COMBRAG
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Annual accounts 2024 filed on 28-11-2025 PDF all 25 filings
Turnover
≈ €110,000
Estimated: probably between €70,000 and €140,000
EBIT margin
Not included in this filing
Net result
-€19,009▲ 47.5%
2023 · -€36,221
Working capital
€5,072
2023 · -€29,959
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€32,674
▲ 19.4%
2024
20182024
Net result
-€19,009
▲ 47.5%
2024
lowest quarter of the sector
20182024
Equity
-€223,337
▼ 9.3%
2024
lowest quarter of the sector
20182024
Total assets
€1.6m
▼ 2.4%
2024
highest quarter of the sector
20182024
Debt
€1.5m
▼ 0.4%
2024
20182024
Working capital
€5,072
2024
lowest quarter of the sector
20182024
Solvency
-14.3%
▼ 1.5pp
2024
lowest quarter of the sector
20182024
Current ratio
1.11
▲ 0.70
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-1.2%
▲ 1.0pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€0.1m--€0.2m-€0.009m▲ 95.1%-€0.006m▲ 37.1%-€0.006m▼ 6.6%-€0.04m▼ 548%-€0.03m▲ 19.4%
Net result€0.08m--€0.5m-€0.009mbelow the sector's middle half▲ 98.3%€0.001mbelow the sector's middle half€21below the sector's middle half▼ 96.7%-€0.04mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 47.5%
Equity€0.4m--€0.1m-€0.2mbelow the sector's middle half▼ 6.1%-€0.2mbelow the sector's middle half▼ 8.7%-€0.2mbelow the sector's middle half=-€0.2mbelow the sector's middle half▼ 21.5%-€0.2mbelow the sector's middle half▼ 9.3%
Total assets€2.7m-€1.7m▼ 34.9%€1.7mabove the sector's middle half▼ 1.2%€1.7mabove the sector's middle half▼ 1.9%€1.7mabove the sector's middle half▼ 0.7%€1.6mabove the sector's middle half▼ 4.1%€1.6mabove the sector's middle half▼ 2.4%
Debt€2.3m-€0.09m▼ 95.9%€0.08m▼ 13.2%€0.08m▼ 7.6%€0.07m▼ 6.7%€1.5m▲ 21×€1.5m▼ 0.4%
Working capital€0.3m-€1.6m▲ 381%€1.0mabove the sector's middle half▼ 39.4%€1.0mabove the sector's middle half▼ 1.3%€1.0mabove the sector's middle half▼ 2.7%-€0.03mbelow the sector's middle half€0.005mbelow the sector's middle half
Solvency14.4%--8.4%▼ 22.7pp-9.0%below the sector's middle half▼ 0.6pp-10.0%below the sector's middle half▼ 1.0pp-10.1%below the sector's middle half▼ 0.1pp-12.7%below the sector's middle half▼ 2.7pp-14.3%below the sector's middle half▼ 1.5pp
Current ratio1.15-18.49▲ 17.3413.21above the sector's middle half▼ 5.2814.05above the sector's middle half▲ 0.8414.69above the sector's middle half▲ 0.640.41below the sector's middle half▼ 14.271.11below the sector's middle half▲ 0.70
Return on assets (ROA)2.9%--30.4%▼ 33.3pp-0.5%below the sector's middle half▲ 29.9pp0.0%below the sector's middle half▲ 0.6pp0.0%below the sector's middle half=-2.3%below the sector's middle half▼ 2.3pp-1.2%below the sector's middle half▲ 1.0pp
Staff (FTE)8.4-
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a loss of €32,674, smaller than the loss of €40,529 in 2023.
Large changes and their cause
- 2020 Net result +98% on 2019. The accounts now follow the micro format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.5m ▼ 4.3%
Current assets
€50,844 ▲ 141%
Equity and liabilities
Equity-€223,337
Debt€1.5m
Equity is negative. Debt (€1.5m) exceeds the balance-sheet total (€1.6m).
