied
to purchased electricity in Tunisia was revised and
aligned with an IEA-based EF. As a result, the 2024
EF was also updated, leading to a restatement of total
Scope 2 GHG emissions for 2024 from 731.78 to
692.35 tCO
2
e and from 754.51 to 718.08 tCO
2
.
In 2024, we also updated our emission factors for
Scope 3 Category 1: Purchased goods & services,
by incorporating more accurate data. This update of
emission factors represents a methodological change
in our emissions calculation approach. Therefore, to
ensure comparability over a 5 year period included in
this report, we have recalculated the 2022 and 2023
figures to align with the revised emission factors.
These new EF were derived from an internal study
involving our top five suppliers of textile materials, who
provided direct data for energy and material use. Their
input and these new insights enabled us to move from
very general industrylevel EF (that are less suitable
for our specific products and materials) to more
accurate values for widely used raw materials such as
Polyamide, Polyester, Cotton and Elastane.
The previous calculations for 2022 and 2023, which
were based on industry emission factors, have been
redone. For the 2025 GHG emission calculation, the
same EF as in 2024 were applied, with no further
changes.
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The evolution in Gross market-based Scope 2 GHG emissions is linked to the shift from fossil and nuclear energy
to 100% renewable sources at some entities. At the Belgian sites, the switch to green electricity contracts results in
a clear reduction in CO
2
emissions. The increase in Total gross indirect (Scope 3) emissions is mainly attributed to a
rise in the category of purchased goods, driven by higher textile material stock levels.
GREENHOUSE GAS EMISSIONS DATA 2024 2025
Green Gass emissions per scope (in tCO
2
eq)
Gross Scope 1 Greenhouse Gass emissions 771.44 812.73
Percentage of Scope 1 Greenhouse Gas emissions from regulated emission trading
schemes (%)
0 0
Gross location-based Scope 2 GHG emissions 715.08 622.13
Gross market-based Scope 2 GHG emissions 692.35 394.78
GHG emissions by Consolidated group/investees (in tCO
2
eq)
Scope 1 GHG emissions dissagregated by consolidated accounting group
(parent and subsidiaries)
771.43 812.73
Scope 2 GHG location-based emissions dissagregated by consolidated
accounting group (parent and subsidiaries)
715.08 622.13
Scope 2 GHG market-based emissions dissagregated by consolidated
accounting group (parent and subsidiaries)
692.35 394.78
Scope 1 GHG emissions dissagregated by investees 0 0
Scope 2 GHG location-based emissions dissagregated by investees 0 0
Scope 2 GHG market-based emissions dissagregated by investees 0 0
Contractual instruments (in %)
Percentage of contractual instruments, Scope 2 GHG emissions (%) 4 2
Percentage of market-based Scope 2 GHG emissions linked to purchased
electricity bundled with instruments (%)
0 88
Percentage of contractual instruments used for sale and purchase of energy bundled
with attributes about energy generation in relation to Scope 2 GHG emissions (%)
100 100
Percentage of contractual instruments used for sale and purchase of unbundled
energy attribute claims in relation to Scope 2 GHG emissions (%)
0
0
Biogenic emissions (in tCO
2
eq)
Biogenic emissions of CO
2
from combustion or biodegradation of biomass not
included in Scope 1 GHG emissions
31.05 31.07
Biogenic emissions of CO
2
from combustion or biodegradation of biomass not
included in Scope 2 GHG emissions
0 0
Biogenic emissions of CO
2
from combustion or biodegradation of biomass that
occur in value chain not included in Scope 3 GHG emissions
0 0
Scope 3 and GHG Intensity (in tCO
2
eq)
Total Gross indirect (Scope 3) GHG emissions 14,613.5 16,991.7
GHG Intensity market based 77.77 89.90
GHG Intensity location based 77.88 91.04
Gross market-based Scope 2 GHG emissions 692.35 394.78
Primary data suppliers (in %)
Percentage of emissions calculated using primary data obtained from suppliers or
other value chain partners (%)
0 0
Total emissions (in tCO
2
) 16,079
18,119
Contractual instruments referr to Green Energy contracts in the Belgian sites
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GHG EMISSION CATEGORIES IN SCOPE
The carbon footprint of Van de Velde group was
calculated for the first time in 2022 as part of the
process of defining the strategy. The calculation
covers scope 1, 2 and 3, given that the supply chain
(indirect emissions) accounts for the largest part of the
carbon footprint.
The carbon footprint is calculated annually at the
beginning of each financial year. Van de Velde
performs these calculations internally using the
web-based platform of Carbon+Alt+Delete that
supports the full carbon accounting process. The
methodology adheres to the GHG Protocol and
aligns with ISO 14064 standards. For the different
categories, the emission factors are drawn from
applicable data sets such as ADEME base carbone,
UK.gov GHG Reporting Factors, IEA Electricity factors
amongst other.
The following entities of the Van de Velde group are in
scope:
For Scope 1 and 2 all relevant carbon emissions were
identified at all entities.
For Scope 3 following categories are included in the
inventory:
• Upstream activities: purchased goods – energy
surcharge – transport
• Downstream activities: end-of-life products
• Resources: business travel – associate commuting
– assets – waste in operations
Most of the data for these activities comes from Van
de Velde's internal data management systems, as
these operations are under direct company control.
Historically, indirect emissions related to purchased
goods were calculated using global industry
benchmarks drawn from standard databases.
In 2024, new and more accurate emission
factors for some materials were established and
introduced. These new emission factors were the
result of more in depth desk research related to textile
raw materials, relevant for our business. This shift
marks a critical step forward, as dyeing, finishing, and
fiber production are the most carbon-intensive stages
of apparel manufacturing.
Going forward, Van de Velde aims to rely increasingly
on direct supplier data, reducing the use of industrial
benchmarks and improving the precision of its carbon
footprint assessments. First approach on collecting
direct supplier data has started in 2025, but were
not included yet in the corporate carbon footprint
calculation of this year.
The measurement of the metric is validated by no
other external body than the assurance provider.
PRIMARY DATA SUPPLIERS (IN %) 2024 2025
Percentage of emissions calculated using primary data obtained from
suppliers or other value chain partners (%)
0 0
OWNED &
OPERATED
RETAIL STORES
OUR GLOBAL
SALES FORCE
WICHELEN
DISTRIBUTION
CENTER
TUNISIA
ATELIER
SCHELLEBELLE
HEAD OFFICE
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Certain Scope 3 GHG emission categories have
been excluded from our reporting due to various
limitations:
• Processing and use of sold products:
Following the guidance of the SBTi, reporting on
this category is recommended but not required.
As a company, we recognize limited control over
the emissions from product use and processing.
However, we acknowledge that in categories such
as lingerie and swimwear, these products are
typically washed less frequently. To help reduce
emissions, we encourage consumers to wash at
lower temperatures, hand-wash when possible,
avoid machine drying and using mild and ecological
laundry detergents.
• Downstream transport: Based on the
assumption that upstream transport has a larger
impact, downstream transport, which mainly
involves road transport to nearby countries, has
been deprioritized. We plan to refine the data by
collaborating with key transport suppliers soon.
• Upstream and downstream leased assets:
These have been considered not relevant to the
company.
• Franchises and investments: These have been
considered not relevant to the company.
Primadonna Madison
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POLLUTION
OUR APPROACH AND POLICIES [ESRS E2 – IRO-1]
MATERIAL IMPACT OR RISK DESCRIPTION
CHEMICALS
Negative impact
(actual –
upstream)
Use of hazardous chemicals (pollution of water) and risk of
releasing harmful fumes (pollution of air) when spinning
yarns, or dyeing/bleaching textiles.
Pollution of land/water/air can have negative impact on local biodiversity in the production
region or can create health risks for workers on the site. Next to that, using hazardous
chemicals can have negative impact on the health of end-consumers. Damage or
established violation of REACH legislation, will entails fines.
MICROPLASTICS
Negative impact
(potential –
downstream)
Water pollution linked to release of microplastics. As our products are made from synthetics (such as Polyamide and Polyester), microplastics
may be released during the washing of our products and end up in sewage and waterways.
In addition, water pollution also has an impact on compliance, reputation and consumer
awareness.
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Pollution is a key consideration in textile
and clothing activities, both upstream and
downstream. In light of the actual and
potential risks linked to fabric production,
as well as the treatment and use of
fashion products, we have assessed
pollution-related impacts, risks and
opportunities across our own operations
and throughout the entire value chain.
Marie Jo Soft studio
VAN DE VELDE ANNUAL REPORT 2025
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For the methodology of the screening, we refer to the general disclosures
and the DMA description. The assessment involved consultations with
our own material experts and with external textile experts to ensure
thoroughness. Affected communities were not directly consulted.
SITE-SPECIFIC POLLUTION IMPACTS
Due to the nature of the activities conducted at the own Van de Velde
sites, there were no significant pollution-related IROs identified during the
assessment in 2024:
• In Schellebelle, activities are limited to design, procurement, marketing,
IT, HR and sales, all of which are administrative in nature and do not
involve processes that generate significant pollution.
• In Wichelen, activities are limited to quality control, cutting of fabrics,
packaging, storage and distribution. While these operational activities
can generate waste streams, they do not involve processes that cause
pollution of air, soil or water.
• In Tunisia, activities are limited to stitching (assembling), cutting, quality
control and packaging. Like the Belgian sites, these processes do not
result in significant pollution.
As there were in the recent year no significant changes in the activities of
our own sites, same conclusions on IRO can be made for the year 2025.
UPSTREAM POLLUTION IMPACTS
In our upstream activities, we identified the following impact and risks.
Affected communities were not directly consulted, insights below are
based on own expertise and external expert consultations:
• Chemical Use: The finishing processes, such as bleaching, dyeing and
printing, may involve hazardous chemicals that can end up in wastewater.
This can potentially have a negative impact on local communities and/or
local biodiversity.
• Hazardous Fumes: Yarn spinning, dyeing, and printing can release
hazardous fumes, which may affect worker health and safety and,
indirectly, local communities via air pollution.
To mitigate these risks, all suppliers of textile fabrics or finished garments
must be OEKO-TEX
®
certified and REACH compliant.
• OEKO-TEX
®
certification: The STANDARD 100 by OEKO-TEX
®
is a
globally recognized, independent testing and certification system for
textile raw materials, semi-finished and finished textile products, and
accessories across all stages of production. This certification applies to
a wide range of products, including unprocessed and painted/refined
threads, woven and knitted fabrics, accessories (such as buttons,
zippers, sewing threads and stitching), as well as various ready-to-wear
items including all sorts of clothing and lingerie, linen, bedding.
OEKO-TEX
®
complies with the EU’s REACH regulation and carefully
considers the requirements outlined in Annexes XVII and XIV of the
REACH chemicals regulation. Additionally, it considers the ECHA SVHC
candidate list when deemed relevant by the OEKO-TEX
®
Association’s
expert group for textiles, fabrics, clothing, and accessories.
• Consumer safety: The STANDARD 100 by OEKO-TEX
®
certification
enhances consumer safety by applying stringent test criteria and limit
values that often exceed national and international standards. Extensive
product checks and regular company audits further ensure that the
industry maintains a commitment to the responsible and sustainable use
of chemicals.
• REACH compliance: REACH (Registration, Evaluation, Authorization,
and Restriction of Chemicals) is a European Union regulation designed
to protect people and the environment from the risks posed by
hazardous chemicals while enhancing the competitiveness of the EU's
chemical industry. REACH focuses on stimulating alternative methods
for assessing the danger posed by substances to reduce the volume
of animal testing. Effective since June 1, 2007, REACH applies not only
to chemicals used in industrial processes but also to those found in
everyday products such as cleaning agents, paints, clothing, furniture,
and electrical appliances.
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When completing these certifications, suppliers provide us with assurance
that they meet OEKO-TEX
®
and REACH requirements and will take
necessary actions to ensure their production processes remain compliant
with any updates and amendments.
Every Van de Velde supplier of raw materials and finished products must
be able to present their OEKO-TEX
®
and REACH certifications to Van de
Velde at all times. These certifications are verified not only during initial
screening but also at annual renewals.
Valid certifications and their expiration dates are registered in our new
vendor management platform, that was introduced in 2025. This new tool
supports us in better monitoring the status of performance on certification
level of all business partners. For more details on this new platform, we ref
to ESRS S2-4.
If needed, we conduct additional spot checks in collaboration with
accredited laboratories, such as Centexbel in Belgium.
DOWNSTREAM POLLUTION IMPACTS
In our downstream activities, we have identified following key potential risk:
Since we use mainly synthetic yarns, such as polyester and polyamide,
there is a risk of microplastic release during the washing and cleaning of
our products. This can lead to water pollution.
To mitigate this risk, it is crucial to raise awareness among end-users
regarding the release of microplastics. The specific information provided on
hangtags and through educational campaigns via our websites, can help
mitigate this risk.
POLICIES [ESRS E2 – 1]
In our materiality assessment regarding pollution, we identified that our
own operational activities do not involve processes generating significant
pollution. However, despite the minimal direct pollution impact, pollution
remains a material concern due to potential risks both upstream and
downstream.
• Upstream Risks: These risks primarily stem from our textile suppliers
during the production and dyeing of fabrics, which may involve the use of
hazardous chemicals that can lead to environmental contamination.
• Downstream Risks: The washing of our finished products by end-
users poses a risk of microplastic release into water systems.
Given these factors, we are considering the adoption of specific pollution-
related policies in the future, with a particular focus on upstream pollution
control.
ACTIONS AND TARGETS [ESRS E2 –2] [ESRS E2 –3]
As described above, all our suppliers of textile fabrics are required to
take the necessary actions to ensure compliance with OEKO-TEX® and
REACH standards. All suppliers are informed that we will not engage in
a partnership unless they are fully compliant with these standards. This
approach has been established since 2019.
To address our pollution-related objectives, we have established
a target for 100% compliance with OEKO-TEX
®
and REACH
standards across our entire fabric supplier portfolio. Our
Purchasing Department actively monitors the status, with the relevant
certifications documented in our new vendor management platform. In
2025 we have invested in this new SaaS tool that maintains an overview of
relevant supplier information and requested certificates of all our business
partners.
For new fabric suppliers and new ODM partners, compliance is verified
during the screening process, which – among others - mandates the
submission of the necessary certificates.
In the spirit of continuous improvement, we are reviewing whether
additional actions are deemed relevant on an ongoing basis.
The effectiveness of our actions and efforts is checked through daily follow
up in the new platform, supplier performance reviews, and by measuring
progress against key indicators such as the percentage of compliant
suppliers.
VAN DE VELDE ANNUAL REPORT 2025
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MEASUREMENTS [ESRS E2 –4]
Over the past decades, no pollution concerning air, water, and soil has
been identified at Van de Velde sites. As there were no relevant changes
in operations or facility management during the past year, we can confirm
the status quo. At this moment, Van de Velde does not conduct additional
measurements related to air, water, and soil pollution, as these factors are
considered insignificant to our direct operational activities.
Our primary pollution-related concern involves indirect Scope 3 emissions,
particularly within our upstream and downstream activities. These
emissions are monitored as part of our broader sustainability strategy,
which is disclosed in section E1-6.
At Van de Velde, we mainly use synthetic fabrics in our products. We
made the assumption that these material volumes represent the amount
of microplastics that potentially can be released during washing. As Van
de Velde is not the producer of these synthetic fabrics, we do not generate
microplastics. The measurement of this metric is not validated by another
external body than the assurance body.
The higher volume in microplastics used, is directly linked to an increased inventory in textile
materials in preparation for upcoming production.
MICROPLASTIC IN KG 2024 2025
Microplastics generated 0.00 0.00
Microplastics used 428,728 547,554
Marie Jo Cyrile
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WATER AND MARINE RESOURCES
OUR APPROACH AND POLICIES [ESRS E3 – IRO-1]
MATERIAL IMPACT OR RISK DESCRIPTION
WATER - WITHDRAWAL, CONSUMPTION AND DISCHARGE
Opportunity
(Van de Velde)
Attention to sustainable water use and reuse in
own facilities.
Optimization and decrease of water use will lead to lower cost and lower dependencies.
Negative impact
(upstream)
Producing raw textile materials, is water-intensive
and potentially polluting (fiber production, dying & finishing).
The production process of purchased textile raw materials has high water consumption,
brings possible pollution of soil and watercourses. We expect a higher cost of production of
raw materials if we want to make the process more environmentally friendly.
Risk
(Van de Velde)
Climate change may lead to water scarcity. Water consumption (drinking water for own workforce) will come with a higher cost. Can be at
risk in regions like Tunisia where we have our own production plant.
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The textile and fashion industry has
a substantial impact on global water
resources. Significant volumes of
freshwater are used across the value
chain, from cotton cultivation and fabric
dyeing or bleaching to garment finishing.
This intensive water use is particularly
critical in regions already experiencing
water scarcity.
Against this backdrop, Van de Velde
aims to transparently disclose how it has
assessed its sites and activities to identify
potential and actual impacts on water
resources.
Marie Jo Louie
VAN DE VELDE ANNUAL REPORT 2025
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During our materiality workshops (part of the DMA, done in
2024) , we looked at our assets and activities to define both actual and
potential water impacts, risks and opportunities.
Using the value chain as a framework, we defined the specific link
towards water management (usage, withdrawal) in each step. The detailed
methodology of this screening, is described in the general disclosures.
Affected communities were not directly consulted, insights are based on own
experience and external expert consultations. We concluded water usage to
be material as well for our own operations as for upstream activities.
SITE-SPECIFIC IMPACT
Site-specific impact refers to the impacts of our headquarters in
Schellebelle, our distribution center in Wichelen and our own production
plant in Tunisia.
These sites mainly involve administrative and operational activities such
as product design, quality control of incoming goods, cutting of fabrics,
stitching and quality control of finished goods. The water usage is rather
small and limited to the use of toilets and bathrooms (by our 1500
employees) and cleaning activities.
Nevertheless, we consider the effective management of water usage,
including rainwater use and the potential for water reuse, important.
Especially as our own and operated atelier in Tunisia, is in a region at risk,
concerning water scarcity. We closely monitor the usage and invest in
more efficient practices wherever possible. Following actions have been
taken:
Headquarters in Schellebelle and the distribution center in
Wichelen:
We have upgraded in recent years our sanitary facilities in both sites to
use collected rainwater for daily needs, significantly reducing reliance on
purchased city water. Additionally, water dispensers were installed in every
department, ensuring all employees have access to fresh drinking water.
Production site in Tunisia:
Although climate change may increase the risk of water scarcity in this
region, our Tunisian facility is not expected to be significantly impacted due
to the following reasons:
• The Van de Velde Tunisia site is in a region where water supply
disruptions are rare;
• When it comes to a scarcity of drinking water, Van de Velde is ready to
invest in extra capacity for water storage.
We have initiated the following actions:
• Van de Velde has installed reservoirs to collect rainwater, which is used
for sanitary facilities;
• For drinking water, Van de Velde Tunisia relies on the Water Company,
and to safeguard employee health, all water pipes were checked and
replaced in 2024.
Van de Velde remains committed to continuous improvement and future
investments in water management practices.
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UPSTREAM IMPACT
Looking upstream, the impact on water-related issues becomes
significantly more relevant and important. In the subsequent stages of the
value chain, water usage and withdrawal can have substantial effects in the
following processes;
• During the production of synthetic fibers like Polyamide, Polyester, and
Elastane, as well as cotton cultivation (a minor part of our business,
accounting for only 1% of purchased goods).
• In the dyeing and printing of woven and knitted materials, which require
large volumes of water. Additionally, there is a significant risk of water
pollution, depending on the types of dyes and additives used in the
finishing processes.
Meaning, water scarcity may pose a challenge to operational continuity in
dye houses located in higher-risk regions. However, since the majority of
our fabric suppliers are based in Western Europe, we assess the likelihood
of water scarcity as relatively low. For critical suppliers in other regions, we
will monitor risks and engage with them on an individual basis.
Additionally, as water withdrawal and pollution regulations become more
stringent, we expect that some key suppliers, particularly smaller ones,
may need to invest in advanced water management systems for reuse
and recycling in the near future. These investments could increase material
costs, potentially impacting on our pricing or margins.
POLICIES [ESRS E3-1]
At Van de Velde, our core activities at the sites in Belgium and Tunisia do
not require significant water usage, as water consumption is primarily
limited to facility cleaning and the use of toilets and sanitary facilities by
our employees. Consequently, we have assessed the need for separate
policies and targets specifically addressing IRO’s related to water, as less
relevant at this time.
Today, we neither have included water management performance in our
business partner policies yet. We first want to build a better understanding
of the commitment of our fabric suppliers to water management and how
they address water concerns on their value chain. This assessment will be
integrated in a broader screening of fabric suppliers and a performance
review with sustainability criteria.
We recognize the importance of water awareness and responsible
consumption. Despite the limited direct usage, we want to prioritize good
water management practices first at our own sites. For this reason, Van de
Velde is dedicated to ongoing evaluation and monitoring of our water usage
practices. If our future operations require more substantial water use, we
are prepared to develop policies accordingly.
ACTIONS AND TARGETS [ESRS E3-2] [ESRS E3-3]
Van de Velde does not have specific measurable outcome-oriented targets
related to water and marine resources at this moment, due to the limited
use of water. However, we are committed to monitoring the effectiveness
of our actions concerning water management at our Belgian and Tunisian
sites. Especially as Tunisia is in an area of high water stress.
All facility managers are responsible for tracking water usage on a monthly
basis, ensuring oversight of our consumption patterns. By collecting
rainwater through our own reservoirs, we can maximize rainwater use for
our toilets and sanitary facilities.
At this moment, we do not monitor upstream impacts on water resulting
in a lack of insights into the policies and actions taken by our suppliers
regarding their water consumption and withdrawal practices. To address
this gap, we plan a step by step program aimed at better understanding
our suppliers' initiatives, including any actions and targets they have set
to reduce actual or potential negative impacts on water usage. This will
enhance our visibility into their practices and enable us to define together
supplier improvement plans where needed.
While we are taking steps to improve our water management practices,
we recognize that further information regarding measurable targets and
performance indicators might be needed. As we develop and implement
these initiatives, we will define specific levels of ambition and identify both
qualitative and quantitative indicators to evaluate our progress.
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WATER CONSUMPTION [ESRS E3-4]
Water consumption at Van de Velde sites is limited to water used for toilets,
drinking water for employees and water required for the cleaning and
maintenance of the buildings. The biggest part of the data on consumption
of purchased water comes from direct measurement. Additionnaly, a
smaller part of the data on waterconsumption, comes from extrapolation.
This concerns mainly the water consumption in the Own&Operated shops.
The measurements of the metrics related to water are not validated by an
external body other than the assurance provider.
1.
Total water consumption for 2024 was restated, following the correction
of an incorrect water consumption entry for one of the UK shops last year.
2
. The increase in total water consumption in 2025 is mainly due to an
additional provision of drinking water stock at the Tunisian site.
WATERCONSUMPTION IN M
3
2024 2025
Total water consumption 8,038 8,941
Total water consumption
in areas at water risk
4,358 5,474
Total water consumption
in areas of high-water stress
4,358 5,474
Total water recycled and reused 0 0
Total water stored 1,345 1,345
Changes in water storage / /
MEASUREMENT DATA IN % 2024 2025
Data sourced from direct
measurement
84.96 88.65
Data from sampling, extrapolation and
estimation (%)
15.04 11.35
WATERINTENSITY RATIO
M
3
/MILLION EURO
2024
2025
Waterintensity ratio 38.9 44.1
Sarda Lita
SUSTAINABILITY STATEMENT
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RESOURCE USE AND CIRCULAR ECONOMY
OUR APPROACH AND POLICIES [ESRS E5 – IRO-1]
MATERIAL IMPACT OR RISK/OPPORTUNITY DESCRIPTION
RESOURCE INFLOWS
Risk
(Van de Velde)
Materials used are mainly (98%) blends of synthetic yarns
like Polyamide/Polyester and Elastane.
These material blends have a higher carbon footprint, as they are all fossil fuel-based. The
risk is that – in the longer term – these type of components might become more expensive
and even less available. Also the reputation of the fossil fuel-based materials, can get a
negative perception among end-users (increasing awareness), which could have negative
impact on sales on a longer term. The material blends (with elastane) that are used in
our products are not recyclable yet. This complicates the treatment of the products in the
end-of-life phase. When dismantling (post-consumer) the different material components,
these cannot be treated for recycling. The feasibility will depend on the outcome of specific
research on (chemical) recycling processes. First results and scalability are not expected
for the first years. This might get in conflict with new EU regulations on sustainable fashion
products and EPR (extended producer responsibility) compliance.
Opportunity
(Van de Velde)
Use of more circular and biobased materials instead
of fossil fuel based
Innovations can lead to new customer groups and reputation boost for our brands as
sustainable efforts will be highly valued in the fashion industry. Efforts will involve an
investment cost (R&D time and money) but will get their ROI on a longer term.
Risk
(Van de Velde)
Limited options related to eco-design of the products Today the eco-design options for Van de Velde products are limited because of the many
components, complex material blends, etc. This particular design of our products, as well as
hygiene standards hinder the life cycle extension of our products in the use phase such as
reuse.
Same as for the fabrics, this might also get in conflict with the new EU regulations for
sustainable fashion product and EPR compliance.
Opportunity
(Van de Velde)
Data innovation and knowledge building LCA tools for calculations of environmental parameters can support the transition towards
designing with more environmental friendly materials. Also, for the future digital product
passport, design will be more data driven and will bring transparency and awareness to a
next level.
Negative impact
(Van de Velde)
High volume of packaging, labeling & POS materials, e-com
packaging, printing for internal use (e.g. sales books),
non-durable business gifts...
These elements lead to a higher carbon footprint, as well as higher costs of non-recycled
materials. Also the reporting cost to packaging registration organizations increases, namely
national legislation of countries where we deliver.
Positive impact
(Van de Velde)
Attention for circularity in construction/renovation
of O&O shops and facilities
Initiatives can lead to cost savings with materials, lower carbon footprint, positive reputation
and generate awareness amongst employees, clients, customers,....
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MATERIAL IMPACT OR RISK/OPPORTUNITY DESCRIPTION
RESOURCE OUTFLOWS
Negative impact
(Van de Velde)
Operational waste streams are often non-recyclable. Leftovers coming from the purchase and cutting processes, are (waste) streams that are
not recyclable yet. This leads to extra CO
2
emissions and might also lead to higher treatment
costs on longer term.
Opportunity
(Van de Velde)
Solution for non-recyclable waste streams. Continued innovation in the production process can avoid or reduce specific waste streams
(e.g. zero buffer cutting), also reuse or valorization of our residual and waste streams (e.g.
fabrics) can lead to new product development. Such (circular) innovations could bring us a
reputation boost, lower carbon footprint but come with a high investment cost.
Risk
(downstream)
The design of our products (by construction and by type of
materials) hinder the recyclability of our products.
High proportion of end-of-life product incineration (high carbon footprint) and low proportion
of take-back options, reuse and recycling. This creates a barrier to entry for new business
model, which might be crucial to lower our CO
2
emissions and to keep our brand reputation
(at potential consumer shift).
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166
In the textile and fashion industry,
material selection is crucial. The choice of
materials not only determines a product’s
quality and longevity, but also influences
how it can be treated at the end of its
life. Thoughtful product design and
responsible material choices are therefore
among the most powerful levers fashion
companies have to reduce their overall
environmental impact.
Primadonna salerno
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OUR APPROACH
Van de Velde designs and develops its products in Belgium. Visual
designers, material engineers and procurement teams at our headquarters
in Schellebelle work directly with raw material suppliers to select, develop
and purchase textile components.
These suppliers, for which over 70% are operational in Western Europe,
manage textile production processes, including weaving, knitting, dyeing,
and printing.
Since we buy directly from these suppliers, without intervention of agents,
no assumptions were needed; we have complete, direct data for the IRO
assessment, including country of origin, composition and production plant
details.
Our close, long-term partnerships with these fabric suppliers also facilitate
access to valuable information of their upstream suppliers. These are mainly
yarn providers. At Van de Velde, 99% of the yarns used, are synthetic,
specifically polyamide, polyester, and elastane. For the IRO assessment of
this part of our value chain, we primarily rely on data provided by our raw
material suppliers and additional desk research. Affected communities were
not consulted directly.
POLICIES [ESRS E5-1]
Our commitment to managing the impact, risks and opportunities related
to the resource flows is outlined in our own corporate Environmental Policy
(updated in 2024), which includes the following;
• We monitor waste streams and implement tools for better sorting and
handling;
• We strive to avoid or reduce waste streams in the different departments:
- We study the potential to reduce waste in all our operations.
- We provide regular awareness training and information to all employees.
• We strive for a rational use of raw materials while investing in forecasting
systems and effective purchasing management;
• We encourage the adoption of more environmentally responsible
materials in product design;
• We never compromise on the high quality and longevity of our products;
• We develop and install new packaging (systems) with a lower
environmental impact.
The same principles are explicitly included in the Business Partner Code of
Conduct.
The Management Team is responsible for its implementation.
ACTIONS [ESRS E5-2]
Van de Velde takes actions to reduce environmental impact, as stated
below. By implementing innovative and sustainable practices, Van de
Velde ensures the responsible sourcing of materials and minimizes waste
streams. This commitment not only aligns with regulatory requirements but
also supports the needed transition towards a circular economy.
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RESPONSIBLE SOURCING OF MATERIALS
(RESOURCE INFLOWS) [ESRS E5-4]
PURCHASED GOODS: TEXTILES
For our lingerie and swimwear, we mainly use synthetic fibers - such
as polyamide and polyester - blended with elastomers. This special
combination:
• offers excellent fit and ultimate comfort
• ensures longevity and resistance to abrasion
• makes washing and cleaning of the products very easy.
The superior shape retention and color fastness are highly valued by our
customers as they can enjoy their lingerie and swimwear for an extended
period, contributing to a longer product lifespan.
In addition to these synthetic blends, a small proportion (1%) of our
products include natural fibers, specifically cotton, also sometimes
blended with elastane.
These specific lingerie and swimwear blends contribute – unfortunately
- significantly to our indirect emissions: they count for more than 50% of
our Scope 3. To reduce emissions in this category, we apply a double
approach:
1. ADOPT (NEW) LOWER CARBON MATERIALS IN OUR PRODUCTS
Synthetic fibers require fossil fuel and the production is very energy
intensive. Moreover, the coloring of the fabrics requires specific chemicals,
an important amount of water and special finishing processes with heating
to result in good color solidities.
We are looking for alternatives to the virgin version of these synthetics.
Following tracks are currently being explored:
• Recycled (pre-consumer) yarns: produced from residual streams
generated during polyamide or polyester manufacturing.
• Bio-based yarns: made using renewable bio-components, such as
starch, as an alternative to fossil fuels.
We are gradually integrating these innovative yarns into our collections,
working closely with our trusted raw material suppliers to meet stringent
quality standards.
No specific targets for use of recycled content are set. Nevertheless,
design initiatives to shift towards lower carbon materials are pre-calculated
and decided in function of the expected decrease on Scope 3, category 1.
In recent years, the share of these (pre-consumer) recycled yarns
continues to increase.
We expect these materials to be 100% GRS-certified (Global Recycled
Standard), which guarantees eco-friendly production practices.
Additionally, our Innovation Department continues to explore the sourcing
and use of biobased materials. This approach allows us to adopt the
cascading principle and to maximize the value of these resources by
analyzing their use in durable, high-quality products.
By building knowledge and setting up data and calculating systems, our
Innovation Department is able to support and guide our Design teams in
making responsible choices when it concerns:
• development of new products and categories
• increased use of recycled or bio-based content
MATERIALS USED IN KG 2024 2025
Total weight of technical materials
used in the products
481,555 600,349
Weight of biological materials used
in the products
10,338 11,480
Percentage of biological content
used in the products (%) that is sustainably
sourced
2.1 1.91
Weight of recycled content used in the
products
34,836 76,942
Percentage of recycled content (%) 7.2 12.8
Weight and percentage of biological materials used in products and packaging
has been redone for 2024 following a clarification of the definitions.
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2. ADOPT DIRECT DATA OF THE FABRIC SUPPLIERS
In 2025, first steps were taken with some key suppliers to get insights in
their direct data, such as energy, CO
2
emissions, transport, country of
origin of components. These information should help us :
• to make the calculation of the corporate carbon footprint Scope 3 more
accurate
• to determine PCF’s (product carbon footprint) on item level.
• to set up supplier benchmarks and comparative guidelines
Having direct data of suppliers will guide us in making even better choices
when it comes to the environmental impact of a product design.
To accelerate our progress in this study, we appointed in May 2025 an
external partner to onboard and survey suppliers. In the first phase of 6
months, 35 fabric suppliers were involved and PCF’s of 6 products were
calculated (partially with direct data and partially based on industry factors).
We recognize the importance of setting measurable, result-driven targets
to guide our sustainability efforts. Building first the necessary knowledge
and guiding criteria for our design & development department will allow us
to implement future targets in a more substantiated way.
PURCHASED GOODS: PACKAGING
In the past years, all plastic was eliminated in the commercial and branded
packaging. Since November 2023, all brochures and sales books
feature the FSC logo, signifying responsible forestry practices. We are
committed to purchase paper from a Cradle2Cradle supplier. For all new
developments, the environmental impact is taken into account in the offers.
CALCULATION METHOD
The calculations for purchased goods happened with primary data.
We build a master data file of incoming goods to track the volumes of
each specific material. By integrating this information with the material
composition and specific weight of each fabric (direct data coming from
our ERP system) we determine the total volumes for each material type
(e.g., Polyamide, Polyester). This methodology ensures precise calculation
of material volumes, avoids double counting, and offers clear insights into
our resource usage. The measurement of the metric is not validated by an
external body other than the assurance provider.
PACKAGING USED IN KG 2024 2025
Total weight of paper & cardboard
for commercial packaging
144,751 151,241
Weight of recycled for commercial packaging 25,332 5,544.63
Weight of biological materials used in
commercial packaging that is sustainably
sourced
144,751 151,241
Total weight of paper & cardboard
for operational packaging
268,198 290,292
Percentage of biological materials that is
sustainably sourced (%)
100 100
Percentage of secondary reused or recycled
components used in commercial packaging
6.13 3.6
Total weight of paper & cardboard
in POS
213,000 219,268
Weight of Cradle to Cradle in POS 165,500 134,399
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WASTE STREAMS [ESRS E5-5]
UPCYCLING TEXTILE LEFTOVERS
In the fashion industry, several significant waste streams contribute to
environmental challenges. One of the primary sources of waste includes
leftover rolls of unused fabrics, along with all kind of small accessories that
are not utilized in production.
Thanks to a performing forecast system, we have a high accuracy in
calculation of material needs for our seasonal and NOS (never out of stock)
productions. This results in limited material leftovers at season’s
end. These fabrics, known for their strong technical performance, retain
significant value and can be repurposed in many ways.
In the past years, Van de Velde launched some small pilot projects to
explore this potential:
• Primarily through partnerships with start-ups that specialize in circular
product design in the fashion and interior design sectors.
• Additionally, our design and marketing teams have initiated upcycling
projects, creating limited-edition items from leftover fabrics, such as
swim bags and makeup bags for promotional gifts. On top, these items
were assembled in a Spanish workshop (nearby our Sarda office) by
ex-imprisoned women - that are socially excluded. Via these projects,
they get the chance to train different skills (apparel and catering) which
increases their chance on a future job.
NON-RECYCLABLE CUTTING WASTE
In the fashion industry, cutting waste generated during the manufacturing
process might account for a considerable portion of the industry's overall
waste.
The raw materials that are used for our lingerie and swimwear consist
of a blend of polyamide, polyester, and elastomers, which results in non-
recyclable offcuts.
Given the significant volume of offcuts, we initiated in 2023 a study in
collaboration with our cutting robot manufacturer to explore ways to
reduce the buffer space between pattern pieces. This innovation reduces
the space between pattern pieces from 3mm to 0.8mm, significantly
minimizing fabric consumption and offcuts. Building on these promising
results, investment has been made for the installation of four additional
cutters in 2024. First results show a decrease of ca 3% of cutting waste.
In parallel, we explore the potential for upcycling offcuts. Ongoing tests will
help to evaluate whether these offcuts can be repurposed as raw material
for further product development, including applications in other industries.
PAPER AND CARDBOARD WASTE
The largest volume of waste at the Van de Velde sites, consist of cardboard
and paper: primarily originating from packaging used by subcontractors
and fabric suppliers, as well as protective cardboard layers from the cutting
room. Furthermore, paper and cardboard waste results from individual
packaging purposes, heavily impacting the industry's environmental
impact. Lastly, marketing and point-of-sale (POS) materials, which are often
seasonal, contribute to the overall waste generated within the sector.
In response to this, we have initiated several immediate actions to reduce
this waste stream:
• Packaging from raw material suppliers: Employees are encouraged
to reuse cardboard boxes for on-site storage of small materials and
transportation between sites wherever possible.
• Paper/cardboard from marketing materials (POS, posters, brochures):
In 2023, we launched a project to reduce seasonal POS materials and to
minimize surplus production:
- Standard packages are eliminated; customers now receive only the
materials they specifically request.
- We only send window packages to B2B customers who place specific
orders for these materials.
- Reduction of the number of brochures, with the introduction of a clear
rule on maximum quantities.
- For the assembling of the POS packages, we work together with
Weerwerk, a workplace in Ghent supporting individuals re-entering the
workforce.
• Paper Sourcing Project: We are committed to purchase paper from a
Cradle2Cradle supplier. Since November 2023, all brochures and sales
books feature the FSC logo, signifying responsible forestry practices.
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The accuracy level for data on waste is greater for the Belgian sites (waste
diverted), where different waste streams are seprated and measured
directly, based on clear regulations. For Tunisia, waste volumes directed
to disposal are derived from sampling and extrapolation. Although this
methodology has improved compared to the previous year, the resulting
data remains subject to significant estimation uncertainty.
The calculation of the below reported waste data are partly based on direct
measurement and partly based on estimations. The total amount of waste
diverted from disposal concerns the waste generated in the operations in
the Belgian sites. The data is sourced from the database of our operator
Veolia. The amount of waste directed to disposal concerns the waste
generated in the operations in our production plant in Tunesia. This waste
amount is estimated, based on extrapolation of one month of tracked data
to the full year.
FINISHED PRODUCTS (RESOURCE OUTFLOWS)
[ESRS E5-5]
Responsible production in the fashion industry means at the very first
place making long lasting products. Key is designing products of very high
quality that do not lose their shape or color after being worn or regular
washing. All too often, consumers quickly discard (cheaper) low-quality
products and buy new ones, contributing to the fast fashion trend.
Recent studies show that the average European Union citizen yearly throws
away more than 15kg of textiles. 99% end up at the landfill or is incinerated.
Only 1% of textile waste is recycled. Breaking this trend of overconsumption
and disposability, is a challenge for the industry, and starts with
encouraging the consumers to use apparel for as long as possible.
Van de Velde will never compromise on longevity when making choices
in the design phase: impeccable quality and longevity are the never
changing fundaments for the Unique Selling Proposition of our products.
COMPOSITION OF WASTE
IN KG
HAZARDOUS
WASTE
NON-HAZARDOUS
WASTE
HAZARDOUS
WASTE
NON-HAZARDOUS
WASTE
Total amount of waste generated 0
306,868
0
325,031
Waste diverted by preparation for reuse 0 0 0 0
Waste diverted by recycling 0 0 0 0
Waste diverted by other recovery operations 0 270,268 0 280,427
Total amount of non-hazardous waste diverted
from disposal
270,268 280,427
Waste directed to disposal by incineration 0 0 0 0
Waste directed to disposal by landfil 0 36,600 0 44,604
Waste directed to disposal by other disposal operations 0 0 0 0
Total amount of non-hazardous waste directed to
disposal
36,600 44,604
Total amount of non-recycled waste 0 36,600 0 44,604
Percentage of non-recycled waste (%) 0 11.93 0 13.72
Total amount of radioactive waste 0 0 0 0
2024 2025
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Consumers are able to keep wearing our products for such a long time
because of the high quality and exceptional fit of our products. This is
the result of knowledge and expertise built up over the years. Initially, the
development process was one of trial and error, with fitting followed by
adjustment until the product was exactly right. We are now increasingly
switching to an objective data-based design methodology, a transition
in which our development teams and innovation experts work closely
together.
We also market a broad range of timeless products. These lingerie
products are classically attractive. They can be worn regardless of the
trend at any given time. Some of our iconic designs, such as Avero (Marie
Jo) and Deauville (PrimaDonna), have existed for more than 25 years and
cover a significant part of our turnover.
R-Strategies cover the entire life cycle of a material or product - starting
with the use of resources in design, till end of life of the (used) product. All
R-strategies aim to reduce the consumption of primary resources and
promote the use of secondary raw materials.
The most important R-strategies are:
• Refuse: avoid using new materials or products
• Rethink: redesign products and business models (e.g. lightweight design)
• Reduce: use fewer resources in production and consumption
• Reuse: use products again for the same purpose (e.g. second hand
clothing)
• Repair: fix products to extend their life
• Repurpose: give products a new function (e.g. turning old clothes into
cleaning rags)
• Recycle: process materials at end-of-life to make new raw materials
Our end products are non-recyclable yet at end-of-life. One bra can
contain more than 40 components, almost all being a blend of different
textile materials, often containing a percentage of elastomers. The different
components are also small pieces, complicating the disassembly of the
product.
When looking at the repair potential of our products, one can understand
that only a limited range of parts of our products can be repaired. Easy to
replace parts - such as hooks and eyes or wires - are available for retail
partners for repairs.
We rethink products and packaging with lower carbon components and
reduce where possible step by step (see more detail in ESRS E5-4)
Actions for repurpose and reuse are not implemented for the moment.
Second-hand lingerie is challenging due to hygiene concerns and the
emotional or intimate value associated with these items. More in depth
consumer survey is needed to value the potential of these strategies.
On a yearly basis, we produce an average of 5.5 million pieces. Unsold
finished products also add to the waste burden, as these items remain as
leftovers. At Van de Velde, these quantities are limited (<2% of the produced
quantities) and get a new destination via controlled donation systems with
local organizations
The products expected durability in relation to the industry average cannot
be expressed as industry benchmarks for do not exist yet.
SUMMARY
All data related to fabric inflow, finished product outflow, and generated
waste streams are recorded in our ERP system. As we control purchasing
of materials, cutting of fabrics, assembling and packaging of finished
goods centralized at Van de Velde, we have comprehensive access to the
necessary information within our ERP master files to analyze operational
flows. This enables us to use primary, accurate and reliable data for
monitoring, evaluation, actions and reporting.
Through these comprehensive efforts in resource efficiency, sustainable
materials, circular design and waste optimization, Van de Velde is
committed to not only reducing its environmental footprint but also
fostering a culture of sustainability that drives innovation and responsible
production in the fashion industry.
RECYCLABILITY (%) 2024 2025
Finished products recyclable 0 0
Packaging recyclable 100 100
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OWN WORKFORCE
OUR APPROACH AND POLICIES ESRS S1
MATERIAL IMPACT OR RISK DESCRIPTION
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Risk
(actual – Van de Velde)
Lack of a formal diversity and inclusiveness policy. The lack of a formal diversity and inclusiveness policy may have an impact on staff
shortages, workload, staff turnover, escalating HR costs and reputational damage.
Opportunity
(potential –
Van de Velde)
Commit to a strong internal diversity policy (incl. language policy,
unconscious bias, etc.).
A strong diversity and inclusion policy may result in lower turnover, reduced HR cost, stable
and continuous workforce and workload and positive employer branding.
Risk
(actual –
Van de Velde)
Lack of a formal internal mobility policy to encourage employee
growth opportunities.
This may lead to the loss of experienced and skilled staff, a higher turnover and rising HR
costs.
WORKING CONDITIONS
Risk
(actual – Van de Velde)
Inadequate understanding of the risk of (mental) health and
safety conditions in non-Belgian entities (sales force,
O&O stores, ...).
There can be an increased risk for health and safety issues or regulatory violations. This can
cause in-creased employee turnover, or claims can arise and this can lead to reputational
damage.
Risk
(potential –
Van de Velde)
Physical and intense work for some employees, especially in
case of aging workforce.
Physical and intense work can lead to absenteeism, staff turnover and increasing costs for
HR.
Risk
(potential –
Van de Velde)
Risk of accidents. Risk of accidents can arise from inadequate application of safety regulations on the one
hand and inadequate use of personal protective equipment (PPE) on the other. This applies
to employees as well as temporary staff and students. This can lead to absenteeism, staff
turnover and increasing costs for HR.
Risk
(potential –
Van de Velde)
Staff shortages due to the 'war for talent' and specific
jobs within Van de Velde.
This can cause staff shortages, high workloads, high staff turnover and escalating HR costs.
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MATERIAL IMPACT OR RISK DESCRIPTION
Impact
(actual – Van de Velde)
Van de Velde has reputation as a reliable and consistent
employer in Belgium and Tunisia.
This has a positive impact on the company's reputation and leads to lower investment costs
for HR.
Impact
(actual – Van de Velde)
Commitment to constructive social dialogue in Belgium and
Tunisia. Van de Velde wants to take an exemplary role in this.
This has a positive impact on the company's reputation and leads to lower investment costs
for HR.
Impact
(actual – Van de Velde)
People-oriented and understanding policies and commitment to
health and psychosocial well-being.
This has a positive impact on the company's reputation and leads to lower investment costs
for HR.
Risk
(actual – Van de Velde)
Insufficient understanding of correct working conditions of
employees in own production plant in Tunisia (diversity, living
wage, hours, etc.).
This can impact health and safety risks, regulatory violations, staff turnover, claims and
reputational damage.
Risk
(actual – Van de Velde)
High stress levels and disrupted work-life balance. This can lead to absenteeism, staff turnover and mounting costs for HR.
Risk
(Potential –
Van de Velde)
General risk of forced labor and child labor in apparel and textile
sector.
Apparel and textile is still a labor intensive sector, which may lead to bad practices in labor
conditions.
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Our people are the driving force behind
everything we do. Their skills, passion,
and commitment make it possible
to create high-quality products while
also advancing our sustainability and
innovation goals.
We believe that supporting our workforce
goes beyond compliance - it means
fostering a safe, fair, and inclusive
environment where everyone can truly
thrive. Only then can Van de Velde meet
both today’s challenges and tomorrow’s
opportunities.
Marie Jo Cyrile
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Van de Velde is committed to fostering a positive and stable work
environment for all workers, regardless of their employment type and job
location. The company’s operations have a material impact on its workforce,
including employees and non-employees in various roles. These individuals
may be impacted by both the company’s internal operations and its value
chain activities, such as product manufacturing, distribution, and business
relationships with third-party suppliers.
GENERATING POSITIVE IMPACT
Van de Velde commits to fostering a positive and stable work environment
for its entire workforce in all its entities, including our manufacturing unit
in Tunisia, own & operated retailers and international salesforce (for more
details on the entities, see chapter General disclosures). This is reflected in
its approach to stability, social dialogue and employee well-being. These
practices generate significant benefits for both the organization and its
stakeholders, contributing to a thriving workforce and a positive company
reputation:
STABILIT Y
Van de Velde demonstrates reliability and consistency, which can enhance
its image in the eyes of its stakeholders, including customers, investors,
and business partners. This positive reputation can lead to increased
trust and credibility, benefiting the company in terms of attracting new
customers and maintaining existing customers.
Furthermore, being a stable employer also contributes to higher employee
engagement. When employees feel secure in their positions and have
confidence in the stability of their employment, they are more likely to be
engaged and committed to their work. This results in increased productivity
and higher job satisfaction. Employees who are confident about their
employer’s future are more likely to invest their time and energy into their
work, knowing that their efforts will be rewarded and recognized by the
company.
Moreover, a stable work environment with less fall-out and lower employee
turnover can foster a sense of loyalty and continuity within the organization,
leading to a stronger and more cohesive workforce which positively
impacts the company’s operations.
SOCIAL DIALOGUE
The second point emphasizes Van de Velde's commitment to
constructive social dialogue. This commitment can have a positive
impact on the engagement of its staff. Constructive social dialogue refers
to open and meaningful communication between management and
employees, as well as among employees themselves. When there is a
culture of dialogue and collaboration within an organization, it creates an
environment where employees feel heard, valued, and involved in decision-
making processes. This sense of inclusion and empowerment can
significantly enhance employee engagement, as individuals are more likely
to be motivated and invested in their work when they feel that their opinions
and contributions are respected and considered.
In addition to fostering engagement, constructive social dialogue can also
lead to innovation and creativity within the organization. When employees
are encouraged to share their ideas and perspectives, it creates a space
for diverse viewpoints and fresh insights. This can result in the development
of new and innovative solutions to challenges and the ability to adapt
to changing market conditions. By promoting open and meaningful
communication, Van de Velde can tap into the collective intelligence of its
workforce, driving continuous improvement and growth.
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EMPLOYEE WELL-BEING
Lastly, the mention of attention to employee well-being suggests that
Van de Velde prioritizes the physical and mental health of its employees.
This can encompass various initiatives and practices aimed at creating
a supportive and healthy work environment. For instance, Van de Velde
may provide employee assistance programs, wellness programs, flexible
work arrangements, or opportunities for professional development and
growth. By focusing on employee well-being, Van de Velde demonstrates
a commitment to the holistic welfare of its workforce. This can result
in improved employee satisfaction, reduced stress levels, increased
productivity, and a positive work-life balance. When employees feel
supported and valued by their employer, they are more likely to experience
higher levels of job satisfaction and overall well-being. This, in turn, can lead
to increased motivation, creativity, and loyalty, as employees are more likely
to go above and beyond in their roles when they feel that their employer
genuinely cares about their well-being.
In summary, Van de Velde’s approach as a reliable employer, its
commitment to constructive social dialogue, and its focus on employee
well-being create a virtuous cycle. These initiatives not only enhance
the company’s reputation but also contribute to greater employee
engagement, satisfaction, and productivity. Van de Velde’s focus on
stability, communication, and well-being ultimately benefits both the
organization and its employees, fostering a thriving, cohesive workforce.
RISKS AND OPPORTUNITIES
Van de Velde addresses the following risks and opportunities to foster a
more resilient and responsible organization.
1. The lack of a formal diversity and inclusion policy. Without a
clear policy in place, the company may struggle to attract and retain a
diverse workforce. This could lead to a lack of different perspectives
and ideas, hindering innovation and creativity within the organization.
Additionally, a lack of inclusion can create an environment where
certain employees feel excluded, leading to low morale and decreased
productivity.
2. The absence of a formal internal mobility policy could present
challenges for staff by potentially limiting opportunities for career
development and skill enhancement within the organization. This may
lead to reduced employee engagement and retention as individuals
could seek growth opportunities externally.
3. Inadequate understanding of mental and physical health and
safety conditions in all its entities, as described above. A good
understanding is essential for organizational well-being. Addressing
potential gaps in these areas helps mitigate risks such as employee
dissatisfaction, turnover or reputational challenges.
4. The physical and intense work for certain employees, particularly in
the case of an aging workforce, can have detrimental effects. This type
of work can lead to absenteeism, staff turnover, and increased costs.
5. The risk of accidents is a concern that can arise from inadequate
application of safety regulations and inadequate use of personal
protective equipment (PPE). Failure to comply with safety measures
can result in injuries or even fatalities, incurring legal and financial
consequences for the organization. It is crucial for the company to
continue to enforce strict safety protocols and to continuously improve
the safety framework.
6. Staff shortages due to the war for talent present a challenge for the
organization. In a competitive job market, attracting and retaining top
talent remains crucial.
7. Insufficient understanding of the correct working conditions
of employees in our own production plant in Tunisia could
present a risk. The operations and working conditions at the production
plant in Tunisia require greater transparency to ensure alignment with
the organization's standards and values. By fostering clearer insights into
the plant's functioning, the organization can proactively address potential
risks and reinforce its commitment to a responsible and supportive
working environment.
8. High stress levels and disrupted work-life balance can have
negative impacts on employee well-being and productivity. This may
lead to long term absences (e.g. burnout), decreased morale, and
increased turnover. The organization should foster creating a supportive
work environment that promotes work-life balance and provides
resources for managing stress.
9. Forced labor and child labor risks: The vast majority of our
workforce is operating in Belgium and Tunisia, both of which are
generally regarded as low-risk countries for forced labor and child
labor. Belgium has strong labor laws, robust labor inspections, and
well-enforced regulations against forced labor, while Tunisia has made
significant strides in improving labor rights and conditions.
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RISKS AND OPPORTUNITIES RELATING TO SPECIFIC GROUPS
IN THE WORKFORCE
Van de Velde recognizes that certain groups within its workforce may face
heightened risks due to the nature of their roles or the contexts in which
they work. Identifying these risks is critical to ensuring their well-being and
fostering a supportive work environment.
1. Staff in Non-Belgian Entities
At head office, there is a growing awareness of health and safety
conditions in the non-Belgian locations. However there is a need for closer
oversight to ensure alignment with the company’s standards for employee
well-being and workplace safety. Addressing these concerns proactively
can mitigate risks such as dissatisfaction, turnover, or reputational
challenges.
2. Staff in Production Sites
Employees in production facilities often encounter physically demanding
and intense working conditions. Tasks may involve heavy lifting, repetitive
motions, prolonged standing, or working in ergonomically challenging
positions. These physical demands can pose particular challenges for an
aging workforce, increasing the likelihood of health issues.
By identifying these specific groups and the risks they face, Van de Velde is
committed to implementing targeted strategies to protect its workforce and
sustain a healthy, productive working environment.
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POLICIES RELATED TO OWN WORKFORCE (S1-1)
Van de Velde has implemented a range of policies to manage the material
impacts, risks, and opportunities related to our its workforce. Such as
correct working conditions, respect for human rights, (mental) health and
wellbeing and monitoring of work-life balance amongst others. Through the
Ethical and Social Charter, the Code of Conduct for Own Workforce, and
the Privacy Policy for Own Workforce, we aim to proactively mitigate and
reduce these risks. We also have a system in place to manage workplace
accident prevention.
ETHICAL AND SOCIAL CHARTER
The Ethical and Social Charter outlines Van de Velde’s commitment
to a sustainable, open, social, and ethical business policy grounded in
