ACTIVE

ARGEA

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Financial year 2025 · closed on 31/12/2025

Net result

2,9 M €

+63.5% YoY

Revenue

72,9 M €

+14.3% YoY

Equity

10,7 M €

+0.4% YoY

Workforce

348,7 ETP

-5.5% YoY

What does ARGEA do?

ARGEA is a Public limited company incorporated in 1980. Its main activity is: Construction of utility projects for fluids. Its registered office is in Uccle. It employs on average 348,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0420.191.528

Incorporation

25/01/1980

Legal form

Public limited company

Registered office

Avenue Georges Lecointe 50
1180 Uccle · BruxellesSee on map

Contributed capital

5 838 077,04 €

Latest accounts

31/12/2025

Average workforce

348,7 ETP

Activities (NACE)

42211Construction of utility projects for fluids· main 42211Construction of utility projects for fluids 42220Construction of utility projects for electricity and telecommunications 42220Construction of utility projects for electricity and telecommunications 45215Maintenance and repair of motor vehicles

Joint committees (2)

Contacts

3 public details availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	72,9 M €	+14.3%	63,8 M €	-1.3%	64,6 M €	-1.6%	65,7 M €	-8.6%	71,8 M €	+12.5%	63,8 M €	-6.9%	68,5 M €	-8.5%	74,9 M €	-15.7%	88,8 M €	+8.2%	82,1 M €	-3.3%	84,9 M €	-25.4%	113,8 M €	-14.5%	133,2 M €	-3.7%	138,3 M €	+10.7%	124,9 M €	+39.6%	89,5 M €	+21.8%	73,5 M €	+13.0%	65 M €
EBITDA	3,6 M €	+365%	771,2 k €	-41.4%	1,3 M €	-16.3%	1,6 M €	-24.8%	2,1 M €	+373%	-764,9 k €	-209%	702,3 k €	+103%	-27,9 M €	-308%	-6,8 M €	-1142%	654,8 k €	+123%	-2,8 M €	-2547%	115,2 k €	-97.5%	4,6 M €	-15.8%	5,5 M €	-14.5%	6,4 M €	+15.7%	5,6 M €	-9.3%	6,1 M €	-3.2%	6,3 M €
Operating result	2,5 M €	+104%	1,3 M €	-3.4%	1,3 M €	-4.2%	1,4 M €	-2.5%	1,4 M €	+216%	-1,2 M €	-547%	268,4 k €	+101%	-28,3 M €	-279%	-7,5 M €	-3642%	-199,6 k €	+94.4%	-3,6 M €	-28.6%	-2,8 M €	-217%	2,4 M €	-20.3%	3 M €	-30.7%	4,3 M €	+24.1%	3,4 M €	-7.0%	3,7 M €	-23.1%	4,8 M €
Net result	2,9 M €	+63.5%	1,7 M €	+22.9%	1,4 M €	+13.6%	1,3 M €	-23.9%	1,6 M €	+267%	-986,8 k €	-6089%	16,5 k €	+100%	-28,6 M €	-321%	-6,8 M €	-4751%	-140,3 k €	+96.0%	-3,5 M €	-26.4%	-2,8 M €	-243%	1,9 M €	+12.5%	1,7 M €	-36.9%	2,7 M €	+36.7%	2 M €	-17.1%	2,4 M €	-20.5%	3 M €
Balance sheet
Equity	10,7 M €	+0.4%	10,6 M €	+19.7%	8,9 M €	+19.1%	7,5 M €	+11.0%	6,7 M €	+20.8%	5,6 M €	-15.1%	6,6 M €	+129%	-22,6 M €	-471%	6,1 M €	+23.2%	4,9 M €	+358%	1,1 M €	-77.4%	4,8 M €	-36.8%	7,5 M €	+2.1%	7,4 M €	+0.2%	7,4 M €	+31.9%	5,6 M €	+34.0%	4,2 M €	+5.0%	4 M €
Total assets	34,9 M €	+6.3%	32,8 M €	+6.8%	30,7 M €	-9.3%	33,9 M €	+4.9%	32,3 M €	+7.3%	30,1 M €	-12.1%	34,2 M €	-15.9%	40,7 M €	+3.1%	39,4 M €	-6.8%	42,3 M €	-3.4%	43,8 M €	-20.2%	54,9 M €	-22.5%	70,9 M €	+12.6%	62,9 M €	+22.0%	51,6 M €	+31.9%	39,1 M €	+21.7%	32,1 M €	+18.5%	27,1 M €
Cash	8,8 M €	+168%	3,3 M €	+20.4%	2,7 M €	-22.5%	3,5 M €	-20.8%	4,4 M €	+158%	1,7 M €	+1122%	140,2 k €	-1.8%	142,8 k €	-74.7%	563,7 k €	-37.7%	904,1 k €	+130%	392,5 k €	-40.9%	663,9 k €	-78.4%	3,1 M €	+4.0%	3 M €	-23.7%	3,9 M €	+10.8%	3,5 M €	+146%	1,4 M €	-72.2%	5,1 M €
Debts	20,4 M €	+11.3%	18,4 M €	+0.6%	18,3 M €	-17.6%	22,2 M €	+5.6%	21 M €	+1.8%	20,6 M €	-15.9%	24,5 M €	-51.2%	50,2 M €	+67.7%	29,9 M €	-12.8%	34,3 M €	-10.8%	38,5 M €	-18.3%	47,1 M €	-21.9%	60,3 M €	+16.2%	51,9 M €	+27.7%	40,7 M €	+33.0%	30,6 M €	+18.6%	25,8 M €	+20.9%	21,3 M €
Other
Workforce	348,7 ETP	-5.5%	369,0 ETP	-5.6%	390,8 ETP	-2.3%	400,1 ETP	-6.4%	427,3 ETP	-5.5%	452,1 ETP	-6.7%	484,4 ETP	-4.8%	508,7 ETP	-3.3%	525,9 ETP	-1.2%	532,5 ETP	-10.2%	592,7 ETP	-15.3%	699,4 ETP	-5.0%	736,2 ETP	+2.0%	721,6 ETP	+2.6%	703,1 ETP	+14.8%	612,7 ETP	+21.0%	506,4 ETP	+31.5%	385,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 43 ended

