COMULEX 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 €2.8m and a net result of €46,508. Equity is growing by about 26% per year across the filed financial years. Its solvency ranks better than 95% of 3,005 sector peers (NACE 64, financial year 2025). The company has been active since 1993 and the Belgian Official Gazette contains no insolvency or warning signals.
Auditor: BV PwC BedrijfsrevisorenAccounts 45 days early
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Checked score
A figure from 0 to 100: the higher it is, the smaller the chance that the company goes bankrupt within twelve months. The band, from Critical to Excellent, follows from that chance; within the band, how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
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.
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. 0.2% means about 2 in 1,000 comparable companies. The higher it is, the shorter the payment term to agree.
This is a financial institution (bank, insurer or financial holding). A bank balance sheet works differently from that of an ordinary trading or manufacturing company. We therefore show no bankruptcy probability rather than a misleading figure.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 60 days before the deadline; the sector median (NACE 64) for financial year 2024 is 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 May (5 of the last 5 filed years within 30 days of that day).
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€2.8m2025Equity€2.8m2025Debt€1512025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€0.02m2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)1.6%2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency100.0%2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio79.552024
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
Net result-€0.2m-€0.2m-€0.2mbelow the sector's middle half€4.7mabove the sector's middle half-€0.08mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 76.9%€0.07mwithin the sector's middle half€0.05mwithin the sector's middle half▼ 29.7%
Equity-€1.9m--€1.7m▲ 11.9%-€1.9mbelow the sector's middle half▼ 11.7%€2.8mabove the sector's middle half€2.7mabove the sector's middle half▼ 3.0%€2.7mabove the sector's middle half▼ 0.7%€2.8mabove the sector's middle half▲ 2.4%€2.8mwithin the sector's middle half▲ 1.7%
Total assets€2.6m-€3.0m▲ 15.8%€2.8mwithin the sector's middle half▼ 4.6%€8.0mabove the sector's middle half▲ 182%€3.0mwithin the sector's middle half▼ 62.2%€2.7mwithin the sector's middle half▼ 10.9%€2.8mwithin the sector's middle half▲ 2.5%€2.8mwithin the sector's middle half▲ 1.7%
Working capital-€3.3m-€1.2m€1.0mabove the sector's middle half▼ 11.6%€6.0mabove the sector's middle half▲ 476%-€0.2mbelow the sector's middle half€0.02mwithin the sector's middle half€0.06mwithin the sector's middle half▲ 122%€0.02mwithin the sector's middle half▼ 57.3%
Solvency-75.6%--57.5%▲ 18.1pp-67.3%below the sector's middle half▼ 9.8pp35.0%within the sector's middle half▲ 102.3pp89.8%above the sector's middle half▲ 54.7pp100.0%above the sector's middle half▲ 10.2pp100.0%above the sector's middle half=100.0%above the sector's middle half=
Current ratio0.26-34.84▲ 34.5831.21above the sector's middle half▼ 3.6420.36above the sector's middle half▼ 10.850.29below the sector's middle half▼ 20.0679.55above the sector's middle half
Return on assets (ROA)-6.4%-7.8%▲ 14.2pp-7.1%below the sector's middle half▼ 14.8pp58.9%above the sector's middle half▲ 66.0pp-2.8%below the sector's middle half▼ 61.7pp-0.7%below the sector's middle half▲ 2.1pp2.4%within the sector's middle half▲ 3.1pp1.6%within the sector's middle half▼ 0.7pp
abovewithinbelowthe middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
99.2%
Fixed assets€2.8m ▲ 2.9%
Current assets€23,731 ▼ 57.5%
Equity and liabilities €2.8m
100.0%
Equity€2.8m ▲ 1.7%
Debt€151 ▼ 78.5%
Debt's share of the balance-sheet total stays at 0.0%.
