Combinant
ActiveSummary
Combinant has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.8m and a net result of €1.1m. Equity remains stable across the filed financial years (±1.3% per year). Its solvency ranks better than 62% of 5,674 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Staff
- 10.7 FTE
- Equity
- €10.8m
- Profit
- €1.1m
- Parent
- Hupac SA
- Robin Frans M. DECLERCQDirector
- Andrea EisenhardtDirector
Why 98lowers riskProfit of €1.1m (financial year 2025)Size: turnover €10.2m, 10.7 FTE, total assets €20.5mFounded in 2008Figures for financial year 2025 (filed 01-07-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 68, small): better than 70% on solvency, 83% on liquidity, 93% on profitability and 74% on growth.
The bankruptcy probability was computed on 12-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 19 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Resignation: Thorsten Bieker (director)Appointment: Andrea Eisenhardt (director)
- Resignation: Stefan Vodrazka (director)Appointment: Robin Frans M. DECLERCQ…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 31% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 17,811 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 96.5% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,468 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,811 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €7.7m | €7.6m | €8.2m | €8.9m | €10.4m | ▲ 16.4% |
| Turnover70 | €7.8m | €7.8m | €7.0m | €7.6m | €7.5m | €8.1m | €8.7m | €10.2m | ▲ 17.4% |
| Own construction capitalised72 | - | - | - | - | - | €0.05m | €0.09m | - | - |
| Other operating income74 | - | - | - | €0.07m | €0.06m | €0.07m | €0.08m | €0.1m | ▲ 31.7% |
| Operating charges60/66A | - | - | - | €7.0m | €7.7m | €8.1m | €8.0m | €9.2m | ▲ 14.7% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | - | €0.01m | - |
| Purchases600/8 | - | - | - | - | - | - | - | €0.01m | - |
| Services and other goods61 | - | - | - | €4.7m | €5.4m | €5.4m | €5.4m | €6.4m | ▲ 19.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.8m | €1.0m | €1.1m | €1.2m | ▲ 4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.3m | €1.3m | €1.3m | €1.3m | €1.4m | €1.5m | €1.5m | €1.6m | ▲ 1.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.08m | -€0.03m | €0.1m | -€0.2m | -€0.2m | ▲ 13.7% |
| Other operating charges640/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 11.7% |
| Operating profit (loss)9901 | €0.8m | €0.7m | €0.2m | €0.6m | -€0.1m | €0.08m | €0.9m | €1.2m | ▲ 31.3% |
| Financial income75/76B | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 9.8% |
| Recurring financial income75 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 9.8% |
| Income from current assets751 | - | - | - | - | - | - | €0.07m | €0.04m | ▼ 38.8% |
| Other financial income752/9 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.7% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.4m | €0.5m | €0.4m | ▼ 12.6% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €0.4m | ▼ 12.6% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.2m | - | €0.002m | €0.005m | €0.01m | ▲ 88.7% |
| Other financial charges652/9 | - | - | - | €0.004m | €0.2m | €0.4m | €0.5m | €0.4m | ▼ 13.7% |
| Profit (loss) for the period before taxes9903 | €0.9m | €0.9m | €0.4m | €0.8m | €0.07m | €0.02m | €0.9m | €1.2m | ▲ 35.2% |
| Income taxes67/77 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 599% |