responsibility, dialogue, and mutual respect. The Charter establishes nine
key human rights principles relevant to all the employees of Van de Velde
NV and its direct and indirect subsidiaries. It excludes non-employees such
as consultants and temporary workers, as their working conditions are
externally determined and controlled.
Although the Charter does not explicitly address human trafficking, it
reinforces Van de Velde’s dedication to ethical practices and respect for its
workforce.
The following commitments are included:
1. No forced labor: We support employment based on motivation and
free will. We also do not tolerate human trafficking in our activities.
2. Freedom of association and right to collective bargaining: We
are committed to open and honest dialogue with social partners and all
parties involved in our activities.
3. Health and safety: We ensure a safe and healthy work environment
and strive for general well-being for every employee.
4. No child labor: We do not employ employees who are under 16 years
of age or who do not meet the minimum employment age required by
law.
5. A guaranteed livable wage: We ensure that the wage paid for
a normal working week at least meets the legally defined minimum
wage. We also ensure that the employee can provide for more than
the basic needs (such as food, water, housing, education, health care,
transportation, clothing, etc.) for the employee and the employee’s family.
We guarantee that there is no precarious work.
6. Respect for maximum working hours: We respect the legal limits
on working hours and strive for a good balance between private and
professional life. The maximum number of working hours per week
is determined by local legislation and can never exceed 48 hours.
Overtime is limited to 12 hours per week, is entirely voluntary and is
exceptional.
7. No discrimination: We condemn any form of discrimination based
on race, nationality or social origin, caste, birth, religion, disability,
gender, sexual orientation, family responsibilities, marital status, union
membership, political opinions, age or any other criterion that may lead
to discrimination.
Van de Velde is committed to eliminating discrimination and fostering
diversity and inclusion. In 2026, we plan to establish a clear inclusion
policy with specific guidelines to address these goals. In the meantime,
we actively promote equal opportunities, starting from the recruitment
process. To mitigate discrimination, we conduct awareness training and
sensitization programs. We have established channels for reporting
discrimination, and once detected, the company takes prompt and
appropriate action. These measures demonstrate our dedication to
creating an inclusive and equitable workplace.
8. Regular employment: Work is performed under a cooperation
agreement based on national laws and customs.
9. No disciplinary practices: We respect the individual and condemn
any form of violence, be it physical, mental or verbal.
Additional guidelines were adapted to supplement the Ethical and Social
Charter.
• Guidelines concerning flexibility, overtime and working
abroad. These guidelines set out the limitations on overtime and the
framework of flexible working time and weekend work.
• Guidelines concerning training and development. These
guidelines set out the framework for corporate training as well as
individual (technical) training. Each year, a corporate training plan is
drawn up based on the needs of the organization as well as the needs
of individual employees. This training plan is discussed with the Works
Council. A training budget for individual training needs is foreseen too.
• Policy on thematic leave. This policy sets out the framework for
parental leave, leave for medical assistance and palliative leave.
• Policy on hybrid working. This policy sets out the framework for
working from home.
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The Charter further explains how any concern about (suspected) violations
of the Charter can be reported and how these concerns are investigated
objectively and confidentially. Additionally, the Charter emphasizes Van
de Velde's absolute ban on retaliation towards anyone who raises
genuine concerns in good faith.
The Ethical and Social Charter is approved by the Board of Directors.
The Management Team is responsible for its implementation. The Social
Performance team is responsible to monitor compliance.
The social performance team (SPT) is a multi-disciplinary te
am, set up by Van de Velde to implement and monitor all aspects of its
Ethical and Social Charter. The team comprises a balance of employee
representatives and management and meets frequently to assess the
advancement and identify any actions to strengthen implementation of the
standard.
The Charter and its supplementary guidelines are reviewed annually by the
Management Team, incorporating:
• Reports of any violations over the past year.
• Internal audit results from the Social Performance Team.
• Discussions from the Works Council and the Committee for Prevention
and Protection at Work.
Adjustments or improvements are made as necessary, subject to Board
approval.
Van de Velde respects the principles of the following international
instruments:
• ILO Conventions 1, 29, 87, 98, 100, 102, 131, 135, 138, 155, 159, 169, 177,
181, 182, 183, and the ILO Code of Practice on HIV/AIDS and the World of
Work, Universal Declaration of Human Rights
• the International Covenant on Economic, Social and Cultural Rights
• the International Covenant on Civil and Political Rights
• the United Nations Convention on the Rights of the Child
• the United Nations Convention on the Elimination of All Forms of
Discrimination Against Women
• the United Nations Convention on the Elimination of All Forms of Racial
Discrimination
• the UN Guiding Principles on Business and Human Rights
The Ethical and Social Charter can be obtained by any employee from the
HR department and is available on Van de Velde's intranet (Conversation
Room) and on https://www.vandevelde.eu/en/whistleblowing.
CODE OF CONDUCT FOR OWN WORKFORCE
Van de Velde considers respect, honesty, solidarity and trust as its
foundation. Within this framework, Van de Velde has implemented a Code
of Conduct as a guideline for its own workforce. All members of the own
workforce in all its entities are expected to follow the rules of conduct in
their everyday duties and in relation to colleagues, suppliers, customers
and others. The Code of Conduct deals with various topics;
1. Dealing with information: Guidelines for managing confidential
information, obligations of secrecy, and rules against insider trading.
2. Dealing with colleagues: Zero tolerance for inappropriate behavior
such as bullying, harassment, or violence. Includes guidance on
workplace relationships.
3. Dealing with external Parties: Emphasizes respectful interactions
with customers and suppliers and prohibits illegal agreements,
corruption, and bribery.
4. Work-Life Balance: Highlights conflicts of interest, bans on alcohol
and drug use at work, and conditions for combining business trips with
private vacations.
5. Use of Company Resources: Provides rules for using company
assets like computers and smartphones, including limits on personal
use and expense management.
The Code details procedures for reporting and investigating suspected
violations confidentially and bans retaliation against good-faith
whistleblowers.
The Board of Directors approves the Code, while the Management Team
oversees its implementation. The Code is reviewed annually, considering
any violations, with updates made as necessary.
The Code is available to all workforce members via HR, the intranet
(Conversation Room), and
www.vandevelde.eu/nl/code-of-conduct. For non-employees
without a direct authority relationship, the Code serves as guidance, with
enforceable obligations outlined in contractual agreements.
While no third-party standards are explicitly referenced, the Code reflects
Van de Velde’s commitment to ethical integrity and stakeholder inclusion.
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PRIVACY POLICY FOR OWN WORKFORCE
In the context of reliability and consistency, Van de Velde processes
personal data of current and former employees, self-employed
representatives, contractors and consultants. The Privacy Policy for Own
Workforce explains which categories of personal data are processed by
Van de Velde, why and on what legal basis, which parties we share the
personal data with and how long the personal data are retained by Van de
Velde.
Additionally, the policy explains how individuals in the workforce can
exercise their privacy rights and report any suspected violations. It also
reinforces Van de Velde's commitment to a strict no-retaliation policy for
anyone reporting potential breaches of the policy.
The GDPR and Belgian privacy legislation are respected through
implementation of the policy. The Privacy policy applies to all current
and former employees, self-employed representatives, contractors and
consultants of Van de Velde NV and any direct or indirect daughter entities
within the EU. For US and Tunisia, local legislations are respected.
The Board of Directors approves the Privacy Policy, whereas the
Management Team is responsible for its implementation. Van de Velde
ensures compliance with GDPR and Belgian privacy legislation through the
policy's framework.
The Privacy Policy is accessible to all relevant stakeholders through Van
de Velde's intranet (The Conversation Room). Additionally, all employees
within the EU entities receive digital training on the policy to ensure proper
understanding and compliance.
PROCESSES FOR ENGAGING WITH OWN
WORKFORCE (S1-2)
Van de Velde recognizes the critical role that workforce perspectives play in
shaping responsible decision-making. Engagement with employees takes
place at various levels through both direct and indirect channels, including
social partners. We place great importance on maintaining an open
dialogue and ensuring that employee voices are heard and considered. At
Van de Velde, we believe in continuous feedback, supplemented by formal
feedback moments. While the frequencies listed below represent the
minimum, additional feedback can be organized as needed:
• Meetings with social partners (e.g., Works Council): monthly
• Engagement Surveys
• Townhalls
• Performance and development review process
• Team meetings and individual meetings
DIRECT ENGAGEMENT WITH EMPLOYEES
Van de Velde fosters open communication and feedback through various
engagement mechanisms designed to ensure employee perspectives
are heard and addressed. Employees are encouraged to share concerns
and ideas through regular one-on-one meetings, performance
reviews, and open communication channels. Anonymous online
engagement surveys or feedback forms provide an additional avenue
for employees to share feedback on critical workplace drivers, such
as relationships with colleagues and managers, recognition, personal
growth, and ambassadorship. Detailed comments from these surveys
are analyzed and shared with the management team and departments,
enabling the creation of targeted action plans to address identified areas
for improvement.
In addition to these channels, regular townhalls serve as forums for
open dialogue between leadership and employees, offering opportunities
for employees to voice their opinions, ask questions, and discuss issues
directly with decision-makers. To support personal development, biannual
performance reviews are held, where employees engage in growth
conversations with their line managers to reflect on values, competencies,
skills, ambitions and development actions. These discussions are
complemented by mid-year follow-ups to ensure sustained progress and
alignment with individual and organizational goals.
Communicating with our employees in a transparent and meaningful
way is key. That’s why we endeavor to keep our employees informed
about developments in the organization, among other things through our
‘Conversation Room’ platform and our private working@vandevelde Facebook
group.
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ENGAGEMENT THROUGH SOCIAL PARTNERS
Van de Velde acknowledges the vital role of dialogue with social partners
and upholds employees' rights to unionize and organize without fear of
retaliation. The Works Council and the Committee for Prevention and
Protection at Work serve as key platforms for workforce representation,
holding monthly meetings to address workforce-related topics, including
matters outlined in the Ethical and Social Charter. Workers’ representatives
actively voice employee perspectives during these discussions, ensuring
that management decisions align with the interests and concerns of the
workforce.
Chaired by the CEO, these meetings follow a structured format to
promote meaningful and productive dialogue. Minutes are meticulously
documented, and reports are made accessible to all employees through
the "Conversation Room" intranet, fostering transparency and reinforcing
accountability. Necessary actions are taken by different departments,
follow up and report out is done in the next meeting.
Frequent ad hoc meetings with social partners are taking place in between
and demonstrate our permanent dialogue with social partners.The
company has no specific program to gain insight into people of our own
workforce who may be particularly vulnerable to impact. The general ways
of addressing these issues apply e.g. the Works Council, the Committee
for Prevention and Protection at Work, the anonymous engagement survey
and feedback form or via the confidants.
CHANNELS FOR OWN WORKFORCE TO RAISE
CONCERNS (S1-3)
During the reporting period, Van de Velde did not identify any material
negative impacts on its workforce. However, the company remains fully
committed to addressing any such impacts should they arise in the future.
Van de Velde continues to monitor its operations closely and is dedicated
to fostering a positive, supportive working environment for all employees.
CHANNELS
Van de Velde provides multiple channels for its workforce to raise concerns
or express needs ensuring that employees have easy access and multiple
resources for addressing issues at any time.
The primary channel is our open-door policy, which encourages
employees to reach out to their immediate supervisors or, for non-
employees, their internal contacts. These interactions can occur in various
informal ways, such as through scheduled meetings, Teams messages,
emails, or even casual conversations. This flexibility allows many concerns
to be addressed quickly and efficiently.
For more specific concerns, such as those related to safety or privacy,
Van de Velde has established formal reporting systems. Employees
can report safety risks or incidents by logging a ticket through the
company’s intranet, which is then managed by the facility department.
Similarly, privacy-related concerns can be raised via email to
privacy@vandevelde.eu, with investigations handled by the Head of Legal,
Risk & Compliance.
Additionally, employees who feel their concerns involve potential violations
of Van de Velde's policies have access to a range of dedicated
contacts, depending on the nature of the issue. Each policy outlines
specific parties to whom reports of inappropriate or illegal behavior can be
directed, including line managers, confidants, employee representatives,
members of the Management Team, or even the President of the Board of
Directors.
In cases where employees prefer to remain anonymous or are
uncomfortable approaching internal parties, an internal whistleblowing
channel is available. This allows staff to report concerns about illegal
or unethical behavior confidentially and without fear of retaliation. The
whistleblowing channel is established by Van de Velde.
Finally, Van de Velde has a clear grievance and complaint handling
mechanism for employee-related matters. This process ensures that
any concerns raised by employees are taken seriously and addressed in
a fair and transparent manner. The company is committed to resolving
grievances in a way that supports both the individual and the organization,
ensuring that all issues are managed in line with Van de Velde's ethical
standards and values.
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TRACKING AND MONITORING
Van de Velde ensures that issues raised through any channel are handled
with the utmost confidentiality and seriousness.
Reports submitted through its whistleblowing channel are accessible solely
to the report manager, who is the Head of the Legal, Risk & Compliance
Department based at Van de Velde’s headquarters in Belgium. Upon
receiving a report, the report manager investigates the matter thoroughly to
determine if there has been, or may be, any immoral, illegal, or dangerous
practices.
Since the launch of the whistleblowing policy and reporting channel in
March 2023, a very limited number of reports have been submitted by
December 31, 2025. During the reporting period, awareness was raised
about the whistleblowing channel during the digital training on Ethical and
Social Entrepreneurship. The training highlighted the confidentiality of each
report and protection against retaliation to ensure that employees feel
comfortable using the channel to report any concerns. We will continue
awareness efforts even if the channel already proves to be known to
employees.
To continuously improve the process, an annual review of the
whistleblowing policy is scheduled by the Management Team. This review
helps to assess the channel's effectiveness and to ensure that it remains a
trusted and efficient tool for addressing issues within the organization.
ASSESSMENT OF AWARENESS OF PROCESSES TO RAISE
CONCERNS
Van de Velde closely monitors the awareness and trust in its processes for
raising concerns or needs. Several mechanisms are in place to assess how
well these channels are functioning.
1. Reports made with confidants
During 2025, 4 reports were made with confidants.
2. Reports made through the internal whistleblowing channel
Since the introduction of the whistleblowing policy and reporting channel
in March 2023, a very limited number of reports have been submitted
by December 31, 2025. As a result, the overall effectiveness of the
whistleblowing channel cannot be evaluated yet through user feedback
or performance metrics. The challenge remains in raising awareness
about the policy and creating a sense of safety and confidence for
employees when using this reporting channel. Van de Velde recognizes
that building trust in the system is key to ensuring its success and
encourages open communication about the policy across the
organization.
In summary, while there has been some activity through the safety
coaches and confidants, the limited number of reports through the
whistleblowing channel highlights the need for further awareness efforts.
The company remains committed to fostering an environment where
employees feel comfortable raising concerns and trusting that their issues
will be addressed with care and confidentiality.
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ACTIONS ON MATERIAL IMPACTS ON OWN
WORKFORCE (S1-4)
EMPLOYEE WELL-BEING
Van de Velde implements various initiatives to promote the (mental)
wellbeing of its associates and raise awareness. These actions were
introduced in past years to address material negative and positive impacts
and are customized for the different sites. These actions were all fully
ongoing in 2025 and we plan to continue these efforts in the coming years.
Van de Velde allocates financial resources to manage its material impacts,
ensuring the continuation of wellbeing initiatives. Additionally, we invest
time, expertise, and partnerships to tailor efforts to each site’s specific
needs.
INITIATIVES IN BELGIAN SITES
At its Belgian sites, efforts focus on fostering flexibility, strengthening
employee connections, encouraging healthy habits, and promoting a
commitment to health and fitness. Key initiatives include:
• Hybrid working: For roles where feasible, associates can work up to
50% of their time remotely. This policy provides flexibility for employees
and supports a healthy work-life balance.
• VDV Connect: Alongside flexibility, Van de Velde emphasizes
strengthening connections among employees through VdV Connect, a
wellbeing initiative developed and supported by a team of Van de Velde
associates. In 2025, a variety of activities were launched under this
program, including flower arranging workshops, sport-challenges and a
large-scale blood donation campaign.
• Encouraging healthy habits: Van de Velde actively promotes
regular physical activity and healthy eating through initiatives such as;
weekly fresh fruit baskets, company bikes for commuting, walk & bike
challenges, onsite showers, recreational facilities such as table tennis.
• Recognition as a ‘Sport-Friendly Company’: Van de Velde was
one of the first companies in East Flanders to receive the ‘Sportbedrijf’-
label by Sport Vlaanderen. This recognition highlights the company’s
dedication to health, sport and exercise. The first certification was
obtained in April 2022 and the current certification expires in April 2026.
INITIATIVES IN TUNISIA
To improve the comfort and wellbeing of associates in Tunisia, Van de
Velde has introduced several measures, such as improved ergonomic
practices, bus services for commuting, upgraded sanitary facilities, and
optimized air conditioning and ventilation systems. In the new building,
which opened in 2024, special attention was given to incorporating features
that prioritize associate comfort, hygiene and overall wellbeing.
EMPLOYEE ENGAGEMENT
At Van de Velde, we prioritize a strong start for new associates to ensure
they quickly feel integrated into our organization. A comprehensive
onboarding program helps them gain confidence and feel motivated
as they begin or further their career within Van de Velde. The program
starts with a warm welcome from the CEO, followed by a one-week training
that offers an in-depth overview of our business processes. This hands-
on approach allows new hires to understand and actively engage with the
business processes, feel connected from day one and builds an internal
network. In addition, we introduce our core values, Ethical and Social
Charter, sustainability strategy, and overall corporate culture to provide a
well-rounded introduction.
After onboarding, we are committed to the continuous growth of our
associates. Every year, a training plan is developed, offering a mix of
individual and group training opportunities. Associates can participate in
company-wide training sessions or pursue personalized learning paths.
Special attention is given to effective leadership training programs in order
to reinforce engagement and responsibility at top level. To further support
learning, we organize regular online courses and Lunch & Learn sessions,
enabling associates to expand their expertise on topics related to strategic
projects.
To keep personal development and engagement front and center,
Van de Velde conducts an annual performance cycle. In the first quarter,
each associate has a personal growth conversation with their line manager
to evaluate values, competencies, skills, and ambitions. Also development
initiatives are discussed during these conversations. A follow-up discussion
is scheduled in the third quarter.
Van de Velde measures employee well-being and engagement using
an online tool or feedback forms. This provides management with valuable
insights, allowing them to take proactive steps to improve employee well-
being.
In 2025, efforts were focused on further developing and evaluating existing
systems. Moving forward, the focus will shift to formulating more specific
targets to address the material impacts effectively (S1-5)
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METRICS
CHARACTERISTICS OF THE UNDERTAKING’S
EMPLOYEES (S1-6)
Our own workforce comprises a total of 1.503 employees, distributed
across various countries. The figures are presented in FTE or headcount,
as detailed in the tables below.
This year, a comparison is presented against the first CSRD report. A nota-
ble difference concerns the headcount in Tunisia, which is attributable to
an adjustment in contract types, as employees in training are now being
included.
NUMBER OF EMPLOYEES BY GENDER
GENDER (IN HEADCOUNT) 2024 2025
Female 995 1,386
Belgium 432 425
Tunisia 284 650
Other countries >50 employees 279 311
Male 112 117
Belgium 85 79
Tunisia 12 25
Other countries >50 employees 15 13
Total headcount 1,107 1,503
NUMBER OF EMPLOYEES BY COUNTRY
COUNTRY (IN HEADCOUNT) 2024 2025
Belgium 504 517
Tunisia 675 296
The Netherlands 87 75
Canada 2 4
France 16 11
Sweden 1 1
Norway 1 1
Finland 2 2
Denmark 24 22
Germany 69 63
Spain 41 32
United states 21 23
United Kingdom 60 60
Total headcount 1,503 1,107
EMPLOYEE TURNOVER
TURNOVER (IN HEADCOUNT) 2024 2025
Total number of employees who left
the company
203 260
Rate of employee turnover (%) 15.46 22.44
NUMBER OF EMPLOYEES BY CONTRACT TYPE, BROKEN DOWN BY GENDER
CONTRACT TYPE 2024 2025
FEMALE MALE TOTAL FTE FEMALE MALE TOTAL FTE
Permanent employees (FTE) 683.91 104.56 788.47 1183.83 111.04 1294.87
Temporary employees (FTE) 203.84 4.6 208.44 89.1 3.61 92.71
Non-guaranteed hours (FTE) 2.23 0 2.23 1.91 0 1.91
Total FTE 889.98 109.16 999.14 1389.49 114.65 1504.14
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DESCRIPTION OF METHODOLOGIES AND ASSUMPTIONS USED
TO COMPILE DATA ON EMPLOYEES
At Van de Velde, the data collection process focuses specifically on
gathering information from the payroll function across the various countries
where the company operates. To ensure a smooth data collection process,
Van de Velde employed change management initiatives. This involved
presenting the overall objective of the CSRD to all parties involved in the
data collection process.
By clearly communicating the definitions of the data to be collected and
goals of the data collection, Van de Velde ensures that everyone is on the
same page and understands the importance of their contribution. The
data collection process takes place on a monthly basis and started in July
2024. Once the data is collected from each country, it is combined and
consolidated into a single comprehensive report. To ensure the accuracy
and completeness of the collected data, Van de Velde employs internal
logical checks. In addition to logical checks, the collected data is also
validated during a meeting with the different providers. By doing so Van de
Velde aims to minimize any errors or discrepancies in the collected data
and ensure accuracy and reliability of its data.
The methodologies and significant assumptions behind the metrics
related to this topic and topics on S1 further on, are based on internal data
collection processes and standardized calculations. The measurement of
these metrics has not been validated by an external body other than the
assurance provider.
COLLECTIVE BARGAINING COVERAGE AND SOCIAL
DIALOGUE (S1-8)
Objective of below disclosure is to enable an understanding of the
coverage of collective bargaining agreements and social dialogue for the
undertaking’s own employees.
Currently, there is no agreement in place for representation by a European
Works Council (EWC), Societas Europaea (SE) Works Council, or Societas
Cooperativa Europaea (SCE) Works Council at Van de Velde.
DIVERSITY METRICS (S1-9)
The objective of this disclosure is to enable an understanding of gender
diversity at top management level and the age distribution of its employees.
Top management refers to the Management Team, which is responsible for
carrying out certain tasks delegated by the Board of Directors.
EMPLOYEES COVERED BY A COLLECTIVE
BARGAINING AGREEMENT
COVERAGE COLLECTIVE
BARGAINING (IN %)
2024 2025
Total of all countries 85.53 89
Countries with significant employment
EEA
100 100
Countries with significant employment
non-EEA
100 100
GENDER DISTRIBUTION AT TOP MANAGEMENT
LEVEL
GENDER 2024 2025
Headcount at top
management
%
Headcount at top
management
%
Male 2 33 3 43
Female 4 67 4 57
PERCENTAGE OF EMPLOYEES COVERED
BY WORKERS' REPRESENTATIVES
COVERAGEWORKER'S
REPRESENTATIVES (IN %)
2024 2025
Employees covered by workers’
representatives - Countries with
significant employment EEA
100 100
DISTRIBUTION OF EMPLOYEES BY AGE GROUP
AGE GROUP 2024 2025
Headcount
total group
%
Headcount
total group
%
Under 30 years old 235 21.23% 407 27.08
30-50 years old 509 45.98% 717 47.7
Over 50 years old 363 32.79% 379 25.22
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ADEQUATE WAGES (S1-10)
All employees are paid an adequate wage, in line with applicable industry
benchmarks per country.
HEALTH AND SAFETY METRICS (S1-14)
The objective of the disclosure below is to allow an understanding of the
coverage, quality and performance of the health and safety management
system established to prevent work-related injuries.
HEALTH AND SAFETY METRICS
HEALTH & SAFETY 2024 2025
Employees
Non-
employees
Value chain
workers
Employees
Non-
employees
Value chain
workers
Own workers who are covered by health and safety management system
based on legal requirements and (or) recognized standards or guidelines
92% 100%
Number of fatalities in own workforce as result of work-related injuries and
workrelated ill health
0 0 0 0 0 0
Number of recordable work-related accidents for own workforce 14 0 18 0
Rate of recordable work-related accidents for own workforce 1.59% 1.28%
Number of cases of recordable work-related ill health of own workforce 4 0
Number of days lost to work-related injuries and fatalities from work-related
accidents, work-related ill health and fatalities from ill health
108 273.4
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REMUNERATION METRICS
(PAY GAP AND TOTAL REMUNERATION) (S1-16)
Van de Velde reports a gender pay gap of 52.15%, reflecting the difference
in average remuneration between female and male employees. The ratio
between the remuneration of the highest-paid individual and the median
remuneration of employees is 13.18.
To provide context for these figures, it is important to note that women
are disproportionately represented in roles and regions where the
average gross hourly wages are the lowest. For instance, women are
overrepresented in blue-collar functions and retail staff positions, as well
as in countries such as Tunisia, which has the lowest gross hourly wages
among all locations where the company operates.
• In Tunisia, the majority of the workforce is female, and the gross hourly
wages are significantly lower compared to other countries.
• In Belgium, the majority of the population is female. A large part of this
population is active as a blue-collar worker, a category that generally
earns lower hourly wages compared to white-collar employees.
• The entire workforce in the company’s retail shops across various
countries is female, reflecting the nature of the work. Retail staff earn
lower gross hourly wages on average compared to white-collar positions.
Despite these disparities, it is essential to emphasize that wages are
determined by standardized baremic scales, which ensure equal pay for
men and women within the same roles. However, the concentration of
women in lower-paying roles and locations explains the observed gender
pay gap.
The data underpinning these analyses were compiled using gross hourly
wage information collected across multiple countries for the year 2025.
For employees receiving a lump sum gross monthly salary, their gross
hourly wages were calculated by multiplying the monthly amount by three
(months) and dividing by 13 (weeks in three months) and the average
number of working hours per week, which varies by country. To ensure
comparability, all wages were standardized and converted into euros
(€) using current exchange rates. This approach allows for direct cross-
country comparisons while accounting for currency-related differences.
INCIDENTS, COMPLAINTS AND SEVERE HUMAN
RIGHTS IMPACTS (S1-17)
This chapter will allow an understanding of the extent to which work-related
incidents and severe cases of human rights impacts are affecting our own
workforce.
Van de Velde ensures that employees have various channels to raise
concerns and address any issues they may face. These channels include
confidants, HR Business Partners, social partners and the whistleblowing
procedure. Employees can trust that their concerns related to privacy
regulations, work-related incidents or discrimination will be handled
confidentially and appropriately.
Additionally, the company encourages the reporting of unethical or illegal
activities through the whistleblowing procedure, allowing employees to
bring forward any issues in the workplace. If necessary, employees can
also reach out to an employee representative. At the end of the review
period, the HR Business Partners, HR Director, and Head of Legal, Risk &
Compliance will compile and establish a list of reported concerns, ensuring
that the confidentiality obligations outlined in the whistleblowing policy are
respected. Currently, no fines, penalties, or compensation for damages
related to social or human rights violations have been recorded, and no
such amounts are presented in the financial statements.
INCIDENTS & COMPLAINTS 2025
Number of incidents of discrimination 6
Number of complaints filed through channels for people
in the undertak-ing’s own workforce to raise concerns
6
Number of complaints filed to National Contact Points
for OECD Multina-tional Enterprises
0
Amount of fines, penalties, and compensation for
damages as result of incidents of discrimination,
including harassment and complaints filed
0
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WORKERS IN THE VALUE CHAIN
OUR APPROACH AND POLICIES [ESRS S2 ]
MATERIAL IMPACT OR RISK DESCRIPTION
WORKING CONDITIONS
Opportunity
(potential – upstream)
Systematic screening of our external suppliers and
sub-contractors.
While monitoring our suppliers and subcontractors in a structural way, we can reduce/avoid
health and safety risks, regulatory violations, employee turnover, claims and reputational
damage. Being able to guarantee that our products are made under the best working
conditions will finally end up in good reputation for the brands.
Risk
(actual – upstream)
Insufficient understanding and follow-up on potential labor
rights violations in our value chain (wages, overtime, child
labor, safety).
Due to the lack of in-house audits, or follow-up CAPs from external audit reports, the chance
of labor law violations is still actual. This can result in reputational damage and claims for Van
de Velde.
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At Van de Velde, we uphold legal
standards and human rights across
all operations and expect the same
commitment from our suppliers and
subcontractors. Value chain workers are
a key stakeholder and we believe that
ethical production and distribution require
shared responsibility. For more details
on the value chain, including workers,
impacts and risks, we refer to the General
Disclosures (ESRS 2).
Marie Jo Cyrile
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The textile and apparel industry continues to face issues such as child labor,
low wages, and unsafe working conditions. As a global company with a broad
network of partners, we proactively monitor our supply chain to reduce risks,
enhance transparency and foster initiatives that promote a positive social
impact.
Van de Velde collaborates with suppliers across various sectors, including
textile production, apparel assembly, transportation, HR-services, business
and IT-consulting and retail sector. Each sector has its own challenges and
risks related to business models, strategies and material impact.
Our assessments cover both upstream and downstream partners, including
subcontractors working on our own sites. Below a description of the partner
categories we consider most vulnerable and where human rights could be
most impacted.
PARTNERS IN THE UPSTREAM VALUE CHAIN
FABRIC SUPPLIERS
Van de Velde sources over 70% of its textile components, such as knitted
and woven fabrics, from European suppliers in Belgium, France, Italy,
Switzerland, Spain and others. Our largest supplier is located just 35 km
from our Belgian headquarters. These partners enable seasonal innovation,
while ensuring the high quality and longevity of our products. The proximity
of these partners allows for frequent site visits to closely monitor working
conditions. Given the robust local and EU regulations, the risk of human
rights violations in this segment is considered low.
For the remaining textiles—less than 30%—sourced from suppliers in the
Far East, we acknowledge a higher risk of issues such as child labor and
forced labor. In these regions, we conduct ongoing monitoring to safeguard
basic human rights.
SUBCONTRACTORS FOR APPAREL ASSEMBLING
Producing and stitching high-quality lingerie requires specialized expertise,
which is why Van de Velde carefully selects its assembly partners. We
intentionally limit the number of production facilities to centralize knowledge
and ensure continuity.
This approach is reflected in our decision to operate our own atelier in
Tunisia and collaborate with only one long-term subcontractor in the Far
East and two small subcontractors in Tunisia. Data from our Tunisian plant
is disclosed in ESRS S1, while Top Form International and the Tunisian
subcontractors are covered in ESRS S2.
Our subcontractors were chosen for their expertise, commitment to quality,
and focus on innovation. They are not merely producers but strategic
collaborators, working closely to enhance our products.
1. The Tunisian subcontractors are monitored by our own local
management in Tunisia. This approach helps us mitigate risks related to
working conditions and human rights.
2. In the Far East, Van de Velde holds a board position and actively
contributes to long-term strategy and vision. This close partnership
enables open communication, joint problem-solving and addressing
new initiatives together. This collaboration allows us to monitor working
conditions in a region where human rights risks, such as child labor, low
wages, and excessive overtime, may be more prevalent.
IMPACTS
Van de Velde values long-term partnerships as essential to business
continuity. These relationships foster mutual understanding and expertise
in our niche products, while also contributing to economic stability and
consistent employment for our partners. In the fashion industry, seasonal
demand can lead to order fluctuations making forecasting challenging for
fabric suppliers and subcontractors. By establishing long-term partnerships
with a carefully selected group of key suppliers, we aim to create a
more balanced and predictable workflow. This approach supports the
sustainability and growth of these often-smaller organizations and ensures
a steady workload for workers in our (upstream) value chain, generating
positive impact.
VAN DE VELDE ANNUAL REPORT 2025
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RISKS AND OPPORTUNITIES ARISING FROM IMPACTS AND
DEPENDENCIES ON VALUE CHAIN WORKERS
An overall introduction on our value chain and its workers is given in the
General Disclosures.
Due to the seasonal nature of the fashion industry, fluctuating workloads
may impact job continuity for:
• Workers in assembly factories, who may face periods of reduced hours
or overtime pressure;
• Employees of fabric suppliers and their subcontractors, who depend on
consistent demand from Van de Velde.
These fluctuations can disrupt operations and impact job stability. Our
dependence on key partners, such as transport suppliers, also poses risks
of supply chain interruptions.
To mitigate these risks, Van de Velde monitors fluctuations using weekly
forecast and planning dashboards. The close collaboration with our
partners ensures that we can inform them timely to take actions if
necessary.
RISKS FOR VULNERABLE WORKER GROUPS
We recognize that workers in certain regions, such as the Far East,
face heightened risks related to working conditions. Issues such as fair
wages, health and safety, and women’s rights are ongoing challenges.
The fashion industry is very labor intensive and employs mostly women,
of all ages. In certain countries, like Tunisia and other countries in the
Far East region, new hires– often young women in assembly roles – are
especially vulnerable to issues like low wages, excessive overtime, unsafe
environments, and child labor.
Maintaining strong partnerships with our suppliers in these regions is
essential to ensuring fair and safe working conditions, especially during
periods of fluctuating workload.
Primadonna Twist Briana
SUSTAINABILITY STATEMENT
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POLICIES (ESRS -S2-1)
Our policy is based on a risk analysis per region and supplier category and
is implemented through actions that are described in more detail further in
this chapter.
BUSINESS PARTNER CODE OF CONDUCT
In 2023, Van de Velde introduced a comprehensive Business Partner Code
of Conduct to affirm our commitment to human rights and responsible
practices across our value chain. This Code sets clear expectations for
all business partners — including fabric suppliers, subcontractors, and
service providers — on social responsibility, environmental stewardship
and business integrity. The Management Team is responsible for its
implementation.
During the reporting period, we implemented a new software platform to
automate requests to sign our Code for all business partners. At year end,
297 of our business partners have signed the Code or provided their own
equivalent.
The Code outlines specific principles that all partners, their suppliers, and
subcontractors must adhere to, including:
SOCIAL RESPONSIBILITY
The Code mandates that business partners adhere to all relevant local,
national, and international laws and industry standards, including the
ILO Declaration on Fundamental Principles and Rights at Work, the UN
Guiding Principles on Business and Human Rights or OECD Guidelines for
Multinational Enterprises. Aligned with all relevant laws mentioned above,
the Code specifies nine core principles that all partners, their suppliers and
subcontractors, must follow:
1. No forced labor: Employment must be voluntary and based on free
will. Absence of human trafficking must also be ensured.
2. Freedom of association and the right to collective bargaining:
A commitment to an open and straightforward dialogue with all parties
involved in the business activities is required.
3. A safe and healthy workplace environment: General welfare for
each worker in the value chain must be ensured.
4. No child labor: No engagement and employment of workers who
have not reached the minimum working age required by local law.
5. Living wages: Remuneration that meets at least legal minimum
standards and that can provide workers with more than the basic needs
for themselves and for their families must be ensured. Absence of
precarious work must be ensured.
6. Maximum working hours: At least the legal limits of working
hours must be respected and a good balance between private and
professional life for all employees pursued.
7. No discrimination: Any form of discrimination based on race, national
or social origin, gender, age, religion, disability, sexual orientation, union
membership, marital status, political opinion or any other condition that
could give rise to discrimination must be prohibited. All employees must
be treated in the same, equal and correct way.
8. Regular employment: All work must be performed based on a
recognized employment relationship established through national law
and practice.
9. No disciplinary practices: Harsh and inhumane treatment and as
such, any form of violence, either physical, mental or verbal harassment,
must be condemned.
During the reporting period, we added to the Code that absence of human
trafficking and precarious work must be ensured. No human rights
violations or breaches of these principles were flagged during the reporting
period.
ENVIRONMENTAL STEWARDSHIP
We expect our business partners to comply with all applicable
environmental laws and to actively seek improvements in their
environmental performance. Partners are encouraged to propose initiatives
that contribute to these improvements while collaborating with Van de
Velde. A clear environmental strategy and regular progress updates are
expected.
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BUSINESS INTEGRITY
Van de Velde requires business partners to operate with integrity and
comply with all relevant laws. This includes:
• Appropriate Behavior: Partners are expected to maintain politeness,
good manners, and respect in all business dealings.
• Confidentiality: Ensuring the confidentiality of professional secrets and
other non-public information is mandatory.
• Conflict of Interest: Business partners must avoid conflicts of interest
and comply with relevant laws.
• Anti-Corruption: The Code condemns corruption in all forms,
expecting full compliance with anti-corruption laws.
• Compliance with Customs and Security Laws: Partners must
adhere to all applicable customs legislation.
• Gifts and Entertainment: Acceptable within established limits and
should never be offered with expectations of something in return.
• Insider Trading: Compliance with insider trading laws is required,
especially given Van de Velde’s status as a listed company.
• Anti-Money Laundering: Measures must be taken to prevent
operations from being used for money laundering.
• Data Protection: Partners must comply with data protection laws and
sign necessary agreements.
• Respect for Competition Laws: Partners must comply with
competition laws, including prohibitions on anti-competitive practices.
• Compliance with Trade Restrictions and Sanctions: Adherence
to evolving international trade restrictions and export control laws is
required.
• Transparency: Partners must provide clear and accurate information
about their operations and refrain from making misleading claims.
• Whistleblowing: The Code encourages reporting of any violations, with
mechanisms in place to raise concerns confidentially.
MONITORING AND COMPLIANCE
The Code includes provisions for monitoring compliance among
business partners, their suppliers and subcontractors. Van de Velde may
request information or conduct site visits to verify adherence. If deficiencies
are found, partners must address them. Failure to do so may result in
termination of the partnership.
The Code applies to all suppliers, subcontractors, or service providers
engaged with Van de Velde NV and its subsidiaries, regardless of location.
Each year, the Management Team reviews the Code, considering any
violations from the previous year. The Code may be adjusted with Board of
Directors’ approval.
The policy is made available to relevant stakeholders and can be accessed
on www.vandevelde.eu.
PROCESSES TO REMEDIATE NEGATIVE IMPACTS AND
CHANNELS FOR VALUE CHAIN WORKERS TO RAISE
CONCERNS (ESRS -S2-3)
GENERAL APPROACH
Van de Velde is committed to addressing negative impacts on value chain
workers by providing accessible and confidential channels for raising
concerns. While no direct engagement process with workers is in place,
the company has implemented mechanisms—such as its whistleblowing
reporting channel—that allow workers to report issues confidentially and
without fear of retaliation.
These mechanisms, established by Van de Velde itself, aim to ensure
fair treatment, address grievances, and promote open communication.
There is not one remedy for the possible negative impacts - every negative
impact demands an individual solution.
CHANNELS FOR WORKERS TO RAISE CONCERNS
Workers can reach out to their SPOC within departments such as
procurement or transport through regular e-mail, calls or on-site visits.
Members of Van de Velde’s workforce also conduct compliance checks
during visits to subcontractors and fabric suppliers and are available to
address worker concerns. The Managing Director of our Tunisian plant
maintains close contact with Tunisian subcontractors and also monitors
their activities through visits.
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Alternatively, workers can use Van de Velde’s publicly available
whistleblowing reporting channel at www.vandevelde.eu. While
the Whistleblowing Policy encourages using regular reporting channels
first, workers may submit anonymous or confidential reports if needed
– especially in cases involving their SPOC. Reports may concern illegal,
immoral or dangerous practices, such as violations of laws or policies.
The identity of the reporting worker will only be accessible to the report
manager (Head of the Legal, Risk & Compliance Department at Van
de Velde’s headquarters in Belgium) and is kept strictly confidential.
Anonymous reporting is also supported. Van de Velde enforces a strict
non-retaliation policy and commits to providing feedback within three
months of submission.
PROCESSES SUPPORTING THE AVAILABILITY OF CHANNELS
Van de Velde’s Business Partner Code of Conduct requires suppliers, as
well as their subcontractors, to uphold freedom of association and the
right to collective bargaining. Suppliers are expected to foster open and
straightforward dialogue with workers, creating an environment conducive
to addressing grievances and concerns.
TRACKING AND MONITORING EFFECTIVENESS OF CHANNELS
Since the launch of the Whistleblowing Policy and reporting channel in
March 2023, one report, unrelated to workers in the value chain, has been
received up to December 31, 2025. Consequently, the effectiveness of the
reporting channel cannot yet be assessed in terms of user feedback or
performance metrics.
The Management Team performs an annual review of the Whistleblowing
Policy.
ENSURING EFFECTIVE REMEDIES
Van de Velde is committed to providing or contributing to remedies
where it has caused or contributed to negative impacts on value chain
workers. This includes monitoring the effectiveness of solutions through
follow-up processes and stakeholder engagement. The goal is to ensure
concerns are addressed fairly, transparently, and in a manner that resolves
underlying issues.
ACTIONS TO PREVENT OR MITIGATE POTENTIAL
NEGATIVE IMPACT ON WORKERS IN THE VALUE
CHAIN. (ESRS-S2-4)
Over the past years, Van de Velde has implemented several actions to
better understand the maturity of its suppliers. While no specific targets
have been set yet, our focus has been on developing effective monitoring
tools and methods. In the coming year, we aim to refine these tools and
establish clear objectives and measurable targets.
RISK ASSESSMENT AND MAPPING OF ACTUAL PARTNERS
In 2022, we launched a project to assess the social and ethical
performance of our upstream business partners. A multidisciplinary team
developed a methodology and dashboard to identify social risks. This
methodology was reviewed and approved by an external SGS auditor
and was created in consultation with the internal Van de Velde social
performance team.
Business partners were mapped by activity and a risk score was assigned
based on factors such as turnover, presence of codes of conduct or ethical
policies, social certification (e.g., SA8000, STeP by Oeko-Tex, Ecovadis),
and country of origin. These criteria ensured a systematic approach to
evaluating social risks across the supply chain. Partially based on these
insights, we further refined our Business Partner Code of Conduct, as
implemented in 2023.
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SURVEY AND RESPONSE
In 2023, Van de Velde started the survey for 140 suppliers, focusing on
those with the highest turnover and fabric suppliers identified as the
highest risk group. In 2024 another 40 suppliers were assessed. Key
outcomes of the survey included:
• A 72% response rate, with 130 out of 180 suppliers responding after no
more than two reminders.
• Of the respondents, 31 suppliers hold third-party certifications, such as
Ecovadis.
This survey helped as a starting point to understand the maturity of our
suppliers when it comes to managing working conditions and respect
for human rights. For suppliers where areas of concern were addressed,
actions were set up.
PERFORMANCE MONITORING
The survey results were recorded in our ERP system and reviewed by
relevant business unit managers. These insights were also incorporated
into the semi-annual review of the approved supplier list, conducted by the
design and purchasing departments for new season collections. If specific
actions were needed with a supplier, the business responsible took the lead
and followed up on progress.
This approach resulted in measurable progress: the risk management
score improved from 47 at the start of the project to 55,6 by the end of
2024, indicating a significant reduction in social risks across our supply
chain.
Based on the outcome of this project we’ve decided to invest in a new
software platform for vendor monitoring. This platform was
implemented in May 2025 and provides a clear overview of:
• Which suppliers have the necessary certifications (Oekotex, REACH and
declarations of origin);
• Which suppliers have signed our Business Partner Code of Conduct (or
have an equal own code of conduct in place);
• Which suppliers have a third-party ‘ESG’ certification.
REVISED SCREENING PROCESS FOR NEW SUPPLIERS
In 2023, Van de Velde also revised its screening process for new suppliers
based on the Business Partner Code of Conduct, which includes:
• Social responsibility
• Environmental stewardship
• Business integrity principles
This revised screening process was continued in 2025 and ensures
a consistent and thorough approach to selecting and evaluating new
suppliers across all domains, including transport, raw materials, marketing,
and services. Accompanying procedures were communicated to all
business units to standardize practices and uphold Van de Velde’s
commitment to responsible sourcing. We plan to continue this adopted
screening process of new suppliers in the coming years.
ADDITIONAL INITIATIVES OR PROCESSES WITH PRIMARY
PURPOSE OF DELIVERING POSITIVE IMPACTS FOR VALUE
CHAIN WORKERS
At Van de Velde, we ensure on-time delivery of our collections and top-
tier product quality through long-standing partnerships with suppliers and
subcontractors. Through regular consultations and collaborative projects,
we support our partners in implementing efficient production
processes that reduce worker strain.
FABRIC SUPPLIERS: DESCRIPTION OF INITIATIVES
Our long-term relationships with fabric suppliers ensure a steady workload
for these suppliers, benefiting their workers.
Our deep collaboration has led to a strong mutual understanding of our
needs for creativity, innovation, and technology. This ongoing partnership
supports seasonal innovation and enables our suppliers to continuously
improve their operations, indirectly benefiting their workforce.
To strengthen these long-term relationships and ensure optimal working
conditions, we have focused in 2024 on refining our supplier manual and
contracts, addressing all aspects of our supplier relations. These efforts
contribute to better prospects for their workforce. We plan to revise the
manual and contracts on a frequent base.
SUBCONTRACTORS: DESCRIPTION OF INITIATIVES
Stitching high-quality lingerie is complex and requires specialized expertise.
Consequently, Van de Velde carefully selects its stitching workshops
and limits the number of production houses to centralize know-how and
ensure continuity. During frequent on-site visits, Van de Velde follows
up on working conditions and keeps close contact with local workforce.
Through these initiatives, Van de Velde not only mitigates risks but actively
contributes to the well-being, security and professional development of
workers within its value chain.
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CONSUMERS AND END-USERS
OUR APPROACH AND POLICIES [ESRS S4]
MATERIAL IMPACT, RISK OR OPPORTUNITY DESCRIPTION
PERSONAL SAFETY OF CONSUMERS AND/OR END-USERS
Positive impact
(actual – downstream)
Set up systems, processes, capacity, certificates,...
for continued assurance of product safety of the products.
This entails efforts and costs but will result in consumer satisfaction, reputation benefits and
customer loyalty.
Positive impact
(actual – downstream)
Research and innovation regarding the high quality and fit of
products for maximum comfort and longevity.
This entails efforts and costs but will result in consumer satisfaction, reputation benefits and
consumer loyalty (trusted fit for all body shapes).
Risk
(potential – downstream)
Incidents involving consumer privacy data
(e.g. digital fitting data).
Fine may arise, maybe limited, however reputation risk may be high (though low likelihood).
INCLUSION OF CONSUMERS AND/OR END-USERS
Opportunity
(potential – downstream)
Price accessibility of Van de Velde products Higher prices can lead to the loss of potential sales and will potentially slow down the entry
of younger end-users on the brands. Providing a broader price range may therefore result in
reputation benefits and reaching new consumer groups.
Opportunity
(potential – Van de Velde)
Attention for strong consumer communication regarding
high quality and longevity of Van de Velde products.
(e.g. via website or loyalty program)
Strong consumer communications regarding high quality and longevity of Van de Velde
products (incl. washing instructions) can result in reputation benefits and reaching new
consumer groups.
Positive impact
(actual – downstream)
Purpose-driven communication: women empowerment, body
positivity & inclusion (language, communication, visualization,
mannequins, etc.)
Purpose-driven communication can result in reputation benefits and reaching new consumer
groups (inclusion), and can benefit the self-image of our consumers.
Positive impact
(actual -downstream)
Research and innovation regarding the expansion of sizes and
styles.
Women with larger cup sizes often face unique challenges when it comes to finding lingerie
and swimwear that not only fits well, but also makes them feel confident and comfortable.
The lack of options and limited availability of stylish designs in larger cup sizes can be
disheartening.
ECO-PREFERENCE OF CONSUMERS AND/OR END-USERS
Risk
(actual – upstream)
Use of virgin fossil fuel-based materials (such as Polyamide,
Polyester, Elastane,...) can lead to reputational damage.
There is an increasing pressure to reduce the use of virgin fossil fuel-based materials as they
have a higher carbon footprint. The use may lead to reputational damage for brands, also
price increases for fossil fuel-based materials is expected. Even the availability of the fossil
fuel based materials might be at risk due to scarcity in the long term.
We consider that our end-users are also our consumers and will hereafter refer to both end-users and consumers jointly as ‘consumers’.
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We are committed to creating products
that inspire confidence and bring
comfort to those who wear them. By
understanding their needs, preferences,
and experiences, we design garments
that are not only beautiful and durable, but
also safe, sustainable, and responsible.
Putting our consumers at the centre of
our decisions ensures that every item
delivers value while supporting a more
conscious approach to fashion.
Primadonna Deauville
VAN DE VELDE ANNUAL REPORT 2025
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In line with our purpose, it is essential that the interests, views and (human)
rights of consumers inform our strategy and business model. Throughout this
reporting standard, we explain how we take these into account.
Our approach is summarized
as follows:
1. We make sure to identify and understand the interests and views
of consumers. We do so by identifying material impacts, risks and
opportunities relating to consumers (S4 – SBM-3), by seeking
feedback from consumers as well as assessing the effectiveness of
our engagement with consumers (S4-2).;
2. We make sure to implement the necessary policies and procedures to
align with the interests and views of consumers, while respecting their
(human) rights (S4-1) ;
3. We make sure to remediate any concerns and track the effectiveness
of our remediation measures.
This allows us to identify areas where improvements can be made (S4-
3);
4. We identify actions and track their effectiveness in order to respond to
evolving interests and views of consumers (S4-4).
With this approach, we refine our strategy and business model on an ongoing
basis to better serve consumers.
POSITIVE MATERIAL IMPACTS
APPROACH TO POSITIVE MATERIAL IMPACTS ON CONSUMERS
The positive material impacts we identified during the reporting period reflect
our purpose. We continue to invest in research to expand our range of
sizes and styles while upholding our trusted standards of safety, quality and
comfort, ensuring that a wide variety of consumers can safely wear and enjoy
our products.
We believe that all of consumers, regardless of size, age, body shape, and
skin tone, are exposed to the same positive material impacts on personal
safety and inclusion.
PERSONAL SAFETY OF CONSUMERS
Personal safety of consumers is obtained through product safety, high quality
and optimal fit.
1. Product safety is our top priority. Our quality process includes the
necessary systems, processes, capacity and certificates to guarantee
that our products are safe to wear. We refer to S4-2 and S4-3 for a detailed
description of our Product Quality Policy and quality process.
2. Furthermore, we continuously invest in research and innovation regarding
the quality and fit of our products. Our design process includes the
necessary systems, processes and capacity enabling us to offer products
with a high level of comfort and product longevity.
INCLUSION OF CONSUMERS
Inclusion of consumers is woven into every step of our product development
and communication strategy.
1. Our dedication to inclusion drives us to create products to accommodate
a wide range of sizes, ages, body shapes, skin tones and preferences. We
continuously invest in research and innovation regarding the expansion
of our sizes and styles. Different sizes, styles, and shapes are taken
into account from the beginning of the production process, ensuring our
products offer optimal fit and maximum comfort. Primadonna sizing goes
up to an M cup, while Marie Jo and Sarda sizing goes up to an F cup.
2. Our marketing campaigns feature a realistic image of women,
including professional models, influencers, and consumers with diverse
body shapes, ages, sizes and skin tones. For example, our 2025
BodyLove campaign proudly showcases loyal Primadonna consumers
modeling our latest collections.
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CONSUMERS RECEPTIVE TOWARDS POSITIVE MATERIAL
IMPACTS
Certain consumer groups may be especially receptive to the positive impacts
our products offer:
CONSUMERS WITH A LARGER CUP SIZE
Consumers with a larger cup size in particular may benefit from the
support offered by Primadonna products, as studies have shown that a larger
cup size can cause chest pain, discomfort and be an obstruction to exercise.
CONSUMERS DEPENDENT ON ACCESSIBLE INFORMATION
Many consumers may not fully understand the benefits of our products,
particularly in terms of comfort and longevity. Ensuring consumers have
access to accurate information allows them to fully experience the
benefits of our products. This underscores the importance of continued
efforts to ensure this information is readily available and easy to follow.
To maximize enjoyment of our products, consumers benefit from:
• Information on the functionality of our products: product knowledge can
help consumers make informed purchase decisions;
• Fit advice: a good fit is instrumental when wearing our products;
• Maintenance instructions: if maintained correctly, our products can last for
years.
NEGATIVE MATERIAL IMPACTS
We did not identify negative material impacts during the reporting
period.
RISKS AND OPPORTUNITIES
We have identified material risks and opportunities arising from the above
mentioned positive material impacts on consumers:
RISKS
INCIDENTS INVOLVING CONSUMER PRIVACY
To help consumers find the best possible fit, we provide digital fitting tools
that may involve processing sensitive data, such as bra sizes, body scans or
images. While these tools enhance the fitting experience, they also introduce
risks in case of a data breach. The primary risks for Van de Velde in case
of such incidents include potential reputation damage and fines for privacy
legislation violations. In ESRS S4-3 (‘consumer privacy’), we describe how
we prevent data breaches. Van de Velde is not aware of any data breaches
concerning consumers during the reporting period, as set out in ESRS S4-5.
CHANGE IN CONSUMER PREFERENCES
While our products contribute to personal safety and inclusion of consumers,
fossil fuels are used to produce the synthetic textile components required
for our yarns and fabrics. With growing pressure to reduce reliance on
virgin fossil fuel-based materials due to their higher carbon footprint, shifting
consumer preferences may impact demand. In ESRS S4-4 (‘new product
development’), we describe how we address changing preferences.
OPPORTUNITIES
PRICE ACCESSIBILITY OF VAN DE VELDE PRODUCTS
We offer high-quality, comfortable products that require investment in
qualitative raw materials, product development, research and innovation.
As a result, our products are priced at a premium level. Lower prices may
increase sales potential and attract new consumers. In ESRS S4-4 (‘price
accessibility’), we describe our entry pricing approach.
COMMUNICATION REGARDING QUALITY, LONGEVITY AND COMFORT OF
OUR PRODUCTS
Many consumers are unaware of the comfort and longevity of our products.
Transparent communication on these qualities can result in reputation
benefits, consumer loyalty and reaching new consumer groups. In ESRS
S4-4 (‘accessibility to information’), we describe our commitment to
communication on product quality, longevity and comfort.
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IMPACTS ON SPECIFIC CONSUMER GROUPS
The identified risks and opportunities can have impacts on specific consumer
groups:
CONSUMERS IN ISOLATED OR REMOTE AREAS
Our digital fitting tools ensure consumers receive personalized fit guidance,
regardless of their specific consumer journey. If a data breach would lead
to our digital fitting tools being deactivated, this might impact consumers
who otherwise do not have access to fit advice. Mostly this would impact
consumers who do not live within a vicinity from physical store where fit
advice can be provided. In to ESRS S4-3 (‘consumer privacy’), we describe
how we prevent data breaches.
CONSUMERS FOCUSED ON ETHICAL AND SUSTAINABLE FASHION
In case there is a public issue related to the use of virgin fossil fuel-based
materials incorporated in lingerie or swimwear products, this will mainly
impact consumers who are focused on ethical and sustainable fashion. In
ESRS S4-4 (‘accessibility to information’), we describe our commitment to
communication on product quality, longevity and comfort.
FINANCIALLY RESTRICTED CONSUMERS
In case we develop a broad range of entry price products, this will mainly
impact consumers who are otherwise not financially able to purchase our
products. In ESRS S4-4 (‘price accessibility’), we describe our entry pricing
approach.
POLICIES [ESRS S4-1]
Van de Velde has implemented a range of policies to ensure personal safety,
