COMBUVESDRE
ActiveSummary
COMBUVESDRE has been active since 2001 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €533,982. Equity has been stable since 2019 (±1.5% per year). Its solvency ranks better than 56% of 6,167 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 24-12-2001 Normal situation
- Activity
- Wholesale of solid, liquid and gaseous fuels and related products NACE 46810and 12 others
- Joint committees
- 127 Paritair Comité voor de handel in brandstoffen
- 201 Paritair Comité voor de zelfstandige kleinhandel · annual accounts 30-06-2025
- Establishment unit
- 2.098.897.282 4960 Malmedy, since 13-03-2002
- Financial year end
- 30 June
- Peppol
- Reachable since 18-11-2025
Board and ownership
- BLAISE NathalieDirector · last mentioned in 2023
- LE NYDManager · until 2023
- TRIPLE A PROPERTYDirector · until 2023
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €1.1m
- ▲ 20.2%
- Turnover
- ≈ €4.8m
- estimated
- Profit
- €533,982
- ▲ 48.6%
- Equity
- €1.6m
- ▲ 5.4%
- Total assets
- €3.2m
- ▲ 6.9%
- Employees on 30-06-2025
- 8
- ▼ 11.1%
- 2025 accounts filed 2 days after the deadline
Score breakdownlowers riskLiquidity: current ratio 2.09, cash €742,527Founded in 2001Equity €1.6m (50.3% of total assets)Profit of €533,982 (financial year 2025)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 (NACE 46, micro). It does better than 58% of them on solvency, 66% on liquidity, 84% on profitability and 56% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 9 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00027503.
Annual accounts 2025 filed on 02-02-2026 PDF all 23 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 53% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 9 | 9 | 8 |
| full-time | 4 | 5 | 5 | 5 |
| part-time | 4 | 4 | 4 | 3 |
| in full-time equivalents | 7.1 | 8.1 | 8.1 | 7.1 |
| Average over the year, in full-time equivalents | 6.6 | 7 | 7.6 | 7.3 |
| On a permanent contract | 6 | 8 | 8 | 8 |
| Joined | 7 | 4 | 6 | 3 |
| Left | 7 | 3 | 6 | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €176,648 | €123,734 | €334,435 | €4,894 |
| Financial fixed assets | - | €3,820 | - | €1,000 |
| Depreciation and write-downs of the year | €182,521 | €147,368 | €108,484 | €154,212 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Public contracts
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Comparable companies
These companies have the same main activity as COMBUVESDRE: wholesale of solid, liquid and gaseous fuels and related products (NACE 46810). They are comparable in size and age: total assets between €2.5m and €4.7m, founded between 1994 and 2004.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| COMBUVESDRE Malmedy | 2001 | €3.2m | €1.6m | €1.1m | €0.5m | 7.3 | 2025 |
| RAOUL Lierde | 1998 | €2.5m | €1.5m | €0.9m | €0.2m | 7.9 | 2025 |
| XENUM Willebroek | 2004 | €4.0m | €1.5m | €1.6m | €0.3m | 8.3 | 2025 |
| VERMEIRE - DEFRUYT Aalter | 2001 | €4.0m | €0.4m | €0.8m | €0.08m | 5.8 | 2025 |
| ACOL SMEERMIDDELEN CENTER Merksplas | 2004 | €2.9m | €1.1m | €0.7m | €0.02m | 6.9 | 2025 |
| VAN GOETHEM Lubbeek | 1994 | €4.7m | €3.0m | €1.2m | €0.4m | 5.7 | 2025 |
| SCHNEDER-FAGNY Rouvroy | 1996 | €3.5m | €2.0m | €0.9m | €0.4m | 4.5 | 2025 |
They were chosen from the 463 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 31,368 companies had the same profile as COMBUVESDRE has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMBUVESDRE itself: 0.1% 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 31,368 companies, not a prediction for COMBUVESDRE. 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 42.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€0.03m | - | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.05m | €0.08m | €0.05m | ▼ 39.8% |
| Gross operating margin9900 | €0.7m | €1.0m | €0.7m | €0.8m | €0.9m | €0.9m | €1.1m | ▲ 20.2% |
| Operating profit (loss)9901 | €0.09m | €0.4m | €0.09m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 53.0% |
| Financial income75/76B | - | - | - | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 16.7% |
| Recurring financial income75 | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 16.7% |
| Financial charges65/66B | - | - | - | €0.04m | €0.04m | €0.03m | €0.05m | ▲ 53.7% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 22.0% |
| Non-recurring financial charges66B | - | - | - | €0.008m | €0.009m | - | €0.01m | - |
| Profit (loss) for the period before taxes9903 | €0.07m | €0.3m | €0.07m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 50.7% |
| Income taxes67/77 | €0.001m | €0.01m | €0.001m | €0.02m | €0.02m | €0.01m | €0.03m | ▲ 107% |
| Profit (loss) for the period9904 | €0.06m | €0.3m | €0.07m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 48.6% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.3m | €0.07m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 48.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.6m | €2.8m | €2.5m | €2.6m | €2.8m | €3.0m | €3.2m | ▲ 6.9% |
| Fixed assets21/28 | €0.8m | €0.6m | €0.4m | €0.4m | €0.4m | €0.6m | €0.5m | ▼ 24.4% |
| Tangible fixed assets22/27 | €0.8m | €0.6m | €0.4m | €0.4m | €0.4m | €0.6m | €0.4m | ▼ 25.0% |
| Land and buildings22 | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | ▼ 17.9% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €0.09m | €0.06m | ▼ 36.2% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 24.1% |
| Financial fixed assets28 | €0.007m | €0.007m | €0.007m | €0.007m | €0.01m | €0.01m | €0.01m | ▲ 10.0% |
