ACTIVE

CARMEUSE

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Financial year 2025 · closed on 31/12/2025

Net result

4,4 M €

-59.3% YoY

Revenue

147,5 M €

-8.4% YoY

Equity

45,3 M €

+10.8% YoY

Workforce

243,3 ETP

-3.7% YoY

What does CARMEUSE do?

CARMEUSE is a Public limited company incorporated in 1987. Its main activity is: Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate. Its registered office is in Andenne. It employs on average 243,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0431.473.519

Incorporation

18/06/1987

Legal form

Public limited company

Registered office

Rue du Château 13A
5300 Andenne · WallonieSee on map

Contributed capital

35 913 466,48 €

Latest accounts

31/12/2025

Average workforce

243,3 ETP

Activities (NACE)

08111Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate· main 08111Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate 14110Manufacture of leather clothes 23520Manufacture of lime and plaster 23520Manufacture of lime and plaster 26520Manufacture of watches and clocks

Joint committees (2)

10209
218

Signals

ProfitablePositive cashflowPositive EBITDAHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2021		2020		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	147,5 M €	-8.4%	161,1 M €	+2.3%	157,5 M €	+44.3%	109,1 M €	+10.8%	98,5 M €	-21.7%	125,8 M €	-0.9%	127 M €	+1.0%	125,8 M €	+1.3%	124,2 M €	+4.8%	118,6 M €	+0.2%	118,3 M €	-8.3%	129,1 M €	+11.2%	116,1 M €	+2.2%	113,6 M €	-18.9%	140,1 M €	+5.3%	133 M €	+4.9%	126,9 M €
EBITDA	21,7 M €	-17.5%	26,3 M €	+25.8%	20,9 M €	+5.4%	19,8 M €	+39.7%	14,2 M €	+14.8%	12,3 M €	-30.1%	17,7 M €	-29.7%	25,1 M €	+52.9%	16,4 M €	+4.1%	15,8 M €	+1165%	-1,5 M €	-124%	6,3 M €	-51.4%	13 M €	-55.7%	29,3 M €	-22.8%	37,9 M €	+85.8%	20,4 M €	-21.1%	25,9 M €
Operating result	9 M €	-45.6%	16,5 M €	-7.9%	17,9 M €	+133%	7,7 M €	+547%	1,2 M €	+122%	-5,4 M €	-15060%	36 k €	-99.4%	6,3 M €	+356%	-2,5 M €	-155%	-968,3 k €	+94.6%	-17,8 M €	-70.8%	-10,4 M €	-1510%	-648,4 k €	-103%	19 M €	-31.9%	27,9 M €	+127%	12,3 M €	-37.1%	19,5 M €
Net result	4,4 M €	-59.3%	10,8 M €	-23.4%	14,1 M €	+138%	5,9 M €	+411%	1,2 M €	-95.8%	28 M €	+2086%	1,3 M €	-69.2%	4,2 M €	-44.8%	7,6 M €	-93.7%	119,8 M €	+982%	-13,6 M €	+58.6%	-32,8 M €	-2334%	-1,3 M €	+93.1%	-19,4 M €	-139%	49,4 M €	-69.9%	164,2 M €	+2869%	5,5 M €
Balance sheet
Equity	45,3 M €	+10.8%	40,9 M €	-31.9%	60,1 M €	+33.1%	45,2 M €	+15.1%	39,2 M €	-83.5%	238,4 M €	+13.2%	210,6 M €	+0.8%	208,9 M €	+2.0%	204,8 M €	+3.8%	197,3 M €	+11.1%	177,6 M €	-7.1%	191,2 M €	-14.4%	223,5 M €	-0.6%	224,9 M €	-7.9%	244,2 M €	+25.4%	194,7 M €	+158%	75,5 M €
Total assets	163,7 M €	+3.2%	158,7 M €	-9.3%	174,9 M €	+24.1%	141 M €	+4.2%	135,3 M €	-63.3%	368,8 M €	+6.6%	345,9 M €	+2.2%	338,3 M €	-60.3%	851,1 M €	+1.7%	837,1 M €	-20.1%	1 Md €	+2.7%	1 Md €	+1.4%	1 Md €	-0.5%	1 Md €	+4.9%	962,9 M €	+143%	396,5 M €	+6.8%	371,4 M €
Cash	36,9 k €	+44.1%	25,6 k €	-74.3%	99,8 k €	+58.2%	63,1 k €	+83.9%	34,3 k €	-66.7%	102,9 k €	-82.8%	599,2 k €	+8.1%	554,3 k €	-76.1%	2,3 M €	+1305%	164,8 k €	+19.2%	138,3 k €	+74.3%	79,3 k €	+18.5%	67 k €	-60.7%	170,4 k €	-66.1%	502,8 k €	+157%	195,4 k €	+125%	86,9 k €
Debts	101,2 M €	+0.3%	100,9 M €	+4.1%	96,9 M €	+46.0%	66,4 M €	+0.5%	66 M €	-19.6%	82,1 M €	-5.6%	87 M €	+3.6%	84 M €	-85.8%	593,3 M €	+1.1%	587,1 M €	-28.0%	815,6 M €	+8.3%	752,8 M €	+12.9%	666,6 M €	-2.6%	684,2 M €	+8.2%	632,4 M €	+324%	149,1 M €	-41.0%	252,7 M €
Other
Workforce	243,3 ETP	-3.7%	252,6 ETP	+1.7%	248,4 ETP	-0.4%	249,4 ETP	-5.4%	263,5 ETP	-28.2%	367,1 ETP	-2.5%	376,7 ETP	+1.3%	371,8 ETP	-1.8%	378,8 ETP	-2.5%	388,6 ETP	-3.9%	404,5 ETP	-2.0%	412,8 ETP	+3.3%	399,5 ETP	-1.2%	404,3 ETP	-5.3%	427,1 ETP	-2.0%	435,9 ETP	+4.1%	418,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 62 ended