quality and comfort, privacy, and inclusion.
Privacy Policy for Consumers: This Policy governs the use and
protection of consumer data across our websites and is aligned with the
Belgian Data Protection Act (2018), the UK Data Protection Act (2018), and
Regulation (EU) 2016/679 (GDPR). It is publicly available on our websites
for all stakeholders, including website visitors, consumers, and newsletter
subscribers and is reviewed annually to ensure compliance.
The Management Team is responsible for its implementation. We refer to
ESRS S4-3 for more details.
Code of Conduct for Own Workforce: This Code outlines ethical
standards for our workforce, ensuring respect, honesty, and trust in our
dealings with consumers. It promotes transparency and fairness, including
respect for consumer privacy and the protection of consumer rights. The
Management Team is responsible for its implementation. We refer to
ESRS S1-1 for a detailed overview.
Product Quality Policy: This Policy is made available to all relevant
stakeholders and ensures that our products meet the highest standards
for safety, comfort and quality. The Head of Operations and Supply Chain is
accountable for its implementation. The Policy complies with Regulation (EU)
1907/2006 (REACH), Regulation (EU) 2023/988 (GSPR) and the OEKO-TEX
Standard. We refer to ESRS S4-3 for more details.
Tone of voice for consumer inclusion: This policy is made available
to all relevant stakeholders and ensures that our communications with
consumers are respectful and aligned with our commitment to inclusion. The
Head of Marketing is accountable for its implementation.
Procedure for the identification, reporting and follow-up of data
breaches: This procedure ensures quick action in the event of a breach
concerning personal data of consumers, with the Head of Legal, Risk
& Compliance overseeing its implementation. The procedure is aligned
with Regulation (EU) 2016/679 (GDPR) and is made available to all privacy
champions within the organization.
During the reporting period, the Code of Conduct for Own Workforce was
adapted to reflect guidelines on the use of AI to protect consumers’ personal
data. Otherwise, no significant changes were made to the mentioned policies.
HUMAN RIGHTS AND CONSUMER ENGAGEMENT
Van de Velde is committed to respecting the human rights of consumers.
While we do not have a dedicated policy, the following principles are
embedded in our core values, practices and policies:
• Privacy: Van de Velde respects the right to privacy of each consumer. We
have robust data protection policies and procedures in place to ensure that
personal data is processed securely and responsibly.
• Non-discrimination: We firmly believe in treating all consumers with
fairness and equality, regardless of their race, age, size, body shape, skin
tone, sexual orientation or any other characteristic. This commitment is
reflected in our policies and practices promoting inclusion.
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• Accessibility: We strive to make our products and services accessible to
all consumers on an equal basis, without any form of discrimination or bias.
This includes offering a wide range of sizes and styles across our different
brands.
• Representation: We are committed to ensuring that our marketing
and advertising materials are inclusive. We avoid stereotypes and aim to
promote realistic images of women from all backgrounds.
• Accountability: We hold ourselves accountable for upholding these
commitments. We regularly review our policies and practices to ensure
they align with our values and the expectations of consumers.
• Engagement: We value the input of consumers and seek their feedback
to help us improve our approach.
Van de Velde's frameworks align with the UN Guiding Principles
on Business and Human Rights and the OECD Guidelines for
Multinational Enterprises for the following reasons:
• Van de Velde's policies adhere to all relevant laws and regulations
in the countries where it operates. We actively seek to understand and
comply with Regulation (EU) 2016/679 (GDPR), Regulation (EU) 1907/2006
(REACH), Regulation (EU) 2023/988 (GSPR) and other relevant legislation to
ensure the protection of human rights of consumers.
• Van de Velde has a responsibility to avoid causing or contributing to
human rights abuses. We implement codes of conduct and ethical
guidelines for our workforce and business partners relating to
activities that may impact consumers.
• Van de Velde recognizes the significance of providing victims of human
rights abuses with access to justice and remedies and has established
channels for consumers to address any grievances or complaints
related to its operations.
The ILO Declaration on Fundamental Principles and Rights at Work is not
relevant as it relates specifically to labour practices.
During the reporting period, we did not identify any cases of non-compliance
with above mentioned human rights instruments involving consumers. Our
Customer Service and Legal, Risk & Compliance Departments monitor
compliance through consumer complaints and coordinate if appropriate.
We refer to ESRS S4-3 for a detailed overview of the remediation of material
negative impacts.
While engaging with consumers, we adhere to the following principles. We
strive to build strong and meaningful relationships with consumers based on
trust and mutual respect.
• Respect and Appreciation: One of the Van de Velde’s core values
is 'we focus on consumers and customers', reflecting our commitment
to listening and treating them with respect. To uphold this, our Code
of Conduct for Own Workforce sets clear expectations for consumer
interactions - emphasizing politeness, good manners, and respect.
Inappropriate behavior is not tolerated under any circumstances.
• Appropriate Language: Language use is another aspect that we
carefully consider in our interactions with consumers. Both our Marketing
and Customer Service Departments have guidelines in place to ensure the
use of appropriate language. Any wording deemed offensive by consumers
is immediately removed from all future communications. Our goal is to
create a safe and inclusive environment.
• Feedback: We encourage consumer feedback and actively incorporate
it into our processes, ensuring our decisions reflect their needs and
preferences.
CONSUMER ENGAGEMENT STRATEGY [ESRS S4-2]
GENERAL APPROACH
Van de Velde places consumer feedback at the heart of decision-making.
We gather insights before, during, and after purchase through direct
communication with consumers, retail partners, and representatives like
lawyers or ombudsmen—primarily via email, but also through phone,
in-person, letters, and social media (Facebook, Instagram, TikTok).
In addition to consumer feedback:
• We closely monitor industry trends to understand the evolving
preferences and demands of consumers. This helps us align our product
offerings with market expectations, such as the growing demand for
specific product types, including swimwear, shapewear, sports bras,
nursing bras, and wireless bras.
• We value the input of our predominantly female workforce,
integrating their insights into our design, production, and marketing
processes, ensuring that our products and messaging resonate with our
target audience. Feedback is continuously exchanged in meetings or
emails. We refer to ESRS S1-2 for a more detailed overview of engagement
mechanisms.
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CHANNELS, TYPE AND FREQUENCY
Van de Velde considers 3 stages at which engagement with consumers can
occur:
ENGAGEMENT BEFORE PURCHASE
Engagement before purchase is essential to build awareness, generate
interest, and provide necessary information to (potential) consumers. It can
help us understand consumer needs, address any concerns or questions.
• Consumer testing is a part of the design process during each season.
We enlist fitting ladies, a diverse group of employees and external
volunteers, to wear our products during a test phase. This allows us to
identify potential safety, comfort or quality issues based on consumer
feedback.
• Consumer surveys are conducted regularly for specific projects to
directly gather insights from our target audience. They play a vital role
in shaping new collections and guiding strategic decisions. During the
reporting period, surveys were conducted on various topics, including
sportswear and value for pricing. We obtained more than 10.000 sets of
consumer feedback. These surveys can be conducted as a questionnaire
or a Teams call.
• Our Customer Service Department is always available to support
consumers. In recent times, we have noticed an increase in inquiries
regarding fit and product advice. To address these questions, we not only
rely on our own expertise but also refer to our retail partners and digital
fitting tools.
• We engage with consumers through our lingerie styling service,
offering personalized advice on sizing, styles, pricing, and even
considerations for skin sensitivities. Dedicated stylists are available in our
stores, and we regularly train stylists in retail partner stores through our
Van de Velde Academy. We update our training regularly to adapt to the
evolving retail climate.
ENGAGEMENT AT ANY TIME
At any time, consumers can engage with Van de Velde by making use of the
following channels:
• Newsletters: Consumers can reply to newsletters they receive on a
regular basis. The Customer Service Department will provide feedback
within 2 working days.
• Online contact form: Consumers can send in a question or concern
through the online contact form on our brand and retail websites. The
Customer Service Department will provide feedback within 2 working days.
• Social media: Consumers are able to post comments to Van de
Velde's social media pages (such as Instagram, Facebook or TikTok). The
Marketing department may respond to these comments. In 2025, we
participated in our first podcast for Marie Jo (‘Generation Wow’). Topics
such as breast health and optimal fit were discussed.
• Privacy mailbox: Consumers may ask questions or report concerns
regarding their personal data. The privacy team provides feedback within
30 days.
ENGAGEMENT AFTER PURCHASE
Engagement after purchase involves activities like post-purchase follow-ups,
gathering feedback, resolving issues or complaints, and providing ongoing
support. This stage of engagement is crucial for Van de Velde to build lasting
consumer relationships and maintain satisfaction. Consumers can reach us
by using the following channels:
• Transactional e-mails: Consumers can reply to transactional e-mails
they receive after having made a purchase. The Customer Service
Department will provide feedback within 2 working days.
• Trustpilot survey: After purchasing from one of our brand websites,
consumers receive a single email inviting them to complete a TrustPilot
survey. This feedback helps us assess satisfaction and identify areas for
improvement. Any questions or complaints are answered by the Customer
Service Department.
• Online marketplaces reviews: Consumers can leave a product review
after having made a purchase through an online marketplace (such as
Amazon or Zalando). Any questions or complaints are answered by the
Customer Service Department.
• NPS survey: Twice a year, we distribute an NPS survey to our retail
partners, asking about their satisfaction with various aspects such as
assortment and product quality. Since retail partners are in direct contact
with consumers on a daily basis, their feedback is a reliable reflection of
overall consumer sentiment. Any questions or complaints are answered by
the Customer Service Department.
• Physical stores: consumers can reach out to a store where they
purchased one of our products with questions or concerns.
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REPORTING PROCESS
REPORTING
The Chief Sales Officer is the end responsible for ensuring engagement,
overseeing and managing all aspects of the company’s interactions and
relationships with consumers.
The Head of Brands and Design is the end responsible for ensuring that
consumer engagement insights are utilized to shape branding and design
strategies.
Together, these two senior roles have distinct yet complementary
responsibilities in driving consumer engagement. Their combined efforts
are instrumental in shaping the company’s strategy and ensuring its ongoing
success.
ASSESSING THE EFFECTIVENESS OF CONSUMER ENGAGEMENT
Van de Velde uses several methods that provide insights into how well we are
meeting consumer needs and fostering strong relationships. This allows us to
make data-driven decisions to enhance our engagement strategies.
• Conversion rates, measuring the percentage of consumers who take a
desired action, such as making a purchase or signing up for a newsletter,
allow us to measure how successful engagement efforts are on tangible
results.
• Product review scores give an indication on consumer satisfaction
ratings. By using a scoring system, we can track our performance over time
and identify areas for improvement.
• The number and type of complaints can provide valuable insights on
areas where consumers are dissatisfied or where there may be gaps in the
engagement process. By monitoring complaints, we can identify patterns
and take proactive steps to address them.
UNDERSTANDING THE NEEDS OF MARGINALIZED AND
VULNERABLE GROUPS
We are committed to inclusion, ensuring every woman feels beautiful and
empowered, regardless of her cup size. This belief drives us to create
a diverse range of products that cater to women’s varied needs and
preferences.
We actively seek input from women with larger cup sizes for our
collection development, recognizing their unique challenges in finding stylish,
supportive, and comfortable lingerie. The limited availability of stylish, well-
fitting options can be disheartening, leaving them feeling overlooked by the
industry when it comes to fashionable choices that meet their specific needs.
Therefore, we believe it is essential to involve these women in the
design process to ensure that their needs and preferences are taken into
account. This enables us to create products that offer both the necessary
support and functionality, while also incorporating fashionable and stylish
designs.
REMEDIATION AND RAISING CONCERNS [ESRS S4-3]
GENERAL APPROACH
Van de Velde has not identified any material negative impacts on
consumers during the reporting period; therefore, no actions are currently
planned to mitigate, or remediate such impacts.
CONSUMERS AT GREATER RISK OF MATERIAL NEGATIVE IMPACTS
During the reporting period, a work group with representatives of various
departments within Van de Velde (marketing, digital commerce, innovation,
design, sustainability, legal, customer service and quality) assessed that no
types of consumers are at greater risk of experiencing negative impacts.
Van de Velde thoroughly evaluated various factors such as the design and
manufacturing process, materials used, processing of personal data and
potential usage scenarios of products and services. We found no significant
concerns that could pose a higher risk of harm to consumers with particular
characteristics, working in particular contexts or undertaking particular
activities.
PREVENTING MATERIAL NEGATIVE CONSUMER IMPACTS
We ensure that our own practices do not cause material negative impacts
on consumers by respecting specific processes set up in terms of product
quality and safety, consumer feedback, consumer privacy and inclusion.
Product quality
We enforce strict controls throughout our supply chain and production
process. All raw material suppliers conduct required inspections and tests in
accordance with the applicable ISO standards, with reports reviewed by our
team. Additionally, Van de Velde performs additional checks on raw materials,
testing for washing durability, water resistance, color fastness, yellowing,
chlorine, seawater exposure, spotting, and friction.
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We collaborate with accredited laboratories for independent verification,
ensuring reliability in our quality assessments. Supplier performance is
continuously monitored through Quality Performance reports, requiring
corrective actions if defects arise.
We conduct multiple quality checks throughout the production process. Spot
checks are continuously performed during fabric cutting, stitching, and other
stages of assembly. Before packing and distribution, each finished product
undergoes a 100% quality inspection to identify any material defects, verify
finished dimensions, and ensure stitching accuracy. Market complaints and
returns are closely monitored, with corrective actions implemented as needed
to maintain our high standards.
Product safety
Van de Velde only collaborates with suppliers who comply with REACH
standards and provide OEKO-TEX certification for their materials, ensuring
our products remain free of prohibited or harmful chemicals. We also
ensure that our products and internal processes meet the requirements of
Regulation (EU) 2023/988 (GSPR).
Consumer feedback
Consumer insights play an essential role in product development. By
gathering feedback, we tailor our products to consumer preferences and
enhance user satisfaction. This consumer-focused approach ensures that our
designs meet real-world needs.
Consumer privacy
Our Privacy Champion work group meets on a monthly basis to discuss
projects that involve personal data of consumers. Our privacy framework
includes key technical and organizational measures, such as a data retention
policy, data processing agreements, regular internal privacy audits and strong
security measures, including data encryption and access controls.
The work group also creates Data Protection Impact Assessments
(DPIAs) for projects involving personal data. These assessments help to
identify any potential privacy risks and determine the necessary technical
or organizational measures that need to be implemented. By doing so,
we proactively address privacy concerns and ensure compliance with
regulations.
Inclusion
In today's society, it is important for businesses to be inclusive and ensure
marketing efforts reach a wide range of audiences. By respecting different
cultures, backgrounds, and identities, we strengthen our brand image and
appeal to a broader consumer base.
REMEDIATION OF NEGATIVE IMPACTS
Below we outline our general approach to providing remedies should
any negative impact on a consumer arise. By addressing any material
negative impacts, we maintain our commitment to consumer satisfaction
and continuously improve our products, services, and policies. Our goal is
to ensure that consumers feel heard, supported, and confident that their
concerns are addressed in a timely manner.
The Customer Service Department identifies, together with the relevant
department mentioned below, what action is needed and appropriate to
remediate a particular negative impact towards a consumer. Our approach
will depend on the type of negative impact:
1. Impact on Product Quality and Safety: In the event of a product
safety or quality issue, our Quality Department conducts a thorough
investigation to identify the root cause and assess potential impacts on
consumer well-being. This helps identify flaws in the production process.
Corrective actions—such as adjusting production methods, enhancing
quality controls, or updating safety protocols—are taken promptly to
prevent recurrence.
Our Customer Service Department provides the consumer with detailed
feedback on the corrective measures that were taken, which may include
a refund of the product or a voucher for our online stores.
2. Impact on inclusion: When a consumer raises a question or complaint
on the use of certain wording in a newsletter or images in our campaigns,
our Customer Service Department investigates the issue in detail. If
relevant, the Marketing and Digital Commerce Departments are involved
in the investigation. Once the investigation is complete, we provide the
consumer with clear feedback on the corrective actions taken.
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3. Impact on consumer privacy data: Van de Velde's privacy team
immediately investigates any incident with regard to a consumer's privacy.
Regardless of how the issue arises—through a consumer inquiry or a
discovery by our team—the privacy team follows its internal procedures to
assess whether the incident constitutes a data breach under GDPR.
- Non-Data breach incidents: If no data breach occurs (e.g., an unwanted
newsletter being sent despite opt-out requests), corrective measures
are taken to prevent further impact, and the consumer is informed of the
steps taken. Any data incidents are logged in the service desk system of
IT.
- Data breach Incidents: If a data breach occurs, we immediately notify
the Head of IT, CEO, and the relevant privacy authority within 72 hours, as
required by law. If the breach poses a high risk to the rights and
freedoms of consumers, affected individuals are notified. Corrective
measures are implemented to mitigate further risks, and steps are taken
to prevent future breaches. All data breaches are logged in our IT service
desk system.
4. Any other type of impact: For any other type of negative impact,
when a consumer raises a concern, our Customer Service Department
conducts a thorough investigation. Once resolved, we inform the
consumer of the corrective actions taken, and if relevant, offer alternative
solutions or anticipate additional questions.
CHANNELS
Van de Velde provides various accessible channels for consumers to raise
concerns or address their needs. All communications are treated in a
confidential manner (with exception from the TrustPilot survey and online
marketplace reviews, which is public information) and in line with data privacy
legislation. Requests cannot be raised anonymously as we require an email
address to respond, except for concerns raised with a retail partner.
• Customer service contact forms: Consumers can always reach our
Customer Service Department via contact forms available on our brand
and retail websites. We aim to respond within two working days.
• TrustPilot survey: After a purchase, consumers can provide feedback
through the TrustPilot survey. Any questions or complaints raised are
addressed by our Customer Service Department.
• Online marketplace reviews: After a purchase, consumers can provide
feedback through the marketplace. Any questions or complaints raised are
addressed by our Customer Service Department.
• Privacy concerns: For privacy-related issues, consumers can directly
contact our privacy team through the dedicated privacy mailbox at privacy@
vandevelde.eu. These concerns are responded to within 30 days.
• Retail partners: Consumers may also approach the retail partner where
they purchased our products to raise concerns. The retail partner can then
reach out to our Customer Service Department on their behalf.
• Transactional emails and newsletters: Consumers may respond to
transactional emails or newsletters they receive, with our Customer Service
Department ready to answer any questions.
These channels allow us to address issues promptly and effectively. We
assess that consumers are aware of and trust these channels as a way to
raise their concerns based on the fact that each of the channels are
frequently used by consumers.
We do not have policies in place to protect consumers from retaliation in
case they use one of the mentioned channels. Van de Velde does not require
its business partners to make a channel available for consumers to raise
concerns.
REPORTING PROCESS AND EFFECTIVENESS TRACKING
REPORTING
Customer centricity is a core value for our company. We recognize that
providing accessible channels for consumers to raise concerns or offer
feedback is essential to creating an environment where they feel heard and
valued.
To support this, we have established several reporting processes and
cross-functional work groups that track, monitor and resolve issues raised by
consumers. They provide us with valuable information on how to enhance
our customer experience, and enable us to ensure the effectiveness of our
engagement channels.
1. Weekly quality meetings are held to discuss recurring product
quality related complaints. The Quality and Customer Service
Department review any issues or incidents affecting product quality. A
monthly report is compiled, summarizing all complaints and outlining any
corrective actions taken, such as adjustments to production processes
or implementation of new quality control measures. From 2025,
e-commerce return data will be included in these meetings.
2. Monthly meetings regarding other complaints are organized by
the Customer Service Department. A report is created, listing all non-
quality complaints regarding our products and services, received from
retail partners and consumers. This report is a valuable tool for identifying
areas where products or service delivery may be lacking. The Customer
Service Department discusses corrective actions with the relevant
departments.
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3. Data breach register: Any privacy breach or incident is registered
in the data breach register, which serves as a centralized system to
record and track any breaches or incidents related to data privacy. The
number of incidents or breaches is checked as part of the annual internal
privacy audit, ensuring that the company is actively monitoring and
addressing any potential data privacy concern.
ASSESSING EFFECTIVENESS
To evaluate how effectively we address consumer concerns, our Customer
Service Department conducts regular analyses and produces a monthly
report. This report details the number and nature of complaints received in
both B2B and D2C contexts, excluding product quality-related issues. The
report also compares the complaint-contact ratio to previous months and
years, offering valuable insights into:
• the impact of corrective actions and strategies implemented;
• trends and patterns in consumer dissatisfaction, enabling us to identify
areas that require further attention.
Although Van de Velde does not actively send out questionnaires to
consumers specifically asking about their experiences with the Customer
Service Department, the monthly report remains a key tool for assessing our
performance.
Marie Jo Louie
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ACTIONS AND FUTURE ACTIONS TOWARDS IMPACTS
[ESRS S4-4]
We identified a material positive impact on inclusion for consumers
and implemented a range of initiatives aimed at strengthening this impact
during the reporting period. In the foreseeable future, we plan on further
developing the initiative on inclusion in our product offering in particular, while
at least maintaining the other initiatives. We do not set a specific timing on
the completion of the initiative on inclusion in our product offering, because
we see it as part of our journey of continuous improvement. The initiative on
accessibility to information aligns with the goals set out in our Product Quality
Policy, otherwise these following initiatives do not relate directly to a policy or
target under ESRS4.
INCLUSION IN OUR PRODUCT OFFERING
We welcome feedback from consumers to ensure our product offering is
tuned into consumer needs. Consumers are increasingly in touch with their
wellbeing. This results in a higher demand for wireless products that
provide comfort and can cater to size fluctuations. Results of a survey we
performed, indicate that 78% of Marie Jo consumers are looking for wireless
bras. During the reporting period, we therefore increased our offer in wireless
bras in the Marie Jo and Primadonna assortment, and added additional
comfort elements such as cotton layers and elastic lace.
As a positive side-effect, we can decrease the amount of SKUs by introducing
flexible sizing (‘adaptive fit’). This makes it easier to forecast and lowers the
risk of unsold finished products.
PRICE ACCESSIBILITY
In response to consumer feedback on product pricing, we introduced a
broader price range for our brands. By offering products at entry pricing,
we are enabling new consumer groups, including younger demographics,
to discover our brands. We developed new, more affordable products for
PrimaDonna in 2023 and for Marie Jo and Sarda in 2024. These products
maintain our trusted quality and have been well-received by consumers.
During the reporting period, the first Sarda swim collection was introduced
and well-received by consumers, featuring multiple products at entry price
level.
ACCESSIBILITY TO INFORMATION
Van de Velde is committed to strengthening communication on the quality,
longevity and comfort of products. This translates to several initiatives:
1. We introduced a new practice in 2024 where consumers receive an
email with detailed washing instructions after purchasing from the
Marie Jo and Primadonna websites (for those who have not opted out of
communications). This initiative aims to help consumers properly care
for their products, ensuring their longevity and vibrant colors. During
the reporting period, for each of our brands, we also posted information
concerning washing instructions on social media. These actions address
consumer feedback indicating that improper care can lead to product
damage.
2. During the reporting period, we dedicated social media posts of each
brand to functional benefits of our products. This initiative enables
consumers to make informed purchase decisions.
Sarda Swim Janja
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OTHER INITIATIVES
Gender inequality is not just a ‘women’s issue’, but everyone’s battle. To
illustrate, the empowerment of women drives economic growth, enhances
social cohesion, and increases the well-being of all people. But despite
progress in recent years, gender inequalities persist in social and economic
life. That’s why we aim to make positive contributions through collaborative
initiatives. A selection …
DONATIONS TO WOMEN IN NEED
A large part of our leftover stock is donated to (local) organizations that help
women in need, such as shelters and hospitals for women escaping abuse.
Van de Velde also has a structural partnership with Doctors Without Borders,
which distributes products to underprivileged women.
PARTNERSHIP WITH PLAN INTERNATIONAL
Plan International is an organization fighting for the empowerment of young
girls and women – a mission that matches perfectly with our own. In 2025, we
provided financial and material support to a technical school that runs fashion
industry courses for girls.
BREAST HEALTH AND RELATED SUPPORT
Our actions range from a partnership with the Maijn House (support for
people with cancer), a sponsorship of a PhD in oncology research all the way
to developing a bra that’s suitable for radiation treatment.
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HOW EFFECTIVENESS OF ACTIONS IS TRACKED AND ASSESSED
We track effectiveness primarily through positive consumer feedback
– such as social media engagement, product reviews and testimonials.
High Trustpilot review scores for Marie Jo (4.7 stars with 84% of reviews at 5
stars) and Primadonna (4.6 stars with 82% of reviews at 5 stars) reflect strong
consumer satisfaction. Positive feedback from our retail partners, who are in
direct contact with consumers on a daily basis, further affirms this.
Such feedback not only strengthens consumer loyalty but also attracts new
consumers who are influenced by the positive experiences of others. Active
participation in campaigns like Primadonna’s BodyLove campaign further
reinforces brand loyalty and consumer endorsement.
Finally, the low amount of complaints associated with our brands is
another key indicator of success. While no brand is complaint-free, this
demonstrates that we are effectively meeting expectations and resolving
issues promptly and satisfactorily.
FUTURE ACTIONS TOWARDS RISKS AND OPPORTUNITIES
ADDRESSING MATERIAL RISKS AND EVOLVING CONSUMER
PREFERENCES [ESRS S4-4]
Van de Velde recognizes that success is closely tied to evolving consumer
preferences. To mitigate potential risks associated with changing
consumer preferences, we’ve launched several early-stage initiatives.
While effectiveness-tracking methods are not yet established and timelines
for completion remain flexible, they are part of our journey of continuous
improvement. Progress was made during the reporting period. The initiatives
do not relate directly to a policy or target under ESRS S4.
• New product development
There is an increasing desire among consumers to move away from
products made with virgin oil-based materials. This drives us to increase the
percentage of recycled materials in our products and explore incorporating
more eco-friendly raw materials, while still ensuring we meet both quality
and environmental expectations.
• Slow fashion
Our collection strategy reflects a conscious choice to offer timeless
products, prioritizing “slow” fashion over seasonal trends and “fast fashion”.
This focus on timeless, versatile products is well-established since many
years, as demonstrated by our extensive range of Never Out of Stock
(NOS) items – such as the iconic Primadonna Deauville and Marie Jo Avero.
During the reporting period, we expanded our NOS offering, which are non-
seasonal pieces with enduring popularity, from 52 to 68 series. Our goal is
to encourage and enable consumers to choose timeless fashion.
• Promoting sustainability through product longevity
Understanding the importance of sustainability and waste reduction in
the fashion industry, we are committed to promoting the longevity of our
products. We aim to encourage consumers to make conscious choices
that help extend each product’s lifecycle. To further support this, we are
actively exploring ways to educate consumers on the benefits of investing
in high-quality, durable pieces. This includes developing objective criteria to
measure and communicate on the longevity of our products.
ALLOCATED RESOURCES TO MANAGEMENT OF MATERIAL
IMPACTS
Various departments within Van de Velde have dedicated employees or work
groups to manage material impacts. Some examples are:
• The Legal Department supports a dedicated work group focused
on privacy matters. This group consists of 'privacy champions' from
departments that handles large volumes of personal data, such as the
IT, HR or Digital Commerce Department. Its main purpose is to offer
expert guidance and support in navigating the complex landscape of
privacy legislation. The Legal Department assists all other departments
in understanding and complying with data protection and privacy
requirements.
• The Quality Department is responsible for ensuring that quality control
measures are implemented effectively. They oversee various aspects of
quality, including quality control of finished products and quality of incoming
goods. This helps maintain high standards and minimize the risk of defects
or subpar performance.
• A dedicated customer service team serves as the Single Point of Contact
(SPOC) for quality complaints. This team is focused on handling consumer
inquiries and issues related to returns. They provide assistance, guidance,
and resolution to consumers who wish to return a product or have
encountered any issues with their purchase.
• A dedicated customer service team serves as a SPOC for direct consumer
questions or complaints, apart from quality complaints.
Van de Velde is not aware of any severe human rights issues or incidents
connected to consumers during the reporting period, as set out in
ESRS S4-5.
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METRICS AND TARGETS [ESRS S4-5]
We’ve set the following targets for the reporting period, starting from base
year 2024:
• 0 data breaches concerning consumers in line with the objectives
set out in our Privacy Policy for Consumers and Regulation (EU) 2016/679
(GDPR);
• 0 incidents concerning product safety in line with the objectives set
out in our Product Quality Policy, the OEKO-TEX Standard, Regulation (EU)
1907/2006 (REACH) and Regulation (EU) 2023/988 (GSPR);
• 0 human rights incidents concerning consumers in line with the
objectives set out in the UN Guiding Principles on Business and Human
Rights and the OECD Guidelines for Multinational Enterprises.
These targets were set by the Sustainability Committee and apply to all
consumers, regardless of their geographic location. Each target is absolute
(not relative). The targets are not based on conclusive scientific evidence, but
are considered self-evident targets by our Sustainability Committee as they
concern the safety and dignity of consumers. No significant assumptions are
used to define the targets.
We did not engage directly or indirectly with consumers in relation to setting
these targets, nor do we have plans to do so in relation to tracking our
performance against these targets or identifying improvements as a result of
our performance.
Our performance against these targets are reviewed at the end of the
reporting period by the Legal, Risk & Compliance Department, based on
input by the Customer Service Department, Quality Department and other
relevant departments.
TARGET PERFORMANCE 2024 2025
Data breaches concerning consumers 0 0
Incidents concerning product safety 0 0
Human rights incidents concerning
consumers
0 0
Sarda Cid
SUSTAINABILITY STATEMENT
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BUSINESS CONDUCT
OUR APPROACH AND POLICIES ESRS G1
MATERIAL IMPACT OR RISK DESCRIPTION
CORPORATE CULTURE
Risk
(potential –
Van de Velde)
Insufficient knowledge of regulations and internal procedures
(among employees) on ESG topics (e.g. waste reporting, CSRD,
EPR, etc. )
This can lead to fines, legislative violations and lack of impact due to insufficient awareness.
CORRUPTION AND BRIBERY
Risk
(potential –
Van de Velde)
Risk of theft (sales samples, products in our O&O shops) This can cause a financial loss.
Risk
(potential –
upstream)
Fraudulent wrongdoing by suppliers in terms of financial
management and product (e.g. violation of REACH legislation)
This can cause quality problems, delivery problems, fines, reputational damage, etc. As a
result, a financial loss may also develop.
Risk
(potential –
Van de Velde)
Insufficient knowledge and training regarding the detection of
fraud or other malpractice
This can cause fines, reputational damage or violations of laws.
Risk
(potential –
Van de Velde)
Malpractice in terms of fraud, corruption, money laundering, etc.
due to insufficient internal control.
This can cause fines, reputational damage, regulatory violations or financial loss.
CYBER-SECURITY
Risk
(potential –
Van de Velde)
Cyber security incident This can lead to reputational damage, financial loss, as well as operational problems.
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MATERIAL IMPACT OR RISK DESCRIPTION
ETHICS
Risk
(potential –
downstream)
Lack of a formal ethics policy or charter regarding respect,
privacy, use of photos, behavior at shoots, etc.
This can lead to reputational damage.
GOVERNANCE
Positive Impact
(actual –
Van de Velde)
High share of diversity in governing body and management
team
There is a need to focus on diversity share in management and board: age, gender and
sufficient ESG knowledge. A lack of this can lead to incompetence and reputational damage.
MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS INCLUDING PAYMENT PRACTICES
Opportunity
(actual –
Van de Velde
Central management of payment. Central management and payment system for suppliers and internal control system for
payments will avoid bad payment practices.
Opportunity
(actual –
Van de Velde
Commit to agile short chains. This benefits flexibility and will ensure lower financial risk.
Opportunity
(potential –
Van de Velde)
Integrating ESG screening into our (new) supplier evaluation
process.
This is not only an opportunity vis-à-vis our suppliers, but also for our internal Risk
Assessment.
Risk
(potential –
upstream)
Greater shift of production to the Far East, in a context
of macro-economic shifts and geopolitical crises as
well as exchange rate fluctuations.
This creates a risk of Supply chain instability, labor shortage in Far East which can lead to
social malprac-tice and rising costs.
PROTECTION OF WHISTLEBLOWERS
Risk
(potential –
Van de Velde)
Breach of procedure regarding protection of whistleblowers. This can cause fines, reputational damage and violations of laws.
STAKEHOLDER RELATIONS
Risk
(potential –
Van de Velde)
Increasing sustainability expectations of Van de Velde
stakeholders (banks, investors, governing body,
B2B customers, end consumers, media, influencers, etc.)
This can lead to reputational damage, increasing reporting and communication costs, lost
sales, etc.
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At Van de Velde, doing business
responsibly is about more than rules—
it’s about how we show up every day. We
act with honesty, treat our partners and
suppliers fairly, and make decisions that
reflect our values. By keeping integrity at
the heart of our work, we build trust and
create a business we can all be proud of.
Sarda Cid
VAN DE VELDE ANNUAL REPORT 2025
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One of Van de Velde’s core values is “We are Authentic”, emphasizing
reliability, honesty, and pragmatism in all actions. To uphold this value, Van de
Velde has established several key business conduct policies as safeguards:
• Respect for individuals: reflected in the Ethical and Social Charter,
Code of Conduct for Own Workforce, Privacy Policy for Own Workforce and
Privacy Policy for Consumers.
• Integrity and honesty: reflected in the Policy on Inside Information,
Policy Against Corruption and Bribery, Policy Against Price Fixing and
Whistleblowing Policy.
Van de Velde also holds its business partners to high standards of integrity.
The Business Partner Code of Conduct outlines principles of business ethics,
human rights, and environmental stewardship that suppliers are required to
follow, ensuring alignment with Van de Velde’s commitment to responsible
and ethical practices.
Van de Velde does not source materials derived from animals and therefore
does not have policies in place regarding animal welfare.
Implementation of values and policies
The Management Team oversees the implementation of core values and
business conduct policies by monitoring compliance, organizing trainings and
awareness campaigns and conducting regular checks. They collaborate with
various internal stakeholders, including the Head of Legal, Risk & Compliance
and the Sustainability Manager, to review and update policies as needed.
These collaborative efforts ensure that policies remain relevant and effective
in promoting ethical conduct at Van de Velde. A policy review was completed
during the reporting period.
Approval of values and policies
Van de Velde's core values and business conduct policies are carefully
reviewed and approved by the Board of Directors. These values and policies
define the corporate culture and serve as a guiding framework for employees
in their interactions with colleagues, suppliers, customers and other
stakeholders.
Evaluation of compliance with policies
In line with our Corporate Governance Charter (under 'Tasks of the Board
of Directors'), the Board of Directors evaluates compliance with the Code of
Conduct for Own Workforce at least once per year. The Code of Conduct for
Own Workforce refers to the various business conduct policies mentioned
above. Any incidents in violation with these policies and corrective measures
taken by the Management Team in response to such incidents are discussed
by the Board and additional measures may be taken if deemed appropriate.
The measurement of any incidents throughout all disclosure requirements
under G1 is not validated by an external body other than the assurance
provider.
As from 2024 the Audit and Risk Committee validates the results of the
annual internal GDPR audit, assessing compliance with both the Privacy
Policy for Own Workforce and the Privacy Policy for Consumers.
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EXPERTISE AND TRAINING
Van de Velde requires all Management Team members to complete
interactive online trainings at onboarding and every three years. This ensures
that the team remains well-informed. Within each training, progress is
evaluated before being able to proceed to the next training module.
A grasp of the key topics covered in these trainings:
1. A Competition law training explains the importance of compliance and
provides an explanation of illegal horizontal and vertical practices. Trainees
receive practical guidelines on how to deal with concerns.
2. A Corruption and bribery training explains the concept of bribery,
explores the countries with specific anti-bribery laws, clarifies to what
extent corporate hospitality is allowed and how to deal with bribery
concerns.
3. A Privacy training explains the main principles of the GDPR: the
requirement of a legal basis for the processing of personal data, sensitive
personal data, data subject rights and safely sharing personal data. With
practical guidelines on what to do in case of a data incident and what is
required to start a new project involving personal data, employees receive
the necessary guidance to respect the GDPR rules and procedures.
4. A Social and ethical business conduct training explains the Van de
Velde Code of Conduct for Own Workforce and Ethical and Social Charter
and gives guidance on what do to in case of concerns.
5. An Inside information training explains legal obligations and restrictions
surrounding the use and disclosure of inside information. It provides a list
of proactive measures to protect confidentiality of information and provides
guidance on share transactions.
6. A Whistleblowing training explains what whistleblowing is, which
protective measures are granted to whistleblowers and who can be
entitled to these. Trainees also receive practical guidance in making a
whistleblowing report.
By completing these trainings, the Management Team aims to stay informed
about relevant laws and regulations. Members can consult the Head of
Legal, Risk & Compliance for advice, ensuring they are equipped with the
knowledge and resources necessary to lead Van de Velde with integrity, and
in compliance with legal standards.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
BUSINESS CONDUCT POLICIES AND
CORPORATE CULTURE (G1-1)
Van de Velde has implemented an extensive set of policies to foster a
strong corporate culture. These policies serve as a framework for ensuring
transparency, integrity and accountability across all activities.
• Ethical and Social Charter: We refer to ESRS S1-1 for a detailed
overview.
• Whistleblowing Policy: Provides a secure channel for employees
and stakeholders to report unethical or unlawful activities without fear of
retaliation.
• Code of Conduct for Own Workforce: We refer to ESRS S1-1 for a
detailed overview.
• Policy on Inside Information: Establishes guidelines for handling
sensitive information responsibly and in compliance with legal
requirements.
• Policy Against Corruption and Bribery: Emphasizes a zero-tolerance
approach to corruption and clarifies how to foster transparency and
ethical decision-making. This policy is consistent with the United Nations
Convention against Corruption.
• Policy Against Price Fixing: Preventing anti-competitive practices,
ensuring adherence to fair trade principles.
• Business Partner Code of Conduct: Sets clear expectations for
suppliers and partners, covering business ethics, human rights, and
environmental standards.
• Environmental Policy: Demonstrates Van de Velde’s commitment to
sustainability and minimizing its ecological footprint.
• Privacy Policy for Own Workforce: We refer to ESRS S1-1 for a
detailed overview.
• Privacy Policy for Consumers: We refer to ESRS S4-1 for a detailed
overview.
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REPORTING CHANNELS
Detecting dangerous, unlawful or unethical behavior (hereafter referred to as
‘irregularities’) requires regular analysis of data and procedures within Van de
Velde.
At the same time, such behavior is often identified through reports from
internal and/or external stakeholders. To encourage reporting of concerns
and ensure that they are properly addressed, each business conduct policy
specifies to whom reports of (suspected) irregularities can be addressed.
• For internal stakeholders, in most cases the designated internal party
or parties are the line manager, a member of the Management Team or
the Head of Legal, Risk & Compliance. Internal stakeholders who don’t feel
comfortable reporting to the designated internal party, may use the internal
whistleblowing channel.
• External stakeholders who have obtained information regarding
irregularities concerning Van de Velde within a work related context,
such as suppliers or clients, are also encouraged to use the internal
whistleblowing channel to report such behavior. Moreover, the internal
whistleblowing channel can be used beyond the work-related context if
the (suspected) violation involves topics like financial services, products or
markets, or the prevention of money laundering and terrorism financing.
• In order to address concerns related to the processing of personal data,
consumers are advised to report any irregularities to the Head of Legal,
Risk & Compliance through the designated email address
[email protected].
Any incidents reported via the internal whistleblowing channel are
investigated in accordance with Belgian legislation transposing Directive
(EU) 2019/1937 (hereafter referred to as ‘Whistleblowing Legislation’). Van de
Velde does not apply investigative procedures beyond what is foreseen in this
legislation.
SAFEGUARDS FOR REPORTING IRREGULARITIES
Individuals who report irregularities may fear negative consequences, such
as job loss, disciplinary measures, threats or other negative treatment, such
as losing access to job-specific training opportunities. To address these
concerns and ensure the protection of those who report irregularities, Van de
Velde has implemented the following safeguards:
• Objective and confidential investigation: All reports of (suspected)
irregularities are treated with urgency, objectivity and confidentiality. An
investigation is initiated within a short timeframe from receipt of a report. If
an investigation is not initiated, the reporting individual is informed, where
possible. Whistleblowers receive a confirmation of receipt within 7 days
from the report and feedback within 3 months from the confirmation of
receipt, in accordance with Whistleblowing Legislation.
• Enhanced confidentiality for whistleblowing reports: Specific
safeguards are in place to protect the identity of whistleblowers in
accordance with Whistleblowing Legislation. Only the report manager,
the Head of Legal, Risk & Compliance, has access to the whistleblower’s
identity, ensuring strict confidentiality throughout the investigation.
Additionally, reports can be submitted anonymously.
• Prohibition of retaliation: Any form of retaliation against individuals
who report irregularities in good faith is prohibited. This also applies to
reports made using the internal whistleblowing channel in accordance with
Whistleblowing Legislation. Importantly, this protection applies even if the
reported issue is later found to be unsubstantiated. Employees who believe
they have faced negative treatment—such as threats, dismissal, or denial
of opportunities— due to their reporting can file a complaint through the
internal whistleblowing channel.
• Comprehensive guidance on retaliation: The Whistleblowing Policy
provides detailed guidance on identifying retaliation measures by listing
actions or behaviors that may qualify as such. This helps individuals
recognize and address any negative treatment they may encounter after
reporting.
• Support measures provided by national authorities: The
Whistleblowing Policy highlights the availability of support services provided
by national authorities in accordance with Whistleblowing Legislation.
This ensures that employees who come forward have access to external
resources for additional guidance and protection.
By implementing these measures, Van de Velde fosters a culture of trust
and accountability. Employees and other stakeholders are encouraged to
report irregularities confidently, knowing they are protected and supported
throughout the process.
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PROMPT, INDEPENDENT AND OBJECTIVE INVESTIGATIONS
Van de Velde is dedicated to ensuring that all business conduct incidents,
including those related to corruption and bribery are investigated promptly
and independently in an objective manner. All policies include a dedicated
chapter on reporting (suspected) irregularities. These chapters outline the
steps for handling reports and emphasize confidentiality, thoroughness and
impartiality in investigations. Key aspects of this approach include:
• Mandatory reporting to the CEO: Line managers or members of
the Management Team receiving a report of a possible irregularity must
immediately escalate the matter to the CEO who will carefully evaluate if an
investigation is warranted.
• Independent handling of whistleblowing reports: To ensure
impartiality in the investigation process, reports submitted through
the whistleblowing channel are managed by the Head of Legal, Risk &
Compliance who is not part of the Management Team. This role maintains
a direct line of communication with the Board of Directors and will use this
channel if needed.
• Transparency for reporters: If an investigation is not initiated, the
individual who reported the (suspected) irregularity is informed, and
provided with additional context to ensure transparency, where possible.
We are committed to publishing an anonymized summary of pending and
processed whistleblowing reports in each sustainability report. Van de Velde
has received one whistleblowing report during the reporting period.
This report was not considered as critical to the business, nor did it cause
adjustment to the financial results. It did not require reporting to the police.
POLICY FOR TRAINING ON BUSINESS CONDUCT
To ensure our workforce understands our business conduct policies, we
provide regular training and awareness initiatives.
TRAINING
New white-collar employees joining Van de Velde must complete interactive
online trainings on key topics, with refresher trainings every three years.
Six core training modules are rolled out on a rotating schedule:
• In 2025 and every three years hereafter: trainings on social and
ethical entrepreneurship (Code of Conduct and Ethical and Social charter)
and privacy.
• In 2026 and every three years hereafter: trainings on corruption/
bribery and competition law.
• In 2027 and every three years hereafter: trainings on inside
information and whistleblowing.
These trainings are mandatory for white-collar employees, as well as the
Management Team and members of the leadership team who are non-
employees. Blue-collar workers and other non-employees are not required to
complete these trainings.
In addition to online training, we periodically organize classroom sessions
to address specific business conduct topics. During the reporting period,
an ergonomics training was held for all members of our own workforce in
Belgium. This session provided practical guidelines on optimization of visual
comfort and physical pressure, supporting the health & safety commitment in
our Ethical and Social Charter.
Another effective method of training we deploy is the organization of short
presentations or lunch and learn sessions. These sessions provide
an opportunity for our workforce to gather and learn more about our
policies in an interactive and engaging manner. During the reporting period,
we organized a lunch and learn session concerning IT support requests,
whereby emphasis was placed on how employees can report data incidents
and breaches.
AWARENESS MOMENTS
To strengthen adherence to our business conduct policies, Van de Velde
uses various awareness initiatives. These serve as key tools to educate and
engage our workforce.
A key method for generating awareness is the creation of awareness
posts on our internal platform ‘the Conversation Room’. In 2025, awareness
posts covered topics such as:
• Guidelines for using AI chatbots to protect company information, reinforcing
confidentiality obligations set out in the Code of Conduct for Own
Workforce;
• Criteria for selecting suppliers who align with our Business Partner Code of
Conduct;
• Recommendations for using privacy screens when displaying sensitive
information, reinforcing confidentiality obligations set out in the Code of
Conduct for Own Workforce, Privacy Policy for Own Workforce and Privacy
Policy for Consumers;
• Ergonomics training and self-assessment to promote the health & safety
commitment set out in the Ethical and Social Charter;
• Introduction of a new workplace accident procedure to promote the health
& safety commitment set out in the Ethical and Social Charter.
STATUS NATURE OF REPORT
Processed Possible wage discrimination
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We also share awareness content on Van de Velde's Facebook group to
reach a wider audience, including blue-collar employees, making our policies
more accessible and visible to the entire workforce.
Additionally, posters in high-traffic areas like hallways and restrooms serve
as constant reminders of our business conduct policies.
ACCESSIBILITY OF POLICIES
To ensure accessibility of our policies, our workforce can access them online
through the Conversation Room or our corporate website www.vandevelde.
eu. The policies are accessible in five languages: Dutch, English, French,
Spanish, and German to ensure that our own workforce, regardless of their
native language, can easily understand and adhere to our policies.
AT-RISK FUNCTIONS
Each year, the Audit and Risk Committee validates a risk matrix, which
is then approved by the Board of Directors. Bribery and corruption are
categorized as having a 'medium impact' and 'low likelihood' due to the nature
of Van de Velde's business operations. Van de Velde does not participate in
public procurement, require permits or licenses on a regular basis, or engage
in lobbying.
Nevertheless, certain roles face higher risks for corruption and bribery
due to involvement in contract negotiations and interactions with suppliers,
customers or competitors:
• Management Team members, as key decision-makers within Van de
Velde, are involved in contract negotiations and interactions with external
parties.
• Employees in direct contact with suppliers of raw materials or
finished products, customers or consumers, and competitors
within the commercial team (sales, retail, and digital commerce), the
marketing team, the design team and the supply chain team (roles in
purchasing and customer service).
MANAGEMENT OF RELATIONSHIPS WITH SUPPLIERS (G1-2)
SUPPLIER SCREENING
As an international company with a global network , our ambition is to take
a proactive role in managing due diligence with business partners on
sustainability matters. Not only to mitigate risk and improve transparency, but
also to encourage positive initiatives.
New upstream business partners (suppliers, subcontractors and service
providers) are asked to perform a three-step supplier screening,
allowing us to understand their current status and maturity, and establish
a commitment to comply with human rights, environmental and business
integrity principles:
1. A questionnaire covering workforce and company structure;
2. Acceptance of our Business Partner Code of Conduct or sharing of their
own similar code of conduct;
3. Submission of Oeko-tex certificates, REACH declarations, and declarations
of origin (if applicable).
Optionally, business partners may submit a social or environmental
certificate. As from 2025, a new platform was introduced to collect this
information systemically for all upstream business partners, existing and new.
Additionally, based on our own purchase behavior, we occasionally perform a
balance analysis or credit check of a supplier. This helps us to establish their
reliability.
While environmental criteria are not yet used for partner selection, data on
topics like water and energy use is being gathered from upstream business
partners to inform future decisions.
FAIR BEHAVIOR TOWARDS SUPPLIERS
We refer to ESRS S2 (Workers in the value chain) where we explain our
approach to long-term partnerships, in particular with our textile suppliers and
subcontractors, aiming to create a balanced and predictable workflow.
PREVENTING LATE PAYMENT
Although there is no formal policy on prevention of late payments within
Van de Velde, processes are in place to ensure timely payments towards
suppliers, especially SME’s.
Once supplier invoices are approved by internal stakeholders, they are
marked as 'approved' in our ERP system, which stores payment terms and
conditions. This automation ensures payments are made according to
agreed terms, optimizing financial operations.
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PROCEDURES TO ADDRESS CORRUPTION AND BRIBERY (G1-3)
PROCEDURES TO PREVENT AND DETECT CORRUPTION OR BRIBERY
Our Finance Department is a crucial guard in preventing and detecting
corruption and bribery. Preventive measures and regular checks
are applied in relation to our upstream value chain, for all activities and
geographic locations where Van de Velde is active. These enable us to
identify irregularities or potential signs of corruption or bribery.
• Each payment must be justified by an invoice, or a credit note in our ERP
system, eliminating the possibility of unauthorized or fraudulent payments;
• A standard supplier creation process is followed for each new supplier;
• Payments are approved following a 4 eyes principle, ensuring that there is
oversight and accountability in the payment process;
• If an existing supplier asks to change standing data (such as a bank
account number), there is contact by phone and a 4-eye check to check
the validity of the request;
• All expenses (except company credit card expenses) need to be justified
by a copy of the receipt and a justification and description of the expense.
Expenses are approved by the line manager and HR department before
payment is executed;
• All company credit card expenses need to be justified by a copy of the
receipt. Expenses are approved by the cardholder, the Senior Finance
Manager and the CFO.
• Regular checks are conducted by comparing the terms agreed upon in
contracts with received invoices. This control ensures that Van de Velde
is being charged accurately without any discrepancies. These checks are
conducted at least once a year on an ad hoc basis;
• A monthly OPEX and CAPEX check is performed on the costs per
department, comparing costs with the initial budget.
For 2026, we plan to continue these controls on the same basis and we
expect the same outcome.
Furthermore, Van de Velde enforces a comprehensive Policy against
Corruption and Bribery, applying a zero-tolerance approach across
the entire own workforce and in relation to our upstream and downstream
value chain, for all activities and geographic locations where active. The
Management Team is accountable for its implementation.
The policy defines bribery and corruption, sets clear rules for business gifts
and hospitality services, lists prohibited actions and highlights "red flags" to
assist our workforce in recognizing suspicious activities.
Van de Velde encourages its own workforce to report concerns to a line
manager or a member of the Management Team. In addition, Van de Velde
has an internal whistleblowing channel in place as detailed in ESRS G1-1
(under ‘reporting channels’). Reports submitted through this channel are
investigated by the Head of Legal, Risk & Compliance who is not part of the
Management Team as detailed in ESRS G1-1 (under ‘prompt, independent
and objective investigations’).
Once a report of a (suspected) violation is made, Van de Velde ensures
that an objective and confidential investigation is conducted within a
short timeframe as detailed in ESRS G1-1 (under ‘safeguards for reporting
irregularities’ and ‘prompt, independent and objective investigations’).
To further safeguard the interests of those coming forward with bribery
or corruption concerns, Van de Velde strictly prohibits any form of
retaliation as detailed in ESRS G1-1 (under ‘safeguards for reporting
irregularities’).
Van de Velde’s targets for 2026 concerning corruption and bribery are:
• 0 incidents of bribery or corruption
• 0 convictions for violations of anti-corruption and anti-bribery laws
• 0 amount of fines for violations of anti-corruption and anti-bribery laws
We verify these targets using the methodology detailed in ESRS G1-4 (under
‘Incidents of corruption or bribery’).
COMMUNICATION TOWARDS OWN WORKFORCE
We ensure that our workforce understands our Policy against Corruption and
Bribery through several measures. A part of our own workforce is required to
complete an online training as detailed under ESRS G1-1 (‘Policy for training
on business conduct’). Additionally, regular awareness posts are shared on
our internal communication platform, the Conversation Room. All policies are
available on the Conversation Room and our corporate website
www.vandevelde.eu.
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ANTI-CORRUPTION TRAINING
Van de Velde has developed an interactive online training on anti-corruption,
completed by the majority of white-collar employees. The training covers
essential topics such as the definition of bribery, identifying bribes and
red flags, an overview of anti-bribery laws across countries, guidelines
for corporate hospitality, and strategies for addressing bribery concerns.
Participants must succeed in a test on each topic to progress, ensuring a
thorough understanding of the material.
Members of the Management Team are expected to follow this training at
onboarding and every 3 years. Members of the Board of Directors were not
invited to follow this training (except the CEO).
METRICS
INCIDENTS OF CORRUPTION OR BRIBERY (G1-4)
During the reporting period, Van de Velde identified no violations of its
Policy against Corruption and Bribery. As a result, no specific remedial
actions were required. Van de Velde identifies violations of the Policy against
Corruption and Bribery by:
• Questioning members of the Management Team and the president of
the Board of Directors every 6 months on awareness of any irregularities,
as they are the designated internal parties for reporting mentioned in the
Policy;
• Verification with the Head of Legal, Risk & Compliance of any incidents,
claims or court cases (including through whistleblowing reports);
• Performing procedures to prevent and detect incidents of corruption or
bribery as detailed in ESRS G1-3 (under ‘procedures to prevent and detect
corruption or bribery’).
The measurement of incidents is not validated by an external body other than
the assurance provider.
ANTI-CORRUPTION TRAINING
AT-RISK
FUNCTIONS
MANAGERS
MEMBERS
MANAGEMENT
TEAM
MEMBERS
BOARD OF
DIRECTORS
Training coverage 2024 79% 74% 83% 10%
Training coverage 2025 79% 85% 86% 9%
Delivery method Online Online Online Online
Frequency Every 3 years Every 3 years Every 3 years Every 3 years
Topics covered
• Definition corruption
• Policy
• Procedures on suspicion/ detection
X X X X

