COMBULEC
ActiveSummary
COMBULEC has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€124,233) and a net result of -€2,897. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 5% of 219 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.06 against 0.06 in 2024; cash: 4% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Return on assets
-42.2%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€124,233
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
31 d late
2023
31 d late
2022
29 d late
2021
31 d late
2020
30 d late
2019
23 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 29 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#6 oldest company in Antwerp, Water and waste sector
Equity
-€124,233▼ 2.4%
2024 · -€121,336
Total assets
€6,860▲ 2.5%
2024 · €6,693
Net result
-€2,897▲ 41.4%
2024 · -€4,940
Working capital
-€112,067▼ 2.7%
2024 · -€109,170
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€10,625▼ 540%-€1,265▲ 88.1%-€2,224▼ 75.9%-€4,447▼ 99.9%-€2,586▲ 41.8%
Net result-€10,983below the sector's middle half▼ 558%-€1,391within the sector's middle half▲ 87.3%-€2,340within the sector's middle half▼ 68.2%-€4,940within the sector's middle half▼ 111%-€2,897within the sector's middle half▲ 41.4%
Equity-€112,664below the sector's middle half▼ 10.8%-€114,055below the sector's middle half▼ 1.2%-€116,395below the sector's middle half▼ 2.1%-€121,336below the sector's middle half▼ 4.2%-€124,233below the sector's middle half▼ 2.4%
Total assets€6,176below the sector's middle half▲ 21.1%€6,518below the sector's middle half▲ 5.5%€6,995below the sector's middle half▲ 7.3%€6,693below the sector's middle half▼ 4.3%€6,860below the sector's middle half▲ 2.5%
Debt€118,840▲ 11.3%€120,573▲ 1.5%€123,390▲ 2.3%€128,029▲ 3.8%€131,093▲ 2.4%
Working capital-€101,498▼ 11.5%-€102,389▼ 0.9%-€104,228▼ 1.8%-€109,170▼ 4.7%-€112,067▼ 2.7%
above
within
below
the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,586 in 2025 against €4,447 in 2024; the loss shrinks.
Key figures and ratios
Current ratio
0.06▼
2024 · 0.06
Debt to equity
-1.06=
2024 · -1.06
ROA
-42.2%▲
2024 · -73.8%
Debt ≤ 1 year
€118,927▲
2024 · €115,863
Debt > 1 year
€12,166=
2024 · €12,166
A ratio outside any meaningful range has been withheld (balance sheet total €6,860, equity -€124,233).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,639 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.8%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 6,639 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | €27,978 | €24,666 | €22,505 | €20,213 | €19,702 | ▼ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €500 | €500 | €500 | - | - | - |
| Other operating charges640/8 | €348 | €204 | €816 | €64 | - | - |
| Gross operating margin9900 | -€9,778 | -€560 | -€908 | -€4,383 | -€2,586 | ▲ 41.0% |
| Operating profit (loss)9901 | -€10,625 | -€1,265 | -€2,224 | -€4,447 | -€2,586 | ▲ 41.8% |
| Financial charges65/66B | €358 | €126 | €115 | €390 | €311 | ▼ 20.3% |
| Recurring financial charges65 | €358 | €126 | €115 | €390 | €311 | ▼ 20.3% |
| Profit (loss) for the period before taxes9903 | -€10,983 | -€1,391 | -€2,340 | -€4,837 | -€2,897 | ▲ 40.1% |
| Income taxes67/77 | - | - | - | €103 | - | - |
| Profit (loss) for the period9904 | -€10,983 | -€1,391 | -€2,340 | -€4,940 | -€2,897 | ▲ 41.4% |
| Profit (loss) for the period to be appropriated9905 | -€10,983 | -€1,391 | -€2,340 | -€4,940 | -€2,897 | ▲ 41.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6,176 | €6,518 | €6,995 | €6,693 | €6,860 | ▲ 2.5% |
