ACTIVE

GAMA

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Financial year 2025 · closed on 31/12/2025

Net result

355,2 k €

-32.3% YoY

Gross margin

2,8 M €

+1.7% YoY

Equity

1,9 M €

+22.8% YoY

Workforce

26,8 ETP

-9.5% YoY

What does GAMA do?

GAMA is a Public limited company incorporated in 1991. Its main activity is: Construction of roads and motorways. Its registered office is in Herstal. It employs on average 26,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0444.213.478

Incorporation

28/05/1991

Legal form

Public limited company

Registered office

Parc Ind. des Hauts Sarts, 1e av 22 box B40
4040 Herstal · Wallonie

Contributed capital

148 736,11 €

Latest accounts

31/12/2025

Average workforce

26,8 ETP

Activities (NACE)

42110Construction of roads and motorways· main 42110Construction of roads and motorways 45230Maintenance and repair of motor vehicles 43120Site preparation 43120Site preparation 43410Specialised construction activities+2

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2009		2007
Income statement
Gross margin	2,8 M €	+1.7%	2,7 M €	+41.3%	1,9 M €	+28.2%	1,5 M €	+26.6%	1,2 M €	+1858%	60,3 k €	-5.8%	64 k €	+77.6%	36,1 k €	-81.7%	197,3 k €	-75.4%	800,9 k €	+107%	387,3 k €		–		–		–		–		–		–
EBITDA	874,7 k €	-11.9%	993 k €	+44.3%	688,3 k €	+84.4%	373,3 k €	+48.3%	251,7 k €	+16884%	1,5 k €	+109%	-15,7 k €	+64.3%	-43,9 k €	-142%	104,8 k €	-75.9%	435,6 k €	+1603%	-29 k €	+86.2%	-210,6 k €	-332%	-48,7 k €	-139%	124,4 k €	-78.4%	574,7 k €	+79.1%	320,8 k €	+25.5%	255,5 k €
Operating result	489,7 k €	-31.5%	715,1 k €	+57.3%	454,5 k €	+154%	179,1 k €	+15.4%	155,2 k €	+10373%	1,5 k €	+109%	-16,5 k €	+66.4%	-49,2 k €	-148%	102,3 k €	-75.6%	420,2 k €	+274%	-241,3 k €	+43.6%	-427,7 k €	-51.3%	-282,7 k €	+4.9%	-297,2 k €	-226%	235,8 k €	+17457%	1,3 k €	-84.6%	8,7 k €
Net result	355,2 k €	-32.3%	525 k €	+56.6%	335,3 k €	+120%	152,3 k €	-1.5%	154,6 k €	+12857%	1,2 k €	+107%	-17,2 k €	+65.9%	-50,5 k €	-151%	99,1 k €	-75.5%	405,1 k €	+252%	-267 k €	-83.7%	-145,3 k €	-218%	122,8 k €	+141%	-302,6 k €	-230%	232,9 k €	+3047%	-7,9 k €	-154%	14,5 k €
Balance sheet
Equity	1,9 M €	+22.8%	1,6 M €	+51.0%	1 M €	+48.3%	694,7 k €	+28.1%	542,4 k €	+39.9%	387,8 k €	+0.3%	386,6 k €	-4.3%	403,8 k €	-11.1%	454,3 k €	+27.9%	355,1 k €	+810%	-50 k €	-123%	217 k €	-40.1%	362,3 k €	+49.9%	241,7 k €	-68.3%	763,1 k €	+26.8%	601,6 k €	+5.6%	569,8 k €
Total assets	4,7 M €	+8.1%	4,4 M €	-2.8%	4,5 M €	+37.0%	3,3 M €	+21.4%	2,7 M €	+591%	391 k €	-1.4%	396,4 k €	-5.1%	417,8 k €	-8.8%	458,3 k €	-35.5%	710,5 k €	-35.5%	1,1 M €	-39.2%	1,8 M €	-16.7%	2,2 M €	+14.3%	1,9 M €	-7.4%	2,1 M €	+7.2%	1,9 M €	+25.2%	1,5 M €
Cash	472,8 k €	+147%	191,6 k €	+236%	57 k €	-79.0%	271 k €	-28.7%	380 k €	+7.6%	353,3 k €	+3094%	11,1 k €	+111%	5,2 k €	-74.4%	20,4 k €	-71.5%	71,6 k €	+41.3%	50,7 k €	-62.5%	135,1 k €	+16.3%	116,2 k €	+148%	46,8 k €	-71.4%	163,8 k €	-7.9%	178 k €	+1418%	11,7 k €
Debts	2,8 M €	-0.1%	2,8 M €	-18.8%	3,5 M €	+34.0%	2,6 M €	+44.4%	1,8 M €	+55472%	3,2 k €	-67.0%	9,8 k €	-30.2%	14 k €	+248%	4 k €	-98.9%	355,4 k €	-69.1%	1,1 M €	-27.8%	1,6 M €	-12.0%	1,8 M €	+9.1%	1,7 M €	+28.7%	1,3 M €	-1.7%	1,3 M €	+36.7%	959,3 k €
Other
Workforce	26,8 ETP	-9.5%	29,6 ETP	+28.1%	23,1 ETP	+4.1%	22,2 ETP	+18.1%	18,8 ETP	+840%	2,0 ETP	-13.0%	2,3 ETP	-23.3%	3,0 ETP	0.0%	3,0 ETP	-67.0%	9,1 ETP	+5.8%	8,6 ETP	-11.3%	9,7 ETP	-28.1%	13,5 ETP	-10.0%	15,0 ETP	-3.2%	15,5 ETP	+3.3%	15,0 ETP	+4.2%	14,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