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Van de Velde remains committed to ensure transparency and
compliance in the future, by undertaking the following actions:
• We will investigate any future incidents as a matter of urgency;
• We will cooperate with the competent authorities;
• We will communicate the number of incidents in our annual sustainability
report;
• We are committed to complying with all relevant legislation;
• We will impose disciplinary measures on any employee who violates our
Policy, including dismissal for serious misconduct in line with our Code of
Conduct for Own Workforce.
PAYMENT PRACTICES (G1-6)
Van de Velde applies standardized payment terms based on supplier
category to enhance financial efficiency while maintaining strong supplier
relationships:
• For raw materials, Van de Velde aims to make prompt payments,
typically within 10 days from the invoice date to benefit from early payment
discounts and reduce procurement costs.
• For other goods and services, the payment terms generally range
from 30 to 60 days from the invoice date, balancing cash flow flexibility with
timely supplier payment.
By differentiating payment terms, Van de Velde optimizes cash flow while
fostering positive, long-term relationships with suppliers and taking advantage
of discounts.
In terms of process, Van de Velde applies specific payment procedures for
each category:
• For raw materials, invoices are paid immediately upon receipt if they
match the corresponding Purchase Order (PO), preventing discrepancies or
errors.
• For other goods and services, a 4-eyes approval process is followed.
Once approved, invoices are automatically marked as approved in our
ERP system and included in a specific payment batch, ensuring a timely
payment in line with agreed payment terms.
We estimate that over 99% of payments are made in line with the agreed
payment terms.
The increased average number of days to pay invoices is a result of higher
outstanding supplier balances, caused by one fewer weekly payment run in
December 2025 compared to 2024.
INCIDENTS OF CORRUPTION
OR BRIBERY 2024 2025
Number of convictions for violation of
anti-corruption and anti-bribery laws
0 0
Amount of fines for violation of
anti-corruption and anti-bribery laws'
0 0
PAYMENT PRACTICES 2024 2025
Average number of days to pay invoices 32.9 56.9
Percentage of payments aligned with
standard payment terms
99% 99%
Number of legal proceedings currently
outstanding for late payments
0 0

