ACTIVE

COMBORI

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Financial year 2025 · closed on 31/12/2025

Net result

1,3 M €

+11.0% YoY

Revenue

30,4 M €

-3.8% YoY

Equity

60,7 M €

+2.2% YoY

Workforce

35,9 ETP

-6.5% YoY

What does COMBORI do?

COMBORI is a Public limited company incorporated in 1938. Its registered office is in Antwerpen. It employs on average 35,9 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0404.936.002

Incorporation

01/08/1938

Legal form

Public limited company

Registered office

Blancefloerlaan 179A
2050 Antwerpen · FlandreSee on map

Contributed capital

87 475 189,51 €

Latest accounts

31/12/2025

Average workforce

35,9 ETP

Joint committees (3)

14904
200
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2020		2019		2016		2011		2010		2009		2008		2007		2006
Income statement
Revenue	30,4 M €	-3.8%	31,6 M €	-18.4%	38,7 M €	+7.2%	36,1 M €	+26.3%	28,6 M €	+20.4%	23,8 M €	-4.3%	24,8 M €	+9.1%	22,8 M €	+5.5%	21,6 M €	+18.9%	18,1 M €	+18.4%	15,3 M €	-33.9%	23,2 M €	-16.5%	27,8 M €	+7.6%	25,8 M €
EBITDA	1,3 M €	+2.0%	1,3 M €	-15.3%	1,6 M €	-5.9%	1,7 M €	+98.2%	833,8 k €	+22.9%	678,3 k €	-55.3%	1,5 M €	+25.1%	1,2 M €	+125%	537,8 k €	+177%	-697,3 k €	+59.2%	-1,7 M €	-482%	446,9 k €	-25.5%	599,4 k €	+172%	-833,9 k €
Operating result	1,3 M €	+7.0%	1,2 M €	-25.2%	1,6 M €	+10.8%	1,4 M €	+18.8%	1,2 M €	+177%	433,9 k €	-69.2%	1,4 M €	+26.0%	1,1 M €	+184%	394,1 k €	+157%	-687,8 k €	+61.0%	-1,8 M €	-532%	408,5 k €	-19.4%	506,9 k €	+139%	-1,3 M €
Net result	1,3 M €	+11.0%	1,2 M €	+5.9%	1,1 M €	+5.9%	1 M €	+108%	-13,8 M €	-2850%	503,3 k €	-63.4%	1,4 M €	-10.1%	1,5 M €	+144%	-3,5 M €	-134%	-1,5 M €	+54.9%	-3,3 M €	-278%	-874,4 k €	-121%	4,2 M €	+364%	-1,6 M €
Balance sheet
Equity	60,7 M €	+2.2%	59,4 M €	+2.0%	58,3 M €	+1.9%	57,2 M €	+1.9%	56,1 M €	-19.8%	70 M €	+0.7%	69,5 M €	+7.2%	64,8 M €	+158%	25,1 M €	-12.2%	28,6 M €	-5.0%	30,1 M €	-9.9%	33,4 M €	+265%	9,1 M €	+72.6%	5,3 M €
Total assets	75,8 M €	+16.8%	64,9 M €	+0.9%	64,3 M €	+3.9%	61,8 M €	-3.9%	64,4 M €	-11.3%	72,6 M €	+1.5%	71,5 M €	+6.6%	67,1 M €	-11.3%	75,7 M €	+25.2%	60,4 M €	-0.5%	60,7 M €	-17.7%	73,8 M €	+275%	19,7 M €	-24.6%	26,1 M €
Cash	–		–		–		–		–		56,6 k €	+2804%	1,9 k €	-94.9%	38,4 k €	+463%	6,8 k €	-72.7%	24,9 k €	-98.2%	1,4 M €	-89.3%	13,2 M €	+19.2%	11,1 M €	+17.9%	9,4 M €
Debts	14,9 M €	+182%	5,3 M €	-9.7%	5,9 M €	+32.5%	4,4 M €	-45.4%	8,1 M €	+257%	2,3 M €	+22.5%	1,9 M €	+6.0%	1,7 M €	-96.5%	50,2 M €	+60.5%	31,3 M €	+3.8%	30,1 M €	-24.3%	39,8 M €	+306%	9,8 M €	-46.4%	18,3 M €
Other
Workforce	35,9 ETP	-6.5%	38,4 ETP	-7.7%	41,6 ETP	+9.8%	37,9 ETP	+7.7%	35,2 ETP	-8.6%	38,5 ETP	-4.7%	40,4 ETP	-14.4%	47,2 ETP	-16.6%	56,6 ETP	+4.0%	54,4 ETP	-13.1%	62,6 ETP	-11.6%	70,8 ETP	-10.7%	79,3 ETP	-21.6%	101,2 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Vincent Spelbos

