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COMBULEC

Active Public limited companyfounded 1991active for 35 yearsSalvialei 43, 2170 AntwerpKBO/BCE: BE 0444.719.165
COMBULEC
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Overview

Lifetime

18 annual accounts with figures on one time axis, 31 filings since 1992
peak €38,523 (2006)
-€2,586▲ €1,797
lowest -€15,109 (2009)
-€2,897▲ €2,043
peak -€62,292 (2006)
-€124,233▼ €2,897
€131,093▲ 2.4%
Documentsfilings and deeds
31-08-202631 days late
2025micro format
Gross margin from -€4,383 to -€2,586Loss of €2,897Cash from €119 to €273

Key points

from the 2025 annual accounts

Equity

-€124,233
202020212022202320242025

Debts exceed assets in financial year 2025.

Losses

-€24,219 in six years
-1,6692020-10,9832021-1,3912022-2,3402023-4,9402024-2,8972025

Every financial year from 2020 to 2025 closed with a loss. 2021 was the heaviest.

Debts

€131,093 1,911% of the balance sheet
Financial debts 9%Suppliers 0%Other 90%

Of this, €118,927 falls due within a year.

2025 accounts filed 31 days after the deadlineTurnover not published (micro format)

Checked score

Bankruptcy probability within 12 months

Financial strength

Score breakdown

Comparable companies, two years later

In July 2024, 6,635 companies had the same profile as COMBULEC has now. Each dot stands for 17 companies, two years later.

84.3%
were still trading
10.2%
stopped another way
4.5%
went bankrupt
  • Micro
  • 20 years or older
  • negative equity
  • a loss of 10% of the balance sheet or more

Another 1.0% stopped without a precise date, possibly only after those two years.

Test of the method

The method was tested on the 497,762 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 2.9% 3.1%
10 5.6% 6.1%

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 6,635 companies, not a prediction for COMBULEC. 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 check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0444719165
General meeting · Correction Gazette deed
General meeting · Director resignation Gazette deed
First establishment Salvialei 43, Antwerp
All 39 events

Official details

Source: KBO
Status
Active since 23-07-1991Normal situation
Activity
No activity registered in the KBO
Establishment unit
2.053.850.9772170 Antwerp, since 16-02-1994
Financial year end
31 December
Peppol
Reachable since 25-03-2026
Company details

Annual accounts 2025

-€2,586▲ 41.0%
€2,897▼ 41.4%
-€124,233▼ 2.4%
€6,860▲ 2.5%
Filing
Filed on 31-08-2026
Financials

Insights on COMBULEC

COMBULEC files the micro format. That format states no turnover. The gross margin fell from €38,523 in 2006 to -€2,586 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 31-08-2026, 31 days late
-€2,586
▲ €1,797
-€2,586
▲ €1,861
-
-
-
0.06
▼ 0.00

Turnover and EBIT margin are not published. The micro format does not require them.

