# D'IETEREN GROUP

Summary updated: 2026-10-04T15:09:58.791164Z
Canonical: https://finbar.com/research/companies/d-ieteren-group

## Overview

D’Ieteren Group is a Belgian group whose businesses span mobility, automotive aftermarket distribution, consumer products and real estate. Its six businesses include D’Ieteren Automotive, which distributes Volkswagen Group brands in Belgium; Belron, which provides vehicle-glass repair and replacement; PHE and TVH, which distribute automotive and industrial-equipment parts; Moleskine, which sells stationery and related products; and D’Ieteren Immo, which manages and develops real estate. [1](https://app.finbar.com/go?id=P62002376)[2](https://www.dieterengroup.com/dieteren-automotive/)[3](https://www.dieterengroup.com/belron/)[4](https://www.dieterengroup.com/parts-holding-europe/)[5](https://www.dieterengroup.com/tvh-parts/)[6](https://www.dieterengroup.com/moleskine/)[7](https://www.dieterengroup.com/dieteren-immo/)

The Group states its purpose as building businesses that reinvent industries in pursuit of excellence and meaningful impact; its mobility mission is to build sustainable and accessible mobility for everyone. Its geographic reach includes Belgium and international markets: Belron operates in 40 countries, while TVH serves customers in 170 countries. [1](https://app.finbar.com/go?id=P62002376)[3](https://www.dieterengroup.com/belron/)[5](https://www.dieterengroup.com/tvh-parts/)

For FY2025, D’Ieteren Group reported €8,033.5 million in consolidated external revenue. Its 2025 annual report was published in 2026. [8](https://www.dieterengroup.com/annual-reports/annual-report-2025/)
[1](https://app.finbar.com/go?id=P62002376)[2](https://www.dieterengroup.com/dieteren-automotive/)[3](https://www.dieterengroup.com/belron/)[4](https://www.dieterengroup.com/parts-holding-europe/)[5](https://www.dieterengroup.com/tvh-parts/)[6](https://www.dieterengroup.com/moleskine/)[7](https://www.dieterengroup.com/dieteren-immo/)[8](https://www.dieterengroup.com/annual-reports/annual-report-2025/)

## Products & services

D’Ieteren Automotive distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium. Its related offerings include used cars, spare parts and accessories, after-sales services, and vehicle-linked financial services through the Volkswagen D’Ieteren Finance joint venture. In FY2025, new vehicles represented about 79.9% of the segment’s €4,978.7 million revenue; used cars 6.6%; spare parts and accessories 7.3%; after-sales activities 1.7%; and other revenue 4.5%. [9](https://app.finbar.com/go?id=P87105507)[10](https://app.finbar.com/go?id=P59007742)[11](https://app.finbar.com/go?id=T9702998)

Belron provides vehicle-glass repair and replacement, including repair of minor chips, replacement of more extensively damaged glass, and recalibration of advanced driver-assistance systems after windshield replacement; service is delivered through branches and mobile teams. [12](https://app.finbar.com/go?id=P60770033)[13](https://www.belron.com/about-belron/what-we-do) TVH supplies aftermarket parts for material-handling, construction, industrial and agricultural equipment, including forklifts, cranes, warehouse equipment, tractors, harvesters and small earth-moving machinery. [14](https://app.finbar.com/go?id=P28340582)[15](https://www.tvh.com/en-us/parts) PHE distributes spare parts for light and heavy vehicles and offers garage equipment, technical support and repair-professional services. [16](https://app.finbar.com/go?id=P71977482)[17](https://www.partsholdingeurope.com/en/our-activities/phe-in-automotive-after-sales) Moleskine develops and sells notebooks, planners, writing instruments, bags and other travel and reading accessories. [18](https://app.finbar.com/go?id=P37095079)[19](https://www.moleskine.com/en-us/)
[9](https://app.finbar.com/go?id=P87105507)[10](https://app.finbar.com/go?id=P59007742)[11](https://app.finbar.com/go?id=T9702998)[12](https://app.finbar.com/go?id=P60770033)[13](https://www.belron.com/about-belron/what-we-do)[14](https://app.finbar.com/go?id=P28340582)[15](https://www.tvh.com/en-us/parts)[16](https://app.finbar.com/go?id=P71977482)[17](https://www.partsholdingeurope.com/en/our-activities/phe-in-automotive-after-sales)[18](https://app.finbar.com/go?id=P37095079)[19](https://www.moleskine.com/en-us/)[13](https://www.belron.com/about-belron/what-we-do)[15](https://www.tvh.com/en-us/parts)[17](https://www.partsholdingeurope.com/en/our-activities/phe-in-automotive-after-sales)[19](https://www.moleskine.com/en-us/)