| Fixed assets21/28 | €1,000 | €500 | - | - | - | - |
| Tangible fixed assets22/27 | €1,000 | €500 | - | - | - | - |
| Plant, machinery and equipment23 | €1,000 | €500 | - | - | - | - |
| Current assets29/58 | €5,176 | €6,018 | €6,995 | €6,693 | €6,860 | ▲ 2.5% |
| Amounts receivable within one year40/41 | €5,124 | €5,920 | €6,590 | €6,574 | €6,587 | ▲ 0.2% |
| Trade receivables40 | - | €5,920 | - | - | - | - |
| Other amounts receivable41 | €5,124 | - | €6,590 | €6,574 | €6,587 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €51 | €98 | €406 | €119 | €273 | ▲ 129% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6,176 | €6,518 | €6,995 | €6,693 | €6,860 | ▲ 2.5% |
| Equity10/15 | -€112,664 | -€114,055 | -€116,395 | -€121,336 | -€124,233 | ▼ 2.4% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | €61,973 | - | - | €61,973 | €61,973 | = |
| Issued capital100 | €61,973 | - | - | €61,973 | €61,973 | = |
| Reserves13 | €9,132 | €9,132 | €9,132 | €9,131 | €9,131 | = |
| Non-distributable reserves130/1 | €221 | €221 | €221 | €221 | €221 | = |
| Legal reserve130 | €221 | - | - | €221 | €221 | = |
| Reserves not available under the articles1311 | - | €221 | €221 | - | - | - |
| Tax-exempt reserves132 | - | €8,910 | - | - | - | - |
| Distributable reserves133 | €8,910 | - | €8,910 | €8,910 | €8,910 | = |
| Profit (loss) carried forward14 | -€183,769 | -€185,160 | -€187,499 | -€192,440 | -€195,337 | ▼ 1.5% |
| Amounts payable17/49 | €118,840 | €120,573 | €123,390 | €128,029 | €131,093 | ▲ 2.4% |
| Amounts payable after more than one year17 | €12,166 | €12,166 | €12,166 | €12,166 | €12,166 | = |
| Financial debts170/4 | €12,166 | €12,166 | €12,166 | €12,166 | €12,166 | = |
| Amounts payable within one year42/48 | €106,674 | €108,407 | €111,224 | €115,863 | €118,927 | ▲ 2.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €500 | - |
| Trade debts44 | - | €43 | €590 | €795 | €545 | ▼ 31.4% |
| Suppliers440/4 | - | €43 | €590 | €795 | €545 | ▼ 31.4% |
| Other amounts payable47/48 | €106,674 | €108,364 | €110,633 | €115,068 | €117,882 | ▲ 2.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,983 | -€1,391 | -€2,340 | -€4,940 | -€2,897 | ▲ 41.4% |
| + Depreciation and write-downs630 | €500 | €500 | €500 | - | - | - |
| Operating cash flow (approximation) | -€10,483 | -€891 | -€1,840 | -€4,940 | -€2,897 | ▲ 41.4% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - |
| Change in cash | - | €47 | €308 | -€287 | €154 | ▲ 154% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€10,983
Net result drops to -€10,983, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
23-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 23 days late
2019
31-12
Financial
Highest result since 2018net €1,847 ▲76.6%
Net result €1,847, the highest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 1994
Ground area
163 m²
Building footprint
88 m²
Volume, LiDAR
602 m³
Parcel 11422C0220/00N017, Flanders · tallest building 11.5 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
COMBULEC
since 19942.053.850.977
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11422C0220/00N017 | Flanders | 163 m² | 1 · 87 m² | 11.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 978 companies in sector 38210 we hold annual accounts for 587. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded23-07-1991
Fiscal year end31-12
Activities, NACEBEL 2025
38210Materials recovery from waste
46872Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0444719165
Also
9925:BE0444719165
Registered
25-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.