Summary
COMMA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €7.8m and a net result of €1.6m. Equity is growing by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 39% of 2413 sector peers (fiscal year 2025). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
4 d early
2024
16 d early
2023
34 d early
2022
316 d late
2021
46 d early
2020
9 d early
2019
37 d early
← 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 24 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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, full schema, statutory accounts
Equity
€7.8m▲ 25.5%
2024 · €6.2m
Net result
€1.6m▼ 3.9%
2024 · €1.7m
Total assets
€16.3m▼ 4.9%
2024 · €17.1m
Solvency
48.1%▲ 11.7pp
2024 · 36.5%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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
Turnover€2.6m▲ 4.3%€3.0m▲ 13.1%€2.3m▼ 22.6%€2.7m▲ 16.6%€2.8m▲ 5.2%
Operating result-€744,071▲ 1.2%-€1.3m▼ 81.0%€166,740€287,746▲ 72.6%€284,564▼ 1.1%
Net result€4.4mabove the sector's middle half-€1.6mbelow the sector's middle half€5.2mabove the sector's middle half€1.7mabove the sector's middle half▼ 67.9%€1.6mabove the sector's middle half▼ 3.9%
Equity€8.6mwithin the sector's middle half▲ 105%€7.0mwithin the sector's middle half▼ 19.0%€6.4mwithin the sector's middle half▼ 7.9%€6.2mwithin the sector's middle half▼ 3.0%€7.8mwithin the sector's middle half▲ 25.5%
Total assets€22.7mwithin the sector's middle half▲ 35.7%€19.0mwithin the sector's middle half▼ 16.2%€18.6mwithin the sector's middle half▼ 2.0%€17.1mwithin the sector's middle half▼ 8.0%€16.3mwithin the sector's middle half▼ 4.9%
Debt€14.0m▲ 12.3%€12.0m▼ 14.5%€12.2m▲ 1.4%€10.9m▼ 10.7%€8.4m▼ 22.3%
Working capital€921,740-€642,639-€1.1m▼ 70.2%-€1.7m▼ 58.5%-€243,034▲ 86.0%
Solvency38.0%within the sector's middle half▲ 12.9pp36.8%within the sector's middle half▼ 1.3pp34.6%within the sector's middle half▼ 2.2pp36.5%within the sector's middle half▲ 1.9pp48.1%within the sector's middle half▲ 11.7pp
Staff (FTE)9.5within the sector's middle half▼ 2.1%9.7within the sector's middle half▲ 2.1%12above the sector's middle half▲ 23.7%12.6above the sector's middle half▲ 5.0%10.7above the sector's middle half▼ 15.1%
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 1% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.3m
Fixed assets
€15.2m ▲ 0.3%
Current assets
€1.1m ▼ 44.9%
Equity and liabilities €16.3m
Equity
€7.8m ▲ 25.5%
Debt
€8.4m ▼ 22.3%
Debt's share of the balance-sheet total falls from 63.5% to 51.9%. Equity is higher and debt is lower.
Key figures and ratios
ROE
20.3%▼
2024 · 26.5%
ROA
9.8%▲
2024 · 9.7%
Debt ≤ 1 year
€1.3m▼
2024 · €3.7m
Debt > 1 year
€7.1m▼
2024 · €7.1m
Income taxes
€2,100▼
2024 · €2,311
Staff costs
€1.2m▼
2024 · €1.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €2.6m | €3.0m | €2.3m | €2.7m | €2.8m | ▲ 5.1% |
| Turnover70 | €2.6m | €3.0m | €2.3m | €2.7m | €2.8m | ▲ 5.2% |
| Other operating income74 | €18,531 | €28,399 | €27,942 | €28,926 | €26,625 | ▼ 8.0% |
| Non-recurring operating income76A | €15,277 | - | - | - | - | - |
| Operating charges60/66A | €3.4m | €4.3m | €2.2m | €2.4m | €2.6m | ▲ 5.8% |
| Services and other goods61 | €2.5m | €3.3m | €789,310 | €908,088 | €1.1m | ▲ 26.2% |
| Remuneration, social security and pensions62 | €791,558 | €896,044 | €1.2m | €1.4m | €1.2m | ▼ 13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €100,770 | €103,681 | €115,609 | €94,023 | €183,678 | ▲ 95.4% |
| Other operating charges640/8 | €7,278 | €8,733 | €7,973 | €9,789 | €12,310 | ▲ 25.7% |
| Non-recurring operating charges66A | - | - | - | - | €200 | - |
| Operating profit (loss)9901 | -€744,071 | -€1.3m | €166,740 | €287,746 | €284,564 | ▼ 1.1% |
| Financial income75/76B | €5.4m | €3 | €5.6m | €1.9m | €1.8m | ▼ 8.0% |
| Recurring financial income75 | €5.4m | €3 | €5.2m | €1.9m | €1.7m | ▼ 11.1% |
| Income from financial fixed assets750 | €5.4m | - | €5.2m | €1.9m | €1.7m | ▼ 10.2% |
| Income from current assets751 | - | - | €1,459 | €17,815 | €1 | ▼ 100.0% |
| Other financial income752/9 | - | €3 | - | €1 | - | - |
| Non-recurring financial income76B | - | - | €380,030 | - | €58,802 | - |
| Financial charges65/66B | €250,268 | €285,883 | €585,152 | €561,112 | €468,394 | ▼ 16.5% |