## Geographic presence

D’Ieteren Automotive’s operations are concentrated in Belgium, where it distributes Volkswagen Group brands through dealer networks and its own dealerships. [2](https://www.dieterengroup.com/dieteren-automotive/)

Belron operates in 42 countries across six continents and had around 30,000 colleagues in 2025. [20](https://www.belron.com/cms/assets/cukesk316/files/2026-05/Belron_RB_Report_Live_-_2025_Final.pdf) In FY2024, its largest disclosed employee concentrations were the United States (14,112), France (3,096), Germany (2,666), the United Kingdom (2,263), Spain (1,632), Australia (1,382), and Canada (1,361); these are Belron figures, not Group-wide totals. [21](https://app.finbar.com/go?id=T1694105)

TVH has more than 90 branches in 27 countries. [5](https://www.dieterengroup.com/tvh-parts/) PHE operates across France, Spain, Italy, Belgium, the Netherlands, Luxembourg, and Ireland. [4](https://www.dieterengroup.com/parts-holding-europe/) Moleskine is based in Milan and has offices in Cologne, New York, Hong Kong, Shanghai, and Tokyo. [6](https://www.dieterengroup.com/moleskine/)

The latest available reporting year identified is FY2025. The FY2025 results disclose revenue by business segment rather than by country or region, so a geographic revenue breakdown is not available in the cited results. [22](https://app.finbar.com/go?id=T12350558)
[2](https://www.dieterengroup.com/dieteren-automotive/)[20](https://www.belron.com/cms/assets/cukesk316/files/2026-05/Belron_RB_Report_Live_-_2025_Final.pdf)[21](https://app.finbar.com/go?id=T1694105)[21](https://app.finbar.com/go?id=T1694105)[21](https://app.finbar.com/go?id=T1694105)[21](https://app.finbar.com/go?id=T1694105)[21](https://app.finbar.com/go?id=T1694105)[21](https://app.finbar.com/go?id=T1694105)[21](https://app.finbar.com/go?id=T1694105)[5](https://www.dieterengroup.com/tvh-parts/)[4](https://www.dieterengroup.com/parts-holding-europe/)[6](https://www.dieterengroup.com/moleskine/)[22](https://app.finbar.com/go?id=T12350558)[2](https://www.dieterengroup.com/dieteren-automotive/)[20](https://www.belron.com/cms/assets/cukesk316/files/2026-05/Belron_RB_Report_Live_-_2025_Final.pdf)[5](https://www.dieterengroup.com/tvh-parts/)[4](https://www.dieterengroup.com/parts-holding-europe/)[6](https://www.dieterengroup.com/moleskine/)

## Business segments

D’Ieteren Group’s FY2025 segment reporting identifies five operating segments: D’Ieteren Automotive, Belron, Moleskine, TVH and PHE (Parts Holding Europe). It separately reports Corporate & unallocated and eliminations. The Group also presents a broader portfolio view of six businesses that includes D’Ieteren Immo, which is not listed as a separate operating segment in the FY2025 segment statement. [23](https://app.finbar.com/go?id=T2193216)[24](https://app.finbar.com/go?id=P97611639)