Key figures and ratios
2025 value · change against 2024
ROE
1.6%▼
2024 · 2.4%
Debt ≤ 1 year
€151▼
2024 · €703
Income taxes
-€9,051▲
2024 · -€30,619
A ratio outside any meaningful range has been withheld (balance sheet total €2.8m, equity €2.8m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 46 lines
Balance sheetCode20242025
Assets
Total assets20/58€2.8m€2.8m▲
Fixed assets21/28€2.7m€2.8m▲
Tangible fixed assets22/27€1.7m€1.7m=
Other tangible fixed assets26€1.7m€1.7m=
Financial fixed assets28€1.0m€1.1m▲
Current assets29/58€0.06m€0.02m▼
Amounts receivable within one year40/41€168€0.02m▲
Trade receivables40€168€0▼
Other amounts receivable41-€0.02m
Cash at bank and in hand54/58€0.05m€0.003m▼
Deferred charges and accrued income490/1€0.004m€0.004m=
Equity and liabilities
Total equity and liabilities10/49€2.8m€2.8m▲
Equity10/15€2.8m€2.8m▲
Contributions10/11€2.2m€2.2m=
Capital10€0.9m€0.9m=
Issued capital100€1.1m€1.1m=
Uncalled capital101€0.2m€0.2m=
Contributions outside capital11€1.3m€1.3m=
Share premium1100/10€1.3m€1.3m=
Reserves13€0.04m€0.04m=
Non-distributable reserves130/1€0.04m€0.04m=
Legal reserve130€0.04m€0.04m=
Profit (loss) carried forward14€0.6m€0.6m▲
Amounts payable17/49€0.001m€151▼
Amounts payable within one year42/48€0.001m€151▼
Financial debts43€151€151=
Credit institutions430/8€151€151=
Trade debts44-€0
Suppliers440/4-€0
Taxes, remuneration and social security45€0.001m€0▼
Taxes450/3€0.001m€0▼
Income statementCode20242025
Turnover70€0.004m€0.004m=
Goods, raw materials, services and sundry goods60/61€0.003m€0.003m▲
Other operating charges640/8€0.001m€0.001m▲
Gross operating margin9900€0.001m€0.001m▼
Operating profit (loss)9901-€37-€454▼
Financial income75/76B€0.04m€0.04m▲
Recurring financial income75€0.04m€0.04m▲
Financial charges65/66B€204€205▲
Recurring financial charges65€204€205▲
Profit (loss) for the period before taxes9903€0.04m€0.04m▲
Income taxes67/77-€0.03m-€0.009m▲
Profit (loss) for the period9904€0.07m€0.05m▼
Profit (loss) for the period to be appropriated9905€0.07m€0.05m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.6m€0.6m▲
Profit (loss) brought forward from the previous period14P€0.5m€0.6m▲
The notes to these accounts (3 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2018
2019
2020
2021
2022
2023
2024
2025
Change
Turnover70
-
-
-
-
-
-
€0.004m
€0.004m
=
Non-recurring operating income76A
-
-
-
-
€0.05m
-
-
-
-
Goods, raw materials, services and sundry goods60/61
-
-
-
-
-
-
€0.003m
€0.003m
▲ 12.6%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-
-
-
-€0.8m
-
-
-
-
-
Other operating charges640/8
-
-
-
€0.001m
€0.001m
€0.001m
€0.001m
€0.001m
▲ 3.2%
Gross operating margin9900
€0.006m
€0.4m
€0.004m
€4.4m
€0.06m
-€0.001m
€0.001m
€0.001m
▼ 41.5%
Operating profit (loss)9901
€0.005m
€0.4m
-€0.04m
€5.2m
€0.05m
-€0.002m
-€37
-€454
▼ 1,138%
Financial income75/76B
-
-
-
-
-
€0.04m
€0.04m
€0.04m
▲ 6.6%
Recurring financial income75
€0.004m
€0.005m
€0.002m
-
-
€0.04m
€0.04m
€0.04m
▲ 6.6%
Financial charges65/66B
-
-
-
€0.2m
€0.1m
€199
€204
€205
▲ 0.7%
Recurring financial charges65
€0.2m
€0.2m
€0.2m
€0.2m
€0.1m
€199
€204
€205
▲ 0.7%
Profit (loss) for the period before taxes9903
-€0.1m
€0.2m
-€0.2m
€5.0m
-€0.08m
€0.03m
€0.04m
€0.04m
▲ 5.5%
Income taxes67/77
€0.02m
€0.01m
-
€0.3m
-
€0.05m
-€0.03m
-€0.009m
▲ 70.4%
Profit (loss) for the period9904
-€0.2m
