ACTIVE

UNITED GAMES

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Financial year 2025 · closed on 31/12/2025

Net result

1,6 M €

+108.3% YoY

Gross margin

10 M €

+5116.7% YoY

Equity

8,5 M €

+22.9% YoY

Workforce

31,7 ETP

What does UNITED GAMES do?

UNITED GAMES is a Public limited company incorporated in 2015. Its main activity is: Gambling and betting activities. Its registered office is in Gent. It employs on average 31,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0627.762.026

Incorporation

31/03/2015

Legal form

Public limited company

Registered office

Wondelgemkaai 15
9000 Gent · FlandreSee on map

Contributed capital

39 077 144,00 €

Latest accounts

31/12/2025

Average workforce

31,7 ETP

Activities (NACE)

92000Gambling and betting activities· main 92000Gambling and betting activities 93292Other amusement and recreation activities 93293Other amusement and recreation activities

Joint committees (4)

100
149
200
2000

Signals

ProfitableSolid equityGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 11 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015
Income statement
Gross margin	10 M €	+5117%	191,9 k €		–		–		–		–		–		–		–		–		–
EBITDA	2,4 M €	+2644%	88,9 k €	+7.8%	82,4 k €	-15.8%	97,9 k €	+129%	-339,3 k €	-634%	63,6 k €	+158%	-108,8 k €	-102%	5,2 M €	+4711%	108,1 k €	-33.0%	161,4 k €	+6.6%	151,5 k €
Operating result	2 M €	+6231%	31,8 k €	+0.4%	31,6 k €	-44.3%	56,9 k €	+112%	-474,2 k €	-270%	-128,3 k €	+55.8%	-290,1 k €	-106%	5 M €	+9017%	-56,2 k €	-253%	36,8 k €	-75.6%	151 k €
Net result	1,6 M €	+108%	-19,2 M €	-121579%	-15,7 k €	-133%	48,3 k €	-69.5%	158,4 k €	+103%	-5,6 M €	-293%	2,9 M €	+173%	-3,9 M €	-48.4%	-2,7 M €	-6.7%	-2,5 M €	-72.8%	-1,4 M €
Balance sheet
Equity	8,5 M €	+22.9%	6,9 M €	-73.5%	26,1 M €	-0.1%	26,1 M €	+0.2%	26 M €	+670%	3,4 M €	-47.5%	6,4 M €	+80.8%	3,6 M €	-52.5%	7,5 M €	-26.1%	10,2 M €	-19.7%	12,7 M €
Total assets	12,3 M €	+14.4%	10,7 M €	-63.5%	29,4 M €	+6.9%	27,5 M €	-7.8%	29,8 M €	-21.6%	38,1 M €	-3.5%	39,5 M €	-6.9%	42,4 M €	-33.3%	63,5 M €	-4.6%	66,5 M €	-3.0%	68,6 M €
Cash	1,8 M €	+57.4%	1,1 M €	+1926%	56,3 k €	-97.1%	1,9 M €	+85.2%	1 M €	-78.2%	4,8 M €	+6.4%	4,5 M €		–		–		–		–
Debts	3,4 M €	-6.8%	3,7 M €	+12.5%	3,3 M €	+137%	1,4 M €	-63.5%	3,8 M €	-88.7%	33,6 M €	+4.8%	32 M €	-15.2%	37,8 M €	-8.3%	41,2 M €	-1.0%	41,6 M €	+0.8%	41,3 M €
Other
Workforce	31,7 ETP		–		0,5 ETP	-58.3%	1,2 ETP	-63.6%	3,3 ETP	-8.3%	3,6 ETP	+33.3%	2,7 ETP	+12.5%	2,4 ETP	+100%	1,2 ETP	0.0%	1,2 ETP	+500%	0,2 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 · 4 active · 28 ended

Active mandates

INFISO

Director · 0455.069.659

Represented by Victor Bosquin

Active

PASCUAL INVEST

Director · 0656.563.997

Represented by Carlos Pascual-Madorran

Active

Taleos

Director · 0684.647.081

Represented by Nicolas Thomsin

Active

UNITED GROUP

Managing director · 0789.802.704

Represented by Joeri Pascual-Madorran

Active

Ended mandates

Carlos Pascual-Madorran

Director · since 21 mars 2022 · until 15 mai 2025

Ended

Joeri Pascual-Madorran

Director · since 21 mars 2022 · until 15 mai 2025

Ended

Taleos

Director · since 21 mars 2022 · until 15 mai 2025 · 0684.647.081

Represented by Nicolas Thomsin

Ended

INFISO

Director · since 12 janvier 2022 · until 15 mai 2025 · 0455.069.659

Represented by Victor Bosquin

Ended

At this address

Other companies at this address

Company	CBE no.
BTW-EENHEID PASCUAL● Active	0679.903.286
Btw-eenheid United Group● Active	1033.340.604
C-GAMES● Active	0473.671.685
EURAUTOMAT● Active	0418.410.092
Fyat● Active	0704.681.937
PASCUAL GROUP● Active	0651.948.183
UNITED GROUP● Active	0789.802.704

