ACTIVE

COMBO

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Financial year 2025 · closed on 31/12/2025

Net result

107,9 k €

+57.5% YoY

Gross margin

445,8 k €

+10.7% YoY

Equity

2 M €

+5.6% YoY

What does COMBO do?

COMBO is a Public limited company incorporated in 2006. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0884.964.751

Incorporation

14/11/2006

Legal form

Public limited company

Registered office

Rue des Trois-Grands 39
4030 Liège · WallonieSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	445,8 k €	+10.7%	402,8 k €	-78.4%	1,9 M €	+489%	316,6 k €	-9.1%	348,1 k €	-17.9%	424,2 k €	-0.4%	425,8 k €	+70.6%	249,6 k €	+4.7%	238,3 k €	+7.1%	222,5 k €	+10.1%	202 k €	-20.3%	253,5 k €	+36.3%	186 k €	-27.4%	256,2 k €	+95.9%	130,8 k €	+45.0%	90,2 k €	+59.0%	56,7 k €	+1685%	3,2 k €	+130%	-10,4 k €
EBITDA	385,5 k €	+16.8%	330,1 k €	-81.7%	1,8 M €	+580%	265,5 k €	-6.2%	283,1 k €	-2.2%	289,6 k €	-22.4%	373 k €	+75.5%	212,6 k €	+5.3%	201,9 k €	+5.6%	191,2 k €	+14.1%	167,5 k €	-19.2%	207,4 k €	+19.4%	173,7 k €	-22.5%	224,2 k €	+88.4%	119 k €	+49.8%	79,5 k €	+63.4%	48,6 k €	+8569%	561 €	+103%	-18,8 k €
Operating result	220 k €	+36.8%	160,9 k €	-90.1%	1,6 M €	+1593%	95,9 k €	+48.8%	64,5 k €	-59.6%	159,6 k €	-34.1%	242,2 k €	+215%	76,8 k €	+217%	-65,6 k €	-417%	20,7 k €	-68.6%	65,8 k €	-42.6%	114,6 k €	+38.5%	82,8 k €	-39.3%	136,4 k €	+489%	-35,1 k €	-93.0%	-18,2 k €	-140%	45,1 k €	+1594%	-3 k €	+88.4%	-26 k €
Net result	107,9 k €	+57.5%	68,5 k €	-95.4%	1,5 M €	+5282%	27,8 k €	+39.5%	19,9 k €	-73.8%	75,9 k €	-60.2%	190,8 k €	+404%	37,8 k €	+124%	-156,9 k €	-280%	-41,3 k €	-387%	14,4 k €	-68.2%	45,2 k €	+86.3%	24,3 k €	-52.4%	51 k €	+238%	15,1 k €	-51.2%	31 k €	+67.8%	18,4 k €	+803%	-2,6 k €	+92.7%	-36,2 k €
Balance sheet
Equity	2 M €	+5.6%	1,9 M €	+3.7%	1,9 M €	+397%	376,3 k €	+8.0%	348,5 k €	+6.1%	328,6 k €	+30.0%	252,7 k €	+308%	61,9 k €	+157%	24,1 k €	-86.7%	181 k €	-18.6%	222,2 k €	+6.9%	207,9 k €	+27.8%	162,6 k €	+17.5%	138,4 k €	+58.7%	87,2 k €	+20.9%	72,1 k €	+75.2%	41,1 k €	+81.3%	22,7 k €	-10.4%	25,3 k €
Total assets	5,7 M €	+4.8%	5,4 M €	+3.0%	5,3 M €	+45.4%	3,6 M €	+40.0%	2,6 M €	+7.5%	2,4 M €	-4.4%	2,5 M €	+9.3%	2,3 M €	-8.2%	2,5 M €	-12.3%	2,9 M €	+24.2%	2,3 M €	+15.8%	2 M €	-2.8%	2 M €	-4.0%	2,1 M €	+7.2%	2 M €	+113%	932,1 k €	-20.1%	1,2 M €	+231%	352,6 k €	-1.3%	357,3 k €
Cash	62,7 k €	+1150%	5 k €	-78.8%	23,7 k €	-42.8%	41,3 k €	-64.4%	116 k €	-46.7%	217,7 k €	+549%	33,6 k €	-23.7%	44 k €	-48.1%	84,8 k €	+151%	33,8 k €	+146%	13,7 k €	+41.4%	9,7 k €	+54.2%	6,3 k €	-36.7%	10 k €	-56.0%	22,7 k €	-41.2%	38,5 k €	+215%	12,2 k €	+2341%	501 €	-93.9%	8,2 k €
Debts	3,6 M €	+4.3%	3,5 M €	+2.6%	3,4 M €	+4.7%	3,2 M €	+44.9%	2,2 M €	+7.8%	2,1 M €	-8.3%	2,3 M €	+1.3%	2,2 M €	-9.8%	2,5 M €	-7.4%	2,7 M €	+30.8%	2 M €	+15.9%	1,8 M €	-6.3%	1,9 M €	-5.4%	2 M €	+4.7%	1,9 M €	+133%	817,1 k €	-27.2%	1,1 M €	+240%	330 k €	+0.3%	328,9 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 12 ended

