Belgian media report that the Belgian branch of Belgotex—the chemical, yarn, and carpet conglomerate which was recently awarded full ownership of Lano and Lano Sports by a judge—is facing tough times.

According to De Tijd, Belgotex Belgium is struggling this year with disappointing results at its subsidiary Associated weavers. These setbacks follow the closure of its nylon yarn factory, Nyobe, last year. The result is a net loss of €39 million in 2024. This loss comes on top of the €33 million loss the company suffered in 2023.

After reviewing the figures, De Tijd concludes that the revenue of Associated Weavers has now dropped to €128 million, representing a decline of 8.5%. Only the activities of Lano are reporting positive results; its value rose from €120 million to €125 million.

The Dutch carpets holding (Nederlandse Tapijten Holding, NTH), the holding company for the Belgian operations, has so far failed to file annual accounts for either 2023 or 2024.

Belgotex operates in Europe, the Middle East, South America, Africa, and Asia. The company’s artificial turf activities for sports are handled by Belgotex South Africa and Lano Sports.

Belgotex also holds a 21% stake in Beaulieu International. Since the acquisition of Act Global in 2022, Beaulieu International owns Act Sports. There are close family ties between the owners of Belgotex and Beaulieu International.