ACTIVE

COMBELL

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Financial year 2025 · closed on 31/12/2025
Net result
29,9 M €
-56.6% YoY
Revenue
56,8 M €
+10.1% YoY
Equity
509 M €
+6.2% YoY
Workforce
131,9 ETP
+2.8% YoY

What does COMBELL do?

COMBELL is a Public limited company incorporated in 2013. Its main activity is: Data processing, hosting and related activities; web portals. Its registered office is in Gent. It employs on average 131,9 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0541.977.701
Incorporation
15/11/2013
Legal form
Public limited company
Registered office
Skaldenstraat 121
9042 Gent · FlandreSee on map
Contributed capital
390 035 516,15 €
Latest accounts
31/12/2025
Average workforce
131,9 ETP
Activities (NACE)
63100Data processing, hosting and related activities; web portals· main63110Data processing, hosting and related activities70200Management consultancy activities70220Business and other management consultancy activities
Joint committees (1)
  • 200
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 10 financial years

2025202420232022202120202019201820172016
Income statement
Revenue56,8 M €51,6 M €47,5 M €39 M €35 M €28,6 M €25,5 M €21,3 M €16,5 M €13,2 M €
EBITDA24,7 M €20,8 M €23,2 M €16,1 M €16 M €11 M €7,3 M €4,1 M €4 M €2,7 M €
Operating result17,8 M €14,3 M €14,6 M €2,8 M €2,6 M €-1,7 M €-4,4 M €-4,5 M €2,7 M €1,9 M €
Net result29,9 M €68,9 M €18,4 M €4,5 M €26 M €-411,6 k €2,8 M €-14,4 M €2,8 M €1,1 M €
Balance sheet
Equity509 M €479,4 M €322,4 M €304 M €299,5 M €178,7 M €179,1 M €120,7 M €4,5 M €1,7 M €
Total assets886,8 M €911,7 M €780,9 M €767,6 M €759,9 M €720,8 M €639,4 M €229 M €80,4 M €57,4 M €
Cash3,9 M €7,2 M €4,9 M €2,4 M €3 M €2,8 M €3,2 M €3,5 M €1,7 M €2,2 M €
Debts353,5 M €408,2 M €439,5 M €445,5 M €445,7 M €527,4 M €447,4 M €99,3 M €68,6 M €49 M €
Other
Workforce131,9 ETP128,3 ETP129,0 ETP117,6 ETP112,7 ETP83,8 ETP80,7 ETP60,9 ETP51,5 ETP37,4 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 250 M€ and 500 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 9 ended

Active mandates

Jacques Vanloo

Director · since 15 février 2023 · until 05 juin 2026

Active
Jonas Dhaenens

Director · since 15 février 2023 · until 05 juin 2026

Active
Stephen Ewart

Director · since 15 février 2023 · until 05 juin 2026

Active
Jimmy Cappaert

Director · since 03 juin 2022 · until 05 juin 2026

Active

Ended mandates

UNREAL INVESTMENTS

Director · since 03 juin 2022 · until 15 février 2023 · 0894.681.676

Represented by Frederik Poelman

Ended
UNREAL INVESTMENTS

Director · since 07 juin 2019 · until 03 juin 2022 · 0894.681.676

Represented by Frederik Poelman

Ended
Infinius

Managing director · since 03 septembre 2018 · until 06 juin 2025 · 0869.801.473

Represented by Jonas Dhaenens

Ended
Infinius

Managing director · since 03 septembre 2018 · until 15 février 2023 · 0869.801.473

Represented by Jonas Dhaenens

Ended
At this address

Other companies at this address

CompanyCBE no.
AMAVI● Active
0758.391.530
Belgian Registrar Association● Active
0650.932.554
BROSE GENT● Active
0478.504.562
EASYHOST● Active
0455.977.006
Euro-Fitting Invoicing● Active
0862.157.477
GHENT WAREHOUSING SYSTEMS● Active
0436.035.289
G&P QUALITY MANAGEMENT● Active
0425.104.478
MCSyncro● Active
0456.937.504
team.blue● Active
0716.654.014
team.blue management GP● Active
0787.738.285
team.blue Management II● Active
0787.838.651
TERRA MATER● Active
0744.440.653
Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date14/08/202624/07/202530/07/202413/07/202330/06/202213/07/2021
General meeting05/06/202606/06/202507/06/202402/06/202303/06/202204/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