€0.2m
-€0.2m
€4.7m
-€0.08m
-€0.02m
€0.07m
€0.05m
▼ 29.7%
Profit (loss) for the period to be appropriated9905
-€0.2m
€0.2m
-€0.2m
€4.7m
-€0.08m
-€0.02m
€0.07m
€0.05m
▼ 29.7%
Line
2018
2019
2020
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€2.6m
€3.0m
€2.8m
€8.0m
€3.0m
€2.7m
€2.8m
€2.8m
▲ 1.7%
Fixed assets21/28
€1.4m
€1.8m
€1.8m
€1.8m
€2.9m
€2.7m
€2.7m
€2.8m
▲ 2.9%
Tangible fixed assets22/27
€1.4m
€1.8m
€1.8m
€1.8m
€1.7m
€1.7m
€1.7m
€1.7m
=
Other tangible fixed assets26
-
-
-
€1.8m
€1.7m
€1.7m
€1.7m
€1.7m
=
Financial fixed assets28
€0.01m
€0.01m
€0.01m
-
€1.3m
€1.0m
€1.0m
€1.1m
▲ 7.5%
Current assets29/58
€1.2m
€1.2m
€1.1m
€6.3m
€0.09m
€0.02m
€0.06m
€0.02m
▼ 57.5%
Stocks and contracts in progress3
€1.1m
€1.1m
€1.1m
-
-
-
-
-
-
Amounts receivable within one year40/41
-
-
-
€0.006m
€0.001m
€168
€168
€0.02m
▲ 10,113%
Trade receivables40
-
-
-
€0.006m
€0.001m
€168
€168
€0
▼ 100%
Other amounts receivable41
-
-
-
-
-
-
-
€0.02m
-
Cash at bank and in hand54/58
€404
€0.007m
€0.009m
€6.2m
€0.09m
€0.02m
€0.05m
€0.003m
▼ 95.1%
Deferred charges and accrued income490/1
-
-
-
€0.01m
€0.004m
€0.004m
€0.004m
€0.004m
=
Equity and liabilities
Total equity and liabilities10/49
€2.6m
€3.0m
€2.8m
€8.0m
€3.0m
€2.7m
€2.8m
€2.8m
▲ 1.7%
Equity10/15
-€1.9m
-€1.7m
-€1.9m
€2.8m
€2.7m
€2.7m
€2.8m
€2.8m
▲ 1.7%
Contributions10/11
€0.9m
€0.9m
€0.9m
€2.2m
€2.2m
€2.2m
€2.2m
€2.2m
=
Capital10
-
-
-
€0.9m
€0.9m
€0.9m
€0.9m
€0.9m
=
Issued capital100
-
-
-
€1.1m
€1.1m
€1.1m
€1.1m
€1.1m
=
Uncalled capital101
-
-
-
€0.2m
€0.2m
€0.2m
€0.2m
€0.2m
=
Contributions outside capital11
-
-
-
€1.3m
€1.3m
€1.3m
€1.3m
€1.3m
=
Share premium1100/10
-
-
-
€1.3m
€1.3m
€1.3m
€1.3m
€1.3m
=
Reserves13
-
-
-
€0.03m
€0.04m
€0.04m
€0.04m
€0.04m
=
Non-distributable reserves130/1
-
-
-
€0.03m
€0.04m
€0.04m
€0.04m
€0.04m
=
Legal reserve130
-
-
-
€0.03m
€0.04m
€0.04m
€0.04m
€0.04m
=
Profit (loss) carried forward14
-€4.1m
-€3.9m
-€4.1m
€0.6m
€0.5m
€0.5m
€0.6m
€0.6m
▲ 8.4%
Amounts payable17/49
€4.5m
€4.7m
€4.8m
€5.2m
€0.3m
€151
€0.001m
€151
▼ 78.5%
Amounts payable after more than one year17
-
€4.7m
€4.7m
€4.9m
-
-
-
-
-
Other amounts payable178/9
-
-
-
€4.9m
-
-
-
-
-
Amounts payable within one year42/48
€4.5m
€0.03m
€0.03m
€0.3m
€0.3m
€151
€0.001m
€151
▼ 78.5%
Financial debts43
-
-
-
€151
€151
€151
€151
€151
=
Credit institutions430/8
-
-
-
€151
€151
€151
€151
€151
=
Trade debts44
€0.001m
€0.003m
€0.002m
-
€0.003m
-
-
€0
-
Suppliers440/4
-
-
-
-
€0.003m
-
-
€0
-
Taxes, remuneration and social security45
-
-
-
€0.3m
€0.3m
-
€0.001m
€0
▼ 100%
Taxes450/3
-
-
-
€0.3m
€0.3m
-
€0.001m
€0
▼ 100%
Line
2018
2019
2020
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
-€0.2m
€0.2m
-€0.2m
€4.7m
-€0.08m
-€0.02m
€0.07m
€0.05m
▼ 29.7%
Operating cash flow (approximation)
-€0.2m
€0.2m
-€0.2m
€4.7m
-€0.08m
-€0.02m
€0.07m
€0.05m
▼ 29.7%
Investment in fixed assets (approximation)
-
-€0.4m
€0.001m
€0.01m
-€1.2m
€0.3m
-€0.04m
-€0.08m
▼ 118%
Change in cash
-
€0.006m
€0.002m
€6.2m
-€6.2m
-€0.07m
€0.03m
-€0.05m
-
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Of the 24,458 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,963. 9,876 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
Directors
Who runs the company today and since when, grouped the way the KBO groups its office holders. Many recent board changes are a reason to keep a close eye.