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CORPORATE
NANCE
GOVER
I. II. III. IV.
V. VI.
COMPOSITION AND DIVERSITY
OF THE BOARD OF DIRECTORS
AND MANAGEMENT TEAM
ROLES AND RESPONSIBILITIES
OF THE BOARD OF DIRECTORS AND
MANAGEMENT TEAM
Sarda Swim Miss

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THE ROLE OF THE BOARD OF DIRECTORS
AND MANAGEMENT TEAM
GOV-1
BOARD OF DIRECTORS
For the remuneration report, we refer to the financial report, chapter 2
('General governance information').
The general assembly of Van de Velde NV appoints and re-appoints each
member of its Board of Directors.
The majority of the Van de Velde NV’s shares (58,42%) are held by Van
de Velde Holding NV, representing the interests of the Van de Velde and
Laureys families. Shareholders exercise their right to vote at the general
assembly meeting through a one-share-one-vote principle. The general
assembly adopts decisions in accordance with the Belgian Code of
Companies and Associations (CCA).
The members of the Board of Directors appoint an executive director from
within their midst. Together, the non-executive and executive directors are
responsible for the management of Van de Velde NV.
On 31 December 2025, the Board of Directors is composed as follows:
KAREL VERLINDE
As representative of Karel Verlinde CommV
1982, Belgium
MANAGING DIRECTOR
2019: joined Van de Velde as CFO
2022: appointed as interim CEO and as director by co-optation
2023: appointed as director
2026: tenure expires at the Ordinary General Meeting
EDUCATION
Master's degree in economic sciences (UGent) and an MA
in economics & finance (National University of Ireland Maynooth)
FORMER ROLES
Junior Marketing at Fourbases, Business Analysis Manager
at M2S Group, Finance Manager at Brady Corporation,
CFO at IVC Group, CFO at Van de Velde
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
CEO at Van de Velde
YVAN JANSEN
As representative of YJC BV
1963, Belgium
CHAIRMAN AND NON-EXECUTIVE DIRECTOR
2012: first appointed as independent director
2025: appointed as director and chairman
2026: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in law (KULeuven) and economic sciences (UCL)
and an MBA (Chicago Booth)
FORMER ROLES
Senior Partner at Kearney, active in private equity and
Senior Partner and Managing Director at BCG
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Board member and Advisor to multiple businesses
COMPOSITION AND DIVERSITY OF THE BOARD OF DIRECTORS AND MANAGEMENT TEAM

