ACTIVE

COLAS BELGIUM

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Financial year 2025 · closed on 31/12/2025
Net result
-20,6 M €
+58.7% YoY
Revenue
139,2 M €
+0.2% YoY
Equity
30,6 M €
+44.4% YoY
Workforce
499,0 ETP
-5.7% YoY

What does COLAS BELGIUM do?

COLAS BELGIUM is a Public limited company incorporated in 1988. Its main activity is: Construction of roads and motorways. Its registered office is in Bruxelles. It employs on average 499,0 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0434.888.612
Incorporation
19/07/1988
Legal form
Public limited company
Registered office
Avenue Antoon van Oss 1 box 28A
1120 Bruxelles · BruxellesSee on map
Contributed capital
37 762 625,00 €
Latest accounts
31/12/2025
Average workforce
499,0 ETP
Activities (NACE)
42110Construction of roads and motorways· main42110Construction of roads and motorways45230Maintenance and repair of motor vehicles41001Construction of buildings41003Construction of buildings41201Construction of residential and non-residential buildings+4
Joint committees (3)
  • 124
  • 200
  • 218
Signals
Good liquidityHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 11 financial years

20252024202320222021202020192018201720162008
Income statement
Revenue139,2 M €138,8 M €198,8 M €149,4 M €85,2 M €102,1 M €126,4 M €126,7 M €95,5 M €74,7 M €71,9 M €
EBITDA-11,6 M €-45,7 M €-40 M €-22,3 M €-17,1 M €-18 M €4,2 M €5,5 M €3,4 M €3,6 M €3,3 M €
Operating result-20,6 M €-48,7 M €-28 M €-19,4 M €-26,2 M €-20,8 M €1,7 M €3,5 M €1,5 M €1,5 M €1,3 M €
Net result-20,6 M €-49,9 M €-28,8 M €-19 M €-25,8 M €-19,3 M €1,4 M €2,5 M €1,8 M €6,2 M €11,3 M €
Balance sheet
Equity30,6 M €21,2 M €36,1 M €64,9 M €13,9 M €17,8 M €37,1 M €38,5 M €38 M €46,3 M €32,7 M €
Total assets119,8 M €103,5 M €197,2 M €193,8 M €127,1 M €126,3 M €134,8 M €103,1 M €109 M €101,1 M €100,7 M €
Cash202,6 k €1,1 M €7,8 M €1,7 M €6,5 M €28,4 M €31,4 M €17,6 M €26,7 M €23,4 M €33,7 M €
Debts61,4 M €62,2 M €142,8 M €96,4 M €74,8 M €76,3 M €83,8 M €51,9 M €59,6 M €44,2 M €59 M €
Other
Workforce499,0 ETP529,3 ETP559,5 ETP509,8 ETP477,4 ETP468,1 ETP449,0 ETP406,7 ETP372,6 ETP351,3 ETP352,6 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 40 ended

Active mandates

Oliver Kleebach

Director · since 19 janvier 2024 · until 14 mars 2030

Active
Aurélien Courson

Director · since 02 mars 2021 · until 14 mars 2030

Active
Axel Blaes

Managing director · since 02 mars 2021 · until 14 mars 2030

Active

Ended mandates

Oliver Kleebach

Director · since 19 janvier 2024 · until 14 mars 2024

Ended
Aurélien Courson

Director · since 02 mars 2021 · until 14 mars 2024

Ended
Aurélien Courson

Director · since 02 mars 2021 · until 11 avril 2024

Ended
Axel Blaes

Director · since 02 mars 2021 · until 11 avril 2024

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date07/04/202608/04/202515/04/202413/03/202320/06/202225/10/2021
General meeting12/03/202613/03/202514/03/202409/03/202321/04/202208/04/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

50 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202512/03/202607/04/2026DutchPDF
Full model31/12/202512/03/202607/04/2026FrenchPDF
m121-f-p31/12/202523/04/202623/04/2026FrenchPDF
Full model31/12/202413/03/202508/04/2025DutchPDF
Full model31/12/202413/03/202508/04/2025FrenchPDF
m121-f-p31/12/202422/04/202507/05/2025FrenchPDF
Full model31/12/202314/03/202415/04/2024DutchPDF
Full model31/12/202314/03/202415/04/2024FrenchPDF
m121-f-p31/12/202323/04/202414/06/2024FrenchPDF
Full model31/12/202209/03/202313/03/2023DutchPDF
Full model31/12/202209/03/202313/03/2023FrenchPDF
m121-f-p31/12/202225/04/202324/05/2023FrenchPDF
Full model31/12/202121/04/202220/06/2022DutchPDF
Full model31/12/202121/04/202220/06/2022FrenchPDF
m121-f-p31/12/202126/04/202227/06/2022FrenchPDF
Full modelCorrection31/12/202008/04/202125/10/2021DutchPDF
Full modelCorrection31/12/202008/04/202125/10/2021FrenchPDF
Full model31/12/202008/04/202110/05/2021DutchPDF
Full model31/12/202008/04/202110/05/2021FrenchPDF
m121-f-p31/12/202020/04/202115/05/2021FrenchPDF
Full model31/12/201909/04/202008/05/2020DutchPDF
Full model31/12/201909/04/202008/05/2020FrenchPDF
m121-f-p31/12/201922/04/202020/05/2020FrenchPDF
Full model31/12/201811/04/201908/05/2019DutchPDF