| Current assets29/58 | €1.8m | €2.2m | €2.0m | €2.2m | €2.4m | €2.4m | €2.7m | ▲ 14.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.07m | €0.07m | = |
| Other amounts receivable291 | - | - | - | - | - | €0.07m | €0.07m | = |
| Stocks and contracts in progress3 | €0.2m | €0.1m | €0.2m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 72.0% |
| Stocks30/36 | - | - | - | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 72.0% |
| Amounts receivable within one year40/41 | €0.5m | €0.01m | €0.07m | €0.4m | €0.1m | €0.05m | €0.5m | ▲ 891% |
| Trade receivables40 | - | - | - | €0.2m | €0.03m | €0.02m | €0.03m | ▲ 14.7% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.03m | €0.5m | ▲ 17× |
| Current investments50/53 | €0.4m | €0.7m | €1.0m | €1.1m | €1.0m | €1.3m | €1.0m | ▼ 21.1% |
| Cash at bank and in hand54/58 | €0.7m | €1.3m | €0.8m | €0.3m | €1.0m | €0.7m | €0.7m | ▲ 5.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.05m | €0.04m | €0.04m | ▲ 15.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.6m | €2.8m | €2.5m | €2.6m | €2.8m | €3.0m | €3.2m | ▲ 6.9% |
| Equity10/15 | €1.5m | €1.5m | €1.3m | €1.4m | €1.5m | €1.5m | €1.6m | ▲ 5.4% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.4m | €1.4m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - |
| Other1319 | - | - | - | €0.002m | €0.002m | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Distributable reserves133 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Profit (loss) carried forward14 | €0.05m | €0.07m | €0.08m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 27.6% |
| Investment grants15 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 20.0% |
| Amounts payable17/49 | €1.1m | €1.3m | €1.2m | €1.2m | €1.4m | €1.5m | €1.6m | ▲ 8.5% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.0% |
| Other amounts payable178/9 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.0% |
| Amounts payable within one year42/48 | €0.7m | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | €1.3m | ▲ 9.9% |
| Trade debts44 | €0.6m | €0.4m | €0.5m | €0.7m | €0.8m | €0.8m | €0.6m | ▼ 24.4% |
| Suppliers440/4 | - | - | - | €0.7m | €0.8m | €0.8m | €0.6m | ▼ 24.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.06m | €0.2m | ▲ 204% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.07m | €0.05m | €0.07m | ▲ 50.2% |
| Taxes450/3 | - | - | - | €0.05m | €0.02m | €0.008m | €0.02m | ▲ 159% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.06m | €0.04m | €0.05m | ▲ 28.5% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 49.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 47.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64,708 | €320,834 | €69,396 | €268,399 | €267,593 | €359,375 | €533,982 | ▲ 48.6% |
| + Depreciation and write-downs630 | €205,302 | €176,023 | €177,457 | €182,521 | €147,368 | €108,484 | €154,212 | ▲ 42.2% |
| Operating cash flow (approximation) | €270,010 | €496,858 | €246,853 | €450,919 | €414,961 | €467,859 | €688,194 | ▲ 47.1% |
| Investment in fixed assets (approximation) | - | €0 | -€8,817 | -€176,648 | -€127,554 | -€306,435 | -€5,894 | ▲ 98.1% |
| Change in cash | - | €657,525 | -€548,717 | -€442,400 | €652,797 | -€284,750 | €35,195 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 02-02-2026 | 2026-00027503 | |
| 30-06-2024 | full format | 30-01-2025 | 2025-00028738 | |
| 30-06-2023 | full format | 31-01-2024 | 2024-00018045 | |
| 30-06-2022 | full format | 31-01-2023 | 2023-00021070 | |
| 30-06-2021 | full format | 01-02-2022 | 2022-04700006 | |
| 30-06-2020 | full format | 01-02-2021 | 2021-03700503 | |
| 30-06-2019 | full format | 29-11-2019 | 2019-74700400 | |
| 30-06-2018 | full format | 19-12-2018 | 2018-75200159 | |
| 30-06-2017 | full format | 31-01-2018 | 2018-03700274 | |
| 30-06-2016 | full format | 03-01-2017 | 2017-00100565 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 28-12-2023 Converted to unavailable equity
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| BLAISE Nathalie |
|
| LE NYD |
|
| TRIPLE A PROPERTY |
|
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Entre vifs ou pour cause de mort,sans agrément,à un actionnaire, pactes d'actionnaire dans limites loi/statuts,ne peuvent par stipulation…”
Articles of association, deed of 28-12-2023 (in French)
Network & group
Connections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
28-12
Gazette deed
Change of role: TRIPLE A PROPERTY, from manager to directorResignation: LE NYD (manager) · Appointment: BLAISE Nathalie (director) · Permanent representatives: BLAISE Nathalie and BLAISE Jean Pierre14 points ▸
- General meeting, 20-11-2023
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Share issue, “droit égal dans répartition des bénéfices et produits de liquidation”, 186 (deed in French)
- Registered office clause, “4960 Malmedy,Tridomez 1” (deed in French)
- Director resignation, LE NYD (manager)
- Director resignation, TRIPLE A PROPERTY (manager)
- Director appointment, BLAISE Nathalie (director (not named in the articles))
- Permanent representative, BLAISE Nathalie, mentioned 2 times in the deed
- Director appointment, TRIPLE A PROPERTY (director (not named in the articles))
- Permanent representative, BLAISE Jean Pierre
- Power of attorney
- The act holds 2 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0476.435.888
Financial year and general meeting
Accounts at the NBBRecognitions · licences · registrations
Food safety, FASFC
1 siteSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63049D0119/00D000 | Wallonia | 1,758 m² | 1 · 649 m² | 9.2 m · 3 |