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BENEDICTE LAUREYS
1969, Belgium
NON-EXECUTIVE DIRECTOR
2006: first appointed as director
2024: re-appointed as director
2027: tenure expires at the Ordinary General Meeting
EDUCATION
Bachelor’s degree in secondary education economics
(University College Leuven) and course at Guberna,
the institute for administrators.
FORMER ROLES
Owner lingerie business
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Director and managing director of Ambo Holding NV,
director at Rigby & Peller UK and US, director at Augmented Anatomy
HERMAN VAN DE VELDE
As representative of Herman Van de Velde NV
1954, Belgium
NON-EXECUTIVE DIRECTOR
1981: joined the family business
1992: first appointed as director
2024: re-appointed as director
2027: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in economic sciences (KULeuven) and a post-graduate
degree in development economics (UCL)
FORMER ROLES
Unido (United Nations Industrial Development Organization),
CEO at Van de Velde
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Board member at Brands-On, Alsico and Volksvermogen and
Chairman of IVOC (the institute for training and development
in the clothing industry)
LIESBETH VAN DE VELDE
As representative of Viancaba BV
1962, Belgium
NON-EXECUTIVE DIRECTOR
1990: joined the family business
2024: first appointed as director by co-optation
2025: re-appointed as director
2028: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in law and degree Brussels Tax College
FORMER ROLES
Active at the international arbitrage division, corporate relations, at KBC
Brussels, Head of Brands and Design at Van de Velde

