REC XV
ActiveThe computed 12-month bankruptcy probability of REC XV is 3.2% (moderate). The 2023 annual accounts show negative equity (€-43k) and a net result of €-12k. Equity is shrinking by ~64.4% per year across the filed fiscal years. The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2023
17
/ 100
Critical▲ +2 vs 2022
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2022
Profitability100=
Solvency33=
Growth32=
Stability100
Bankruptcy probability, 12 months
3.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
balance sheet total too small for a liquidity verdict, and equity is negative.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2023Age of the figures
Age of the figures
32 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
Equity is negative for financial year 2023: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
NBB · annual accounts 2023Equity per financial year
181920212223
2018 to 2023 · latest year -€43k
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 9 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline14-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 03-10-2024, 64 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
64 d late
2022
193 d late
2021
58 d early
2020
36 d early
2019
35 d early
← before the deadline
after the deadline →
Financials · fiscal year 2023, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-12k▼ 60.3%
2022 · €-8k
2018: €-7k
2019: €-8k
2020: €-8k
2021: €-15k
2022: €-8k
2018 → 2023
Working capital
€-43k▼ 39.2%
2022 · €-31k
2018: €520
2019: €-7k
2020: €-15k
2021: €-30k
2022: €-31k
2018 → 2023
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20192020202120222023Trend
Equity€-125-€-9k▼ 6,765%€-23k▼ 175%€-31k▼ 32.2%€-43k▼ 39.1%
Operating result€-7k-€-7k▼ 0.6%€-13k▼ 80.2%€-5k▲ 59.7%€-10k▼ 83.5%
Net result€-8k-€-8k▼ 4.8%€-15k▼ 77.2%€-8k▲ 49.3%€-12k▼ 60.3%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €10k in 2023 against €5k in 2022; the loss grows.
Key figures and ratios
Debt
€43k▲
2022 · €31k
Debt ≤ 1 year
€43k▲
2022 · €31k
Ratios withheld: a balance sheet total of €110 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2023 against 2022
Balance sheet
Code20222023
Assets
Total assets20/58€94€110▲
Current assets29/58€94€110▲
Cash at bank and in hand54/58€94€110▲
Equity and liabilities
Total equity and liabilities10/49€94€110▲
Equity10/15€-31k€-43k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Profit (loss) carried forward14€-93k€-105k▼
Amounts payable17/49€31k€43k▲
Amounts payable within one year42/48€31k€43k▲
Trade debts44-€10k
Suppliers440/4-€10k
Other amounts payable47/48€31k€33k▲
Accrued charges and deferred income492/3€63€66▲
Income statement
Code20222023
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€221-
Other operating charges640/8€450€502▲
Gross operating margin9900€-5k€-9k▼
Operating profit (loss)9901€-5k€-10k▼
Financial charges65/66B€2k€2k▲
Recurring financial charges65€2k€2k▲
Profit (loss) for the period before taxes9903€-8k€-12k▼
Profit (loss) for the period9904€-8k€-12k▼
Profit (loss) for the period to be appropriated9905€-8k€-12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-93k€-105k▼
Profit (loss) brought forward from the previous period14P€-85k€-93k▼
The notes to these accounts (2 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2024
03-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 64 days late
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 193 days late
09-02
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 193 days late
2022
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €-15k
Net result drops to €-15k, the lowest in the series; recovery starts the following year.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
13 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Knokke-Heist · 1 establishment unit since 2005
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Duindistelstraat 118300 Knokke-HeistGround area
9,943 m²
Building footprint
1,162 m²
Volume, LiDAR
45,594 m³
2 parcels, Flanders · tallest building 52.5 m, ±14 floors. Linked by address, not a title deed.
1 establishment unit
Noorderlaan 139, 2030 Antwerpen
since 20052.146.578.623
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11807G1698/00E000 | Flanders | 9,863 m² | 1 · 1,162 m² | 52.5 m · 14 fl. |
| 31334B0593/00_000 | Flanders | 80 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded28-09-2004
Fiscal year end31-12
Sources
Crossroads Bank for EnterprisesNational Bank · 20 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.