ACTIVE

KORBAL

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Financial year 2025 · closed on 31/12/2025

Net result

605,8 k €

-40.8% YoY

Gross margin

810,3 k €

-16.1% YoY

Equity

12,3 M €

-3.1% YoY

What does KORBAL do?

KORBAL is a Public limited company incorporated in 2004. Its main activity is: Activities of holding companies. Its registered office is in Putte.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0866.101.221

Incorporation

07/07/2004

Legal form

Public limited company

Registered office

Beversluisweg 1
2580 Putte · FlandreSee on map

Contributed capital

200 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	810,3 k €	-16.1%	965,8 k €	+0.8%	957,9 k €	-1.9%	976,9 k €	+44.7%	675,3 k €	+18.1%	571,6 k €	+4.8%	545,3 k €	+1.7%	536,2 k €	+15.1%	465,9 k €	-26.6%	635,1 k €	-17.9%	774,1 k €	-25.1%	1 M €	+96.3%	526,4 k €	+74.5%	301,6 k €	-5.2%	318,1 k €	+0.1%	317,9 k €	+24.6%	255,2 k €
EBITDA	809,1 k €	-16.1%	964,5 k €	+0.8%	956,8 k €	-1.9%	975,8 k €	+44.7%	674,3 k €	+18.2%	570,5 k €	+5.0%	543,4 k €	+1.5%	535,4 k €	+15.1%	465 k €	-26.8%	635 k €	-17.9%	773,1 k €	-25.1%	1 M €	+96.3%	525,5 k €	+74.8%	300,6 k €	-5.2%	317,1 k €	+0.1%	316,9 k €	+25.3%	252,9 k €
Operating result	809,1 k €	-16.1%	964,5 k €	+0.8%	956,8 k €	-1.9%	975,8 k €	+44.7%	674,3 k €	+18.2%	570,5 k €	+5.0%	543,4 k €	+1.5%	535,4 k €	+15.1%	465 k €	-26.8%	635 k €	-17.9%	773,1 k €	-25.1%	1 M €	+96.3%	525,5 k €	+74.8%	300,6 k €	-5.2%	317,1 k €	+0.1%	316,9 k €	+25.3%	252,9 k €
Net result	605,8 k €	-40.8%	1 M €	+1.5%	1 M €	-1.2%	1 M €	+229%	310,1 k €	-28.1%	431 k €	-39.3%	709,8 k €	+36.3%	520,8 k €	+6.3%	490 k €	-54.0%	1,1 M €	+107%	515,1 k €	-18.7%	633,4 k €	+36.7%	463,2 k €	+26.6%	365,9 k €	+45.7%	251,1 k €	-34.8%	384,9 k €	-8.5%	420,6 k €
Balance sheet
Equity	12,3 M €	-3.1%	12,7 M €	+5.1%	12,1 M €	+6.2%	11,4 M €	+18.6%	9,6 M €	+2.2%	9,4 M €	+4.8%	9 M €	+7.3%	8,4 M €	+5.7%	7,9 M €	+6.6%	7,4 M €	+16.8%	6,4 M €	+8.8%	5,8 M €	+12.2%	5,2 M €	+9.8%	4,7 M €	+8.4%	4,4 M €	+6.1%	4,1 M €	+10.3%	3,7 M €
Total assets	12,7 M €	-5.1%	13,4 M €	+5.7%	12,7 M €	-0.1%	12,7 M €	+16.0%	10,9 M €	-1.2%	11,1 M €	-1.8%	11,3 M €	+3.3%	10,9 M €	-0.4%	11 M €	-0.6%	11 M €	+0.5%	11 M €	+1.7%	10,8 M €	+1.2%	10,6 M €	+78.5%	6 M €	+7.0%	5,6 M €	+0.1%	5,6 M €	-1.2%	5,6 M €
Cash	217,9 k €	-12.7%	249,7 k €	+702%	31,1 k €	-84.6%	202,5 k €	+19898%	1 k €	-94.1%	17 k €	-83.0%	100,3 k €	+423%	19,2 k €	-18.9%	23,6 k €	-16.1%	28,2 k €	-61.8%	73,8 k €	-70.4%	248,9 k €	+113%	116,8 k €	-73.3%	437,3 k €	+878%	44,7 k €	+16.8%	38,3 k €	-51.3%	78,6 k €
Debts	369,4 k €	-44.3%	663,7 k €	+18.4%	560,5 k €	-56.4%	1,3 M €	-2.6%	1,3 M €	-20.8%	1,7 M €	-27.6%	2,3 M €	-9.8%	2,5 M €	-15.8%	3 M €	-15.5%	3,6 M €	-20.9%	4,5 M €	-6.1%	4,8 M €	-11.4%	5,4 M €	+345%	1,2 M €	+2.2%	1,2 M €	-17.0%	1,4 M €	-24.0%	1,9 M €