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GREET VAN DE VELDE
1956, Belgium
NON-EXECUTIVE DIRECTOR
1992: joined the family business
2020: first appointed as director
2023: re-appointed as director
2026: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in economic sciences (KULeuven)
FORMER ROLES
Operationally active at Van de Velde for more than 28 years
(production and demand planning manager, sales and project
account etc.)
CHRISTIAN SALEZ
As representative of PARCInvest BV
1966, Belgium
NON-EXECUTIVE DIRECTOR
2023: first appointed as director
2026: tenure expires at the Ordinary General Meeting
EDUCATION
Economics and marketing studies (UCL, Vlerick),
FORMER ROLES
Management positions at TBWA, De Post, Delvaux and Apple
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Director at various Belgian and international fashion, retail and luxury
brands and general director of Europalia
VERONIQUE LAUREYS
1979, Belgium
NON-EXECUTIVE DIRECTOR
2017: first appointed as director
2023: re-appointed as director
2026: tenure expires at the Ordinary General Meeting
EDUCATION
Economics
FORMER ROLES
Owner lingerie business
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Director and managing director of Ambo Holding NV

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ISABELLE MAES
As representative of Valseba BV
1974, Belgium
INDEPENDENT DIRECTOR
2019: first appointed as independent director
2025: re-appointed as independent director
2028: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in commercial engineering (KULeuven)
FORMER ROLES
Senior Auditor at PwC, Finance Officer at Barry Callebaut
and CFO at Lotus Bakeries
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Chief Marketing Officer Lotus Bakeries and
CEO Lotus Natural Foods
BRUNO VANHOORICKX
As representative of BVHX BV
1981, Belgium
INDEPENDENT DIRECTOR
2023: first appointed as independent director
2026: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in applied economics (KULeuven),
International Business Economics (Sorbonne) and
Technology & Innovation (Sussex)
FORMER ROLES
Consultant at BCG in Brussels and New York, Member of
the leadership team of investment fund Bain Capital Europe in London,
Member of the management team at Zalando SE in Berlin,
responsible for the commercial activities and strategy in
all 25 European markets
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Co-founder & Managing Partner at European Tech Collective,
an investment fund supporting Europe’s most promising
Tech Scale-Ups
PETER BOSSAERT
As representative of PALUMI BV
1966, Belgium
INDEPENDENT DIRECTOR
2025: first appointed as independent director
2028: tenure expires at the Ordinary General Meeting
EDUCATION
Master’s degree in commercial engineering (University of Antwerp)
FORMER ROLES
Unilever, Friesland Campina, general director radio Medialaan,
CEO Medialaan (now DPG Media) and
CEO Royal Belgian Football Association
CURRENT ROLE AND/OR MANDATES AS DIRECTOR
Executive chairman of International Food Services and
independent board member Lotus Bakeries

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No directors left the Board of Directors in 2025. PALUMI BV joined the
Board of Directors in 2025 as an independent director.
Honorary director: Henri-William Van de Velde, son of the founder,
Doctor of Laws.
The company secretary is Lore Werbrouck, Head of Legal,
Risk & Compliance.
Valseba BV, PALUMI BV and BVHX BV are independent directors. Up until
his appointment as chairman and non-executive director on 2 May 2025,
YJC BV was considered an independent director.
Benedicte Laureys, Veronique Laureys, Greet Van de Velde, Viancaba BV,
PARCinvest BV and Herman Van de Velde NV represent Van de Velde
Holding NV, the majority shareholder of Van de Velde NV, and are non-
executive directors.
In accordance with the Belgian Act of 28 July 2011
1
, at least one third of
the members of the Board of Directors are the opposite sex to the other
members.
The Board of Directors has established two advisory committees,
consisting of members appointed by and among the members of the
Board of Directors: the Audit and Risk Committee and the Nomination
and Remuneration Committee. The Board of Directors evaluates the
performance of the committees at least every three years.
AUDIT AND RISK COMMITTEE
On 31 December 2025, the Audit and Risk Committee is composed as
follows:
• Valseba BV, always represented by Isabelle Maes (independent director);
• PALUMI BV, always represented by Peter Bossaert (independent
director);
• YJC BV, always represented by Yvan Jansen.
Up until 1 May 2025, Veronique Laureys was a member of the Audit and
Risk Committee.
The members of the committee possess sound knowledge of financial
management. The chairman of the Audit and Risk Committee is Valseba
BV, always represented by Isabelle Maes. She is Chief Marketing Officer
Lotus Bakeries and CEO Lotus Natural Foods. Previously, she was active as
CFO of Lotus Bakeries and Barry Callebaut Belgium and as senior auditor
at PwC, giving her the necessary knowledge of accounting and auditing.
NOMINATION AND REMUNERATION COMMITTEE
On 31 December 2025, the Nomination and Remuneration Committee is
composed as follows:
• BVHX BV, always represented by Bruno Vanhoorickx (independent
director);
• PALUMI BV, always represented by Peter Bossaert (independent
director);
• PARCInvest BV, always represented by Christian Salez;
Up until 1 May 2025, Herman Van de Velde NV, YJC BV and Valseba BV
were members of the Nomination and Remuneration Committee.
The chairman of the Nomination and Remuneration Committee is BVHX
BV, always represented by Bruno Vanhoorickx. All members of the
committee possess sound knowledge of remuneration policy.
NUMBER OF
(NON-) EXECUTIVE MEMBERS
2024 2025
Number of executive members 1 1
Number of non-executive members 9 10
BOARD OF DIRECTORS 2024 2025
Gender diversity ratio (women) 50% 45%
Age group (below 50) 30% 27%
Percentage of independent members 30% 27%
1
This act aims to ensure that there is gender balance in Board of Directors.

