ACTIVE

COMBES TRADING

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

430,4 k €

+138.6% YoY

Gross margin

1,1 M €

+75.3% YoY

Equity

2,5 M €

+17.3% YoY

What does COMBES TRADING do?

COMBES TRADING is a Private limited company incorporated in 1988. Its main activity is: Non-specialised wholesale trade. Its registered office is in Izegem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0434.184.965

Incorporation

25/04/1988

Legal form

Private limited company

Registered office

Rhodesstraat 1
8870 Izegem · FlandreSee on map

Contributed capital

668 852,24 €

Latest accounts

31/12/2025

Activities (NACE)

46900Non-specialised wholesale trade· main 46900Non-specialised wholesale trade 51900Air transport 01430Raising of horses and other equines

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2016		2015		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	1,1 M €	+75.3%	632,8 k €	-30.5%	910,1 k €	+99.9%	455,2 k €	+4.4%	435,8 k €	+40.3%	310,5 k €	+6.9%	290,6 k €	-45.2%	530,6 k €	+155%	208,1 k €	+3.8%	200,5 k €	+23.4%	162,5 k €	+28.3%	126,7 k €	-49.6%	251,5 k €	+37.4%	183,1 k €	+6.4%	172 k €	+14.1%	150,7 k €	-23.7%	197,5 k €	+24.6%	158,4 k €
EBITDA	1,1 M €	+85.9%	573,2 k €	-34.9%	880,6 k €	+107%	425,4 k €	+4.1%	408,6 k €	+43.3%	285,2 k €	+7.9%	264,4 k €	-48.0%	508 k €	+174%	185,1 k €	+4.7%	176,8 k €	+26.9%	139,3 k €	+38.3%	100,7 k €	-53.4%	216 k €	+32.9%	162,5 k €	+10.4%	147,2 k €	+11.0%	132,6 k €	-26.6%	180,7 k €	+3019%	5,8 k €
Operating result	860,5 k €	+132%	370,3 k €	-46.3%	690,1 k €	+184%	243,2 k €	+5.5%	230,5 k €	+114%	107,8 k €	+66.9%	64,6 k €	-79.5%	314,9 k €	+592%	45,5 k €	+436%	8,5 k €	-76.4%	35,9 k €	+527%	5,7 k €	-94.8%	110,8 k €	+124%	49,4 k €	+52.7%	32,4 k €	-6.4%	34,6 k €	-61.1%	88,8 k €	+128%	39 k €
Net result	430,4 k €	+139%	180,4 k €	-53.0%	383,6 k €	+128%	168,2 k €	+23.8%	135,8 k €	+363%	29,3 k €	+34.7%	21,8 k €	-90.0%	217,2 k €	+1713%	12 k €	+159%	-20,2 k €	-311%	9,5 k €	+115%	-63 k €	-196%	65,6 k €	+773%	-9,8 k €	-144%	-4 k €	+80.0%	-19,9 k €	-185%	23,6 k €	-15.9%	28,1 k €
Balance sheet
Equity	2,5 M €	+17.3%	2,1 M €	+9.3%	1,9 M €	+24.6%	1,6 M €	+12.1%	1,4 M €	+10.8%	1,3 M €	+2.3%	1,2 M €	+1.7%	1,2 M €	+15.1%	1 M €	+1.2%	1 M €	+165%	389,8 k €	+2.5%	380,2 k €	-14.2%	443,2 k €	+17.4%	377,6 k €	-2.5%	387,4 k €	-1.0%	391,4 k €	-4.8%	411,3 k €	+6.1%	387,7 k €
Total assets	4,2 M €	+3.0%	4,1 M €	-5.1%	4,3 M €	+1.9%	4,2 M €	+19.3%	3,5 M €	+16.9%	3 M €	-2.4%	3,1 M €	+7.8%	2,9 M €	+1.1%	2,8 M €	-3.4%	2,9 M €	+2.8%	2,8 M €	+10.0%	2,6 M €	+1.4%	2,6 M €	-4.1%	2,7 M €	+90.4%	1,4 M €	+5.0%	1,3 M €	-7.4%	1,4 M €	+9.0%	1,3 M €
Cash	266,4 k €	+23.4%	215,8 k €	+7.2%	201,3 k €	-41.8%	345,9 k €	+59.1%	217,4 k €	+56.5%	138,9 k €	+175%	50,6 k €	+25.7%	40,3 k €	-82.6%	231,7 k €	+115%	108 k €	-1.5%	109,7 k €	+38.6%	79,1 k €	+2.8%	77 k €	-46.9%	145 k €	+4366%	3,2 k €	-97.1%	110,4 k €	+141%	45,8 k €	+699%	5,7 k €
Debts	1,6 M €	-13.0%	1,8 M €	-18.1%	2,2 M €	-12.1%	2,5 M €	+26.3%	2 M €	+24.1%	1,6 M €	-5.3%	1,7 M €	+14.8%	1,5 M €	-11.1%	1,7 M €	+13.4%	1,5 M €	-40.3%	2,5 M €	+11.3%	2,2 M €	+5.2%	2,1 M €	-7.4%	2,3 M €	+128%	993,4 k €	+6.0%	937,2 k €	-8.4%	1 M €	+10.3%	927,8 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 4 ended