| Recurring financial charges65 | €250,268 | €285,883 | €585,152 | €561,112 | €468,394 | ▼ 16.5% |
| Debt charges650 | €248,378 | €284,180 | €582,922 | €557,744 | €467,939 | ▼ 16.1% |
| Other financial charges652/9 | €1,890 | €1,703 | €2,231 | €3,368 | €455 | ▼ 86.5% |
| Profit (loss) for the period before taxes9903 | €4.4m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| Income taxes67/77 | €1,166 | €1,256 | €1,999 | €2,311 | €2,100 | ▼ 9.1% |
| Taxes670/3 | €1,166 | €1,256 | €1,999 | €2,311 | €2,100 | ▼ 9.1% |
| Profit (loss) for the period9904 | €4.4m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| Transfer from tax-exempt reserves789 | €77,828 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €4.5m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €22.7m | €19.0m | €18.6m | €17.1m | €16.3m | ▼ 4.9% |
| Fixed assets21/28 | €14.8m | €14.7m | €14.6m | €15.1m | €15.2m | ▲ 0.3% |
| Intangible fixed assets21 | €155,657 | €77,828 | - | €408,564 | €521,499 | ▲ 27.6% |
| Tangible fixed assets22/27 | €86,094 | €143,928 | €106,147 | €201,363 | €135,755 | ▼ 32.6% |
| Plant, machinery and equipment23 | - | - | - | €6,118 | €4,788 | ▼ 21.7% |
| Furniture and vehicles24 | €12,721 | €9,338 | €5,954 | €2,570 | - | - |
| Leasing and similar rights25 | €73,372 | €134,590 | €100,193 | €192,675 | €130,967 | ▼ 32.0% |
| Financial fixed assets28 | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | = |
| Affiliated companies280/1 | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | = |
| Participating interests280 | €14.5m | €14.5m | €14.5m | €14.5m | €14.5m | = |
| Current assets29/58 | €7.9m | €4.2m | €4.0m | €2.0m | €1.1m | ▼ 44.9% |
| Amounts receivable within one year40/41 | €7.9m | €4.2m | €3.3m | €2.0m | €1.1m | ▼ 45.1% |
| Trade receivables40 | €2.6m | €2.3m | €668,060 | €948,797 | €72,133 | ▼ 92.4% |
| Other amounts receivable41 | €5.3m | €2.0m | €2.6m | €1.0m | €1.0m | ▼ 0.5% |
| Cash at bank and in hand54/58 | €15,204 | €11,540 | €697,551 | €15,870 | €11,557 | ▼ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,700 | €2,150 | ▲ 26.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €22.7m | €19.0m | €18.6m | €17.1m | €16.3m | ▼ 4.9% |
| Equity10/15 | €8.6m | €7.0m | €6.4m | €6.2m | €7.8m | ▲ 25.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €8.6m | €6.9m | €6.4m | €6.2m | €7.8m | ▲ 25.7% |
| Non-distributable reserves130/1 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | = |
| Legal reserve130 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | = |
| Tax-exempt reserves132 | €156,105 | €78,276 | €448 | €448 | €448 | = |
| Distributable reserves133 | €8.4m | €6.8m | €6.4m | €6.2m | €7.7m | ▲ 25.8% |
| Amounts payable17/49 | €14.0m | €12.0m | €12.2m | €10.9m | €8.4m | ▼ 22.3% |
| Amounts payable after more than one year17 | €7.1m | €7.1m | €7.1m | €7.1m | €7.1m | ▼ 0.7% |
| Financial debts170/4 | €7.1m | €7.1m | €7.1m | €7.1m | €7.1m | ▼ 0.7% |
| Subordinated loans170 | €7.0m | €7.0m | €7.0m | €7.0m | €7.0m | = |
| Leasing and similar obligations172 | €55,781 | €99,760 | €64,496 | €129,792 | €83,290 | ▼ 35.8% |
| Amounts payable within one year42/48 | €7.0m | €4.9m | €5.1m | €3.7m | €1.3m | ▼ 64.1% |
| Current portion of amounts payable after more than one year42 | €17,394 | €34,451 | €35,264 | €61,655 | €46,503 | ▼ 24.6% |
| Financial debts43 | €527,392 | €1.6m | - | €791 | €507,863 | ▲ 64,130% |
| Credit institutions430/8 | €527,392 | €1.6m | - | €791 | €507,863 | ▲ 64,130% |
| Trade debts44 | €5.2m | €3.0m | €3.1m | €1.5m | €537,090 | ▼ 63.2% |
| Suppliers440/4 | €5.2m | €3.0m | €3.1m | €1.5m | €537,090 | ▼ 63.2% |
| Taxes, remuneration and social security45 | €149,957 | €201,178 | €220,234 | €333,878 | €236,297 | ▼ 29.2% |
| Taxes450/3 | €27,481 | €42,571 | €42,428 | €89,216 | €59,997 | ▼ 32.8% |
| Remuneration and social security454/9 | €122,476 | €158,607 | €177,806 | €244,662 | €176,301 | ▼ 27.9% |
| Other amounts payable47/48 | €1.0m | €23,667 | €1.7m | €1.9m | €1,160 | ▼ 99.9% |
| Accrued charges and deferred income492/3 | €14,590 | €20,218 | €38,567 | €31,760 | €26,950 | ▼ 15.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.4m | -€1.6m | €5.2m | €1.7m | €1.6m | ▼ 3.9% |
| + Depreciation and write-downs630 | €100,770 | €103,681 | €115,609 | €94,023 | €183,678 | ▲ 95.4% |