Money flows

no detail for 2025

Balance sheet

balance sheet total €6,860 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend202520242023202220212020201920182017201620142013201120102009200820072006
Balance sheet: assets
20/58 6,8606,6936,9956,5186,1765,0996,0042,2645,3055,2375,3545,1447,11925,2318,1178,5588,89010,654
21/28 ---5001,0001,5002,000--------6081,2162,176
22/27 ---5001,0001,5002,000--------6081,2162,176
23 ---5001,0001,5002,000--------277277277
24 ---------------3319391,899
29/58 6,8606,6936,9956,0185,1763,5994,0042,2645,3055,2375,3545,1447,11925,2318,1177,9507,6748,478
40/41 6,5876,5746,5905,9205,1242,3314,0042,2645,1785,1105,2275,0176,99224,9527,8387,8817,6055,513
40 ---5,920--1,350------19,324-1,2501,250-
41 6,5876,5746,590-5,1242,3312,6542,2645,1785,1105,2275,0176,9925,6287,8386,6316,3555,513
54/58 27311940698511,268--12712712712712727927969692,965
Balance sheet: equity and liabilities
10/49 6,8606,6936,9956,5186,1765,0996,0042,2645,3055,2375,3545,1447,11925,2318,1178,5588,89010,654
10/15 -124,233-121,336-116,395-114,055-112,664-101,682-100,013-101,860-116,146-115,707-115,322-113,979-106,898-93,888-103,125-88,016-74,971-62,292
10/11 61,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,973
10 61,97361,973--61,973-------------
100 61,97361,973--61,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,97361,973
13 9,1319,1319,1329,1329,1329,1319,1319,1319,1319,1319,1319,1319,1319,1319,1319,1319,1319,131
130/1 221221221221221221------------
130 221221--221221221221221221221221221221221221221221
1311 --221221--------------
132 ---8,910--------------
133 8,9108,9108,910-8,9108,9108,9108,9108,9108,9108,9108,9108,9108,9108,9108,9108,9108,910
14 -195,337-192,440-187,499-185,160-183,769-172,786-171,117-172,964-187,250-186,811-186,426-185,083-178,002-164,992-174,229-159,120-146,075-133,396
17/49 131,093128,029123,390120,573118,840106,781106,017104,124121,451120,944120,676119,123114,017119,119111,24296,57483,86172,946
17 12,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,166
170/4 12,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,16612,166
42/48 118,927115,863111,224108,407106,67494,61593,85191,958109,285108,778108,510106,957101,851106,95399,07684,40871,69560,780
42 500-----------------
43 ---------------72697-
430/8 ---------------72697-
44 54579559043-13630810664--1,9661994,1172,2556962,270845
440/4 54579559043-13630810664--1,9661994,1172,2556962,270845
45 -------135----------
450/3 -------135----------
47/48 117,882115,068110,633108,364106,67494,47993,54391,717109,221108,778108,510104,991101,652102,83696,82182,98669,32859,935
Income statement
70 ----------------2,70046,800
9900 -2,586-4,383-908-560-9,778-1,161-2,9011,142-420-565-754-2,977-11,89010,130-13,826-11,643-10,60938,523
60/61 19,70220,21322,50524,66627,978-----------13,3098,277
630 --500500500500500-------608608960960
640/8 -64816204348-1,02096--8927911,084832571486764389
9901 -2,586-4,447-2,224-1,265-10,625-1,661-4,4211,046-420-565-1,646-3,768-12,9749,298-15,005-12,737-12,33337,174
75/76B ------6,268----------878
75 ------6,268----------878
65/66B 3113901151263588--19-14553661104303346255
65 3113901151263588--19-14553661104303346255
9903 -2,897-4,837-2,340-1,391-10,983-1,6691,8471,046-439-565-1,660-3,823-13,0109,237-15,109-13,040-12,67937,797
67/77 -103-------------5--
9904 -2,897-4,940-2,340-1,391-10,983-1,6691,8471,046-439-565-1,660-3,823-13,0109,237-15,109-13,045-12,67937,797
9905 -2,897-4,940-2,340-1,391-10,983-1,6691,8471,046-439-565-1,660-3,823-13,0109,237-15,109-13,045-12,67937,797
Appropriation of the result
9906 -195,337-192,440-187,499-185,160-183,769-172,786-171,117-172,964-187,250-186,811-186,426-185,083-178,002-164,992-174,229-159,120-146,075-133,396
14P -192,440-187,500-185,160-183,769-172,786-------------
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 13 older financial years (1992-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00471269.