Active mandates

Johan Combes

Director

Active

Marie-Julie Combes

Director

Active

Veronique Boret

Director

Active

Ended mandates

Marie-Julie Combes

Director · since 01 janvier 2024

Ended

Veronique BORET

Manager · since 01 avril 2010

Ended

Johan COMBES

Manager

Ended

Veronique Boret

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
LMJC INVEST● Active	0793.316.082

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	27/08/2026	23/09/2025	30/08/2024	24/08/2023	23/08/2022	25/08/2021
General meeting	01/06/2026	02/06/2025	03/06/2024	05/06/2023	07/06/2022	07/06/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	01/06/2026	27/08/2026	Dutch	PDF
Abridged model	31/12/2024	02/06/2025	23/09/2025	Dutch	PDF
Abridged model	31/12/2023	03/06/2024	30/08/2024	Dutch	PDF
Abridged model	31/12/2022	05/06/2023	24/08/2023	Dutch	PDF
Abridged model	31/12/2021	07/06/2022	23/08/2022	Dutch	PDF
Abridged model	31/12/2020	07/06/2021	25/08/2021	Dutch	PDF
Abridged model	31/12/2019	02/06/2020	29/07/2020	Dutch	PDF
Abridged model	31/12/2018	03/06/2019	26/08/2019	Dutch	PDF
Abridged model	31/12/2017	04/06/2018	16/08/2018	Dutch	PDF
Abridged model	31/12/2016	06/06/2017	25/07/2017	Dutch	PDF
Abridged model	31/12/2015	06/06/2016	22/08/2016	Dutch	PDF
Abridged model	31/12/2014	01/06/2015	31/07/2015	Dutch	PDF
Abridged model	31/12/2013	06/02/2014	12/03/2014	Dutch	PDF
Abridged model	31/12/2012	03/06/2013	18/07/2013	Dutch	PDF
Abridged model	31/12/2011	04/06/2012	31/08/2012	Dutch	PDF
Abridged model	31/12/2010	06/06/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	07/06/2010	19/08/2010	Dutch	PDF
Abridged model	31/12/2008	02/06/2009	28/08/2009	Dutch	PDF
Abridged model	31/12/2007	02/06/2008	21/08/2008	Dutch	PDF
Abridged model	31/12/2006	04/06/2007	28/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 4 ended

Active mandates

Johan Combes

Director

Active

Marie-Julie Combes

Director

Active

Veronique Boret

Director

Active

Ended mandates

Marie-Julie Combes

Director · since 01 janvier 2024

Ended

Veronique BORET

Manager · since 01 avril 2010

Ended

Johan COMBES

Manager

Ended

Veronique Boret

Manager

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/03/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/10/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Restructuring05/05/2017
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring17/02/2017
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring24/06/2014
DOEL - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring26/03/2014
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Other02/01/2014
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates01/06/2010
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 2025430,4 k €↑
2024
Annual accounts 2024180,4 k €↓
2023
Annual accounts 2023383,6 k €↑
2022
Annual accounts 2022168,2 k €↑
2021
Annual accounts 2021135,8 k €↑
2020
Annual accounts 202029,3 k €↑
2019
Annual accounts 201921,8 k €↓
2018
Annual accounts 2018217,2 k €↑
2016
Annual accounts 201612 k €↑
2015
Annual accounts 2015-20,2 k €↓
2013
Annual accounts 20139,5 k €↑
2012
Annual accounts 2012-63 k €↓
2011
Annual accounts 201165,6 k €↑
2010
Annual accounts 2010-9,8 k €↓
2009
Annual accounts 2009-4 k €↑
2008
Annual accounts 2008-19,9 k €↓
2007
Annual accounts 200723,6 k €↓
2006
Annual accounts 200628,1 k €
25/04/1988
IncorporationPrivate 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

COMBES TRADING

Overview

What does COMBES TRADING do?

Trend over 18 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