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Full model	Full model	Full model	m120-f-p
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	28/08/2026	29/09/2025	27/09/2024	18/09/2023	24/06/2022	02/07/2021
General meeting	17/07/2026	19/09/2025	26/07/2024	24/07/2023	19/05/2022	20/05/2021
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
Abridged model	31/12/2025	17/07/2026	28/08/2026	Dutch	PDF
Abridged model	31/12/2024	19/09/2025	29/09/2025	Dutch	PDF
Full model	31/12/2023	26/07/2024	27/09/2024	Dutch	PDF
m120-f-p	31/12/2023	14/08/2024	07/11/2024	Dutch	PDF
Full model	31/12/2022	24/07/2023	18/09/2023	Dutch	PDF
m120-f-p	31/12/2022	24/07/2023	22/09/2023	Dutch	PDF
Full model	31/12/2021	19/05/2022	24/06/2022	Dutch	PDF
m120-f-p	31/12/2021	19/05/2022	24/06/2022	Dutch	PDF
Full model	31/12/2020	20/05/2021	30/06/2021	Dutch	PDF
m120-f-p	31/12/2020	20/05/2021	02/07/2021	Dutch	PDF
Full model	31/12/2019	25/05/2020	12/06/2020	Dutch	PDF
m120-f-p	31/12/2019	25/05/2020	12/06/2020	Dutch	PDF
Full model	31/12/2018	16/05/2019	20/05/2019	Dutch	PDF
m120-f-p	31/12/2018	16/05/2019	20/05/2019	Dutch	PDF
Full model	31/12/2017	05/06/2018	29/06/2018	Dutch	PDF
m120-f-p	31/12/2017	05/06/2018	29/06/2018	Dutch	PDF
Full model	31/12/2016	12/06/2017	13/07/2017	Dutch	PDF
m120-f-p	31/12/2016	12/06/2017	12/07/2017	Dutch	PDF
Full model	31/12/2015	20/06/2016	09/08/2016	Dutch	PDF
m120-f-p	31/12/2015	20/06/2016	29/08/2016	Dutch	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 · 4 active · 28 ended

Active mandates

INFISO

Director · 0455.069.659

Represented by Victor Bosquin

Active

PASCUAL INVEST

Director · 0656.563.997

Represented by Carlos Pascual-Madorran

Active

Taleos

Director · 0684.647.081

Represented by Nicolas Thomsin

Active

UNITED GROUP

Managing director · 0789.802.704

Represented by Joeri Pascual-Madorran

Active

Ended mandates

Carlos Pascual-Madorran

Director · since 21 mars 2022 · until 15 mai 2025

Ended

Joeri Pascual-Madorran

Director · since 21 mars 2022 · until 15 mai 2025

Ended

Taleos

Director · since 21 mars 2022 · until 15 mai 2025 · 0684.647.081

Represented by Nicolas Thomsin

Ended

INFISO

Director · since 12 janvier 2022 · until 15 mai 2025 · 0455.069.659

Represented by Victor Bosquin

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/08/2026
Ontslag - benoeming bestuurder / Wijziging vaste vertegenwoordiger
PDF
21/08/2026
—
PDF
Mandates11/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Registered office06/02/2025
MAATSCHAPPELIJKE ZETEL
PDF
Restructuring31/01/2025
BENAMING - DOEL - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring22/11/2024
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other01/10/2024
DOEL
PDF
Mandates05/05/2022
ONTSLAGEN - BENOEMINGEN
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

01/02/2026
nominationUNITED GROUP NV — bestuurder
2025
Annual accounts 20251,6 M €↑
2024
Annual accounts 2024-19,2 M €↓
2024
Name changeUnited Games
2023
Annual accounts 2023-15,7 k €↓
2022
Annual accounts 202248,3 k €↓
21/03/2022
nominationCarlos Pascual-Madorran — bestuurder
21/03/2022
nominationJoeri Pascual-Madorran — bestuurder
21/03/2022
nominationINFISO SA — bestuurder
21/03/2022
nominationTALEOS Comm. V. — bestuurder
2021
Annual accounts 2021158,4 k €↑
23/12/2021
nominationInfiso SA — klasse A bestuurder
2021
Name changeWGG
2020
Annual accounts 2020-5,6 M €↓
2019
Annual accounts 20192,9 M €↑
2018
Annual accounts 2018-3,9 M €↓
2017
Annual accounts 2017-2,7 M €↓
2016
Annual accounts 2016-2,5 M €↓
2015
Annual accounts 2015-1,4 M €
31/03/2015
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

UNITED GAMES

Overview

What does UNITED GAMES do?

Trend over 11 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