COMBORI
ActiveSummary
COMBORI has been active since 1938 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €60.7m and a net result of €1.3m. Equity remains stable across the filed financial years (±2.1% per year). Its solvency ranks better than 85% of 6,141 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Staff
- 35.9 FTE
- Equity
- €60.7m
- Profit
- €1.3m
- Parent
- Fabory Masters in Fasteners BV · 99.99%
- Holdings
- 1
- Vincent SPELBOSManaging director
Why 93raises riskLiquidity: current ratio 2.50lowers riskSize: turnover €30.4m, 35.9 FTE, total assets €75.8mFounded in 1938Equity €60.7m (80.1% of total assets)Show the evidence
Checked score
About 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 46, small): better than 92% on solvency, 96% on liquidity, 45% on profitability and 38% on growth.
The bankruptcy probability was computed on 26-10-2026 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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Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 22 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Resignation: René PIT (niet statutaire bestuurder…Appointment: Vincent SPELBOS (director) ·…
- Reappointment: BDO Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Hennie Herijgers ·…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 7% above 2024.
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 46, Wholesale trade: 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).
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €26.7m | - | - | €29.7m | €37.4m | €40.0m | €32.5m | €31.3m | ▼ 3.6% |
| Turnover70 | €25.4m | €24.8m | €23.8m | €28.6m | €36.1m | €38.7m | €31.6m | €30.4m | ▼ 3.8% |
| Other operating income74 | €1.3m | - | - | €1.1m | €1.3m | €1.3m | €0.9m | €0.9m | ▲ 1.5% |
| Operating charges60/66A | €24.3m | - | - | €28.5m | €36.0m | €38.4m | €31.3m | €30.0m | ▼ 4.0% |
| Goods for resale, raw materials and consumables60 | €17.7m | - | - | €20.5m | €24.6m | €25.8m | €20.0m | €19.2m | ▼ 4.4% |
| Purchases600/8 | €18.0m | - | - | €20.3m | €25.6m | €26.2m | €19.9m | €19.1m | ▼ 3.8% |
| Change in stocks: decrease (increase)609 | -€0.3m | - | - | €0.2m | -€1.0m | -€0.4m | €0.1m | €0.03m | ▼ 78.6% |
| Services and other goods61 | €3.4m | - | - | €5.0m | €7.5m | €8.5m | €7.4m | €7.0m | ▼ 4.7% |
| Remuneration, social security and pensions62 | €3.4m | - | - | €3.3m | €3.6m | €4.1m | €3.7m | €3.7m | ▲ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.06m | €0.07m | €0.07m | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0.05m | - | - | -€0.2m | -€0.03m | -€0.04m | €0.06m | €0.004m | ▼ 93.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€0.03m | - | - | -€0.2m | €0.2m | -€0.08m | -€0.03m | -€0.05m | ▼ 100% |
| Other operating charges640/8 | €0.03m | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 2.9% |
| Non-recurring operating charges66A | -€0.3m | - | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | €2.4m | €1.4m | €0.4m | €1.2m | €1.4m | €1.6m | €1.2m | €1.3m | ▲ 7.0% |
| Financial income75/76B | €0.09m | - | - | €0.2m | €0.3m | €0.7m | €0.9m | €0.7m | ▼ 22.6% |
| Recurring financial income75 | €0.09m | €0.1m | €0.1m | €0.2m | €0.3m | €0.7m | €0.9m | €0.7m | ▼ 19.7% |
| Income from financial fixed assets750 | - | - | - | - | €2 | €106 | €147 | - | - |
| Income from current assets751 | €0.07m | - | - | €0.2m | €0.3m | €0.7m | €0.8m | €0.7m | ▼ 12.7% |
| Other financial income752/9 | €0.01m | - | - | €0.005m | €0.01m | €0.01m | €0.1m | €0.02m | ▼ 77.4% |
| Non-recurring financial income76B | €0.003m | - | - | - | - | - | €0.03m | - | - |
| Financial charges65/66B | €0.09m | - | - | €15.1m | €0.3m | €0.7m | €0.5m | €0.2m | ▼ 55.3% |
| Recurring financial charges65 | €0.09m | €0.09m | €0.08m | €0.1m | €0.3m | €0.7m | €0.5m | €0.2m | ▼ 55.3% |
| Debt charges650 | €0.01m | €0.04m | €0.03m | €0.04m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 11.1% |