| Taxes670/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.005m | ▲ 599% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.9m | €0.9m | €0.4m | €0.8m | €0.07m | €0.01m | €0.8m | €1.1m | ▲ 34.8% |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €0.9m | €0.4m | €0.8m | €0.07m | €0.01m | €0.8m | €1.1m | ▲ 34.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €23.9m | €23.3m | €22.4m | €23.2m | €20.9m | €21.3m | €21.2m | €20.5m | ▼ 3.2% |
| Fixed assets21/28 | €18.8m | €17.6m | €16.3m | €16.2m | €16.3m | €15.7m | €14.8m | €13.7m | ▼ 7.0% |
| Intangible fixed assets21 | €0.01m | €0.006m | €0.002m | - | - | €0.1m | €0.2m | €0.2m | ▼ 18.5% |
| Tangible fixed assets22/27 | €18.7m | €17.5m | €16.2m | €16.1m | €16.2m | €15.5m | €14.4m | €13.4m | ▼ 6.9% |
| Land and buildings22 | - | - | - | €4.2m | €3.9m | €3.6m | €3.4m | €3.2m | ▼ 6.8% |
| Plant, machinery and equipment23 | - | - | - | €11.0m | €10.0m | €11.8m | €10.9m | €10.2m | ▼ 6.6% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €0.01m | - |
| Assets under construction and advance payments27 | - | - | - | €1.0m | €2.3m | €0.02m | €0.05m | - | - |
| Financial fixed assets28 | €0.1m | €0.1m | €0.08m | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other financial fixed assets284/8 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Current assets29/58 | €5.0m | €5.7m | €6.1m | €7.0m | €4.6m | €5.6m | €6.4m | €6.8m | ▲ 5.5% |
| Amounts receivable within one year40/41 | €1.3m | €1.0m | €1.2m | €1.1m | €1.2m | €1.2m | €1.7m | €1.8m | ▲ 1.5% |
| Trade receivables40 | - | - | - | €0.9m | €1.0m | €1.1m | €1.5m | €1.5m | ▼ 2.6% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 29.6% |
| Current investments50/53 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €2.5m | €3.0m | ▲ 20.0% |
| Other investments51/53 | - | - | - | €0.003m | €0.003m | €0.003m | €2.5m | €3.0m | ▲ 20.0% |
| Cash at bank and in hand54/58 | €3.1m | €4.0m | €4.2m | €5.2m | €2.7m | €3.6m | €1.3m | €1.2m | ▼ 10.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.7m | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 4.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €23.9m | €23.3m | €22.4m | €23.2m | €20.9m | €21.3m | €21.2m | €20.5m | ▼ 3.2% |
| Equity10/15 | €9.3m | €9.8m | €9.8m | €10.3m | €10.0m | €9.6m | €10.0m | €10.8m | ▲ 7.5% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €8.0m | €8.0m | €8.0m | €8.0m | €8.0m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Contributions outside capital11 | - | - | - | €7.5m | €7.5m | €7.5m | €7.5m | €7.5m | = |
| Share premium1100/10 | - | - | - | €7.5m | €7.5m | €7.5m | €7.5m | €7.5m | = |
| Reserves13 | - | - | - | - | - | - | - | €0.09m | - |
| Non-distributable reserves130/1 | - | - | - | - | - | - | - | €0.005m | - |
| Legal reserve130 | - | - | - | - | - | - | - | €0.005m | - |
| Distributable reserves133 | - | - | - | - | - | - | - | €0.08m | - |
| Profit (loss) carried forward14 | -€4.1m | -€3.2m | -€2.8m | -€2.0m | -€1.9m | -€1.9m | -€1.0m | - | - |
| Investment grants15 | - | - | - | €4.3m | €3.9m | €3.5m | €3.1m | €2.7m | ▼ 12.0% |
| Provisions and deferred taxes16 | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | €0.8m | €0.6m | €0.5m | ▼ 23.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.7m | €0.7m | €0.8m | €0.6m | €0.5m | ▼ 23.9% |
| Major repairs and maintenance162 | - | - | - | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 23.9% |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.2m | - | - | - |
| Amounts payable17/49 | €13.9m | €12.7m | €11.9m | €12.2m | €10.3m | €10.9m | €10.5m | €9.2m | ▼ 12.2% |
