COMOBEL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 24 filings
Turnover
≈ €180,000
Estimated: probably between €94,000 and €340,000
EBIT margin
Not included in this filing
Net result
€15,182▲ 179%
2024 · €5,441
Working capital
-€25,521▲ 32.2%
2024 · -€37,655
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€27,908
▲ 55.4%
2025
20182025
Net result
€15,182
▲ 179%
2025
middle half of the sector
20182025
Equity
-€69,279
▲ 18.0%
2025
lowest quarter of the sector
20182025
Total assets
€264,746
▼ 2.0%
2025
middle half of the sector
20182025
Debt
€334,025
▼ 5.8%
2025
20182025
Working capital
-€25,521
▲ 32.2%
2025
lowest quarter of the sector
20182025
Solvency
-26.2%
▲ 5.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.48
▲ 0.27
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.7%
▲ 3.7pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€16,079-€13,292▼ 17.3%€21,702▲ 63.3%€18,921▼ 12.8%€35,286▲ 86.5%€9,378▼ 73.4%€17,960▲ 91.5%€27,908▲ 55.4%
Net result€16,676-€7,514▼ 54.9%€19,918within the sector's middle half▲ 165%€17,056within the sector's middle half▼ 14.4%€29,011within the sector's middle half▲ 70.1%-€83within the sector's middle half€5,441within the sector's middle half€15,182within the sector's middle half▲ 179%
Equity-€163,319--€155,804▲ 4.6%-€135,886below the sector's middle half▲ 12.8%-€118,830below the sector's middle half▲ 12.6%-€89,820below the sector's middle half▲ 24.4%-€89,903below the sector's middle half▼ 0.1%-€84,462below the sector's middle half▲ 6.1%-€69,279below the sector's middle half▲ 18.0%
Total assets€157,842-€149,860▼ 5.1%€146,816within the sector's middle half▼ 2.0%€143,702within the sector's middle half▼ 2.1%€169,596below the sector's middle half▲ 18.0%€295,623below the sector's middle half▲ 74.3%€270,071below the sector's middle half▼ 8.6%€264,746within the sector's middle half▼ 2.0%
Debt€321,160-€305,664▼ 4.8%€282,703▼ 7.5%€262,533▼ 7.1%€259,415▼ 1.2%€385,526▲ 48.6%€354,532▼ 8.0%€334,025▼ 5.8%
Working capital-€40,239--€38,998▲ 3.1%-€28,348below the sector's middle half▲ 27.3%-€20,004below the sector's middle half▲ 29.4%-€18,773below the sector's middle half▲ 6.2%-€37,883below the sector's middle half▼ 102%-€37,655below the sector's middle half▲ 0.6%-€25,521below the sector's middle half▲ 32.2%
Solvency-103.5%--104.0%▼ 0.5pp-92.6%below the sector's middle half▲ 11.4pp-82.7%below the sector's middle half▲ 9.9pp-53.0%below the sector's middle half▲ 29.7pp-30.4%below the sector's middle half▲ 22.5pp-31.3%below the sector's middle half▼ 0.9pp-26.2%below the sector's middle half▲ 5.1pp
Current ratio0.06-0.05▼ 0.010.13below the sector's middle half▲ 0.090.30below the sector's middle half▲ 0.160.46below the sector's middle half▲ 0.160.31below the sector's middle half▼ 0.150.21below the sector's middle half▼ 0.090.48below the sector's middle half▲ 0.27
Return on assets (ROA)10.6%-5.0%▼ 5.6pp13.6%above the sector's middle half▲ 8.6pp11.9%within the sector's middle half▼ 1.7pp17.1%above the sector's middle half▲ 5.2pp0.0%within the sector's middle half▼ 17.1pp2.0%within the sector's middle half▲ 2.0pp5.7%within the sector's middle half▲ 3.7pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Manufacture of electrical equipment (NACE 27). 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 2025 is 55% higher than in 2024. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €264,746
Fixed assets
€240,884 ▼ 7.3%
Current assets
€23,862 ▲ 132%
Equity and liabilities
Equity-€69,279
Debt€334,025
Equity is negative. Debt (€334,025) exceeds the balance-sheet total (€264,746).
