ACTIVE

GAMBLING MANAGEMENT

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Financial year 2025 · closed on 31/12/2025

Net result

3 M €

+5.1% YoY

Revenue

151,8 M €

+24.2% YoY

Equity

15,9 M €

+6.9% YoY

Workforce

215,2 ETP

+9.3% YoY

What does GAMBLING MANAGEMENT do?

GAMBLING MANAGEMENT is a Public limited company incorporated in 2003. Its registered office is in Liège. It employs on average 215,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0859.984.677

Incorporation

06/08/2003

Legal form

Public limited company

Registered office

Rue des Guillemins 129
4000 Liège · WallonieSee on map

Contributed capital

5 500 000,00 €

Latest accounts

31/12/2025

Average workforce

215,2 ETP

Joint committees (4)

Contacts

2 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 19 financial years

	2025		2024		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	151,8 M €	+24.2%	122,2 M €	+30.0%	94 M €	+31.2%	71,7 M €	+15.9%	61,9 M €	+12.9%	54,8 M €	+25.7%	43,6 M €	+18.9%	36,6 M €	+7.3%	34,1 M €	+14.8%	29,7 M €	+11.7%	26,6 M €	+0.2%	26,6 M €	-4.0%	27,7 M €	+20.9%	22,9 M €	+6.5%	21,5 M €	-14.7%	25,2 M €	-4.7%	26,4 M €	+33.8%	19,8 M €	+19.2%	16,6 M €
EBITDA	12 M €	+22.4%	9,8 M €	+456%	-2,7 M €	-853%	364,4 k €	-94.6%	6,7 M €	+573%	1 M €	-61.1%	2,6 M €	-35.2%	4 M €	-13.5%	4,6 M €	-17.1%	5,5 M €	+161%	2,1 M €	+162%	811,6 k €	-39.6%	1,3 M €	+55.6%	862,8 k €	-32.4%	1,3 M €	-40.2%	2,1 M €	-35.9%	3,3 M €	+73.7%	1,9 M €	-13.1%	2,2 M €
Operating result	10,9 M €	+20.6%	9 M €	+340%	-3,8 M €	-422%	-722 k €	-112%	6 M €	+1990%	286,9 k €	-85.1%	1,9 M €	-41.8%	3,3 M €	-16.1%	4 M €	-17.5%	4,8 M €	+304%	1,2 M €	+650%	-216 k €	-63.2%	-132,4 k €	+82.4%	-751 k €	-122%	-338,1 k €	-150%	680,7 k €	-67.5%	2,1 M €	+209%	677,4 k €	-58.4%	1,6 M €
Net result	3 M €	+5.1%	2,9 M €	+175%	-3,8 M €	-256%	-1,1 M €	-128%	3,8 M €	+9615%	38,9 k €	-96.9%	1,3 M €	-39.3%	2,1 M €	-15.6%	2,5 M €	-17.3%	3 M €	+385%	611,9 k €	+298%	-309,1 k €	-7.0%	-288,9 k €	+68.4%	-914,1 k €	-77.9%	-513,7 k €	-359%	198,2 k €	-82.4%	1,1 M €	+330%	262,5 k €	-75.3%	1,1 M €
Balance sheet
Equity	15,9 M €	+6.9%	14,9 M €	+198%	5 M €	-43.4%	8,8 M €	-10.8%	9,9 M €	+61.7%	6,1 M €	+0.6%	6,1 M €	+9.1%	5,6 M €	-7.1%	6 M €	+19.9%	5 M €	+41.4%	3,5 M €	+9.7%	3,2 M €	+35.5%	2,4 M €	-10.8%	2,7 M €	-25.5%	3,6 M €	-12.5%	4,1 M €	+5.1%	3,9 M €	+40.7%	2,8 M €	+10.4%	2,5 M €
Total assets	37,4 M €	+3.8%	36,1 M €	+113%	16,9 M €	-9.4%	18,7 M €	-27.1%	25,6 M €	+40.9%	18,2 M €	+7.1%	17 M €	-1.0%	17,1 M €	-7.4%	18,5 M €	+21.8%	15,2 M €	+15.8%	13,1 M €	+13.3%	11,6 M €	-7.6%	12,5 M €	-1.3%	12,7 M €	+35.1%	9,4 M €	-11.4%	10,6 M €	+7.1%	9,9 M €	-8.4%	10,8 M €	+53.5%	7 M €
Cash	4,8 M €	-4.6%	5 M €	-16.9%	6,1 M €	+60.9%	3,8 M €	+12.4%	3,4 M €	-57.4%	7,9 M €	+8.2%	7,3 M €	-5.1%	7,7 M €	+28.7%	6 M €	-11.9%	6,8 M €	-11.9%	7,7 M €	+11.9%	6,9 M €	+9.8%	6,2 M €	+12.8%	5,5 M €	+368%	1,2 M €	-19.6%	1,5 M €	-30.4%	2,1 M €	+12.9%	1,9 M €	+63.9%	1,1 M €
Debts	20,7 M €	+1.3%	20,5 M €	+99.2%	10,3 M €	+13.8%	9 M €	-40.4%	15,1 M €	+28.0%	11,8 M €	+20.6%	9,8 M €	-14.9%	11,5 M €	-7.3%	12,4 M €	+23.8%	10 M €	+14.1%	8,8 M €	+7.0%	8,2 M €	-16.9%	9,9 M €	+2.0%	9,7 M €	+72.3%	5,6 M €	-11.0%	6,3 M €	+9.0%	5,8 M €	-27.2%	8 M €	+76.3%	4,5 M €
Other
Workforce	215,2 ETP	+9.3%	196,9 ETP	+19.3%	165,0 ETP	+60.2%	103,0 ETP	-15.2%	121,5 ETP	-20.2%	152,2 ETP	+6.3%	143,2 ETP	+5.1%	136,2 ETP	0.0%	136,2 ETP	+1.0%	134,9 ETP	+2.5%	131,6 ETP	-8.5%	143,9 ETP	-13.6%	166,6 ETP	-6.4%	178,0 ETP	-11.9%	202,1 ETP	-7.9%	219,5 ETP	+14.3%	192,1 ETP	+26.0%	152,5 ETP	+5.4%	144,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 41 ended