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 · 1 active · 21 ended

Active mandates

Denis Smets

Director · since 08 janvier 2020 · until 10 mars 2026

Active

Ended mandates

Denis SMETS

Director · since 08 janvier 2020 · until 08 janvier 2026

Ended

Denis SMETS

Managing director · since 02 décembre 2016 · until 02 décembre 2022

Ended

IMMO SMETS

Director · since 02 décembre 2016 · until 02 décembre 2022 · 0462.466.306

Represented by Denis SMETS

Ended

IMMO SMETS

Director · since 02 décembre 2016 · until 02 décembre 2022 · 0462.466.306

Represented by Denis SMETS

Ended

At this address

Other companies at this address

Company	CBE no.
ALRAMA - INVEST● Active	0444.141.719
AR Vastgoed● Active	1040.145.351
BOBAL● Active	0674.685.280
Daerden● Active	0413.700.248
DISTRI TAVEIRNE● Active	0456.320.959
IMMO SMETS● Active	0462.466.306
KLEYN VELDEKEN● Active	0463.542.709
Korbal-Daerden-Distri Taverne-Bobal● Active	0655.819.473
RUTA● Active	0461.242.423

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	01/07/2019
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	18 months
Filing date	11/03/2026	03/03/2025	29/02/2024	03/05/2023	21/03/2022	06/05/2021
General meeting	10/03/2026	28/02/2025	29/02/2024	03/05/2023	21/03/2022	06/05/2021
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
Abridged model	31/12/2025	10/03/2026	11/03/2026	Dutch	PDF
Abridged model	31/12/2024	28/02/2025	03/03/2025	Dutch	PDF
Abridged model	31/12/2023	29/02/2024	29/02/2024	Dutch	PDF
Abridged model	31/12/2022	03/05/2023	03/05/2023	Dutch	PDF
Abridged model	31/12/2021	21/03/2022	21/03/2022	Dutch	PDF
Abridged model	31/12/2020	06/05/2021	06/05/2021	Dutch	PDF
Abridged model	30/06/2019	06/12/2019	30/12/2019	Dutch	PDF
Abridged model	30/06/2018	07/12/2018	12/12/2018	Dutch	PDF
Abridged model	30/06/2017	01/12/2017	04/12/2017	Dutch	PDF
Abridged model	30/06/2016	02/12/2016	12/12/2016	Dutch	PDF
Abridged model	30/06/2015	04/12/2015	08/12/2015	Dutch	PDF
Abridged model	30/06/2014	05/12/2014	12/12/2014	Dutch	PDF
Abridged model	30/06/2013	06/12/2013	23/12/2013	Dutch	PDF
Abridged model	30/06/2012	07/12/2012	20/12/2012	Dutch	PDF
Abridged model	30/06/2011	06/02/2012	13/02/2012	Dutch	PDF
Abridged model	30/06/2010	24/01/2011	31/01/2011	Dutch	PDF
Abridged model	30/06/2009	04/12/2009	21/12/2009	Dutch	PDF
Abridged model	30/06/2008	05/12/2008	08/12/2008	Dutch	PDF
Abridged model	30/06/2007	07/12/2007	21/12/2007	Dutch	PDF
Abridged model	30/06/2006	07/02/2007	21/02/2007	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 · 1 active · 21 ended

Active mandates

Denis Smets

Director · since 08 janvier 2020 · until 10 mars 2026

Active

Ended mandates

Denis SMETS

Director · since 08 janvier 2020 · until 08 janvier 2026

Ended

Denis SMETS

Managing director · since 02 décembre 2016 · until 02 décembre 2022

Ended

IMMO SMETS

Director · since 02 décembre 2016 · until 02 décembre 2022 · 0462.466.306

Represented by Denis SMETS

Ended

IMMO SMETS

Director · since 02 décembre 2016 · until 02 décembre 2022 · 0462.466.306

Represented by Denis SMETS

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/04/2026
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring14/02/2022
ONTSLAGEN - BENOEMINGEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring29/11/2021
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Mandates23/01/2020
ONTSLAGEN - BENOEMINGEN - BOEKJAAR - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates14/12/2016
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares23/01/2012
KAPITAAL - AANDELEN
PDF
Mandates08/03/2011
ONTSLAGEN - BENOEMINGEN
PDF
Registered office10/03/2010
Verplaatsing maatschappelijke zetel
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 2025605,8 k €↓
2024
Annual accounts 20241 M €↑
2023
Annual accounts 20231 M €↓
2022
Annual accounts 20221 M €↑
2019
Annual accounts 2019310,1 k €↓
2018
Annual accounts 2018431 k €↓
2017
Annual accounts 2017709,8 k €↑
2016
Annual accounts 2016520,8 k €↑
2015
Annual accounts 2015490 k €↓
2014
Annual accounts 20141,1 M €↑
2013
Annual accounts 2013515,1 k €↓
2012
Annual accounts 2012633,4 k €↑
2011
Annual accounts 2011463,2 k €↑
2010
Annual accounts 2010365,9 k €↑
2009
Annual accounts 2009251,1 k €↓
2008
Annual accounts 2008384,9 k €↓
2007
Annual accounts 2007420,6 k €
07/07/2004
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

KORBAL

Overview

What does KORBAL 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