| Other financial charges652/9 | €0.07m | - | - | €0.07m | €0.2m | €0.5m | €0.3m | €0.04m | ▼ 88.4% |
| Non-recurring financial charges66B | - | - | - | €15.0m | €0.001m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €2.4m | €1.4m | €0.5m | -€13.7m | €1.4m | €1.5m | €1.6m | €1.8m | ▲ 10.6% |
| Income taxes67/77 | €0.1m | €0.04m | -€0.01m | €0.1m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 9.5% |
| Taxes670/3 | €0.1m | - | - | €0.1m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 9.5% |
| Tax adjustments and reversals of tax provisions77 | €17 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €2.3m | €1.4m | €0.5m | -€13.8m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €2.3m | €1.4m | €0.5m | -€13.8m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 11.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €69.9m | €71.5m | €72.6m | €64.4m | €61.8m | €64.3m | €64.9m | €75.8m | ▲ 16.8% |
| Fixed assets21/28 | €53.1m | €53.1m | €53.1m | €38.1m | €38.4m | €38.3m | €38.3m | €38.4m | ▲ 0.3% |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.1m | €0.07m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 18.2% |
| Land and buildings22 | - | - | - | - | - | - | - | €0.05m | - |
| Plant, machinery and equipment23 | €0.07m | - | - | €0.05m | €0.05m | €0.08m | €0.09m | €0.1m | ▲ 29.0% |
| Furniture and vehicles24 | €0.004m | - | - | €0.01m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 24.6% |
| Leasing and similar rights25 | €0.008m | - | - | - | €0.09m | - | - | - | - |
| Other tangible fixed assets26 | €0.04m | - | - | €0.005m | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €0.03m | - | - | - | - |
| Financial fixed assets28 | €53.0m | €53.0m | €53.0m | €38.0m | €38.1m | €38.1m | €38.1m | €38.2m | ▲ 0.2% |
| Affiliated companies280/1 | €53.0m | - | - | €38.0m | €38.0m | €38.0m | €38.0m | €38.0m | = |
| Participating interests280 | €53.0m | - | - | €38.0m | €38.0m | €38.0m | €38.0m | €38.0m | = |
| Other financial fixed assets284/8 | €0.03m | - | - | €0.04m | €0.08m | €0.09m | €0.1m | €0.2m | ▲ 53.2% |
| Amounts receivable and cash guarantees285/8 | €0.03m | - | - | €0.04m | €0.08m | €0.09m | €0.1m | €0.2m | ▲ 53.2% |
| Current assets29/58 | €16.8m | €18.4m | €19.5m | €26.3m | €23.4m | €26.0m | €26.6m | €37.4m | ▲ 40.8% |
| Stocks and contracts in progress3 | €2.0m | €2.4m | €2.1m | €2.2m | €3.3m | €3.7m | €3.6m | €3.3m | ▼ 6.5% |
| Stocks30/36 | €2.0m | - | - | €2.2m | €3.3m | €3.7m | €3.6m | €3.3m | ▼ 6.5% |
| Goods purchased for resale34 | €1.8m | - | - | €2.0m | €3.0m | €3.4m | €3.2m | €3.2m | ▼ 0.6% |
| Advance payments36 | €0.2m | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.1m | ▼ 60.3% |
| Amounts receivable within one year40/41 | €14.5m | €15.9m | €16.8m | €23.6m | €20.1m | €21.6m | €22.5m | €33.6m | ▲ 49.3% |
| Trade receivables40 | €5.8m | - | - | €6.3m | €12.5m | €9.9m | €9.7m | €9.7m | = |
| Other amounts receivable41 | €8.7m | - | - | €17.3m | €7.6m | €11.8m | €12.8m | €23.9m | ▲ 86.9% |
| Current investments50/53 | €0.06m | €0.06m | - | - | - | - | - | - | - |
| Other investments51/53 | €0.06m | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.001m | €0.002m | €0.06m | - | - | - | - | - | - |
| Deferred charges and accrued income490/1 | €0.3m | - | - | €0.5m | €0.07m | €0.6m | €0.5m | €0.5m | ▼ 7.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €69.9m | €71.5m | €72.6m | €64.4m | €61.8m | €64.3m | €64.9m | €75.8m | ▲ 16.8% |
| Equity10/15 | €68.1m | €69.5m | €70.0m | €56.1m | €57.2m | €58.3m | €59.4m | €60.7m | ▲ 2.2% |
| Contributions10/11 | €27.6m | €27.6m | €27.6m | €87.5m | €87.5m | €87.5m | €87.5m | €87.5m | = |
| Capital10 | €27.6m | - | - | €27.6m | €27.6m | €27.6m | €27.6m | €27.6m | = |
| Issued capital100 | €27.6m | - | - | €27.6m | €27.6m | €27.6m | €27.6m | €27.6m | = |
| Contributions outside capital11 | €59.9m | - | - | €59.9m | €59.9m | €59.9m | €59.9m | €59.9m | = |
| Share premium1100/10 | - | - | - | €59.9m | €59.9m | €59.9m | €59.9m | €59.9m | = |