Active mandates

Elvira Saitova

Director · since 19 juin 2025 · until 30 novembre 2025

Active

Timothé Van Den Bossche

Director · since 19 juin 2025 · until 26 mai 2028

Active

Yves Marchal

Director · since 19 juin 2025 · until 26 mai 2028

Active

SEDIAM

Director · since 14 juin 2023 · until 19 juin 2025 · 0840.646.243

Represented by Sébastien Dossogne

Active

SPARAXIS

Director · since 24 juin 2022 · until 19 juin 2025 · 0452.116.307

Represented by Eric Poncin

Active

Ended mandates

SEDIAM

Director · since 14 juin 2023 · until 22 mai 2026 · 0840.646.243

Represented by Sébastien Dossogne

Ended

Juan Murillo

Director · since 24 juin 2022 · until 23 mai 2025

Ended

Juan Murillo

Director · since 24 juin 2022 · until 19 juin 2025

Ended

SPARAXIS

Director · since 24 juin 2022 · until 23 mai 2025 · 0452.116.307

Represented by Eric Poncin

Ended

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	12/06/2026	10/07/2025	17/11/2025	14/07/2023	25/08/2022	20/07/2021
General meeting	08/06/2026	19/06/2025	11/06/2024	14/06/2023	23/06/2022	28/05/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/06/2026	12/06/2026	French	PDF
Full model	31/12/2024	19/06/2025	10/07/2025	French	PDF
Full modelCorrection	31/12/2023	11/06/2024	17/11/2025	French	PDF
Full model	31/12/2023	11/06/2024	25/06/2024	French	PDF
Full model	31/12/2022	14/06/2023	14/07/2023	French	PDF
Full model	31/12/2021	23/06/2022	25/08/2022	French	PDF
Full model	31/12/2020	28/05/2021	20/07/2021	French	PDF
Full model	31/12/2019	22/05/2020	30/09/2020	French	PDF
Full model	31/12/2018	24/05/2019	09/08/2019	French	PDF
Full model	31/12/2017	25/04/2018	18/07/2018	French	PDF
Full model	31/12/2016	26/05/2017	05/07/2017	French	PDF
Full model	31/12/2015	27/05/2016	19/07/2016	French	PDF
Full model	31/12/2014	22/05/2015	25/06/2015	French	PDF
Full model	31/12/2013	23/05/2014	30/06/2014	French	PDF
Full model	31/12/2012	24/05/2013	21/06/2013	French	PDF
Full model	31/12/2011	25/05/2012	26/06/2012	French	PDF
Full model	31/12/2010	27/05/2011	13/07/2011	French	PDF
Full model	31/12/2009	28/05/2010	24/06/2010	French	PDF
Full model	31/12/2008	22/05/2009	24/07/2009	French	PDF
Full model	31/12/2007	02/06/2008	17/07/2008	French	PDF
Full model	31/12/2006	25/05/2007	16/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 5 active · 62 ended

Active mandates

Elvira Saitova

Director · since 19 juin 2025 · until 30 novembre 2025

Active

Timothé Van Den Bossche

Director · since 19 juin 2025 · until 26 mai 2028

Active

Yves Marchal

Director · since 19 juin 2025 · until 26 mai 2028

Active

SEDIAM

Director · since 14 juin 2023 · until 19 juin 2025 · 0840.646.243

Represented by Sébastien Dossogne

Active

SPARAXIS

Director · since 24 juin 2022 · until 19 juin 2025 · 0452.116.307

Represented by Eric Poncin

Active

Ended mandates

SEDIAM

Director · since 14 juin 2023 · until 22 mai 2026 · 0840.646.243

Represented by Sébastien Dossogne

Ended

Juan Murillo

Director · since 24 juin 2022 · until 23 mai 2025

Ended

Juan Murillo

Director · since 24 juin 2022 · until 19 juin 2025

Ended

SPARAXIS

Director · since 24 juin 2022 · until 23 mai 2025 · 0452.116.307

Represented by Eric Poncin

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/09/2025
DEMISSIONS, NOMINATIONS
PDF
Other05/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates31/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates19/08/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates30/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates25/06/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates30/04/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates06/09/2019
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 20254,4 M €↓
2024
Annual accounts 202410,8 M €↓
2023
Annual accounts 202314,1 M €↑
23/06/2022
unknownSPARAXIS S.A. — Administrateur
23/06/2022
unknownJuan Murillo — Administrateur
2021
Annual accounts 20215,9 M €↑
2020
Annual accounts 20201,2 M €↓
2017
Annual accounts 201728 M €↑
2016
Annual accounts 20161,3 M €↓
2015
Annual accounts 20154,2 M €↓
2014
Annual accounts 20147,6 M €↓
2013
Annual accounts 2013119,8 M €↑
2012
Annual accounts 2012-13,6 M €↑
2011
Annual accounts 2011-32,8 M €↓
2010
Annual accounts 2010-1,3 M €↑
2009
Annual accounts 2009-19,4 M €↓
2008
Annual accounts 200849,4 M €↓
2007
Annual accounts 2007164,2 M €↑
2006
Annual accounts 20065,5 M €
18/06/1987
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

CARMEUSE

Overview

What does CARMEUSE do?

Trend over 17 financial years

Indicative valuation

Board of directors

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