Moury Construct

What Moury Construct does

Moury Construct is a Belgian construction group headquartered in the Wallonia region and listed on Euronext Brussels under ticker BE0003602134. Founded in 1920 and now in its fourth generation of family ownership, the group operates through a multi-subsidiary structure including G. Moury (general construction), Bemat, Mosabois (wood frame), D-FI (HVAC/technical installations, acquired 2023), Mourylux, Liège Promotion, Piscine Jonfosse, and newer entity Moury Promotion. Activity spans building, civil works, real estate development, technical installations, and specialised trades, with operations across Wallonia, Brussels, Flanders, and Luxembourg. The group holds the highest Belgian public works classification (Class 8D), which qualifies it for the largest public infrastructure tenders, and serves a mix of public clients and large private corporates across healthcare, aerospace, brewing, transport, and hospitality.

The business model is primarily project-based contracting, with revenue generated through tenders (public sector) and negotiated contracts (private sector), supplemented by real estate promotion. The group employs approximately 350 staff and reported consolidated revenue of approximately €250M in 2025. ESG positioning has become a visible commercial lever, with EcoVadis Bronze, CO2 Performance Ladder Level 3, and VSME reporting aligned to European public procurement screening criteria. Disclosed financial trajectory shows revenue growth from $155M (2022) to $249.55M (2025) and EBITDA expansion from $25.4M to $48.6M over the same period, indicating both volume and margin improvement. Following the 2023 acquisition of D-FI, technical installations and real estate promotion have become a more material component of the revenue mix, reducing pure dependence on traditional construction margins.

Name

Moury Construct

Legal name

SA Moury Construct

Website

http://www.moury-construct.be/

Company type

Public

Founded year

1920

Operating status

Operating

Headcount range

251–500 employees

Short description

Moury Construct is a fourth-generation Belgian family-owned construction group, listed on Euronext Brussels, operating across building, civil works, HVAC, and real estate promotion in Belgium and Luxembourg with around 350 employees and approximately €250M in annual revenue.

Ownership category

akta.pro rank

Product category

Construction Services

NAICS

Nonresidential Building Construction (2362), Commercial and Institutional Building Construction (23622), Residential Building Construction (23611), Construction (23)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Office & Corporate Building Construction (IMAFACAA)

Keywords

• General construction contracting
• Building renovation services
• Public works construction
• HVAC installation services
• Carpentry and joinery

Headquarters

HQ city

Liège

HQ country

Belgium

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. General Construction Contracting: Revenue from construction and renovation of residential and non-residential buildings for private and public markets. Includes buildings, commercial surfaces, industrial halls, renovation/restoration projects. Main revenue driver with Les Entreprises G. Moury generating €133.1M and Bemat generating €92.1M in 2025.
2. Specialized Construction Services: Revenue from specialized services including carpentry (Mosabois - €4.2M in 2025) and HVAC installation (D-FI - €17.5M in 2025). Mosabois primarily serves other Group companies.
3. Advisory and Support Services: Mourylux primarily provides advisory and assistance services to Group subsidiaries, generating €487K in 2025.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels4 records

Core offering

Moury Construct is a Belgian construction group providing general contracting for the construction and renovation of residential and non-residential buildings. Operations are organized through specialized subsidiaries covering general building construction (G. Moury, Bemat, Mourylux), carpentry and insulation (Mosabois), HVAC installation (D-FI), and residential development (Moury Promotion), serving both public sector clients and private commercial/industrial customers across Belgium and Luxembourg.

Product overview

Moury Construct is a family-owned construction group with over a century of experience, operating as an integrated portfolio of specialized subsidiaries. The group offers comprehensive construction services including general building construction (Les Entreprises G. Moury, Bemat, Mourylux), specialized trades (Mosabois for carpentry/insulation, D-FI for HVAC), and residential development (Moury Promotion). With consolidated revenue of €250 million and nearly 350 employees, the group operates across all construction domains: public and private buildings, commercial surfaces, industrial halls, renovation and restoration, and industrial/service facilities. Each subsidiary brings specific expertise and certifications, enabling the group to deliver complete construction projects from foundation to finish.