| Reserves13 | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | €3.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | €0.3m | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Tax-exempt reserves132 | €0.4m | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Distributable reserves133 | €2.7m | - | - | €2.7m | €2.7m | €2.7m | €2.7m | €2.7m | = |
| Profit (loss) carried forward14 | -€22.7m | -€21.3m | -€20.8m | -€34.6m | -€33.6m | -€32.5m | -€31.3m | -€30.0m | ▲ 4.1% |
| Provisions and deferred taxes16 | €0.09m | €0.1m | €0.2m | - | €0.2m | €0.08m | €0.05m | - | - |
| Provisions for liabilities and charges160/5 | €0.09m | - | - | - | €0.2m | €0.08m | €0.05m | - | - |
| Pensions and similar obligations160 | €0.09m | - | - | - | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | €0.2m | €0.08m | €0.05m | - | - |
| Amounts payable17/49 | €1.8m | €2.0m | €2.4m | €8.3m | €4.5m | €5.9m | €5.4m | €15.1m | ▲ 179% |
| Amounts payable after more than one year17 | €0.003m | - | - | - | €0.03m | - | - | - | - |
| Financial debts170/4 | €0.003m | - | - | - | €0.03m | - | - | - | - |
| Leasing and similar obligations172 | €0.003m | - | - | - | €0.03m | - | - | - | - |
| Amounts payable within one year42/48 | €1.7m | €1.9m | €2.3m | €8.1m | €4.4m | €5.9m | €5.3m | €14.9m | ▲ 182% |
| Current portion of amounts payable after more than one year42 | €0.005m | - | - | - | €0.04m | €0.04m | €0.001m | - | - |
| Financial debts43 | - | - | - | €4.2m | €2.0m | €3.1m | €2.7m | €7.6m | ▲ 183% |
| Credit institutions430/8 | - | - | - | €4.2m | €2.0m | €3.1m | €2.7m | €7.6m | ▲ 183% |
| Trade debts44 | €1.0m | €1.2m | €1.4m | €2.8m | €1.2m | €1.6m | €1.6m | €6.4m | ▲ 290% |
| Suppliers440/4 | €1.0m | - | - | €2.8m | €1.2m | €1.6m | €1.6m | €6.4m | ▲ 290% |
| Taxes, remuneration and social security45 | €0.6m | - | - | €1.0m | €1.2m | €1.2m | €1.0m | €0.9m | ▼ 3.3% |
| Taxes450/3 | €0.3m | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 3.8% |
| Remuneration and social security454/9 | €0.4m | - | - | €0.5m | €0.6m | €0.7m | €0.5m | €0.5m | ▼ 2.8% |
| Accrued charges and deferred income492/3 | €0.1m | - | - | €0.2m | €0.1m | €0.08m | €0.1m | €0.2m | ▲ 38.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.3m | €1.4m | €0.5m | -€13.8m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 11.0% |
| + Depreciation and write-downs630 | €0.06m | €0.06m | €0.07m | €0.07m | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 22.8% |
| Operating cash flow (approximation) | €2.4m | €1.4m | €0.6m | -€13.8m | €1.1m | €1.2m | €1.3m | €1.4m | ▲ 12.0% |
| Investment in fixed assets (approximation) | - | -€0.06m | -€0.05m | €15.0m | -€0.4m | -€288 | -€0.1m | -€0.2m | ▼ 109% |
| Change in cash | - | €0.001m | €0.05m | - | - | - | - | - | - |
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 49 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 02-07-2026 | 2026-00249382 |
| 31-12-2024 | full format | 04-07-2025 | 2025-00249651 |
| 31-12-2023 | full format | 02-07-2024 | 2024-00209533 |
| 31-12-2022 | full format | 04-07-2023 | 2023-00215162 |
| 31-12-2021 | full format | 29-07-2022 | 2022-20258873 |
| 31-12-2020 | full format | 08-07-2021 | 2021-33200172 |
| 31-12-2019 | full format | 13-07-2020 | 2020-30400300 |
| 31-12-2018 | full format | 28-06-2019 | 2019-26600264 |
| 31-12-2017 | full format | 09-07-2018 | 2018-32100574 |
| 31-12-2016 | full format | 03-07-2017 | 2017-28100309 |
Similar companies · same sector, comparable size
Public contracts
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Board 1
Day-to-day management 1
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Vincent SPELBOS |
|
| BDO Bedrijfsrevisoren bv |
|
| René PIT |
|
Owners and capital
Owners
3 ownersChain of control
- Borstlap Masters in Fasteners Group BVNL
- Fabory Masters in Fasteners BVNL
- COMBORI
Highest known parent: Borstlap Masters in Fasteners Group BV (Netherlands). The sources do not say who stands above it.
