Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 40 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
12 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
COMBELL from Gent, company number BE0541977701, closed financial year 2025 with a result of € 29.9 million after tax. For that financial year COMBELL recorded revenue of € 56.8 million and equity of € 509 million. Compared with financial year 2024, the result moved from € 68.9 million to € 29.9 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on August 14, 2026.
€ 509 million
▲ 6% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 29.9 million
▼ 57% vs 2024
Profit after tax over the fiscal year.
€ 3.9 million
▼ 46% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 10 million paid out
33 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
131.9
▲ 3.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 12.1 million
▲ 7% vs 2024
€ 91,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 858,286
▼ 47% vs 2024
Of which on lease € 783,343.
Debts at end 2025
€ 1.5 million
▼ 30% vs 2024
€ 267,276 is repaid this year. At this pace the long-term loan is gone in ≈ 6 years.
€ 3.1 million
▲ 2% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 52 days on average.
€ 2.3 million
▼ 9% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 39,043,797 | € 47,516,519 | € 51,601,333 | € 56,827,511 | ▲ 10% |
| Profit after taxes | € 4,515,956 | € 18,425,990 | € 68,931,350 | € 29,895,907 | ▼ 57% |
| Equity | € 303,976,858 | € 322,402,849 | € 479,449,901 | € 508,971,509 | ▲ 6% |
| Total debts | € 463,623,715 | € 458,543,400 | € 432,188,724 | € 377,731,452 | ▼ 13% |
| Cash | € 2,377,139 | € 4,857,423 | € 7,190,856 | € 3,907,132 | ▼ 46% |
| Retained profit | € 21,682,745 | € 40,108,736 | € 99,040,086 | € 118,935,993 | ▲ 20% |
| Dividend | € 0 | € 0 | € 10,000,000 | € 10,000,000 | |
| Bank debt | € 1,086,978 | € 1,699,840 | € 2,134,795 | € 1,499,448 | ▼ 30% |
| Balance sheet total | € 767,600,574 | € 780,946,249 | € 911,746,689 | € 886,775,025 | ▼ 3% |
| Employees (FTE) | 117.6 | 129 | 128.3 | 131.9 | ▲ 3.6 |
Key figures of COMBELL, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to COMBELL?
What happened at COMBELL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 29.9 million (▼ 57% vs 2024). filed late Source: NBB ↗
- Jimmy Cappaert stepped down as director. NBB
- Stephen Ewart stepped down as director. NBB
- Jacques Vanloo stepped down as director. NBB
- Jonas Dhaenens stepped down as director. NBB
- Stephen Ewart became a director. NBB
- Jacques Vanloo became a director. NBB
- Jonas Dhaenens became a director. NBB
In short
From € 4.5 million profit in 2022 to € 29.9 million profit in 2025.
Paid € 7.3 million in corporate taxes since 2022.
Best year ever: 2024, with € 68.9 million profit.
Paid out € 20 million in dividends to the owners in total.
A new publication or filing at COMBELL? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 100% of Swizzonic, 100% of team.blue Nordic APS, 100% of Flexmail, 100% of Webnode, 100% of Cizgi Telekomunikasyon A.S. and 100% of Superhosting.bg OOD itself.
Directors
According to the 2025 annual accounts
Stephen Ewart
Director
since 2023 · until 2026
Jonas Dhaenens
Director
Also active at: PIMPERNEL, MALUVER, Port Office Park, WATT FACTORY, URBAN PLAN, SMARTFIN VENTURES, Settle, PITCHDRIVE +4 more
since 2023 · until 2026
Establishments
Establishment units
Physical locations of this company
Skaldenstraat 121
9042 Gent
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 12 companies are registered at this address.
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€ 394,417 gross margin · 2025
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€ 3.7 million gross margin · 2025
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€ 795,839 gross margin · 2025
MCSyncro
€ 18.4 million revenue · 2025
BROSE GENT
€ 64 million revenue · 2025
+7 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0541.977.701
- VAT number
- BE 0541.977.701
- Registered office
- Skaldenstraat 121, 9042 Gent
- Names & denominations
- COMBELL
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 November 2013
- Peppol
- Active · Active since 27 Oct 2025
- Activities · NACE
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