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MANAGEMENT TEAM
At the Extraordinary General Meeting on April 27, 2022, amendments
to the Articles of Association were approved to implement the CCA,
adopting a monistic governance model. This model consists of a Board of
Directors, along with an executive committee, which does not qualify as a
Management Committee under Articles 7:104 and 7:107 of the CCA.
In accordance with Article 23, paragraph 2 of the coordinated Articles
of Association of April 27, 2022, the Board of Directors established an
executive committee known as the Management Team. On April 17, 2024,
the Board of Directors established a collegial executive committee, referred
to as the Management Team, effective from May 1, 2024.
The non-executive directors evaluate their interaction with the Management
Team annually. The CEO together with the Nomination and Remuneration
Committee evaluates the functioning and performance of the Management
Team annually.
The Management Team is responsible for the daily leadership of
Van de Velde and consists of the following members.
KAREL VERLINDE
As representative of Karel Verlinde CommV
1982, Belgium
CEO
since 2022
EDUCATION
Master’s degree in economic sciences (UGent) and an MA in economics
& finance (National University of Ireland Maynooth)
FORMER ROLES
Junior Marketing at Fourbases, Business Analysis Manager
at M2S Group, Finance Manager at Brady Corporation, CFO at IVC Group,
CFO at Van de Velde
WIM SCHELFHOUT
As representative of SKRAPA BV
1980, Belgium
CFO
since 2023
EDUCATION
Master’s degree in Commercial Engineering (KULeuven)
and a post-graduate in Finance and Accounting
FORMER ROLES
Active in Finance & Controlling at Honeywell, regional finance director
at Etex, CFO at Lamifil
LAURA PEREZ FERRER
1975, France
CSO
Since 2025
EDUCATION
Master’s degree in General Sales, Merchandising and Marketing Operations
(ESCP), a post-graduate in Fashion, Luxury and Design Management
(Institut Français de la Mode), executive certifications in Board Membership
(EM Lyon Business School) and Governance, Climate and Sustainable
transformation (Université Paris Dauphine)
FORMER ROLES
Sales and Trade Marketing roles at Puig, Sales Manager at Nike France,
Wholesale Director Southern Europe at Hugo Boss, Retail Director Southern
Europe at Ferragamo, CCO at Tiger of Sweden

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STÉPHANE DE SCHRYVER
As representative of Tuur BV
1970, Belgium
HEAD OF HR
Since 2025
EDUCATION
Master’s degree in business economics/commercial sciences
(Vlekho Business school, Brussels – now integrated into KULeuven)
FORMER ROLES
Different roles in Procurement, Internal audit, Corporate Communication
at Henkel, in both local and international roles, and various
HR Director roles at Henkel and FrieslandCampina, with responsibilities
in different countries (Belgium, Netherlands, Luxembourg,
UK and Ireland, France)
CÉLINE SOTO PEREZ
As representative of Moremi BV
1984, Belgium
HEAD OF MARKETING
since 2020
EDUCATION
Master’s degree in economic sciences (UGent)
FORMER ROLES
Product Manager at C&A and Marketing Director at L’Oréal
STEFANIE BAESENS
As representative of Olama BV
1983, Belgium
HEAD OF STRATEGY, IT AND DIGITAL
since 2019
EDUCATION
Master’s degree in commercial engineering (KULeuven)
FORMER ROLES
Consultant at Accenture
MARIJKE GOOSSENS
As representative of Kanren BV
1970, Belgium
HEAD OF OPERATIONS AND SUPPLY CHAIN
since 2019
EDUCATION
Master’s degree in Japanology and a second master’s degree
International Relations (KULeuven)
FORMER ROLES
Supply Chain management roles at various fashion companies,
including Sara Lee Knit Products, Champion Europe and
VF Corporation

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The chairman of the Management Team (CEO) is Karel Verlinde CommV,
always represented by Karel Verlinde.
Depending on the agenda points, key persons within Van de Velde are
invited to Management Team meetings. The Management Team is closely
supported by:
• Carole Lambert, Head of Brands and Design
• Lieve Vermeire, Sustainability Manager
• Lore Werbrouck, Head of Legal, Risk & Compliance
As we already have a high female representation within our Management
Team, we have not set a target to increase gender diversity. In line with
the Law of 28 July 2011 we ensure that at least one-third of the Board
of Directors has another gender. We apply the same target for the
composition of our Management Team.
Tuur BV was included in the Management Team’s diversity metrics in the
annual report concerning 2024, as he joined the Management Team in
early 2025.
RELEVANT EXPERIENCE
Before each appointment to the Board of Directors, its committees or the
Management Team, an evaluation of existing or required competencies,
knowledge and experience is performed by the Nomination and
Remuneration Committee. The Board of Directors shall ensure that
each (re)appointment allows it to maintain an appropriate balance of
competencies, knowledge and experience, allowing them to effectively
oversee the company’s performance, including sustainability matters.
Members shall be individually responsible for the preservation and
development of the knowledge and competencies they must have to fulfil
their function in the Board of Directors, its committees or the Management
Team. Van de Velde makes the necessary (financial) resources available
to the members to this end, which can come in the form of independent
professional advice or a training.
At least every three years, the Board of Directors, headed by its chairman,
conducts an evaluation of the size, composition and performance of the
Board and its committees, as well as the interaction with the Management
Team. Based on the findings of the evaluation, the Nomination and
Remuneration Committee will, where applicable and in consultation with
any external experts, submit a report of the strengths and weaknesses
and any proposal to appoint new directors or refrain from renewing a
directorship.
Below schedule indicates experience of members of the Board of Directors
and Management Team towards sectors, products, geographic locations
and competencies relevant to Van de Velde. Experience gained at Van de
Velde is taken into account when a member of the Management Team or
Board of Directors is active within Van de Velde for over one year.
MANAGEMENT TEAM 2024 2025
Gender diversity ratio (female) 50% 57%
Age group (below 50) 67% 57%
Marie Jo Avero
CORPORATE GOVERNANCE

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EXPERIENCE MATRIX
KAREL WIM
STÉPHANE
STEFANIE CÉLINE MARIJKE LAURA HERMAN
BENEDICTE
LIESBETH
VERONIQUE
GREET
CHR ISTI AN
ISABELLE YVAN BRUN O PETER
RELEVANT SECTORS
Textile and clothing X X X X X X X X X X X X X X X
Industry (general) X X X X X X X X X X
Trade (wholesale and retail) and leasing X X X X X X X X X X X
IT services and companies X X X X X X
Transport and logistics X X X X X X
Real estate and facility services X
RELEVANT PRODUCTS
Textile and clothing X X X X X X X X X X X X X X X
Leather goods, handbags and belts X X X X X
Shoes and headgear X X X
Cosmetics, skin and hair care X X X X X X
Jewelry, pearls and gems X
RELEVANT GEOGRAPHIC LOCATIONS
EU X X X X X X X X X X X X X X X X X
UK X X X X
X X X X X X X X X
US X X X X X X X X X X X X X X
Tunisia X X X
Far East X X X X X X X X X X X
RELEVANT COMPETENCIES
General Management X X X X X X X X X X X
Risk, Audit and Finance X X X X X X X X X
Supply Chain X X X X X X X X
HR X X X X X X X
Marketing X X X X X X X X
IT and Digitalisation X X X X X X
Sales (B2B/B2C) and Retail X X X X X X X X X X X X X
Capital markets X X X X X X X X

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REPRESENTATION OF EMPLOYEES
AND OTHER WORKERS
At Van de Velde NV, there are no employee-elected representatives
within the Board of Directors or the Management Team. This means
employees do not have direct representation at the highest levels of
decision-making. However, Van de Velde recognizes the significance of
fostering dialogue and ensures that employee representatives engage with
Management Team representatives on an ongoing basis. This allows for
a continuous exchange of ideas and concerns between the employees
and the Management Team, ensuring that workforce insights are actively
considered in Van de Velde’s decision-making processes. The primary
platform for this dialogue are the monthly meetings with the Works Council
and the Committee for Prevention and Protection at work, as chaired by the
CEO.
Primadonna Twist Twixie
CORPORATE GOVERNANCE
233

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BOARD OF DIRECTORS
The Board of Directors is responsible for guiding Van de Velde with a focus
on sustainable value creation by setting the strategy, ensuring effective,
responsible, and ethical leadership, and overseeing overall performance.
As the highest decision-making body, the Board shapes Van de Velde’s
general policy and strategic direction.
In line with the principles of the CCA, Van de Velde’s Board of Directors
evaluates and approves strategic plans and budgets, supervises reporting
and internal controls and addresses other legally mandated responsibilities.
In 2025, there was one meeting of the Board of Directors attended only by
the non-executive directors, for the purpose of evaluating the interaction
between the Board of Directors and the Management Team.
MEETINGS OF THE BOARD OF DIRECTORS AND ITS COMMITTEES DURING 2025
NUMBER OF MEETINGS ATTENDANCE
2024 2025 2024 2025
Regular BoD
meetings
5 7 Fully attended, except for one meeting
(Valsabe BV was excused)
Fully attended, except for three meetings
(Benedicte Laureys, ParcInvest BV and
Greet Van de Velde were each excused
once)
BoD meetings
attended only by
non-executive
directors
2 1 Fully attended Fully attended except for
Greet Van de Velde
Audit and Risk
Committee
meetings
5 4 Fully attended Fully attended
Nomination and
Remuneration
Committee
meetings
3 3 Fully attended Fully attended
ROLES AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS
AND MANAGEMENT TEAM

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AUDIT AND RISK COMMITTEE
The Audit and Risk Committee supports the Board of Directors in
overseeing critical areas that require dedicated monitoring and provides
strategic recommendations. Its role is to assist the Board in fulfilling its
oversight responsibilities related to audit and risk management in the
broadest sense. This includes the development of a comprehensive,
long-term audit program that encompasses all aspects of Van de Velde’s
operations.
The committee’s objective is to support the Board of Directors in its
oversight of Van de Velde’s financial and sustainability reporting processes.
This includes ensuring the accuracy of financial statements, the integrity
of the sustainability report, and the qualifications, independence, and
effectiveness of the statutory auditor.
Key advisory responsibilities of the Audit and Risk Committee include:
• Appointment, (dismissal) and remuneration of the statutory auditor;
• Preparation of semi-annual and annual financial results;
• Preparation of the annual sustainability statement;
• Internal control and risk management.
The Audit and Risk Committee meets no fewer than four times a year and
as often as considered necessary for its proper operation.
NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee provides recommendations
on Van de Velde’s remuneration policy, including the compensation of
directors and Management Team members. In alignment with Van de
Velde’s strategic objectives, the committee makes proposals to the Board
based on agreed-upon performance measures and sustainable goals. The
committee also advises the Board on the selection and (re)appointment of
directors and Management Team members.
The Nomination and Remuneration Committee meets as often as is
needed for its proper operation, but never fewer than twice every year.
Directors do not attend meetings of the Nomination and Remuneration
Committee in which their own remuneration is discussed or may be
involved in any decision concerning their remuneration.
THE MANAGEMENT TEAM
This committee is entrusted with the daily leadership of Van de Velde. The
Board has delegated its managerial powers to the managing director and
the Management Team, excluding decisions related to general policy and
any actions reserved for the Board of Directors by statutory provisions. The
Management Team meets at least every 14 days.
Van de Velde’s day-to-day management, as set out in Article 23, §1 of the
coordinated Articles of Association of 31 August 2023, is entrusted to Karel
Verlinde CommV, always represented by Karel Verlinde, managing director.

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REFLECTION OF RESPONSIBILITIES IN THE
CORPORATE GOVERNANCE CHARTER
Van de Velde NV is a publicly listed family company that places special
emphasis on aligning its operations and organization with the provisions
of the Belgian Corporate Governance Code (third edition). Any deviations
from this Code are documented in Van de Velde’s Corporate Governance
Charter, which is available on www.vandevelde.eu. Aside from these
deviations, we adhere to all recommendations outlined in the Code.
Van de Velde’s family nature is also an important ingredient in good
corporate governance. The family has an interest in Van de Velde being
managed in a professional and transparent way, which is expressed
among other things by the presence of experienced family members in the
Board of Directors.
On April 30, 2025, the Board of Directors of Van de Velde NV approved an
updated Corporate Governance Charter. For a comprehensive description
of the roles and responsibilities of the Board of Directors, its committees,
and the Management Team, we refer to the Corporate Governance Charter
available on our website, www.vandevelde.eu.
In relation to the impacts, risks and opportunities for Van de Velde identified
in the DMA, we can highlight the following responsibilities:
• The Board of Directors monitors and oversees Van de Velde’s
sustainability strategy, including progress on ESG objectives. An annual
update on sustainability targets and achievements is provided to the
Board of Directors.
• The Audit and Risk Committee helps ensure that Van de Velde maintains
high standards of financial integrity, risk management, and sustainable
practices.
• The Nomination and Remuneration Committee is responsible for
ensuring the presence of suitable talent development programs and
promoting diversity within leadership.
• The Management Team's role includes initiating, leading, and fostering
Van de Velde's growth to ensure it is sustainable in quality across various
dimensions, such as customers, brands, innovation, efficiency and
people, as well as over time.
Sarda Sid

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OVERVIEW OF DISCLOSURE REQUIREMENTS
DISCLOSURE REQUIREMENT PAGE
REFERENCE TO DATAPOINTS FROM
OTHER EU LEGISLATIONS
ESRS 2 – GENERAL DISCLOSURES
BP-1 General basis for preparation of the sustainability statement p. 117-122
BP-2 Disclosures in relation to specific circumstances p. 122
GOV-1 The role of the administrative, management and supervisory bodies
p. 123
p. 224-237
(1), (3)
GOV-2
Information provided to and sustainability matters addressed by the undertaking’s administrative,
management and supervisory bodies
p. 123
GOV-3 Integration of sustainability-related performance in incentive schemes p. 125
GOV-4 Statement on due diligence p. 126 (1)
GOV-5 Risk management and internal controls over sustainability reporting p. 127
SBM-1 Strategy, business model and value chain
p. 117-122
p. 129 -131
(1), (2), (3)
SBM-2 Interests and views of stakeholders p. 132-133
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model p. 135-136
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities p. 128,134
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement p. 237
The following table lists all ESRS disclosure requirements in ESRS 2 and the topic standards material to Van de Velde as well as the relevant page(s). Additionally, this table includes the reference to datapoints that
derive from other EU legislations: SFDR (1), Pillar 3 (2), Benchmark Regulation (3) and EU Climate Law (4). The following disclosure requirements are considered not material for Van de Velde: ESRS E1 – 7/8/9, E2 – 5/6,
E3 – 5, E5 – 6, S1 – 7/11/12/13/15, S2 – 2, S3 - 4, G1 – 5. For ESRS S1 – 14, the phase-in possibility was used for disclosure requirement 88 (e).

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DISCLOSURE REQUIREMENT PAGE
REFERENCE TO DATAPOINTS FROM
OTHER EU LEGISLATIONS
ESRS E1 – CLIMATE CHANGE
ESRS 2 IRO-1 / SBM-3 Material climate change-related impacts, risks and opportunities p. 137-140
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes p. 140
E1-1 Transition plan for climate change mitigation p. 142-143 (2), (3), (4)
E1-2 Policies related to climate change mitigation and adaptation p. 141
E1-3 Actions and resources in relation to climate change policies p. 144 -146
E1-4 Targets related to climate change mitigation and adaptation p. 143 (1), (2), (3)
E1-5 Energy consumption and mix p. 149 (1)
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions p. 150 -153 (1), (2), (3)
ESRS E2 - POLLUTION
ESRS 2 IRO-1 / SBM-3 Material pollution-related impacts, risks and opportunities p. 155 -157
E2-1 Policies related to pollution p. 158
E2-2 Actions and resources related to pollution p. 158
E2-3 Targets related to pollution p. 158
E2-4 Pollution of air, water and soil p. 159 (1)
ESRS E3 – WATER AND MARINE RESOURCES
ESRS 2 IRO-1 / SBM-3 Material water and marine resources-related impacts, risks and opportunities p. 160-163
E3-1 Policies related to water and marine resources p. 163 (1)
E3-2 Actions and resources related to water and marine resources p. 163
E3-3 Targets related to water and marine resources p. 163
E3-4 Water consumption p. 164 (1)
ESRS E5 - RESOURCE USE AND CIRCULAR ECONOMY
ESRS 2 IRO-1 / SBM-3 Material resource use and circular economy-related impacts, risks and opportunities p. 165-168
E5-1 Policies related to resource use and circular economy p. 168
E5-2 Actions and resources related to resource use and circular economy p. 168
E5-3 Targets related to resource use and circular economy p. 168
E5-4 Resource inflows p. 169 -170
E5-5 Resource outflows p. 171-173 (1)

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DISCLOSURE REQUIREMENT PAGE
REFERENCE TO DATAPOINTS FROM
OTHER EU LEGISLATIONS
ESRS S1 - OWN WORKFORCE
ESRS 2 IRO-1 / SBM-3 Material own workforce-related impacts, risks and opportunities p. 174-179 (1)
S1-1 Policies related to own workforce p. 180 -182 (1), (3)
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts p. 182-183
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns p. 183-184 (1)
S1-4
Taking action on material impacts on own workforce, and approaches to managing material risks and
pursuing material opportunities related to own workforce, and effectiveness of those actions
p. 185
S1-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material
risks and opportunities
p. 185
S1-6 Characteristics of the undertaking’s employees p. 186 -187
S1-8 Collective bargaining coverage and social dialogue p. 187
S1-9 Diversity metrics p. 187
S1-10 Adequate wages p. 188
S1-14 Health and safety metrics p. 188 (1), (3)
S1-16 Remuneration metrics (pay gap and total remuneration) p. 189 (1), (3)
S1-17 Incidents, complaints and severe human rights impacts p. 189 (1), (3)
ESRS S2 - WORKERS IN THE VALUE CHAIN
ESRS 2 IRO-1 / SBM-3 Material workers in the value chain-related impacts, risks and opportunities p. 190-193 (1)
S2-1 Policies related to value chain workers p. 194-195 (1), (3)
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns p. 195-196
S2-4
Taking action on material impacts on value chain workers, and approaches to managing material risks and
pursuing material opportunities related to value chain workers, and effectiveness of those actions
p. 196-197 (1)
S2-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material
risks and opportunities
p. 196-197

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DISCLOSURE REQUIREMENT PAGE
REFERENCE TO DATAPOINTS FROM
OTHER EU LEGISLATIONS
ESRS S4 - CONSUMERS AND END-USERS
ESRS 2 IRO-1 / SBM-3 Material consumer and end-user-related impacts, risks and opportunities p. 198-202
S4 -1 Policies related to consumers and end-users p. 202-203 (1), (3)
S4-2 Processes for engaging with consumers and end-users about impacts p. 203-205
S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns p. 205-208
S4-4
Taking action on material impacts on consumers and end-users, and approaches to managing material risks
and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions
p. 209-211 (1)
S4-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material
risks and opportunities
p. 212
ESRS G1 - BUSINESS CONDUCT
ESRS 2 IRO-1 / SBM-3 Material business conduct-related impacts, risks and opportunities p. 214-217
ESRS 2 GOV-1 The role of the administrative, management and supervisory bodies p. 224-225
G1-1 Business conduct policies and corporate culture p. 217-220 (1)
G1-2 Management of relationships with suppliers p. 220
G1-3 Procedures to address corruption and bribery p. 221-222
G1-4 Incidents of corruption or bribery p. 222-223 (1), (3)
G1-6 Payment practices p. 223

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VAN DE VELDE ANNUAL REPORT 2025
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We present to you our statutory auditor’s report in the context of our legal
limited assurance engagement on the consolidated sustainability statement
of Van de Velde NV (the “Company”) and its subsidiaries (jointly “the Group”).
The consolidated sustainability statement of the Group is included in the
‘Sustainability statement’ section of the Annual report on 31 December
2025 and for the year then ended (hereafter “the consolidated sustainability
statement”).
We have been appointed by the general meeting d.d. 24 April 2024,
following the proposal formulated by the board of directors and following
the recommendation by the audit committee and the proposal formulated
by the works’ council to perform a limited assurance engagement on the
consolidated sustainability statement of the Group.
Our mandate will expire on the date of the general meeting which will
deliberate on the annual accounts for the year ended 31 December 2026.
We have performed our assurance engagement on the consolidated
sustainability statement for 2 consecutive years.
LIMITED ASSURANCE CONCLUSION
We have conducted a limited assurance engagement on the consolidated
sustainability statement of the Group.
Based on the procedures we have performed and the assurance evidence
we have obtained, nothing has come to our attention that causes us to believe
that the consolidated sustainability statement of the Group, in all material
respects:
• has not been prepared in accordance with the requirements of article
3:32/2 of the Companies’ and Associations’ Code, including compliance
with the applicable European Sustainability Reporting Standards (ESRS);
• is not in accordance with the process (the “Process”) carried out by the
Group, as disclosed in note ‘1. General disclosures ESRS 2 – section
Double Materiality Assessment’ to identify the information reported in the
consolidated sustainability statement on the basis of ESRS;
• does not comply with the requirements of article 8 of EU Regulation
2020/852 (the “Taxonomy Regulation”) disclosed in note ‘2. Climate change
E1 – section EU Taxonomy’.
BASIS FOR CONCLUSION

We conducted our limited assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE) 3000 (Revised),
Assurance engagements other than audits or reviews of historical financial
information (“ISAE 3000 (Revised)”), as applicable in Belgium.
Our responsibilities under this standard are further described in the
“Responsibilities of the statutory auditor on the limited assurance
engagement on the consolidated sustainability statement” section of our
report.
We have complied with all ethical requirements that are relevant to assurance
engagements of sustainability statements in Belgium, including those related
to independence.
LIMITED ASSURANCE REPORT OF THE
STATUTORY AUDITOR TO THE GENERAL
SHAREHOLDERS’ MEETING ON THE
CONSOLIDATED SUSTAINABILITY STATEMENT
OF VAN DE VELDE NV FOR THE ACCOUNTING
YEAR ENDED ON 31 DECEMBER 2025

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We apply International Standard on Quality Management 1 (ISQM 1), which
requires the firm to design, implement and operate a system of quality
management including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable legal and
regulatory requirements.
We have obtained from the board of directors and Company officials
the explanations and information necessary for performing our limited
assurance engagement.
We believe that the assurance evidence we have obtained is sufficient and
appropriate to provide a basis for our conclusion.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
RELATING TO THE PREPARATION OF THE
CONSOLIDATED SUSTAINABILITY STATEMENT
The board of directors is responsible for designing and implementing a
Process and for disclosing this Process in note ‘1. General disclosures
ESRS 2 – Double Materiality Assessment’ of the consolidated sustainability
statement. This responsibility includes:
• understanding the context in which the activities and business
relationships of the Group take place and developing an understanding
of its affected stakeholders;
• the identification of the actual and potential impacts (both negative
and positive) related to sustainability matters, as well as risks and
opportunities that affect, or could reasonably be expected to affect the
Group’s financial position, financial performance, cash flows, access to
finance or cost of capital over the short-, medium-, or long- term;
• the assessment of the materiality of the identified impacts, risks and
opportunities related to sustainability matters by selecting and applying
appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
The board of directors is further responsible for the preparation of the
consolidated sustainability statement, which includes the information
established by the Process:
• in accordance with the requirements referred to in article 3:32/2 of the
Companies’ and Associations’ Code, including the applicable European
Sustainability Reporting Standards (ESRS); and
• in compliance with the requirements of article 8 of EU Regulation
2020/852 (the “Taxonomy Regulation”) disclosed in note ‘2. Climate
change E1 – section EU Taxonomy’ of the consolidated sustainability
statement.
This responsibility comprises:
• designing, implementing and maintaining such internal control that the
board of directors determines is necessary to enable the preparation
of the consolidated sustainability statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting
methods and making assumptions and estimates that are reasonable in
the circumstances.
The audit committee is responsible for overseeing the Group’s
sustainability reporting process.
INHERENT LIMITATIONS IN PREPARING THE
CONSOLIDATED SUSTAINABILITY STATEMENT
In reporting forward-looking information in accordance with ESRS, the
board of directors is required to prepare the forward-looking information
on the basis of disclosed assumptions about events that may occur in the
future and possible future actions by the Group. Actual outcomes are likely
to be different since anticipated events frequently do not occur as expected
and the deviation from that can be of material importance.
RESPONSIBILITIES OF THE STATUTORY AUDITOR ON
THE LIMITED ASSURANCE ENGAGEMENT ON THE
CONSOLIDATED SUSTAINABILITY STATEMENT

Our responsibility is to plan and perform the assurance engagement
with the aim of obtaining a limited level of assurance about whether the
consolidated sustainability statement contains no material misstatements,
whether due to fraud or error, and to issue a limited assurance report that
includes our conclusion. Misstatements can arise from fraud or errors
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the decisions of users taken on the
basis of the consolidated sustainability statement.

As part of a limited assurance engagement in accordance with ISAE
3000 (Revised), as applicable in Belgium, we apply professional judgment
and maintain professional scepticism throughout the engagement. The
work performed in an engagement aimed at obtaining a limited level of
assurance, for which we refer to the section "Summary of work performed,"
is less in scope than in an engagement aimed at obtaining a reasonable

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level of assurance. Therefore, we do not express an opinion with a reasonable
level of assurance as part of this engagement.
As the forward-looking information in the consolidated sustainability
statement and the assumptions on which it is based, are future related, they
may be affected by events that may occur in the future and possible future
actions by the Group. Actual outcomes are likely to be different from the
assumptions, as the anticipated events frequently do not occur as expected,
and the deviation from that can be of material importance. Therefore, our
conclusion does not provide assurance that the reported actual outcomes
will correspond with those included in the forward-looking information in the
consolidated sustainability statement.
Our responsibilities regarding the consolidated sustainability statement, with
respect to the Process, include:
• obtaining an understanding of the Process, but not for the purpose of
providing a conclusion on the effectiveness of the Process, including the
outcome of the Process;
• designing and performing work to evaluate whether the Process is
consistent with the description of the Process by the Group, as set out in
note ‘1 General disclosures ESRS 2 – Double Materiality Assessment.
Our other responsibilities regarding the sustainability statement include:
• acquiring an understanding of the entity's control environment, the relevant
processes, and information systems for preparing the sustainability
information, but without assessing the design of specific control activities,
obtaining supporting information about their implementation, or testing the
effective operation of the established internal control measures;
• identifying where material misstatements are likely to arise, whether due to
fraud or error, in the consolidated sustainability statement; and
• designing and performing procedures responsive to where material
misstatements are likely to arise in the consolidated sustainability
statement. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
SUMMARY OF WORK PERFORMED
A limited assurance engagement involves performing procedures to obtain
evidence about the consolidated sustainability statement. The procedures
carried out in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that would have been
obtained had a reasonable assurance engagement been performed.
The nature, timing, and extent of procedures selected depend on professional
judgment, including the identification of areas where material misstatements
are likely to arise in the consolidated sustainability statement, whether due to
fraud or errors.
In conducting our limited assurance engagement with respect to the Process,
we have:
• obtained an understanding of the Process by:
- performing inquiries to understand the sources of the information used by
management (e.g., stakeholder engagement, business plans and strategy
documents); and
- reviewing the Group’s internal documentation relating to its Process; and
• evaluated whether the evidence obtained from our procedures with
respect to the Process implemented by the Group was consistent with
the description of the Process set out in note ‘1. General disclosures ESRS
2 – Double Materiality Assessment’ of the consolidated sustainability
statement.
In conducting our limited assurance engagement, with respect to the
consolidated sustainability statement, we have:
• obtained an understanding of the Group’s reporting processes relevant
to the preparation of its consolidated sustainability statement by obtaining
an understanding of the Group’s control environment, processes and
information system relevant to the preparation of the consolidated
sustainability statement, but not for the purpose of providing a conclusion
on the effectiveness of the Group’s internal control;
• evaluated whether the information identified by the Process is included in
the consolidated sustainability statement;
• evaluated whether the structure and the presentation of the consolidated
sustainability statement is in accordance with the ESRS;
• performed inquiries of relevant personnel and analytical procedures on
selected information in the consolidated sustainability statement;
• performed substantive assurance procedures on selected information in
the consolidated sustainability statement;
• evaluated the methods/assumptions for developing estimates and forward-
looking information as described in the section 'Responsibilities of the
statutory auditor on the limited assurance engagement on the consolidated
sustainability statement';
• obtained an understanding of the Group’s process to identify taxonomy-
eligible and taxonomy-aligned economic activities and the corresponding
disclosures in the consolidated sustainability statement.