ACTIVE

Combinant

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Financial year 2025 · Closed on 31/12/2025

Net result1,1 M €+34,8 %over 1 year
Revenue10,2 M €+17,4 %over 1 year
Equity10,8 M €+7,5 %over 1 year
Workforce10,7 ETP+0,9 %over 1 year

Identity

Source · BCE/KBO

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
Joint committees (1)
  • 226
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 17 filings

Trend over 17 financial years

20252024202320222021
Income statement
Revenue10,2 M €8,7 M €8,1 M €7,5 M €7,6 M €
EBITDA2,6 M €2,2 M €1,7 M €1,2 M €2 M €
Operating result1,2 M €895,8 k €76,8 k €-121,3 k €628,5 k €
Net result1,1 M €849,7 k €14,6 k €71,6 k €840,2 k €
Balance sheet
Equity10,8 M €10 M €9,6 M €10 M €10,3 M €
Total assets20,5 M €21,2 M €21,3 M €20,9 M €23,2 M €
Cash1,2 M €1,3 M €3,6 M €2,7 M €5,2 M €
Debts8,9 M €10,1 M €10,6 M €10,1 M €12,1 M €
Other
Workforce10,7 ETP10,6 ETP10,3 ETP10,0 ETP10,4 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 12 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Andrea Eisenhardt
Director01/04/2026 → 17/06/2027
Robin Declercq
Director02/01/2026 → 17/06/2027
Stefan Vodrazka
Director01/07/2023 → 17/06/2027
Ulrich Maixner
Director08/04/2022 → 17/06/2027
Silvio Ferrari
Director25/06/2018 → 17/06/2027
Thorsten Bieker
Director13/10/2008 → 17/06/2027Chairman of the board of directors13/10/2008 → 2016 accountsended

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Ingo Wieso
Director25/06/2021 → 2021 accounts
Liesbeth Van Vreckem
Director06/09/2018 → 2023 accounts

Other companies at this address

Scheldelaan 800 2040 Antwerpen
CompanyCBE no.
CFL cargo Belgium● Active
0478.956.207

Full financial information

Source · NBB
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 date01/07/202614/07/202512/07/202426/06/202314/07/202220/07/2021
General meeting18/06/202619/06/202520/06/202415/06/202316/06/202225/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 17 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202518/06/202601/07/2026DutchPDF
Full model31/12/202419/06/202514/07/2025DutchPDF
Full model31/12/202320/06/202412/07/2024DutchPDF
Full model31/12/202215/06/202326/06/2023DutchPDF
Full model31/12/202116/06/202214/07/2022DutchPDF
Full model31/12/202025/06/202120/07/2021DutchPDF
Full model31/12/201925/06/202024/07/2020DutchPDF
Full model31/12/201825/06/201922/07/2019DutchPDF
Full model31/12/201725/06/201824/07/2018DutchPDF
Full model31/12/201625/06/201725/07/2017DutchPDF
Full model31/12/201525/06/201625/07/2016DutchPDF
Full model31/12/201425/06/201524/07/2015DutchPDF
Full model31/12/201325/06/201416/07/2014DutchPDF
Full model31/12/201225/06/201315/07/2013DutchPDF
Full model31/12/201125/06/201216/07/2012DutchPDF
Full model31/12/201025/06/201118/07/2011DutchPDF
Full model31/12/200925/06/201019/07/2010DutchPDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

6 active · 12 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Andrea Eisenhardt
Director01/04/2026 → 17/06/2027
Robin Declercq
Director02/01/2026 → 17/06/2027
Stefan Vodrazka
Director01/07/2023 → 17/06/2027
Ulrich Maixner
Director08/04/2022 → 17/06/2027
Silvio Ferrari
Director25/06/2018 → 17/06/2027
Thorsten Bieker
Director13/10/2008 → 17/06/2027Chairman of the board of directors13/10/2008 → 2016 accountsended

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Ingo Wieso
Director25/06/2021 → 2021 accounts
Liesbeth Van Vreckem
Director06/09/2018 → 2023 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • 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

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts
Year
Identity
Incorporation
Name
Registered office
Annual accounts
Filings17 filings
Mandates
Andrea Eisenhardt
Robin Declercq
Ulrich Maixner
Bieker Thorsten
Stefan Vodrazka
Silvio Ferrari
Ingo Wieso
Liesbeth Van Vreckem
Ingo Wiese
Bernhard Heyder
Peter Howald
Peter Paul Howald
20082009201020112012201320142015201620172018201920202021202220232024202520262027
Combinant
Scheldelaan 800, 2040 Antwerp-2040
Director
Director
Director
DirectorChairman of the board of directors
Director
Director
Director
Director
Director
Director
Director
Director
CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE
Registered addressPeriodSource
Scheldelaan 800, 2040 Antwerp-2040Current
accounts 2021 → 2025
Accounts 2025 · 2026-00236870

Company names

Source · NBB annual accounts, CBE
NamePeriodSource
CombinantCurrent
accounts 2009 → 2025
Accounts 2025 · 2026-00236870

Events

  1. 2025
    Annual accounts 20251,1 M €↑
  2. 2024
    Annual accounts 2024849,7 k €↑
  3. 2023
    Annual accounts 202314,6 k €↓
  4. 2022
    Annual accounts 202271,6 k €↓
  5. 2021
    Annual accounts 2021840,2 k €↑
  6. 2020
    Annual accounts 2020390,4 k €↓
  7. 2019
    Annual accounts 2019917,5 k €↓
  8. 2018
    Annual accounts 2018947,2 k €↑
  9. 2017
    Annual accounts 2017908,7 k €↑
  10. 2016
    Annual accounts 2016759,1 k €↑
  11. 2015
    Annual accounts 2015482,6 k €↑
  12. 2014
    Annual accounts 2014278,9 k €↑
  13. 2013
    Annual accounts 2013-594,5 k €↑
  14. 2012
    Annual accounts 2012-729 k €↑
  15. 2011
    Annual accounts 2011-2 M €↑
  16. 2010
    Annual accounts 2010-2,5 M €↓
  17. 2009
    Annual accounts 2009-1,7 M €
  18. 13/10/2008
    IncorporationPublic limited company