Still in office according to the deeds, but no deed of the last six years confirms the mandate. Mandates like this have often ended since, in a deed we have not read yet.
Director · Private limited company · permanent representative: Philippe Opsomer
Not recently confirmed
Permanent representatives 1
LC
Laurent Calonne
Permanent representative · since 25-04-2019 · for LARES REAL ESTATE
Current
2 not recently confirmed
Still in office according to the deeds, but no deed of the last six years confirms the mandate. Mandates like this have often ended since, in a deed we have not read yet.
TK
Thierry Kislanski
Permanent representative · since 19-03-2008 · for THIERRY KISLANSKI MANAGEMENT BV
Not recently confirmed
PO
Philippe Opsomer
Permanent representative · for A.S.A.P. CONSULTING
Not recently confirmed
Statutory auditor 1
BP
BV PwC Bedrijfsrevisoren
Statutory auditor · since 19-05-2026 · permanent representative: William Rutten
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
According to the 2025 annual accounts of COMULEX and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it.
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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
Capital and shareholders
When capital was put in or taken out. An increase often strengthens the company; a reduction deserves a look.
Capital over the years
03-01-2024Capital stated in the deed · €1,108,722.03 · 4,473 shares
The company's story in a few sentences, from the company register, the Belgian Official Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
COMULEX was incorporated on 6 December 1993.1The registered office moved to Zaventem in 2013 and to Brussel in 2020.23The board currently has 2 members; LARES REAL ESTATE has served longest, since 2019.4Total assets went from €2.6m in 2018 to €2.8m in 2025.5
Gazette deedAppointments: Thierry Kislanski Management (director) and Amaury de Crombrugghe (director)
Permanent representatives: Thierry Kislanski and Amaury de Crombrugghe · Mandate term6 facts ▸
General meeting, 19-03-2008
Director appointment, Thierry Kislanski Management (director)
Permanent representative, Thierry Kislanski
Director appointment, Amaury de Crombrugghe (director)
Permanent representative, Amaury de Crombrugghe
Mandate term, “einde onmiddellijk na de jaarvergadering van 2014” (deed in Dutch) (2 times)
2003
24-06
Gazette deedAppointment: BVBА Strategy, Management and Investments (director)
Resignation: NV Banimmo Real Estate Management Company (director)3 facts ▸
General meeting, 06-05-2003
Director appointment, BVBА Strategy, Management and Investments (director)
Director resignation, NV Banimmo Real Estate Management Company (director)
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 32 annual accounts filed, the latest 10 are here; all 32 are under Financials.
23 of 23 deeds read
Register details
Identification
Legal formPublic limited company
Founded06-12-1993
Financial year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID0208:0451583993
Also9925:BE0451583993
Registered12-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Hippokrateslaan 16, 1932 ZaventemActivities of holding companies
since 1995unit no. 2.071.421.241
2 parcels
Flanders1(50%)Brussels1(50%)
Cadastral parcel
Region
Area
Buildings
Height / floors
23078C0183/00L000
Flanders
7,171 m²
1 · 693 m²
42.5 m · 13
21803C0382/00G000
ProtectedMonumentHuizen rond het BarricadenpleinSource ↗
Brussels
1,284 m²
1 · 1,036 m²
26.4 m · 7
How the parcels are linked
Good to know
Both parcels match the address exactly.
1 of these parcels carries protected heritage: expect extra rules on renovation or sale.
Articles of association
PurposeThe activities the company may carry out under its articles.
“1) alle onroerende verrichtingen uit te voeren... 2) alle financiële verrichtingen te verwezenlijken... 3) het mandaat van bestuurder in…” (deed in Dutch)
Text of the purpose (deed in Dutch)
“1) alle onroerende verrichtingen uit te voeren... 2) alle financiële verrichtingen te verwezenlijken... 3) het mandaat van bestuurder in alle vennootschappen uit te oefenen.”