View all 50 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 40 ended

Active mandates

Oliver Kleebach

Director · since 19 janvier 2024 · until 14 mars 2030

Active
Aurélien Courson

Director · since 02 mars 2021 · until 14 mars 2030

Active
Axel Blaes

Managing director · since 02 mars 2021 · until 14 mars 2030

Active

Ended mandates

Oliver Kleebach

Director · since 19 janvier 2024 · until 14 mars 2024

Ended
Aurélien Courson

Director · since 02 mars 2021 · until 14 mars 2024

Ended
Aurélien Courson

Director · since 02 mars 2021 · until 11 avril 2024

Ended
Axel Blaes

Director · since 02 mars 2021 · until 11 avril 2024

Ended
Shareholders

Ownership and network

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Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Other02/07/2026
    —
    PDF
  • Mandates10/06/2026
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DEMISSIONS, NOMINATIONS
    PDF
  • Mandates04/02/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates04/02/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Other28/11/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …)
    PDF
  • Other28/11/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates23/04/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates23/04/2025
    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

Timeline

  1. 2025
    Annual accounts 2025-20,6 M €↑
  2. 04/12/2025
    nominationPierre Mairy — Directeur Waals Gewest
  3. 04/12/2025
    nominationFabrice Henry — operationeel directeur van het Waals Gewest
  4. 04/12/2025
    nominationPierre Mairy — Directeur Région Wallonne
  5. 04/12/2025
    nominationFabrice Henry — Directeur opérationnel Région Wallonne
  6. 13/03/2025
    nominationRomain Seffer — commissaris
  7. 13/03/2025
    nominationPwC Reviseurs d'Entreprises — commissaire
  8. 13/03/2025
    nominationRomain Seffer — représentant permanent
  9. 2024
    Annual accounts 2024-49,9 M €↓
  10. 14/03/2024
    nominationAurélien Courson — bestuurder
  11. 14/03/2024
    nominationAxel Blaes — bestuurder
  12. 14/03/2024
    nominationOliver Kleebach — bestuurder
  13. 14/03/2024
    nominationAurélien Courson — administrateur
  14. 14/03/2024
    nominationAxel Blaes — administrateur
  15. 14/03/2024
    nominationOliver Kleebach — administrateur
  16. 14/03/2024
    reconductionAxel Blaes — administrateur délégué
  17. 19/01/2024
    nominationOliver Kleebach — bestuurder
  18. 19/01/2024
    nominationOliver Kleebach — administrateur
  19. 2023
    Annual accounts 2023-28,8 M €↓
  20. 28/12/2023
    reduction_capital
  21. 01/01/2023
    nominationFabrice Henry — operationeel directeur “Werken”
  22. 01/01/2023
    nominationPierre Morrier — bijzondere volmachten
  23. 01/01/2023
    nominationFabrice Henry — Directeur opérationnel « Travaux »
  24. 01/01/2023
    nominationPierre Morrier — mandats spéciaux
  25. 01/01/2023
    nominationPierre Mairy — Directeur opérationnel « Travaux »
  26. 01/01/2023
    nominationFabrice Henri — Directeur opérationnel « Travaux »
  27. 01/01/2023
    nominationThomas Flandre — Directeur technique
  28. 01/01/2023
    nominationEric Przybylski — Directeur opérationnel « Travaux »
  29. 01/01/2023
    nominationPierre Mairy — operationeel directeur “Werken ” voor de regio Luik en Luxemburg
  30. 01/01/2023
    nominationFabrice Henri — operationeel directeur “Werken” voor de regio Namen, Waals-Brabant en Henegouwen
  31. 01/01/2023
    nominationThomas Flandre — Technisch Directeur
  32. 01/01/2023
    nominationEric Przybylski — Operationeel Directeur “Werken”, specialiteit asfalt en dunne verhardingen
  33. 2022
    Annual accounts 2022-19 M €↑
  34. 22/12/2022
    augmentation_capital
  35. 22/12/2022
    reduction_capital
  36. 21/04/2022
    nominationBV PwC Bedrijfsrevisoren — commissaris
  37. 21/04/2022
    nominationPwC Reviseurs d'Entreprises — commissaire
  38. 21/04/2022
    nominationRomain Seffer — commissaire (représentant de la SRL PwC Reviseurs d'Entreprises)
  39. 2021
    Annual accounts 2021-25,8 M €↓
  40. 02/03/2021
    reconductionAxel Blaes — Afgevaardigd bestuurder
  41. 01/02/2021
    reconductionJean Christophe Briges — COO Wallonië
  42. 2020
    Annual accounts 2020-19,3 M €↓
  43. 2019
    Annual accounts 20191,4 M €↓
  44. 2018
    Annual accounts 20182,5 M €↑
  45. 2017
    Annual accounts 20171,8 M €↓
  46. 2016
    Annual accounts 20166,2 M €↓
  47. 2008
    Annual accounts 200811,3 M €
  48. 19/07/1988
    IncorporationPublic limited company