Financial year Type Filed Reference Document
31-12-2025 micro format 31-08-2026 2026-00471269 PDF
31-12-2024 micro format 31-08-2025 2025-00467733 PDF
31-12-2023 micro format 31-08-2024 2024-00424890 PDF
31-12-2022 micro format 29-08-2023 2023-00421590 PDF
31-12-2021 micro format 31-08-2022 2022-20386583 PDF
31-12-2020 micro format 30-08-2021 2021-62100081 PDF
31-12-2019 micro format 23-08-2020 2020-44000100 PDF
31-12-2018 micro format 29-08-2019 2019-56900435 PDF
31-12-2017 micro format 31-08-2018 2018-57500060 PDF
31-12-2016 micro format 31-08-2017 2017-52500310 PDF
31-12-2014 abbreviated format 31-08-2015 2015-50200239 PDF
31-12-2013 abbreviated format 14-08-2014 2014-41800284 PDF
31-12-2011 abbreviated format 17-08-2012 2012-42200084 PDF
31-12-2010 abbreviated format 31-08-2011 2011-53000322 PDF
31-12-2009 abbreviated format 17-08-2010 2010-41500439 PDF
31-12-2008 abbreviated format 31-08-2009 2009-69600347 PDF
31-12-2007 abbreviated format 14-08-2008 2008-57000041 PDF
31-12-2006 abbreviated format 17-07-2007 2007-42400295 PDF
31-12-2005 abbreviated format 29-09-2006 2006-81704244 PDF
31-12-2003 abbreviated format 22-09-2004 2004-65805201 PDF
31-12-2002 abbreviated format 22-09-2004 2004-65805238 PDF
31-12-2001 abbreviated format 22-09-2004 2004-65805226 PDF
31-12-2000 abbreviated format 22-09-2004 2004-65805213 PDF
31-12-1999 abbreviated format 12-09-2001 2001-55300016 PDF
31-12-1998 abbreviated format 12-09-2001 2001-55300017 PDF
31-12-1997 abbreviated format 12-09-2001 2001-55300015 PDF
31-12-1996 abbreviated format 02-07-1997 1997-24301708 PDF
31-12-1995 abbreviated format 16-07-1996 1996-34502720 PDF
31-12-1994 abbreviated format 02-10-1995 1995-52001679 PDF
31-12-1993 abbreviated format 27-07-1994 1994-32604746 PDF
31-12-1992 abbreviated format 13-08-1993 1993-32000383 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend202520242023202220212020201920182017201620142013201120102009200820072006
---1,724-765-10,125-1,161-3,921--------14,397-12,129-11,37338,134
---1,840-891-10,483-1,1692,347--------14,501-12,437-11,71938,757
--00002,500-------000-
154-28730847-1,217---0-0--15202100-2,896-
-112,067-109,170-104,228-102,389-101,498-91,016-89,847-89,694-103,980-103,541-103,156-101,813-94,732-81,722-90,959-76,458-64,021-52,302
-----------------79.4%
--------------372.1%---843.3%-584.7%
0.060.060.060.060.050.040.04-0.050.050.050.050.070.240.080.090.110.14
-42.2%-73.8%-33.4%-21.3%-177.8%-32.7%30.8%--8.3%-10.8%-31.0%-74.3%-182.8%36.6%-186.1%-152.4%-142.6%354.8%
---14.99-6.07-28.29-------------
----------------169 days43 days
10 days14 days10 days1 day------------62 days37 days

A ratio outside any meaningful range has been withheld (balance sheet total €6,860, equity -€124,233).

Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Insights on COMBULEC

The operating result for 2025 is a loss of €2,586, smaller than the loss of €4,447 in 2024.

Equity is negative. Debt (€131,093) exceeds the balance-sheet total (€6,860).

Network & group

No group

COMBULEC has no parent and no holdings in its annual accounts.

At the same address

Salvialei 43, 2170 Antwerp · 4 other companies
DOMANSO REAL ESTATE
registered office since 01-07-2020 · founded in 1989
 total assets €37,792 (2025)
0439.059.018
A & B ADVIES EN BOUW
registered office since 15-12-1987 · founded in 1987 · negative equity (2025)
 total assets €18,992 (2025)
0436.571.957
Verhoeven, Benjamin (sole trader)
establishment since 28-07-2026
 founded in 2026
0511.884.836
LEVENSRECHT
registered office since 23-08-2011
 founded in 2011
0838.917.465

Board mandates elsewhere

1 board mandate
Board mandates of COMBULECCOMBULEC sits on their board1
Manager
No longer active

Connections & network

2 connected companies
Depth

The connected companies are in the list below.