Active mandates

BERNARD SEREXHE

Director

Active

Pierre MATOUL

Director

Active

Ended mandates

Bernard Serexhe

Director · since 28 mai 2018 · until 28 mai 2024

Ended

Bernard SEREXHE

Managing director · since 28 mai 2018 · until 28 mai 2024

Ended

Pierre MATOUL

Director · since 28 mai 2018 · until 28 mai 2024

Ended

Pierre MATOUL

Managing director · since 28 mai 2018 · until 28 mai 2024

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro 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	31/07/2026	30/09/2025	30/08/2024	31/08/2023	30/08/2022	31/08/2021
General meeting	25/05/2026	26/09/2025	28/08/2024	09/08/2023	30/05/2022	30/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	25/05/2026	31/07/2026	French	PDF
Micro model	31/12/2024	26/09/2025	30/09/2025	French	PDF
Abridged model	31/12/2023	28/08/2024	30/08/2024	French	PDF
Abridged model	31/12/2022	09/08/2023	31/08/2023	French	PDF
Abridged model	31/12/2021	30/05/2022	30/08/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	31/08/2021	French	PDF
Abridged model	31/12/2019	25/05/2020	24/09/2020	French	PDF
Abridged model	31/12/2018	27/05/2019	13/08/2019	French	PDF
Abridged model	31/12/2017	28/05/2018	28/08/2018	French	PDF
Abridged model	31/12/2016	29/05/2017	31/05/2017	French	PDF
Abridged model	31/12/2015	30/05/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	25/05/2015	29/06/2015	French	PDF
Abridged model	31/12/2013	26/05/2014	03/06/2014	French	PDF
Abridged model	31/12/2012	27/05/2013	25/09/2013	French	PDF
Abridged model	31/12/2011	28/05/2012	05/07/2012	French	PDF
Abridged model	31/12/2010	30/05/2011	08/07/2011	French	PDF
Abridged model	31/12/2009	31/05/2010	30/06/2010	French	PDF
Abridged model	31/12/2008	25/05/2009	23/06/2009	French	PDF
Abridged model	31/12/2007	26/05/2008	30/08/2008	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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 · 2 active · 12 ended

Active mandates

BERNARD SEREXHE

Director

Active

Pierre MATOUL

Director

Active

Ended mandates

Bernard Serexhe

Director · since 28 mai 2018 · until 28 mai 2024

Ended

Bernard SEREXHE

Managing director · since 28 mai 2018 · until 28 mai 2024

Ended

Pierre MATOUL

Director · since 28 mai 2018 · until 28 mai 2024

Ended

Pierre MATOUL

Managing director · since 28 mai 2018 · until 28 mai 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other02/07/2026
—
PDF
Registered office28/03/2023
SIEGE SOCIAL
PDF
Registered office30/11/2018
SIEGE SOCIAL
PDF
Mandates21/09/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates02/10/2012
DEMISSIONS, NOMINATIONS
PDF
Registered office19/07/2011
SIEGE SOCIAL
PDF
Other23/11/2006
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 2025107,9 k €↑
2024
Annual accounts 202468,5 k €↓
2023
Annual accounts 20231,5 M €↑
2022
Annual accounts 202227,8 k €↑
2021
Annual accounts 202119,9 k €↓
2020
Annual accounts 202075,9 k €↓
2019
Annual accounts 2019190,8 k €↑
2018
Annual accounts 201837,8 k €↑
2017
Annual accounts 2017-156,9 k €↓
2016
Annual accounts 2016-41,3 k €↓
2015
Annual accounts 201514,4 k €↓
2014
Annual accounts 201445,2 k €↑
2013
Annual accounts 201324,3 k €↓
2012
Annual accounts 201251 k €↑
2011
Annual accounts 201115,1 k €↓
2010
Annual accounts 201031 k €↑
2009
Annual accounts 200918,4 k €↑
2008
Annual accounts 2008-2,6 k €↑
2007
Annual accounts 2007-36,2 k €
14/11/2006
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

COMBO

Overview

What does COMBO do?

Trend over 19 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