12 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202505/06/202614/08/2026DutchPDF
Full model31/12/202406/06/202524/07/2025DutchPDF
Full model31/12/202307/06/202430/07/2024DutchPDF
Full model31/12/202202/06/202313/07/2023DutchPDF
Full model31/12/202103/06/202230/06/2022DutchPDF
Full model31/12/202004/06/202113/07/2021DutchPDF
Full model31/12/201905/06/202028/08/2020DutchPDF
Full model31/12/201807/06/201915/07/2019DutchPDF
Full model31/12/201701/06/201829/06/2018DutchPDF
Full model31/12/201602/06/201730/06/2017DutchPDF
Full model31/12/201503/06/201606/07/2016DutchPDF
Full model31/12/201402/06/201512/08/2015DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 M€ and 500 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 · 4 active · 9 ended

Active mandates

Jacques Vanloo

Director · since 15 février 2023 · until 05 juin 2026

Active
Jonas Dhaenens

Director · since 15 février 2023 · until 05 juin 2026

Active
Stephen Ewart

Director · since 15 février 2023 · until 05 juin 2026

Active
Jimmy Cappaert

Director · since 03 juin 2022 · until 05 juin 2026

Active

Ended mandates

UNREAL INVESTMENTS

Director · since 03 juin 2022 · until 15 février 2023 · 0894.681.676

Represented by Frederik Poelman

Ended
UNREAL INVESTMENTS

Director · since 07 juin 2019 · until 03 juin 2022 · 0894.681.676

Represented by Frederik Poelman

Ended
Infinius

Managing director · since 03 septembre 2018 · until 06 juin 2025 · 0869.801.473

Represented by Jonas Dhaenens

Ended
Infinius

Managing director · since 03 septembre 2018 · until 15 février 2023 · 0869.801.473

Represented by Jonas Dhaenens

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Capital / shares16/09/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    PDF
  • Capital / shares26/11/2024
    KAPITAAL - AANDELEN
    PDF
  • Mandates26/04/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates23/03/2023
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Restructuring24/01/2023
    KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
    PDF
  • Restructuring24/01/2023
    KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
    PDF
  • Restructuring25/11/2022
    RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
    PDF
  • Restructuring25/11/2022
    RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
    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

Timeline

  1. 2025
    Annual accounts 202529,9 M €↓
  2. 10/09/2025
    augmentation_capital
  3. 2024
    Annual accounts 202468,9 M €↑
  4. 15/11/2024
    augmentation_capital
  5. 2023
    Annual accounts 202318,4 M €↑
  6. 02/06/2023
    nominationPieter-Jan Durme — commissaris
  7. 15/02/2023
    nominationJonas Dhaenens — bestuurder
  8. 15/02/2023
    nominationStephen Ewart — bestuurder
  9. 15/02/2023
    nominationJacques Vanloo — bestuurder
  10. 15/02/2023
    reconductionJimmy Cappaert — bestuurder
  11. 2022
    Annual accounts 20224,5 M €↓
  12. 03/06/2022
    reconductionCommV Unreal Investments — bestuurder
  13. 03/06/2022
    nominationJimmy Cappaert — bestuurder
  14. 2021
    Annual accounts 202126 M €↑
  15. 2020
    Annual accounts 2020-411,6 k €↓
  16. 2019
    Annual accounts 20192,8 M €↑
  17. 2018
    Annual accounts 2018-14,4 M €↓
  18. 2017
    Annual accounts 20172,8 M €↑
  19. 2016
    Annual accounts 20161,1 M €
  20. 15/11/2013
    IncorporationPublic limited company