OBEX

Director · since 16 octobre 2025 · until 15 mai 2031 · 0726.859.503

Represented by Matthias Van Damme

Active

JOMANCO

Managing director · since 08 juillet 2025 · until 15 mai 2031 · 0875.961.864

Represented by Johan Vrijghem

Active

VASTMANS ADVIES

Director · since 08 juillet 2025 · until 16 octobre 2025 · 0827.963.789

Represented by John Vastmans

Active

Ended mandates

JOMANCO

Director · since 31 août 2022 · until 08 juillet 2025 · 0875.961.864

Represented by Johan Vrijghem

Ended

JOMANCO

Director · since 31 août 2022 · until 18 mai 2028 · 0875.961.864

Represented by Johan Vrijghem

Ended

Road Maintenance Company

Director · since 03 juillet 2019 · until 29 mars 2025 · 0827.554.015

Represented by Olivier Ghekiere

Ended

VASTMANS ADVIES

Director · since 03 juillet 2019 · until 29 mars 2025 · 0827.963.789

Represented by John Vastmans

Ended

At this address

Other companies at this address

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AMICIS● Active	0677.737.317
DELPIMMO● Active	1036.279.209
FILLES A PAPA● Active	0887.479.328
GCL● Bankrupt	0449.867.489

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	14/07/2026	15/07/2025	03/07/2024	11/10/2023	21/09/2022	30/06/2021
General meeting	30/06/2026	08/07/2025	28/06/2024	31/08/2023	31/08/2022	30/06/2021
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
Abridged model	31/12/2025	30/06/2026	14/07/2026	French	PDF
Abridged model	31/12/2024	08/07/2025	15/07/2025	French	PDF
Abridged model	31/12/2023	28/06/2024	03/07/2024	Dutch	PDF
Abridged model	31/12/2022	31/08/2023	11/10/2023	French	PDF
Abridged model	31/12/2021	31/08/2022	21/09/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	30/06/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	28/08/2020	French	PDF
Abridged model	31/12/2018	16/05/2019	20/08/2019	French	PDF
Abridged model	31/12/2017	17/05/2018	07/08/2018	French	PDF
Abridged model	31/12/2016	18/05/2017	13/07/2017	French	PDF
Abridged model	31/12/2015	19/05/2016	14/07/2016	French	PDF
Full model	31/12/2014	30/06/2015	23/07/2015	French	PDF
Full model	31/12/2013	16/06/2014	20/06/2014	French	PDF
Full model	31/12/2012	26/03/2013	08/05/2013	French	PDF
Full model	31/12/2011	12/05/2012	06/08/2012	French	PDF
Full model	31/12/2010	12/05/2011	22/06/2011	French	PDF
Full model	31/12/2009	20/05/2010	31/08/2010	French	PDF
Full modelCorrection	31/12/2008	18/05/2009	30/12/2010	French	PDF
Full model	31/12/2008	18/05/2009	28/08/2009	French	PDF
Full model	31/12/2007	28/05/2008	29/08/2008	French	PDF
Full model	31/12/2006	08/06/2007	30/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 24 ended

Active mandates

OBEX

Director · since 16 octobre 2025 · until 15 mai 2031 · 0726.859.503

Represented by Matthias Van Damme

Active

JOMANCO

Managing director · since 08 juillet 2025 · until 15 mai 2031 · 0875.961.864

Represented by Johan Vrijghem

Active

VASTMANS ADVIES

Director · since 08 juillet 2025 · until 16 octobre 2025 · 0827.963.789

Represented by John Vastmans

Active

Ended mandates

JOMANCO

Director · since 31 août 2022 · until 08 juillet 2025 · 0875.961.864

Represented by Johan Vrijghem

Ended

JOMANCO

Director · since 31 août 2022 · until 18 mai 2028 · 0875.961.864

Represented by Johan Vrijghem

Ended

Road Maintenance Company

Director · since 03 juillet 2019 · until 29 mars 2025 · 0827.554.015

Represented by Olivier Ghekiere

Ended

VASTMANS ADVIES

Director · since 03 juillet 2019 · until 29 mars 2025 · 0827.963.789

Represented by John Vastmans

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/10/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Mandates11/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates28/12/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - OBJET - DEMISSIONS, NOMINATIONS
PDF
Mandates04/09/2019
DEMISSIONS, NOMINATIONS
PDF
Registered office17/10/2014
SIEGE SOCIAL
PDF
Mandates30/04/2013
DEMISSIONS, NOMINATIONS
PDF
Other16/04/2013
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates28/09/2012
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 2025355,2 k €↓
2024
Annual accounts 2024525 k €↑
2023
Annual accounts 2023335,3 k €↑
2022
Annual accounts 2022152,3 k €↓
2021
Annual accounts 2021154,6 k €↑
2020
Annual accounts 20201,2 k €↑
2020
Name changeGAMA
2019
Annual accounts 2019-17,2 k €↑
2018
Annual accounts 2018-50,5 k €↓
2017
Annual accounts 201799,1 k €↓
2016
Annual accounts 2016405,1 k €↑
2015
Annual accounts 2015-267 k €↓
2014
Annual accounts 2014-145,3 k €↓
2013
Annual accounts 2013122,8 k €↑
2012
Annual accounts 2012-302,6 k €↓
2011
Annual accounts 2011232,9 k €↑
2009
Annual accounts 2009-7,9 k €↓
2007
Annual accounts 200714,5 k €
2007
Name changeTECHNIQUES ROUTIERES ET RABOTAGE
28/05/1991
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

GAMA

Overview

What does GAMA do?

Trend over 17 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