Equity
€509.0m ▲ 6.2%
COMBELL paid out €10.0m in dividends. That is 33% of the 2025 profit.
COMBELL
Lifetime
12 annual accounts with figures on one time axispeak €56.8m (2025)
€56.8m▲ 10.1%
lowest -€14.4m (2018)
€29.9m▼ 56.6%
peak €509.0m (2025)
€509.0m▲ 6.2%
€377.7m▼ 12.6%
peak 131.9 FTE (2025)
131.9 FTE▲ 2.8%
Board8 names since 2018
4 directorsJimmy Cappaert and 3 others
Owners3 names in the annual accounts
Documentsfilings and deeds
14-08-202614 days late
2025financial year
Result from €68.9m to €29.9mCapital increase of €65,315.62 to €282,424,744.16 16-09Dividend €10.0mInvestments €15.8mCash from €7.2m to €3.9m
Key points
from the 2025 annual accountsResult
€29.9m ▼ 56.6%
The result fell in 2025: the 2024 profit included a one-off income of €45.6m.
Staff
138 employees on 31-12-2025
In 2025, 39 people joined and 38 left.
Filings
12 annual accounts since 2014
Two of the last ten came late. The 2019 accounts came latest: 28 days after the end of the period.
At the same address
20 companies
Group
13 companies controlled
Heads a group.
Checked score
95
Excellent
Financially stronger than 57% of medium-sized companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 803 companies (NACE 70, medium-sized).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026lowest value
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 0.1%▼ -0.1 percentage points vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 14.96, cash €3.9m
lowers risk
Size: turnover €56.8m, 131.9 FTE, total assets €886.8m
Equity €509.0m (57.4% of total assets)
Figures for financial year 2025 (filed on 15-08-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, medium-sized). It does better than 48% of them on solvency, 55% on liquidity, 58% on profitability and 68% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 544 companies had the same profile as COMBELL has now. Each dot stands for 2 companies, two years later.
93.6%
were still trading
5.9%
stopped another way
0.2%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMBELL itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 544 companies, not a prediction for COMBELL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €5,650,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 14.96 (12.13 in 2024), above the usual 1.5. Short-term debt is 3.5% and cash 0.4% of total assets. 42.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
14 days late
2024
7 days early
2023
1 day early
2022
18 days early
2021
31 days early
2020
18 days early
2019
28 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 5 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 24 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Combell Holding ApS 851 sharesdeed of 18-10-2019
Shares in 13 companies, including Cizgi Telekomunikasyon A.S. and EASYHOST
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0541977701
Capital increase of €65,315.62 to €282,424,744.16
Capital from €282,359,428.54 to €282,424,744.16, 1 new share · Contribution of €9,625,701.11 · Gazette deed
Capital increase of €65,315.62 to €282,359,428.54
Capital from €282,294,112.92 to €282,359,428.54, 1 new share · General meeting of 15-11-2024 · Gazette deed
Appointment: Deloitte Bedrijfsrevisoren (statutory auditor)
General meeting of 02-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| COMBELL Ghent | €56.8m | 31.3% | 57.4% | 131.9 |
| Arvesta Leuven | €66.2m | 6.6% | 62.7% | 217.8 |
| Worldline e-Commerce Solutions Brussels | €37.5m | -34.6% | 95.8% | 216.9 |
| team.blue Ghent | €51.6m | -11.6% | 31.3% | 35.9 |
| Drylock Technologies Zele | €14.1m | 25.4% | 81.9% | 52.5 |
| EMPWR Ghent | €358.5m | 3.8% | 20.2% | 39.4 |
| SIOEN INDUSTRIES Ardooie | €191.8m | 14.4% | 29.2% | 313.6 |
Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as COMBELL: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €489m and €1.9bn, founded between 1990 and 2020.
Official details
Source: KBO- Status
- Active since 15-11-2013Normal situation
- Registered office
- 21 active companies are registered at this addressSource: KBO register, as of 10 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.226.963.0189042 Ghent, since 19-11-2013
- Financial year end
- 31 December
- Peppol
- Reachable since 27-10-2025
Annual accounts 2025
- €886.8m▼ 2.7%
- Employeeson 31-12-2025
- 138▲ 0.7%
- Filing
- Filed on 14-08-2026
Companies linked to COMBELL
Subsidiaries and holdings
Insights on COMBELL
COMBELL has existed since 2013. Turnover grew from €10.2m in 2014 to €56.8m in 2025 and staff from 23.3 to 131.9 full-time equivalents.
Turnover has grown every year since 2014.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about COMBELL
- What is the company number of COMBELL?
- The company number of COMBELL is 0541.977.701. The VAT number is the same number with BE in front: BE 0541.977.701.
- Where is COMBELL based?
- The registered office is at Skaldenstraat 121, 9042 Ghent.Company details
- What does COMBELL do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of COMBELL?
- COMBELL is a public limited company (NV).
- When was COMBELL founded?
- COMBELL was founded on 15-11-2013.
- Is COMBELL still active?
- Yes, COMBELL is an active enterprise in the KBO register.
- How many employees does COMBELL have?
- COMBELL had an average of 131.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does COMBELL fall under?
- In its 2025 annual accounts, COMBELL states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of COMBELL?
- The turnover of COMBELL was €56.8m in financial year 2025, according to the filed annual accounts.
- Is COMBELL profitable?
- In financial year 2025, COMBELL made a profit of €29.9m.
- Where can I find the annual accounts of COMBELL?
- COMBELL filed 12 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of COMBELL due?
- COMBELL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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