Equity
€2.0m ▲ 5.6%
COMBO has made a profit without a break since 2018.
COMBO
Lifetime
19 annual accounts with figures on one time axispeak €1.9m (2023)
€445,775▲ 10.7%
lowest -€156,857 (2017)
€107,904▲ 57.5%
peak €2.0m (2025)
€2.0m▲ 5.6%
€3.6m▲ 4.3%
Board3 names since 2018
3 directorsSRX HOLDING and 2 others
Owners2 names in the annual accounts
50%TRUXMORE
Documentsfilings and deeds
21-09-202652 days late
2025abbreviated format
Result from €68,499 to €107,904Cash from €5,019 to €62,745
Key points
from the 2025 annual accountsTurnover
≈ €1.0m estimated
The accounts state no turnover.
Filings
19 annual accounts since 2007
Nine of the last ten came late. The 2024 accounts came latest: 61 days after the end of the period.
At the same address
11 companies
Restructuring
2026
Branch transferred to APEX. Contribution on 01-01-2026.
Board
1 joined · 2 left
Board changed. Latest change 23-10-2026 · 1 in office.
Checked score
89
Excellent
Financially stronger than 48% of small companies without a NACE code
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.1%▼ -0.3 percentage points vs 03-2025lowest value
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.2%▲ +0.1 percentage points vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.4%▲ +0.2 percentage points vs 07-2025
09-2025: 0.5%▲ +0.1 percentage points vs 08-2025
10-2025: 0.8%▲ +0.3 percentage points vs 09-2025
11-2025: 0.8%● unchanged vs 10-2025
12-2025: 0.8%● unchanged vs 11-2025
01-2026: 0.9%▲ +0.1 percentage points vs 12-2025
02-2026: 0.9%● unchanged vs 01-2026
03-2026: 0.9%● unchanged vs 02-2026highest value
04-2026: 0.9%● unchanged vs 03-2026
05-2026: 0.8%▼ -0.1 percentage points vs 04-2026
06-2026: 0.8%● unchanged vs 05-2026
07-2026: 0.8%● unchanged vs 06-2026
08-2026: 0.2%▼ -0.6 percentage points vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Last filed accounts filed 52 days late; 2 of the last 3 accounts late
Liquidity: current ratio 1.87, cash €62,745
lowers risk
Size: total assets €5.7m
Figures for financial year 2025 (filed on 21-09-2026)
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 (no NACE code, small). It does better than 37% of them on solvency, 25% on liquidity, 62% on profitability and 69% 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, 6,049 companies had the same profile as COMBO has now. Each dot stands for 16 companies, two years later.
95.9%
were still trading
3.6%
stopped another way
0.4%
went bankrupt
That fits the bankruptcy probability of COMBO itself: 0.2% 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 6,049 companies, not a prediction for COMBO. 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 €180,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.87 (2.02 in 2024), above the usual 1.5. Short-term debt is 31.3% and cash 1.1% of total assets. However, 64% 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 risk
raises risk · 2025 accounts filed 52 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-09-2026, 52 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
52 days late
2024
61 days late
2023
30 days late
2022
31 days late
2021
30 days late
2020
31 days late
2019
55 days late
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 7 accounts on average 41 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were 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 31 August (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
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- TRUXMORE 50%score 68equity €102,261 (2025) · deed of 02-07-2026
- ORMOND 49.67%score 91equity €1.4m (2025) · 30-11-2025 annual accounts of ORMOND
Shares in 1 company, CG INVEST
Board & ownershipRecent changes
Demerger: COMBO splits off to APEX
Capital from €61,500 to €22,010.02 · Capital from €22,010.02 to €61,500 · Resignations: MATOUL Pierre (director) and SEREXHE Bernard Paul (director) · General meeting of 29-09-2026 · Gazette deed
Demerger proposal: COMBO splits off to APEX
Transfer of 1 share from Truxmore s.r.l. to Ormond s.r.l. · Permanent representative: Pierre MATOUL · Ormond s.r.l. holds 150 shares (50%) · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0884964751
Registered office moved from Liège to Grivegnée
New registered office: rue des Trois Grands n° 39 à 4030 Grivegnée · Previous registered office: rue de Fétinne n° 81 à 4020 Liège · General meeting of 16-03-2023 · Gazette deed
Official details
Source: KBO- Status
- Active since 14-11-2006Normal situation
- Registered office
- 12 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- “Toutes transactions commerciales à savoir l'achat, ta vente, l'importation, l'exportation, la représentation, la distribution…” (deed in French)From the articles, 11 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.159.398.9544030 Liège, since 14-11-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 05-09-2025
Insights on COMBO
COMBO files the abbreviated format. That format states no turnover. The gross margin rose from -€10,447 in 2007 to €445,775 in 2025.
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 COMBO
- What is the company number of COMBO?
- The company number of COMBO is 0884.964.751. The VAT number is the same number with BE in front: BE 0884.964.751.
- Where is COMBO based?
- The registered office is at Rue des Trois-Grands 39, 4030 Liège.Company details
- What is the legal form of COMBO?
- COMBO is a public limited company (NV).
- When was COMBO founded?
- COMBO was founded on 14-11-2006.
- Is COMBO still active?
- Yes, COMBO is an active enterprise in the KBO register.
- What is the turnover of COMBO?
- The turnover in financial year 2025 is ≈ €1.0m. This figure is estimated from the gross margin of €445,775 and 2,275 comparable companies of the same size. It probably lies between €630,000 and €1.8m. It is a rough estimate.Financials
- Is COMBO profitable?
- In financial year 2025, COMBO made a profit of €107,904.
- Where can I find the annual accounts of COMBO?
- COMBO filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of COMBO due?
- COMBO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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