Active mandates

Leonard Nicolas

Director · since 01 juillet 2025 · until 04 juin 2031

Active

MILE MANAGEMENT

Chairman of the board of directors · since 31 mai 2023 · until 11 juin 2029 · 0537.166.204

Represented by EMMANUEL MEWISSEN

Active

Sylvain BONIVER

Managing director · since 07 juillet 2022 · until 07 juin 2028

Active

Ended mandates

GESTION LOISIRS

Director · since 28 juin 2024 · until 10 juin 2030 · 0430.309.618

Represented by NICOLAS LEONARD

Ended

Sylvain BONIVER

Director · since 07 juillet 2022 · until 07 juin 2028

Ended

ARDENT CASINO BELGIUM

Managing director · since 28 juillet 2018 · until 27 juillet 2024 · 0700.811.340

Represented by Jean-Marie LEONARD

Ended

ARDENT CASINO INTERNATIONAL

Managing director · since 28 juillet 2018 · until 04 janvier 2020 · 0700.809.954

Represented by Nicolas LEONARD

Ended

At this address

Other companies at this address

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ALLIN1● Active	1009.334.983
ARDENT BETTING● Active	0459.573.924
ARDENT CASINO INTERNATIONAL● Active	0700.809.954
BIGB GAMING● Active	0779.530.008
CIRCUS BELGIUM● Active	0451.000.609
CIRCUS SERVICES● Active	0864.036.507
CORTEX HOLDING● Active	0555.947.679
EURO 78● Active	0423.111.426
Fondation Privée FOUNDATION1● Active	0788.196.759
FOUNDATION ALLIN1● Active	1009.343.594
GAMBLING REAL ESTATE● Active	0700.808.271
GAMES SERVICES● Active	0423.669.076
GAMING ARDENT● Active	0667.768.487
HQ1● Active	0738.871.467
IP Trade● Active	0473.113.837
LUCKY BET● Active	0843.750.342
Meuse Bidco● Active	0778.683.336
Meuse Finco● Active	0778.734.311
Meuse Midco● Active	0778.513.684
NAMUR CASINO RESORT● Active	0654.871.150