Managing director · since 01 novembre 2025

Active

René Pit

Director · since 01 février 2021 · until 31 octobre 2025

Active

BMF Management Services BV

Managing director · since 03 août 2020 · until 26 juin 2026

Represented by Francisco Terol

Active

Ended mandates

René Pit

Director · since 01 février 2021 · until 26 juin 2026

Ended

H.V. Draa lll

Managing director · since 01 juillet 2017 · until 30 juin 2023

Ended

Frans Maas

Director · since 24 juin 2016 · until 25 juin 2021

Ended

Paul Joseph Stanukinas

Managing director · since 01 décembre 2015 · until 25 juin 2021

Ended

At this address

Other companies at this address

Company	CBE no.
CITYCROWN● Active	1029.312.530
CORRIDOR● Active	1029.311.540
CURA● Active	1029.313.718
FABORY CENTRES BELGIUM● Active	0430.092.258
Neroc België● Bankrupt	0779.548.814
PARTIBEL● Active	0828.301.905

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	02/07/2026	04/07/2025	02/07/2024	04/07/2023	29/07/2022	08/07/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	08/07/2022	25/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/06/2026	02/07/2026	Dutch	PDF
Full model	31/12/2024	27/06/2025	04/07/2025	Dutch	PDF
Full model	31/12/2023	28/06/2024	02/07/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	04/07/2023	Dutch	PDF
Full model	31/12/2021	08/07/2022	29/07/2022	Dutch	PDF
Full model	31/12/2020	25/06/2021	08/07/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	13/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	28/06/2019	Dutch	PDF
Full model	31/12/2017	29/06/2018	09/07/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	03/07/2017	Dutch	PDF
Full model	31/12/2015	24/06/2016	01/07/2016	Dutch	PDF
Full model	31/12/2014	26/06/2015	07/07/2015	Dutch	PDF
Full model	31/12/2013	27/06/2014	03/07/2014	Dutch	PDF
Full model	31/12/2012	22/11/2013	29/11/2013	Dutch	PDF
Full model	31/12/2011	29/06/2012	02/07/2012	Dutch	PDF
Full model	31/12/2010	24/06/2011	27/06/2011	Dutch	PDF
Full model	31/12/2009	25/06/2010	08/12/2010	Dutch	PDF
Full model	31/12/2008	26/06/2009	06/07/2009	Dutch	PDF
Full model	31/12/2007	27/06/2008	01/07/2008	Dutch	PDF
Full model	31/12/2006	29/06/2007	10/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Vincent Spelbos

Managing director · since 01 novembre 2025

Active

René Pit

Director · since 01 février 2021 · until 31 octobre 2025

Active

BMF Management Services BV

Managing director · since 03 août 2020 · until 26 juin 2026

Represented by Francisco Terol

Active

Ended mandates

René Pit

Director · since 01 février 2021 · until 26 juin 2026

Ended

H.V. Draa lll

Managing director · since 01 juillet 2017 · until 30 juin 2023

Ended

Frans Maas

Director · since 24 juin 2016 · until 25 juin 2021

Ended

Paul Joseph Stanukinas

Managing director · since 01 décembre 2015 · until 25 juin 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares22/01/2026
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates10/07/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office09/08/2022
MAATSCHAPPELIJKE ZETEL
PDF
Mandates07/12/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/02/2021
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20251,3 M €↑
01/11/2025
nominationVincent SPELBOS — bestuurder
01/04/2025
nominationMartinus Petrus Nicolaas Verdegaal — vaste vertegenwoordiger
2024
Annual accounts 20241,2 M €↑
19/09/2024
reconductionBDO Bedrijfsrevisoren BV — commissaris
2023
Annual accounts 20231,1 M €↑
29/11/2023
nominationRené Pit — gedelegeerd bestuurder
2022
Annual accounts 20221 M €↑
29/12/2022
nominationYves Antoine A. Derycke — vaste vertegenwoordiger voor het bestuursmandaat
2021
Annual accounts 2021-13,8 M €↓
2020
Annual accounts 2020503,3 k €↓
2019
Annual accounts 20191,4 M €↓
2016
Annual accounts 20161,5 M €↑
2011
Annual accounts 2011-3,5 M €↓
2010
Annual accounts 2010-1,5 M €↑
2009
Annual accounts 2009-3,3 M €↓
2008
Annual accounts 2008-874,4 k €↓
2007
Annual accounts 20074,2 M €↑
2006
Annual accounts 2006-1,6 M €
01/08/1938
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

COMBORI

Overview

What does COMBORI do?

Trend over 14 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline