ACTIVE

Combinant

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Financial year 2025 · closed on 31/12/2025

Net result

1,1 M €

+34.8% YoY

Revenue

10,2 M €

+17.4% YoY

Equity

10,8 M €

+7.5% YoY

Workforce

10,7 ETP

+0.9% YoY

What does Combinant do?

Combinant is a Public limited company incorporated in 2008. Its main activity is: Service activities incidental to land transportation. Its registered office is in Antwerpen. It employs on average 10,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0807.056.529

Incorporation

13/10/2008

Legal form

Public limited company

Registered office

Scheldelaan 800
2040 Antwerpen · FlandreSee on map

Contributed capital

8 000 000,00 €

Latest accounts

31/12/2025

Average workforce

10,7 ETP

Activities (NACE)

52210Service activities incidental to land transportation· main 52210Service activities incidental to land transportation 68203Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate

Joint committees (1)

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 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Revenue	10,2 M €	+17.4%	8,7 M €	+7.6%	8,1 M €	+7.9%	7,5 M €	-1.1%	7,6 M €	+9.1%	7,0 M €	-10.5%	7,8 M €	-0.5%	7,8 M €	+4.2%	7,5 M €	+3.8%	7,2 M €	+10.2%	6,6 M €	+6.9%	6,1 M €	+16.8%	5,3 M €	+12.9%	4,7 M €	+0.3%	4,6 M €	+64.7%	2,8 M €		–
EBITDA	2,6 M €	+14.7%	2,2 M €	+35.4%	1,7 M €	+35.4%	1,2 M €	-39.0%	2,0 M €	+36.4%	1,5 M €	-27.4%	2,0 M €	-2.0%	2,1 M €	+0.6%	2,1 M €	+4.3%	2,0 M €	+10.8%	1,8 M €	+8.8%	1,6 M €	+112%	773,2 k €	+60.0%	483,3 k €	+232%	-365,0 k €	+26.0%	-493,3 k €	+57.9%	-1,2 M €
Operating result	1,2 M €	+31.3%	895,8 k €	+1066%	76,8 k €	+163%	-121,3 k €	-119%	628,5 k €	+251%	178,8 k €	-74.7%	707,8 k €	-6.7%	758,7 k €	-1.4%	769,8 k €	+11.6%	689,9 k €	+46.6%	470,7 k €	+58.3%	297,4 k €	+153%	-556,3 k €	+34.0%	-842,8 k €	+49.8%	-1,7 M €	+26.6%	-2,3 M €	-94.9%	-1,2 M €
Net result	1,1 M €	+34.8%	849,7 k €	+5738%	14,6 k €	-79.7%	71,6 k €	-91.5%	840,2 k €	+115%	390,4 k €	-57.5%	917,5 k €	-3.1%	947,2 k €	+4.2%	908,7 k €	+19.7%	759,1 k €	+57.3%	482,6 k €	+73.0%	278,9 k €	+147%	-594,5 k €	+18.4%	-729,0 k €	+63.2%	-2,0 M €	+21.3%	-2,5 M €	-49.2%	-1,7 M €
Balance sheet
Equity	10,8 M €	+7.5%	10,0 M €	+4.8%	9,6 M €	-3.8%	10,0 M €	-3.1%	10,3 M €	+4.6%	9,8 M €	+0.0%	9,8 M €	+5.7%	9,3 M €	+6.3%	8,7 M €	+6.3%	8,2 M €	+4.7%	7,9 M €	+1.1%	7,8 M €	-1.8%	7,9 M €	-11.4%	8,9 M €	-11.4%	10,1 M €	-19.2%	12,5 M €	+0.4%	12,4 M €
Total assets	20,5 M €	-3.2%	21,2 M €	-0.4%	21,3 M €	+1.7%	20,9 M €	-9.9%	23,2 M €	+3.7%	22,4 M €	-3.8%	23,3 M €	-2.5%	23,9 M €	-0.4%	24,0 M €	-1.3%	24,3 M €	-0.6%	24,4 M €	-8.8%	26,8 M €	+2.9%	26,0 M €	-1.1%	26,3 M €	-4.9%	27,7 M €	-13.2%	31,9 M €	-3.3%	32,9 M €
Cash	1,2 M €	-10.2%	1,3 M €	-63.6%	3,6 M €	+34.2%	2,7 M €	-48.8%	5,2 M €	+24.4%	4,2 M €	+5.4%	4,0 M €	+28.0%	3,1 M €	+10.8%	2,8 M €	+21.1%	2,3 M €	+56.6%	1,5 M €	-41.0%	2,5 M €	+89.9%	1,3 M €	+300%	331,4 k €	-42.4%	575,6 k €	-17.1%	694,7 k €	+1973%	33,5 k €
Debts	8,9 M €	-12.6%	10,1 M €	-3.9%	10,6 M €	+4.6%	10,1 M €	-16.5%	12,1 M €	+2.4%	11,8 M €	-6.5%	12,6 M €	-7.9%	13,7 M €	-4.7%	14,4 M €	-6.6%	15,4 M €	-5.1%	16,2 M €	-13.3%	18,7 M €	+4.7%	17,9 M €	+3.3%	17,3 M €	-1.0%	17,5 M €	-9.2%	19,3 M €	+11.9%	17,2 M €
Other
Workforce	10,7 ETP	+0.9%	10,6 ETP	+2.9%	10,3 ETP	+3.0%	10,0 ETP	-3.8%	10,4 ETP	-1.9%	10,6 ETP	+9.3%	9,7 ETP	-8.5%	10,6 ETP	+10.4%	9,6 ETP	+2.1%	9,4 ETP	-2.1%	9,6 ETP	-1.0%	9,7 ETP	-3.0%	10,0 ETP	+8.7%	9,2 ETP	-5.2%	9,7 ETP	+31.1%	7,4 ETP	+429%	1,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 6 active · 42 ended

Active mandates

Andrea Eisenhardt

Director · since 01 avril 2026 · until 17 juin 2027

Active

Robin Declercq

Director · since 02 janvier 2026 · until 17 juin 2027

Active

Bieker Thorsten

Director · until 01 avril 2026

Active

Silvio Ferrari

Director · until 17 juin 2027

Active

Stefan Vodrazka

Director · until 02 janvier 2026

Active

Ulrich Maixner

Director · until 17 juin 2027

Active

Ended mandates

Stefan Vodrazka

Director · since 01 juillet 2023 · until 20 juin 2024

Ended

Ulrich Maixner

Director · since 08 avril 2022 · until 20 juin 2024

Ended

Ingo Wieso

Director · since 25 juin 2021 · until 08 avril 2022

Ended

Liesbeth Van Vreckem

Director · since 25 juin 2021 · until 16 juin 2023

Ended

At this address

Other companies at this address

Company	CBE no.
CFL cargo Belgium● Active	0478.956.207

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	01/07/2026	14/07/2025	12/07/2024	26/06/2023	14/07/2022	20/07/2021
General meeting	18/06/2026	19/06/2025	20/06/2024	15/06/2023	16/06/2022	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

17 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	18/06/2026	01/07/2026	Dutch	PDF
Full model	31/12/2024	19/06/2025	14/07/2025	Dutch	PDF
Full model	31/12/2023	20/06/2024	12/07/2024	Dutch	PDF
Full model	31/12/2022	15/06/2023	26/06/2023	Dutch	PDF
Full model	31/12/2021	16/06/2022	14/07/2022	Dutch	PDF
Full model	31/12/2020	25/06/2021	20/07/2021	Dutch	PDF
Full model	31/12/2019	25/06/2020	24/07/2020	Dutch	PDF
Full model	31/12/2018	25/06/2019	22/07/2019	Dutch	PDF
Full model	31/12/2017	25/06/2018	24/07/2018	Dutch	PDF
Full model	31/12/2016	25/06/2017	25/07/2017	Dutch	PDF
Full model	31/12/2015	25/06/2016	25/07/2016	Dutch	PDF
Full model	31/12/2014	25/06/2015	24/07/2015	Dutch	PDF
Full model	31/12/2013	25/06/2014	16/07/2014	Dutch	PDF
Full model	31/12/2012	25/06/2013	15/07/2013	Dutch	PDF
Full model	31/12/2011	25/06/2012	16/07/2012	Dutch	PDF
Full model	31/12/2010	25/06/2011	18/07/2011	Dutch	PDF
Full model	31/12/2009	25/06/2010	19/07/2010	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 6 active · 42 ended

Active mandates

Andrea Eisenhardt

Director · since 01 avril 2026 · until 17 juin 2027

Active

Robin Declercq

Director · since 02 janvier 2026 · until 17 juin 2027

Active

Bieker Thorsten

Director · until 01 avril 2026

Active

Silvio Ferrari

Director · until 17 juin 2027

Active

Stefan Vodrazka

Director · until 02 janvier 2026

Active

Ulrich Maixner

Director · until 17 juin 2027

Active

Ended mandates

Stefan Vodrazka

Director · since 01 juillet 2023 · until 20 juin 2024

Ended

Ulrich Maixner

Director · since 08 avril 2022 · until 20 juin 2024

Ended

Ingo Wieso

Director · since 25 juin 2021 · until 08 avril 2022

Ended

Liesbeth Van Vreckem

Director · since 25 juin 2021 · until 16 juin 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/02/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/09/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/11/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Other22/04/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN
PDF
Mandates20/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/09/2018
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 20251,1 M €↑
2024
Annual accounts 2024849,7 k €↑
2023
Annual accounts 202314,6 k €↓
2022
Annual accounts 202271,6 k €↓
2021
Annual accounts 2021840,2 k €↑
2020
Annual accounts 2020390,4 k €↓
2019
Annual accounts 2019917,5 k €↓
2018
Annual accounts 2018947,2 k €↑
2017
Annual accounts 2017908,7 k €↑
2016
Annual accounts 2016759,1 k €↑
2015
Annual accounts 2015482,6 k €↑
2014
Annual accounts 2014278,9 k €↑
2013
Annual accounts 2013-594,5 k €↑
2012
Annual accounts 2012-729,0 k €↑
2011
Annual accounts 2011-2,0 M €↑
2010
Annual accounts 2010-2,5 M €↓
2009
Annual accounts 2009-1,7 M €
13/10/2008
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

Combinant

Overview

What does Combinant do?

Trend over 17 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