Differentiator

Problem solved

Functional benefit

Products and services

• Les Entreprises G. Moury – GM S.A. A general construction company for public and private works based in Liège, primarily active in southern Belgium. Holds the highest public works building certification (Class 8D) allowing unlimited public tendering, plus certifications in civil engineering (5E), metal construction (5F), earthworks (6G), and electrical installations (8P1).
• Bemat S.A. A general construction company for public and private works based in Gilly, holding Class 7D certification for public building works, plus certifications in civil engineering (4E) and earthworks (4G). Active in the Hainaut, Namur, and Brussels regions.
• Mosabois S.A. A carpentry company specializing in wood joinery for buildings and thermal/acoustic insulation. Holds certifications D5 (class 5) and D4 (class 1). Primarily serves the Moury Construct group internally and external clients.
• Mourylux S.A. A general construction company for public and private works operating in the Grand Duchy of Luxembourg. Provides construction and renovation services including transformation and expansion of spas and industrial projects. Also provides advisory and assistance services to Group subsidiaries.
• D-FI S.A. A specialized HVAC (heating, ventilation, air conditioning) company holding certifications D16 (sanitary/heating, class 6), D18 (ventilation, class 6), and D17 (central heating, class 7). Part of the Ourth'Invest group with nearly 30 years of expertise.
• Moury Promotion Residential construction services under the Moury Construct group, focusing on residential building projects.

Quantifiable outcome

• Revenue of €250 million with nearly 350 collaborators, positioning Group among Belgian construction sector leaders
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Ourth'Invest GroupcoreStrategic or Co-development Partner · 12 May 2023Acquired in May 2023, Ourth'Invest Group brings D-FI SA (87 employees) into Moury Construct. Specializes in HVAC with 30 years of experience. Located in Chanxhe, Sprimont. This acquisition expands the Group's capabilities in heating, ventilation, and air conditioning services.
• Groupe Ourth'Invest (D-FI)coreStrategic or Co-development Partner · 12 May 2023Formerly part of Ourth'Invest group, D-FI SA is now consolidated into Moury Construct. Specialized in HVAC with D16 (Sanitary/heating), D18 (Ventilation) Class 6 and D17 (Central heating) Class 7 certifications.
• Ourth'InvestcoreStrategic or Co-development Partner · 12 May 2023Parent company of D-FI before acquisition. Located in Chanxhe, south of Liège province. 87 collaborators. Nearly 30 years of expertise in HVAC.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• CFE SA: Belgian general construction group (Compagnie d'Entreprises CFE), active in non-residential, civil, and multi-technical contracting across Belgium and Luxembourg. Direct competitor for the same Class 7D/8D public tenders and Benelux private projects that Moury Construct targets.
• BESIX Group: Belgian-headquartered construction group with strong public works, buildings, and infrastructure activities in Belgium, the Middle East, and Africa. Competes directly with Moury Construct for Belgian public tenders and large commercial/industrial projects.
• Democo Group: Belgian general contractor focused on public and private buildings, with similar size and regional concentration in Flanders. Direct competitor for medium-sized public tenders and commercial construction in Belgium.

Regional players

• Royal BAM Group: Dutch construction group with Benelux building and civil engineering operations comparable in scale and customer mix to Moury. Competes for cross-border public and private sector contracts in the same regional footprint.
• Heijmans N.V. Dutch listed construction and real estate company active in Benelux. Comparable general contracting and project development profile, particularly for residential and non-residential buildings adjacent to Moury's footprint.

Broad incumbents

• Eiffage Construction: French construction division of Eiffage, one of Europe's largest construction groups. Competes with Moury for large Belgian and European public tenders as part of a broader portfolio spanning energy, concessions, and infrastructure.
• VINCI Construction: Global construction leader and part of VINCI Group. Active in Belgian and Luxembourg public works and PPP tenders where its scale, financing, and concessions capabilities outbid regional peers like Moury Construct.
• Bouygues Construction: Major French general contractor operating across Benelux, with comparable public buildings, commercial, and infrastructure project portfolio. Larger scale and broader geographic reach make it a top-tier competitor for premier tenders.
• Strabag SE: Austrian-headquartered European construction leader active across Benelux in buildings and civil engineering. Competes for the same class of public tenders that Moury addresses, with materially greater scale.

Others

• Ackermans & van Haaren: Belgian diversified holding that controls a significant stake in CFE and other construction-related assets. Not a direct operational peer, but a relevant comparable for Belgian-listed construction groups and a potential strategic acquirer profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/moury-construct-sa

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Moury Construct