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
via (permanent representative of COMBULEC) · Manager · deed of 17-10-2018
Founded in 1987 · total assets €18,992 (2025) · negative equity
via (permanent representative of COMBULEC) · Director · deed of 22-01-2025
Founded in 2025

Timeline

Timeline

39 events since 1991

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBmicro format · 31 days late
Registered in the Peppol Directory Reachable for e-invoices through 0208:0444719165
2025
Annual accounts 2024 filed PDFmicro format · 31 days late
2024
Annual accounts 2023 filed PDFmicro format · 31 days late
2023
Annual accounts 2022 filed PDFmicro format · 29 days late
2022
Annual accounts 2021 filed PDFmicro format · 31 days late
2021
Annual accounts 2020 filed PDFmicro format · 30 days late
2020
Annual accounts 2019 filed PDFmicro format · 23 days late
2019
Annual accounts 2018 filed PDFmicro format · 29 days late
2018
Back to profit net €1,046 The net result is €1,046, after 5 loss-making years.
Annual accounts 2017 filed PDFmicro format · 31 days late
2017
General meeting · Correction PDFDirector resignation · Director discharge
General meeting · Director resignation PDFDirector discharge · Director appointment
Annual accounts 2016 filed PDFmicro format · 31 days late
2015
Annual accounts 2014 filed PDFabbreviated format · 31 days late
2014
Annual accounts 2013 filed PDFabbreviated format · 14 days late
2012
Annual accounts 2011 filed PDFabbreviated format · 17 days late
2011
Annual accounts 2010 filed PDFabbreviated format · 31 days late
2010
Back to profit net €9,237 The net result is €9,237, after 3 loss-making years.
Annual accounts 2009 filed PDFabbreviated format · 17 days late
2009
Weakest financial year net -€15,109 The net result drops to -€15,109, the lowest from 2006 to 2025. It recovers the following year.
Annual accounts 2008 filed PDFabbreviated format · 31 days late
2008
Annual accounts 2007 filed PDFabbreviated format · 14 days late
2007
Annual accounts 2006 filed PDFabbreviated format · 14 days before the deadline
2006
Annual accounts 2005 filed PDFabbreviated format
2004
Annual accounts 2000 filed PDFabbreviated format
Annual accounts 2001 filed PDFabbreviated format
Annual accounts 2002 filed PDFabbreviated format
Annual accounts 2003 filed PDFabbreviated format
2001
Annual accounts 1997 filed PDFabbreviated format
Annual accounts 1998 filed PDFabbreviated format
Annual accounts 1999 filed PDFabbreviated format
1997
Annual accounts 1996 filed NBBabbreviated format
1996
Annual accounts 1995 filed NBBabbreviated format
1995
Annual accounts 1994 filed NBBabbreviated format
1994
Annual accounts 1993 filed NBBabbreviated format
First establishment Salvialei 43, Antwerp
1993
Annual accounts 1992 filed NBBabbreviated format
1991
Incorporation published on 09-08-1991

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

COMBULEC was incorporated on 23 July 1991.1 Total assets rose from €2,264 in 2018 to €6,860 in 2025.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0444.719.165
VAT number
BE 0444.719.165
Peppol ID
0208:0444719165
Other Peppol ID
9925:BE0444719165
Legal form
Public limited company
Status
Active, normal situation
Founded
23-07-1991
Financial year
ends on 31 December
Peppol
Reachable since 25-03-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
COMBULEC in Dutch
Entity type
Legal entity

Registered office and establishments

1 establishment
Establishment Since Unit number
Salvialei 43 registered office 2170 Antwerp 511 Air transport 16-02-1994 2.053.850.977

Buildings and parcels at the address

Ground area
163 m²
Buildings
88 m²
Volume, LiDAR
602 m³
Tallest building
11.5 m
Buildings to scale, each on its own parcel
87 m², 11.5 m 87 m², 11.5 m

Location

registered office establishment The establishment unit on the map
5 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
11422C0220/00N017163 m² 1 · 87 m² 11.5 m · 2

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