D’Ieteren Automotive distributes vehicles in Belgium, including Volkswagen Group brands, as well as parts and accessories; its FY2025 external revenue was €4,978.7 million, about 30% of the five segments’ combined external revenue, and its adjusted operating result was €232.3 million, about 10% of their combined result. [2](https://www.dieterengroup.com/dieteren-automotive/)[23](https://app.finbar.com/go?id=T2193216) Belron provides vehicle-glass repair, replacement and recalibration services; its reported revenue was €6,722.0 million on a 100% basis (about 41% of combined segment revenue), and its adjusted operating result was €1,536.0 million on a 100% basis (about 68% of combined segment result). [3](https://www.dieterengroup.com/belron/)[23](https://app.finbar.com/go?id=T2193216)

Moleskine focuses on notebooks and related lifestyle products; FY2025 revenue was €117.8 million (about 1% of combined segment revenue) and adjusted operating result was €7.7 million (less than 1% of combined result). [25](https://www.dieterengroup.com/fr/moleskine/)[23](https://app.finbar.com/go?id=T2193216) TVH supplies aftermarket parts for material-handling, construction, industrial and agricultural equipment; revenue was €1,668.5 million and adjusted operating result €222.8 million, both on a 100% basis—about 10% of combined segment revenue and 10% of combined adjusted result. [5](https://www.dieterengroup.com/tvh-parts/)[23](https://app.finbar.com/go?id=T2193216) PHE distributes vehicle spare parts through an omnichannel model to the independent aftermarket in Western Europe; its revenue was €2,937.1 million (about 18% of combined segment revenue) and adjusted operating result €267.4 million (about 12% of combined result). [4](https://www.dieterengroup.com/parts-holding-europe/)[23](https://app.finbar.com/go?id=T2193216)

The percentages are approximate shares of the five segments’ summed reported external revenue (€16,424.1 million) and summed adjusted operating result (€2,266.2 million), not shares of consolidated Group revenue or profit. Belron and TVH amounts are shown on a 100% basis; inter-segment eliminations reduce revenue to the consolidated total. The Group also reports ownership-adjusted PBT by segment as a separate performance measure, rather than as an alternative list of operating segments. [23](https://app.finbar.com/go?id=T2193216)[26](https://app.finbar.com/go?id=T1227869)
[23](https://app.finbar.com/go?id=T2193216)[24](https://app.finbar.com/go?id=P97611639)[26](https://app.finbar.com/go?id=T1227869)[27](https://www.dieterengroup.com/press-releases/publication-of-the-annual-report-2025/)[2](https://www.dieterengroup.com/dieteren-automotive/)[3](https://www.dieterengroup.com/belron/)[25](https://www.dieterengroup.com/fr/moleskine/)[5](https://www.dieterengroup.com/tvh-parts/)[4](https://www.dieterengroup.com/parts-holding-europe/)

## Company history

D’Ieteren traces its origins to 1805, when Jean-Joseph D’Ieteren established a Brussels coachbuilding and wheelwright business. The company expanded into motor-vehicle bodywork in 1897 and was listed on the Brussels stock exchange in 1929. [28](https://app.finbar.com/go?id=T5339376)[29](https://www.dieterengroup.com/history/)

In 1948, Pierre D’Ieteren agreed to import Volkswagen vehicles into Belgium, establishing the company’s automotive-distribution business. D’Ieteren entered car rental with Dit’Rent-a-Car in 1956, licensed the business to Avis in 1958, and acquired Avis Europe in 1989. [28](https://app.finbar.com/go?id=T5339376)[29](https://www.dieterengroup.com/history/)[30](https://www.dieteren.be/en/who-we-are/)