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	15/06/2026	26/06/2025	01/07/2024	31/07/2023	26/08/2022	31/08/2021
General meeting	08/06/2026	10/06/2025	28/06/2024	07/06/2023	30/06/2022	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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	08/06/2026	15/06/2026	French	PDF
Full model	31/12/2024	10/06/2025	26/06/2025	French	PDF
Full model	31/12/2023	28/06/2024	01/07/2024	French	PDF
Full model	31/12/2022	07/06/2023	31/07/2023	French	PDF
Full model	31/12/2021	30/06/2022	26/08/2022	French	PDF
Full model	31/12/2020	30/06/2021	31/08/2021	French	PDF
Full model	31/12/2019	03/07/2020	15/09/2020	French	PDF
Full model	31/12/2018	05/06/2019	23/08/2019	French	PDF
Full model	31/12/2017	06/06/2018	31/08/2018	French	PDF
Full model	31/12/2016	07/06/2017	27/07/2017	French	PDF
Full model	31/12/2015	29/06/2016	29/08/2016	French	PDF
Full model	31/12/2014	24/06/2015	30/07/2015	French	PDF
Full model	31/12/2013	25/06/2014	18/07/2014	French	PDF
Full model	31/12/2012	26/06/2013	31/07/2013	French	PDF
Full model	31/12/2011	27/06/2012	19/07/2012	French	PDF
Full model	31/12/2010	01/06/2011	15/07/2011	French	PDF
Full model	31/12/2009	02/06/2010	29/06/2010	French	PDF
Full model	31/12/2008	03/06/2009	03/07/2009	French	PDF
Full model	31/12/2007	04/06/2008	02/07/2008	French	PDF
Full model	31/12/2006	27/06/2007	23/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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 · 41 ended

Active mandates

Leonard Nicolas

Director · since 01 juillet 2025 · until 04 juin 2031

Active

MILE MANAGEMENT

Chairman of the board of directors · since 31 mai 2023 · until 11 juin 2029 · 0537.166.204

Represented by EMMANUEL MEWISSEN

Active

Sylvain BONIVER

Managing director · since 07 juillet 2022 · until 07 juin 2028

Active

Ended mandates

GESTION LOISIRS

Director · since 28 juin 2024 · until 10 juin 2030 · 0430.309.618

Represented by NICOLAS LEONARD

Ended

Sylvain BONIVER

Director · since 07 juillet 2022 · until 07 juin 2028

Ended

ARDENT CASINO BELGIUM

Managing director · since 28 juillet 2018 · until 27 juillet 2024 · 0700.811.340

Represented by Jean-Marie LEONARD

Ended

ARDENT CASINO INTERNATIONAL

Managing director · since 28 juillet 2018 · until 04 janvier 2020 · 0700.809.954

Represented by Nicolas LEONARD

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/07/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates15/06/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates06/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates27/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates25/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates25/09/2024
DEMISSIONS, NOMINATIONS
PDF
Capital / shares25/01/2024
CAPITAL, ACTIONS
PDF
Mandates25/01/2024
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 20253 M €↑
2024
Annual accounts 20242,9 M €↑
2022
Annual accounts 2022-3,8 M €↓
2021
Annual accounts 2021-1,1 M €↓
2020
Annual accounts 20203,8 M €↑
2019
Annual accounts 201938,9 k €↓
2018
Annual accounts 20181,3 M €↓
2017
Annual accounts 20172,1 M €↓
2016
Annual accounts 20162,5 M €↓
2015
Annual accounts 20153 M €↑
2014
Annual accounts 2014611,9 k €↑
2013
Annual accounts 2013-309,1 k €↓
2012
Annual accounts 2012-288,9 k €↑
2011
Annual accounts 2011-914,1 k €↓
2010
Annual accounts 2010-513,7 k €↓
2009
Annual accounts 2009198,2 k €↓
2008
Annual accounts 20081,1 M €↑
2007
Annual accounts 2007262,5 k €↓
2006
Annual accounts 20061,1 M €
06/08/2003
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

GAMBLING MANAGEMENT

Overview

What does GAMBLING MANAGEMENT do?

Trend over 19 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