| Amounts payable after more than one year17 | €12.0m | €11.0m | €11.0m | €9.5m | €9.0m | €9.0m | €9.0m | €7.5m | ▼ 16.7% |
| Financial debts170/4 | - | - | - | €9.5m | €9.0m | €9.0m | €9.0m | €7.5m | ▼ 16.7% |
| Credit institutions173 | - | - | - | €9.5m | €9.0m | €9.0m | €9.0m | €7.5m | ▼ 16.7% |
| Amounts payable within one year42/48 | €1.7m | €1.6m | €0.8m | €2.6m | €1.1m | €1.6m | €1.1m | €1.4m | ▲ 19.7% |
| Trade debts44 | €1.5m | €1.5m | €0.6m | €2.4m | €0.9m | €1.4m | €0.9m | €1.1m | ▲ 18.0% |
| Suppliers440/4 | - | - | - | €2.4m | €0.9m | €1.4m | €0.9m | €1.1m | ▲ 18.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 18.2% |
| Taxes450/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0.001m | €334 | ▼ 67.5% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 18.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.02m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 2.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €0.9m | €0.4m | €0.8m | €0.07m | €0.01m | €0.8m | €1.1m | ▲ 34.8% |
| + Depreciation and write-downs630 | €1.3m | €1.3m | €1.3m | €1.3m | €1.4m | €1.5m | €1.5m | €1.6m | ▲ 1.6% |
| Operating cash flow (approximation) | €2.3m | €2.2m | €1.7m | €2.1m | €1.4m | €1.5m | €2.4m | €2.7m | ▲ 13.5% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.01m | -€1.2m | -€1.5m | -€0.8m | -€0.6m | -€0.5m | ▲ 14.4% |
| Change in cash | - | €0.9m | €0.2m | €1.0m | -€2.6m | €0.9m | -€2.3m | -€0.1m | ▲ 94.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00236870 |
| 31-12-2024 | full format | 14-07-2025 | 2025-00270990 |
| 31-12-2023 | full format | 12-07-2024 | 2024-00240391 |
| 31-12-2022 | full format | 26-06-2023 | 2023-00157777 |
| 31-12-2021 | full format | 14-07-2022 | 2022-20196264 |
| 31-12-2020 | full format | 20-07-2021 | 2021-37800380 |
| 31-12-2019 | full format | 24-07-2020 | 2020-34100587 |
| 31-12-2018 | full format | 22-07-2019 | 2019-36100585 |
| 31-12-2017 | full format | 24-07-2018 | 2018-37300191 |
| 31-12-2016 | full format | 25-07-2017 | 2017-35600095 |
Similar companies · same sector, comparable size
Subsidies and aid
European Union, budget
2022 to 2025 · 5 entries · €273,250 in total| Year | Entries | Awarded |
|---|---|---|
| 2025 | 1 | €44,250 |
| 2024 | 1 | €64,000 |
| 2023 | 1 | €64,000 |
| 2022 | 2 | €101,000 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Robin Frans M. DECLERCQ |
|
| Andrea Eisenhardt |
|
| Thorsten Bieker |
|
| Stefan Vodrazka |
|
Owners and capital
Owners
2 ownersChain of control
- Hupac SACH
- Combinant
Highest known parent: Hupac SA (Switzerland). The sources do not say who stands above it.
Owners 2
- Hupac SACHconsolidating parentconsolidates
-
20%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
07-05
Gazette deed
Resignation: Thorsten Bieker (director)Appointment: Andrea Eisenhardt (director)3 facts ▸
- General meeting, 01-04-2026
- Director resignation, Thorsten Bieker (director)
- Director appointment, Andrea Eisenhardt (director)
25-02
Gazette deed
Resignation: Stefan Vodrazka (director)Appointment: Robin Frans M. DECLERCQ (director) · Power of attorney4 facts ▸
- General meeting, 02-01-2026
- Director resignation, Stefan Vodrazka (director)
- Director appointment, Robin Frans M. DECLERCQ (director)
- Power of attorney, Filip Tirez
Show earlier events
About the unread acts
Of the 13 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 13 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11820A0010/00R002 | Flanders | 5.0 ha | 1 · 475 m² | 9.1 m · 3 |