The Group took control of vehicle-glass repair and replacement company Belron in 1999 and acquired notebook maker Moleskine in 2016. In 2021, it reorganized its structure, separating D’Ieteren Group from D’Ieteren Automotive, and acquired a 40% stake in TVH Parts. It completed the acquisition of automotive-parts distributor Parts Holding Europe in 2022. [28](https://app.finbar.com/go?id=T5339376)[29](https://www.dieterengroup.com/history/)[31](https://www.dieterengroup.com/press-releases/closing-of-the-acquisition-of-parts-holding-europe/)
[28](https://app.finbar.com/go?id=T5339376)[29](https://www.dieterengroup.com/history/)[30](https://www.dieteren.be/en/who-we-are/)[31](https://www.dieterengroup.com/press-releases/closing-of-the-acquisition-of-parts-holding-europe/)

## Sources

1. [D'IETEREN GROUP — Full financial report (2024 Y), p246](https://app.finbar.com/go?id=P62002376)
2. [www.dieterengroup.com](https://www.dieterengroup.com/dieteren-automotive/)
3. [www.dieterengroup.com](https://www.dieterengroup.com/belron/)
4. [www.dieterengroup.com](https://www.dieterengroup.com/parts-holding-europe/)
5. [www.dieterengroup.com](https://www.dieterengroup.com/tvh-parts/)
6. [www.dieterengroup.com](https://www.dieterengroup.com/moleskine/)
7. [www.dieterengroup.com](https://www.dieterengroup.com/dieteren-immo/)
8. [www.dieterengroup.com](https://www.dieterengroup.com/annual-reports/annual-report-2025/)
9. [D'IETEREN GROUP — Press release (2025 Y), p13](https://app.finbar.com/go?id=P87105507)
10. [D'IETEREN GROUP — Press release (2025 Y), p46](https://app.finbar.com/go?id=P59007742)
11. [D'IETEREN GROUP — Press release (2025 Y), p41](https://app.finbar.com/go?id=T9702998)
12. [D'IETEREN GROUP — Press release (2025 Y), p23](https://app.finbar.com/go?id=P60770033)
13. [www.belron.com](https://www.belron.com/about-belron/what-we-do)
14. [D'IETEREN GROUP — Press release (2025 Y), p13](https://app.finbar.com/go?id=P28340582)
15. [www.tvh.com](https://www.tvh.com/en-us/parts)
16. [D'IETEREN GROUP — Press release (2025 Y), p23](https://app.finbar.com/go?id=P71977482)
17. [www.partsholdingeurope.com](https://www.partsholdingeurope.com/en/our-activities/phe-in-automotive-after-sales)
18. [D'IETEREN GROUP — Press release (2025 Y), p23](https://app.finbar.com/go?id=P37095079)
19. [www.moleskine.com](https://www.moleskine.com/en-us/)
20. [www.belron.com](https://www.belron.com/cms/assets/cukesk316/files/2026-05/Belron_RB_Report_Live_-_2025_Final.pdf)
21. [D'IETEREN GROUP — Full financial report (2024 Y), p382](https://app.finbar.com/go?id=T1694105)
22. [D'IETEREN GROUP — Press release (2025 Y), p24](https://app.finbar.com/go?id=T12350558)
23. [D'IETEREN GROUP — Press release (2025 Y), p51](https://app.finbar.com/go?id=T2193216)
24. [D'IETEREN GROUP — Press release (2025 Y), p23](https://app.finbar.com/go?id=P97611639)
25. [www.dieterengroup.com](https://www.dieterengroup.com/fr/moleskine/)
26. [D'IETEREN GROUP — Press release (2025 Y), p57](https://app.finbar.com/go?id=T1227869)
27. [www.dieterengroup.com](https://www.dieterengroup.com/press-releases/publication-of-the-annual-report-2025/)
28. [D'IETEREN GROUP — Presentation (2025 Y), p4](https://app.finbar.com/go?id=T5339376)
29. [www.dieterengroup.com](https://www.dieterengroup.com/history/)
30. [www.dieteren.be](https://www.dieteren.be/en/who-we-are/)
31. [www.dieterengroup.com](https://www.dieterengroup.com/press-releases/closing-of-the-acquisition-of-parts-holding-europe/)

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