Key figures and ratios
EBITDA
€46,806▲
2024 · €36,858
Cash flow
€34,080▲
2024 · €24,339
Interest coverage
4.02▲
2024 · 2.94
Debt ≤ 1 year
€49,383▲
2024 · €47,944
Debt > 1 year
€283,742▼
2024 · €306,567
Income taxes
€1,074
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.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €350,035 | €328,668 | €306,567 |
| Debts guaranteed by Belgian public bodies | - | €237,861 | - | - | - |
| Mortgages, amount registered | €355,986 | €335,500 | €335,500 | €335,500 | €335,500 |
| Carrying value of the mortgaged assets | €135,217 | €153,645 | €273,649 | €255,833 | €238,017 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €58,647 | €135,431 | - | - |
| Depreciation and write-downs of the year | €7,180 | €5,421 | €10,397 | €18,898 | €18,898 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €23,850 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,683 | €7,402 | €7,310 | €7,180 | €5,421 | €10,397 | €18,898 | €18,898 | = |
| Other operating charges640/8 | - | - | - | €2,080 | €12,505 | €3,669 | €2,817 | €2,906 | ▲ 3.2% |
| Gross operating margin9900 | €29,756 | €24,987 | €31,076 | €28,182 | €53,212 | €23,444 | €39,675 | €49,712 | ▲ 25.3% |
| Operating profit (loss)9901 | €16,079 | €13,292 | €21,702 | €18,921 | €35,286 | €9,378 | €17,960 | €27,908 | ▲ 55.4% |
| Financial income75/76B | - | - | - | €54 | €0 | €0 | €8 | €5 | ▼ 36.9% |
| Recurring financial income75 | €304 | €540 | €0 | €54 | €0 | €0 | €8 | €5 | ▼ 36.9% |
| Financial charges65/66B | - | - | - | €1,920 | €6,276 | €9,462 | €12,527 | €11,657 | ▼ 6.9% |
| Recurring financial charges65 | €7,838 | €6,318 | €1,784 | €1,920 | €6,276 | €9,462 | €12,527 | €11,657 | ▼ 6.9% |
| Profit (loss) for the period before taxes9903 | €16,676 | €7,514 | €19,918 | €17,056 | €29,011 | -€83 | €5,441 | €16,256 | ▲ 199% |
| Income taxes67/77 | - | - | - | - | - | - | - | €1,074 | - |
| Profit (loss) for the period9904 | €16,676 | €7,514 | €19,918 | €17,056 | €29,011 | -€83 | €5,441 | €15,182 | ▲ 179% |
| Profit (loss) for the period to be appropriated9905 | €16,676 | €7,514 | €19,918 | €17,056 | €29,011 | -€83 | €5,441 | €15,182 | ▲ 179% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €157,842 | €149,860 | €146,816 | €143,702 | €169,596 | €295,623 | €270,071 | €264,746 | ▼ 2.0% |
| Fixed assets21/28 | €155,315 | €147,913 | €142,397 | €135,217 | €153,645 | €278,680 | €259,782 | €240,884 | ▼ 7.3% |
| Tangible fixed assets22/27 | €155,315 | €147,913 | €142,397 | €135,217 | €153,645 | €278,680 | €259,782 | €240,884 | ▼ 7.3% |
| Land and buildings22 | - | - | - | €135,217 | €153,645 | €273,649 | €255,833 | €238,017 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,053 | €816 | €578 | ▼ 29.1% |
| Furniture and vehicles24 | - | - | - | - | - | €3,977 | €3,133 | €2,288 | ▼ 27.0% |
| Current assets29/58 | €2,527 | €1,947 | €4,419 | €8,486 | €15,950 | €16,943 | €10,289 | €23,862 | ▲ 132% |
| Stocks and contracts in progress3 | €225 | €225 | €225 | €275 | €0 | - | - | - | - |
| Stocks30/36 | - | - | - | €275 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €1,732 | €1,722 | €2,474 | €7,965 | €1,947 | €8,906 | €2,562 | €16,898 | ▲ 560% |
| Trade receivables40 | - | - | - | €7,125 | €1,947 | €8,060 | €2,384 | €968 | ▼ 59.4% |