Key figures and ratios
EBITDA
€35,046▲
2023 · €14,177
Cash flow
€48,710▲
2023 · €18,485
Interest coverage
over 100▲
2023 · 23.36
Debt ≤ 1 year
€45,771▼
2023 · €51,053
Debt > 1 year
€1.5m=
2023 · €1.5m
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €9,063 | €43,250 | €1.0m | - |
| Depreciation and write-downs of the year | €22,002 | €22,621 | €54,706 | €67,719 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.02m | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €178 | €0.02m | €0.02m | €0.05m | €0.07m | ▲ 23.8% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.002m | €0.003m | €0.004m | ▲ 50.8% |
| Gross operating margin9900 | €0.7m | €1.2m | -€0.009m | €0.02m | €0.02m | €0.02m | €0.04m | ▲ 131% |
| Operating profit (loss)9901 | €0.1m | -€0.2m | -€0.009m | -€0.006m | -€0.006m | -€0.04m | -€0.03m | ▲ 19.4% |
| Financial income75/76B | - | - | - | - | - | €129 | €196 | ▲ 52.2% |
| Recurring financial income75 | €0.02m | €0.002m | €0.001m | - | - | €129 | €97 | ▼ 25.2% |
| Non-recurring financial income76B | - | - | - | - | - | - | €100 | - |
| Financial charges65/66B | - | - | - | €461 | €348 | €0.008m | €211 | ▼ 97.5% |
| Recurring financial charges65 | €0.02m | €129 | €20 | €461 | €348 | €0.001m | €211 | ▼ 65.3% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.008m | - | - |
| Profit (loss) for the period before taxes9903 | €0.1m | -€0.2m | -€0.009m | -€0.006m | -€0.007m | -€0.05m | -€0.03m | ▲ 33.1% |
| Transfer from deferred taxes780 | - | - | - | €0.006m | €0.007m | €0.01m | €0.01m | ▲ 8.3% |
| Income taxes67/77 | €0.04m | €0.002m | €164 | -€499 | - | - | - | - |
| Profit (loss) for the period9904 | €0.08m | -€0.5m | -€0.009m | €0.001m | €21 | -€0.04m | -€0.02m | ▲ 47.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | ▲ 8.3% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | -€1.3m | -€0.009m | €0.02m | €0.02m | -€0.006m | €0.01m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 2.4% |
| Fixed assets21/28 | €0.04m | - | €0.6m | €0.6m | €0.6m | €1.6m | €1.5m | ▼ 4.3% |
| Tangible fixed assets22/27 | €0.04m | - | €0.6m | €0.6m | €0.6m | €1.6m | €1.5m | ▼ 4.3% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €1.6m | €1.5m | ▼ 3.7% |
| Furniture and vehicles24 | - | - | - | - | - | €0.03m | €0.02m | ▼ 35.5% |
| Assets under construction and advance payments27 | - | - | - | - | €0.04m | - | - | - |
| Financial fixed assets28 | €0.001m | - | - | - | - | - | - | - |
| Current assets29/58 | €2.6m | €1.7m | €1.1m | €1.1m | €1.0m | €0.02m | €0.05m | ▲ 141% |
| Amounts receivable within one year40/41 | €0.6m | €0.1m | €0.04m | €0.03m | €0.04m | €0.007m | €0.001m | ▼ 83.8% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.007m | €0.001m | ▼ 84.7% |
| Other amounts receivable41 | - | - | - | - | - | - | €68 | - |
| Cash at bank and in hand54/58 | €2.0m | €1.6m | €1.0m | €1.0m | €1.0m | €0.01m | €0.05m | ▲ 256% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €491 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 2.4% |
| Equity10/15 | €0.4m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | ▼ 9.3% |
| Contributions10/11 | €0.08m | €0.08m | - | €0.08m | €0.08m | €0.08m | €0.1m | ▲ 37.3% |
| Reserves13 | €0.3m | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 5.8% |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0.008m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.008m | €0.008m | €0.008m | - | - |
| Tax-exempt reserves132 | - | - | - | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 4.5% |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 6.8% |
| Profit (loss) carried forward14 | - | -€1.3m | -€1.3m | -€1.3m | -€1.3m | -€1.3m | -€1.3m | ▲ 1.0% |
| Provisions and deferred taxes16 | - | €1.8m | €1.8m | €1.8m | €1.8m | €0.3m | €0.3m | ▼ 4.5% |
| Provisions for liabilities and charges160/5 | - | - | - | €1.5m | €1.5m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €1.5m | €1.5m | - | - | - |
| Deferred taxes168 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.5% |
| Amounts payable17/49 | €2.3m | €0.09m | €0.08m | €0.08m | €0.07m | €1.5m | €1.5m | ▼ 0.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | €1.5m | €1.5m | = |
| Other amounts payable178/9 | - | - | - | - | - | €1.5m | €1.5m | = |
| Amounts payable within one year42/48 | €2.3m | €0.09m | €0.08m | €0.08m | €0.07m | €0.05m | €0.05m | ▼ 10.3% |
| Trade debts44 | €1.2m | €0.02m | €0.02m | €0.01m | €0.01m | €137 | - | - |
| Suppliers440/4 | - | - | - | €0.01m | €0.01m | €137 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.001m | - | - | - |
| Taxes450/3 | - | - | - | €0.001m | €0.001m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.05m | €0.05m | €0.05m | ▼ 10.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €412 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,735 | -€528,921 | -€8,924 | €628 | €21 | -€36,221 | -€19,009 | ▲ 47.5% |
| + Depreciation and write-downs630 | €33,396 | €32,477 | €178 | €22,002 | €22,621 | €54,706 | €67,719 | ▲ 23.8% |
| Operating cash flow (approximation) | €110,131 | -€496,444 | -€8,746 | €22,630 | €22,642 | €18,485 | €48,710 | ▲ 164% |
| Investment in fixed assets (approximation) | - | - | - | -€9,063 | -€43,250 | -€991,366 | -€0 | ▲ 100.0% |
| Change in cash | - | -€359,152 | -€588,205 | -€10,802 | -€39,836 | -€976,195 | €35,354 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,242 companies had the same profile as COMBRAG has now. Two years later, 92.8% were still going and 1.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a small loss
92.8%
was still going
4.0%
stopped otherwise
1.9%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMBRAG itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 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 1,242 companies, not a prediction for COMBRAG. 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.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 28-11-2025 | 2025-00572593 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00399865 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00300434 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20333687 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-65200499 | |
| 31-12-2019 | full format | 25-09-2020 | 2020-55900428 | |
| 31-12-2018 | full format | 01-07-2019 | 2019-26100588 | |
| 31-12-2017 | full format | 19-06-2018 | 2018-20600254 | |
| 31-12-2016 | full format | 24-07-2017 | 2017-35100118 | |
| 31-12-2015 | full format | 27-08-2016 | 2016-49000189 |