Owners 3
- Fabory Masters in Fasteners BVNLparentSourceown accounts 202599.99%
- Borstlap Masters in Fasteners Group BVNLconsolidating parentconsolidates
- Borstlap Intenational BVNLSourceown accounts 20250.01%
According to the 2025 annual accounts of COMBORI and those of the other companies, 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.
Capital and shareholders
- 22-01-2026 Capital stated in the deed · €23,821,661.66 · 74,982 shares
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
- FABORY CENTRES BELGIUMsubsidiaryEquity €37.7mResult €2.8m99.99%
According to the 2025 annual accounts of COMBORI and those of the other companies, 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.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
05-05
Gazette deed
Resignation: René PIT (niet statutaire bestuurder, gedelegeerd bestuurder)Appointment: Vincent SPELBOS (director) · Director discharge · Power of attorney9 facts ▸
- General meeting, 09-03-2026
- Director resignation, René PIT (niet statutaire bestuurder, gedelegeerd bestuurder)
- Director discharge, René PIT
- Director appointment, Vincent SPELBOS (director)
- Power of attorney
- Power of attorney, Bart GOOSSENS (2 times)
- Power of attorney, Laura BUFFEL (2 times)
- Board meeting, 09-03-2026
- Director appointment, Vincent SPELBOS (managing director)
22-01
Gazette deed
Reappointment: BDO Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Hennie Herijgers · Reserve release · Capital decrease6 facts ▸
- General meeting, “2050 Antwerpen-Linkeroever,Blancefloerlaan 179A, Antwerpen (afdeling Antwerpen)” (deed in Dutch)
- Reserve release, “onbeschikbaar gestelde uitgiftepremies buiten kapitaal, volledig beschikbaar stellen” (deed in Dutch)
- Capital decrease
- Capital, €23,821,661.66
- Auditor reappointment, BDO Bedrijfsrevisoren BV
- Permanent representative, Hennie Herijgers
10-07
Gazette deed
Permanent representatives: Yves Antoine André Henri Comellus Derycke and Martinus Petrus Nicolaas Verdegaal3 facts ▸
- Board meeting, 06-05-2025
- Permanent representative, Yves Antoine André Henri Comellus Derycke
- Permanent representative, Martinus Petrus Nicolaas Verdegaal
14-12
Gazette deed
Amendment of the articles · Resignations & appointmentsDirector in office · Power of attorney4 facts ▸
- Amendment of the articles (2 times)
- Board meeting, 29-11-2023
- Director in office, René Pit (director)
- Power of attorney, René Pit (2 times)
25-08
Gazette deed
Permanent representatives: Yves Antoine A. Derycke and Terol Lobelle2 facts ▸
- Permanent representative, Yves Antoine A. Derycke
- Permanent representative, Terol Lobelle
Show earlier events
About the unread acts
Of the 35 Belgian Official Gazette deeds we know for this company, 5 have been read. The other 30 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 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
3 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11001C0029/00N000 | Flanders | 2,089 m² | 1 · 349 m² | 10.9 m · 3 |
| 11813N0324/00Z000 | Flanders | 1,998 m² | 1 · 434 m² | 7.3 m · 2 |
How the parcels are linked
Articles of association
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Artikel 21. Externe vertegenwoordigingsbevoegdheid Onverminderd (i) de vertegenwoordiging in het kader van het dagelijks bestuur zoals…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Indien algemene vergadering slechts één bestuurder benoemt, vennootschap bestuurd door enige bestuurder” (deed in Dutch)“Geheel van bestuursbevoegdheden, deel” (deed in Dutch)