| Other amounts receivable41 | - | - | - | €840 | €0 | €846 | €178 | €15,930 | ▲ 89× |
| Cash at bank and in hand54/58 | €570 | - | €1,720 | €246 | €13,883 | €5,081 | €2,334 | €2,399 | ▲ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €121 | €2,956 | €5,393 | €4,565 | ▼ 15.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €157,842 | €149,860 | €146,816 | €143,702 | €169,596 | €295,623 | €270,071 | €264,746 | ▼ 2.0% |
| Equity10/15 | -€163,319 | -€155,804 | -€135,886 | -€118,830 | -€89,820 | -€89,903 | -€84,462 | -€69,279 | ▲ 18.0% |
| Contributions10/11 | €40,000 | €40,000 | - | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€205,319 | -€197,804 | -€177,886 | -€160,830 | -€131,820 | -€131,903 | -€126,462 | -€111,279 | ▲ 12.0% |
| Amounts payable17/49 | €321,160 | €305,664 | €282,703 | €262,533 | €259,415 | €385,526 | €354,532 | €334,025 | ▼ 5.8% |
| Amounts payable after more than one year17 | €278,394 | €264,719 | €249,936 | €234,043 | €224,419 | €328,668 | €306,567 | €283,742 | ▼ 7.4% |
| Financial debts170/4 | - | - | - | €234,043 | €224,419 | €328,668 | €306,567 | €283,742 | ▼ 7.4% |
| Amounts payable within one year42/48 | €42,766 | €40,945 | €32,767 | €28,489 | €34,723 | €54,827 | €47,944 | €49,383 | ▲ 3.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,892 | €13,442 | €21,368 | €22,100 | €22,826 | ▲ 3.3% |
| Trade debts44 | €1,722 | €748 | €1,447 | €6,104 | €73 | €15,113 | €6,435 | €3,347 | ▼ 48.0% |
| Suppliers440/4 | - | - | - | €6,104 | €73 | €15,113 | €6,435 | €3,347 | ▼ 48.0% |
| Taxes, remuneration and social security45 | - | - | - | €8 | €4,892 | €1,289 | €1,043 | €4,717 | ▲ 352% |
| Taxes450/3 | - | - | - | €8 | €4,892 | €1,289 | €1,043 | €4,717 | ▲ 352% |
| Other amounts payable47/48 | - | - | - | €6,485 | €16,316 | €17,057 | €18,366 | €18,494 | ▲ 0.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €273 | €2,032 | €21 | €900 | ▲ 42× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,676 | €7,514 | €19,918 | €17,056 | €29,011 | -€83 | €5,441 | €15,182 | ▲ 179% |
| + Depreciation and write-downs630 | €11,683 | €7,402 | €7,310 | €7,180 | €5,421 | €10,397 | €18,898 | €18,898 | = |
| Operating cash flow (approximation) | €28,360 | €14,916 | €27,229 | €24,236 | €34,432 | €10,314 | €24,339 | €34,080 | ▲ 40.0% |
| Investment in fixed assets (approximation) | - | €0 | -€1,795 | €0 | -€23,850 | -€135,431 | €0 | €0 | - |
| Change in cash | - | - | - | -€1,474 | €13,637 | -€8,802 | -€2,747 | €65 | - |
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, 3,794 companies had the same profile as COMOBEL has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMOBEL 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 3,794 companies, not a prediction for COMOBEL. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00293646 | |
| 31-12-2024 | full format | 22-07-2025 | 2025-00292458 | |
| 31-12-2023 | full format | 19-08-2024 | 2024-00350040 | |
| 31-12-2022 | full format | 11-07-2023 | 2023-00223310 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20077288 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28900306 | |
| 31-12-2019 | micro format | 29-08-2020 | 2020-48200332 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-51900257 | |
| 31-12-2017 | micro format | 11-08-2018 | 2018-46400384 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46600028 |