| Operating cash flow (approximation) | €4.5m | -€1.5m | €5.3m | €1.7m | €1.8m | ▲ 1.4% |
| Investment in fixed assets (approximation) | - | -€83,686 | €0 | -€597,802 | -€231,005 | ▲ 61.4% |
| Change in cash | - | -€3,664 | €686,012 | -€681,681 | -€4,314 | ▲ 99.4% |
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
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
24-07
State Gazette act
Resignations: Mieke Hoorens, Thomas Deruytter and 2 othersAppointments: Paul Peeters (director) and Bart Vanstiphout (director) · Director discharge · Declaration26 facts ▸
State Gazette act
Resignations: Mieke Hoorens, Thomas Deruytter and 2 others
Appointments: Paul Peeters (director) and Bart Vanstiphout (director) · Director discharge · Declaration26 facts ▸
- Director resignation, Mieke Hoorens (director)
- Director resignation, Thomas Deruytter (director)
- Director resignation, Philippe Tychon (director)
- Director resignation, Jérôme Waterkeyn (director)
- Director discharge, Mieke Hoorens (director)
- Director discharge, Thomas Deruytter (director)
- Director discharge, Philippe Tychon (director)
- Director discharge, Jérôme Waterkeyn (director)
- Declaration, kwijting na goedkeuring jaarrekening, na goedkeuring van de jaarrekening die betrekking heeft op het lopende boekjaar
- Director appointment, Paul Peeters (director)
- Director appointment, Bart Vanstiphout (director)
- Board composition, Paul Peeters (director)
- +14 further facts in this act
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
11-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 316 days late
2023
31-12
Financial
Back to profitnet €5.2m
Net result €5.2m after one loss-making year.
2022
31-12
Financial
Weakest financial yearnet -€1.6m
Net result drops to -€1.6m, the lowest in the series; recovery starts the following year.
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €4.4m
Net result €4.4m after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 1.13
Current ratio from 0.35 to 1.13.
31-12
Financial
Equity above €5mEq €8.6m ▲105%
Equity rises from €4.2m to €8.6m.
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
27-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 58 days late
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · consolidated
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 24 acts read
About the unread acts
Of the 24 Belgian State Gazette acts we know for this company, 1 has been read. The other 23 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
Bart Vanstiphout
CurrentDirector · since 30-06-2026
Paul Peeters
CurrentDirector · since 30-06-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
23 of this company's 24 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2022
Ground area
2.1 ha
Building footprint
7,281 m²
Volume, LiDAR
8,681 m³
Parcel 11816D0084/02S000, Flanders · tallest building 19.3 m. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
COMMA
since 20222.355.703.495
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11816D0084/02S000 | Flanders | 2.1 ha | 1 · 7,281 m² | 19.3 m |
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.
Mandate history
6 people since 2026, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Bart Vanstiphout |
|
| Paul Peeters |
|
| Jérôme Waterkeyn |
|
| Mieke Hoorens |
|
| Philippe Tychon |
|
| Thomas Deruytter |
|
Structure & network
Part of the group
VEOLIA NV-SA
11 companies
Group, risk and exposure
Owners and holdings
2 owners · 4 holdingsChain of control
- VEOLIA NV-SA
- COMMA
Highest known parent: VEOLIA NV-SA. The sources do not say who stands above it.
Owners 2
- VEOLIA NV-SAparent100%
- Sourceaccounts DALFA 20220.01%
Holdings 4
-
100%
-
100%
-
100%
-
100%
According to the 2025 annual accounts of COMMA and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
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Identification & contact
Identification
Legal formPublic limited company
Founded08-05-2006
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
Contact
E-mail
els.lardenoit@hci.be
Phone
+3236602823
E-invoicing
Reachable via Peppol
Peppol ID
0208:0881161757
Also
9925:BE0881161757
Registered
10-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.