Active mandates

Benjamin HEDDE

Chairman of the board of directors · since 29 novembre 2024 · until 30 mai 2031

Active

Frédéric BERNADET

Director · since 29 novembre 2024 · until 30 mai 2030

Active

Florian MARCHAND

Managing director · since 01 décembre 2020 · until 31 mai 2027

Active

Ended mandates

Philippe VOISIN

Director · since 30 mai 2023 · until 29 novembre 2024

Ended

Philippe VOISIN

Director · since 30 mai 2023 · until 30 mai 2029

Ended

José RODRIGUES

Chairman of the board of directors · since 31 mai 2021 · until 31 mai 2027

Ended

José RODRIGUES

Director · since 31 mai 2021 · until 05 mai 2022

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	08/06/2026	13/06/2025	25/06/2024	28/06/2023	15/06/2022	21/06/2021
General meeting	01/06/2026	02/06/2025	06/06/2024	30/05/2023	30/05/2022	31/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	01/06/2026	08/06/2026	French	PDF
Full model	31/12/2024	02/06/2025	13/06/2025	French	PDF
Full model	31/12/2023	06/06/2024	25/06/2024	French	PDF
Full model	31/12/2022	30/05/2023	28/06/2023	French	PDF
Full model	31/12/2021	30/05/2022	15/06/2022	French	PDF
Full model	31/12/2020	31/05/2021	21/06/2021	French	PDF
Full model	31/12/2019	20/05/2020	10/06/2020	French	PDF
Full model	31/12/2018	29/05/2019	04/06/2019	French	PDF
Full model	31/12/2017	30/03/2018	11/04/2018	French	PDF
Full model	31/12/2016	30/05/2017	21/06/2017	French	PDF
Full model	31/12/2015	01/06/2016	24/06/2016	French	PDF
Full model	31/12/2014	01/06/2015	23/06/2015	French	PDF
Full model	31/12/2013	02/06/2014	24/06/2014	French	PDF
Full model	31/12/2012	27/05/2013	25/06/2013	French	PDF
Full model	31/12/2011	30/05/2012	21/06/2012	French	PDF
Full model	31/12/2010	30/05/2011	27/06/2011	French	PDF
Full model	31/12/2009	28/05/2010	29/06/2010	French	PDF
Full model	31/12/2008	29/05/2009	07/07/2009	French	PDF
Full model	31/12/2007	30/05/2008	30/06/2008	French	PDF
Full model	31/12/2006	31/05/2007	29/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 43 ended

Active mandates

Benjamin HEDDE

Chairman of the board of directors · since 29 novembre 2024 · until 30 mai 2031

Active

Frédéric BERNADET

Director · since 29 novembre 2024 · until 30 mai 2030

Active

Florian MARCHAND

Managing director · since 01 décembre 2020 · until 31 mai 2027

Active

Ended mandates

Philippe VOISIN

Director · since 30 mai 2023 · until 29 novembre 2024

Ended

Philippe VOISIN

Director · since 30 mai 2023 · until 30 mai 2029

Ended

José RODRIGUES

Chairman of the board of directors · since 31 mai 2021 · until 31 mai 2027

Ended

José RODRIGUES

Director · since 31 mai 2021 · until 05 mai 2022

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates16/01/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates28/01/2025
DEMISSIONS, NOMINATIONS
PDF
Registered office22/09/2023
SIEGE SOCIAL
PDF
Mandates12/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates21/03/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates23/12/2022
DENOMINATION
PDF
Mandates04/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates14/03/2022
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20252,9 M €↑
02/06/2025
nominationVanessa Cordonnier — représentant permanent (réviseur d'entreprises)
2024
Annual accounts 20241,7 M €↑
29/11/2024
nominationBenjamin Hedde — administrateur et président du conseil d'administration
29/11/2024
nominationFrederic Bernadet — administrateur
2023
Annual accounts 20231,4 M €↑
30/05/2023
reconductionPhilippe Voisin — administrateur
2022
Annual accounts 20221,3 M €↓
30/05/2022
reconductionKPMG Réviseurs d'Entreprises BV/SRL — commissaire
05/05/2022
nominationSylvain Fricard — président du conseil d'administration
2022
Name changeARGEA S.A.
2021
Annual accounts 20211,6 M €↑
2021
Name changeSODRAEP
2020
Annual accounts 2020-986,8 k €↓
2019
Annual accounts 201916,5 k €↑
2018
Annual accounts 2018-28,6 M €↓
2017
Annual accounts 2017-6,8 M €↓
2016
Annual accounts 2016-140,3 k €↑
2015
Annual accounts 2015-3,5 M €↓
2014
Annual accounts 2014-2,8 M €↓
2013
Annual accounts 20131,9 M €↑
2012
Annual accounts 20121,7 M €↓
2011
Annual accounts 20112,7 M €↑
2010
Annual accounts 20102 M €↓
2009
Annual accounts 20092,4 M €↓
2008
Annual accounts 20083 M €
25/01/1980
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ARGEA

Overview

What does ARGEA do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline