Recim2
ActiveSummary
Recim2 has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.5m and a net result of €692,809. Equity is growing by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 94% of 2062 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+6
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500,000 at 30 days acceptable
Liquidity ample (current ratio 2.4 against 0.78 in 2024; short-term debt: 6.3% and cash: 4% of total assets), and 11.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
88.4%
Return on assets
9.4%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-07-2026, 7 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
7 d early
2024
45 d early
2023
40 d early
2022
42 d early
2021
33 d early
2020
22 d early
2019
34 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 32 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, full schema
In the rankings
#3 company by equity in Hulshout, Construction sector#4 company by total assets in Hulshout, Construction sector#6 oldest company in Hulshout, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€692,809▲ 119%
2024 · €316,949
Working capital
€651,630
2024 · -€60,681
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€516,622▲ 216%€441,953▼ 14.5%€361,238▼ 18.3%€435,950▲ 20.7%€933,506▲ 114%
Net result€352,591▲ 284%€307,333▼ 12.8%€251,191▼ 18.3%€316,949▲ 26.2%€692,809▲ 119%
Equity€4.9m▲ 3.2%€5.2m▲ 6.3%€5.5m▲ 4.8%€5.8m▲ 5.8%€6.5m▲ 12.0%
Total assets€7.2m▼ 0.7%€7.1m▼ 1.1%€6.9m▼ 2.9%€6.8m▼ 2.6%€7.3m▲ 8.5%
Debt€2.2m▼ 7.4%€1.8m▼ 16.9%€1.4m▼ 24.3%€901,646▼ 35.0%€798,548▼ 11.4%
Working capital-€754,961▼ 16.5%-€746,422▲ 1.1%-€547,020▲ 26.7%-€60,681▲ 88.9%€651,630
Staff (FTE)00
Why a figure moved sharply
- 2025 Net result +119% on 2024. This fiscal year ran 21 months, the previous one 12. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 114% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.3m
Fixed assets
€6.2m ▼ 5.0%
Current assets
€1.1m ▲ 421%
Equity and liabilities €7.3m
Equity
€6.5m ▲ 12.0%
Provisions
€52,522 ▼ 19.1%
Debt
€798,548 ▼ 11.4%
Debt's share of the balance-sheet total falls from 13.3% to 10.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €644,356
Cash flow
€978,092▲
2024 · €525,356
Current ratio
2.40▲
2024 · 0.78
Debt to equity
0.12▼
2024 · 0.16
ROE
10.7%▲
2024 · 5.5%
ROA
9.4%▲
2024 · 4.7%
Interest coverage
66.57▲
2024 · 48.09
Debt ≤ 1 year
€464,583▲
2024 · €275,128
Debt > 1 year
€333,965▼
2024 · €626,518
Income taxes
€245,000▲
2024 · €118,364
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,552 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.1%
went bankrupt
3.2%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,552 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €37,048 | €169,707 | ▲ 358% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €241,527 | €263,863 | €245,131 | €208,407 | €285,282 | ▲ 36.9% |
| Other operating charges640/8 | - | €34,192 | €32,063 | €41,187 | €98,877 | ▲ 140% |
| Gross operating margin9900 | €793,969 | €740,007 | €638,432 | €685,543 | €1.3m | ▲ 92.2% |
| Operating profit (loss)9901 | €516,622 | €441,953 | €361,238 | €435,950 | €933,506 | ▲ 114% |
| Financial income75/76B | - | €0 | - | €386 | €10,235 | ▲ 2,554% |
| Recurring financial income75 | €63 | €0 | - | €386 | €10,235 | ▲ 2,554% |
| Financial charges65/66B | - | €19,998 | €18,361 | €13,400 | €18,309 | ▲ 36.6% |
| Recurring financial charges65 | €35,095 | €19,998 | €18,361 | €13,400 | €18,309 | ▲ 36.6% |
| Profit (loss) for the period before taxes9903 | €481,590 | €421,955 | €342,877 | €422,935 | €925,431 | ▲ 119% |
| Transfer from deferred taxes780 | - | €12,378 | €12,378 | €12,378 | €12,378 | = |
| Income taxes67/77 | €159,682 | €127,000 | €104,063 | €118,364 | €245,000 | ▲ 107% |
| Profit (loss) for the period9904 | €352,591 | €307,333 | €251,191 | €316,949 | €692,809 | ▲ 119% |
| Transfer from tax-exempt reserves789 | - | €37,133 | €37,133 | €37,133 | €37,133 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €263,125 | - |
| Profit (loss) for the period to be appropriated9905 | €371,418 | €344,465 | €288,324 | €354,082 | €466,817 | ▲ 31.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.2m | €7.1m | €6.9m | €6.8m | €7.3m | ▲ 8.5% |
| Fixed assets21/28 | €7.0m | €7.1m | €6.9m | €6.5m | €6.2m | ▼ 5.0% |
| Tangible fixed assets22/27 | €7.0m | €7.1m | €6.9m | €6.5m | €6.2m | ▼ 5.0% |
| Land and buildings22 | - | €6.4m | €6.4m | €6.1m | €6.0m | ▼ 2.1% |
| Plant, machinery and equipment23 | - | €648,282 | €500,721 | €445,721 | €246,397 | ▼ 44.7% |
| Current assets29/58 | €219,413 | €74,524 | €47,424 | €214,447 | €1.1m | ▲ 421% |
| Amounts receivable within one year40/41 | €145,738 | €0 | - | - | €821,070 | - |
| Trade receivables40 | - | €0 | - | - | €87,656 | - |
| Other amounts receivable41 | - | - | - | - | €733,414 | - |
| Cash at bank and in hand54/58 | €73,675 | €74,524 | €40,449 | €209,543 | €295,143 | ▲ 40.9% |
| Deferred charges and accrued income490/1 | - | - | €6,974 | €4,904 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.2m | €7.1m | €6.9m | €6.8m | €7.3m | ▲ 8.5% |
| Equity10/15 | €4.9m | €5.2m | €5.5m | €5.8m | €6.5m | ▲ 12.0% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Revaluation surpluses12 | - | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Reserves13 | €2.6m | €2.9m | €3.1m | €3.4m | €4.1m | ▲ 20.2% |
| Non-distributable reserves130/1 | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Tax-exempt reserves132 | - | €268,964 | €231,831 | €194,698 | €420,690 | ▲ 116% |
| Distributable reserves133 | - | €2.6m | €2.9m | €3.2m | €3.7m | ▲ 14.4% |
| Profit (loss) carried forward14 | - | €0 | - | - | - | - |
| Provisions and deferred taxes16 | €102,032 | €89,655 | €77,277 | €64,899 | €52,522 | ▼ 19.1% |
| Deferred taxes168 | - | €89,655 | €77,277 | €64,899 | €52,522 | ▼ 19.1% |
| Amounts payable17/49 | €2.2m | €1.8m | €1.4m | €901,646 | €798,548 | ▼ 11.4% |
| Amounts payable after more than one year17 | €1.2m | €1.0m | €793,692 | €626,518 | €333,965 | ▼ 46.7% |
| Financial debts170/4 | - | €960,865 | €793,692 | €626,518 | €333,965 | ▼ 46.7% |
| Other amounts payable178/9 | - | €51,800 | €0 | - | - | - |
| Amounts payable within one year42/48 | €974,374 | €820,946 | €594,443 | €275,128 | €464,583 | ▲ 68.9% |
| Current portion of amounts payable after more than one year42 | - | €167,173 | €167,173 | €167,173 | €167,173 | = |
| Financial debts43 | - | €250,000 | €100,000 | €0 | - | - |
| Credit institutions430/8 | - | €250,000 | €100,000 | €0 | - | - |
| Trade debts44 | €7,088 | €27,047 | €184,107 | €4,898 | €225,410 | ▲ 4,502% |
| Suppliers440/4 | - | €27,047 | €184,107 | €4,898 | €225,410 | ▲ 4,502% |
| Advances received on contracts in progress46 | - | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €176,725 | €143,163 | €103,057 | €72,000 | ▼ 30.1% |
| Taxes450/3 | - | €176,725 | €143,163 | €103,057 | €72,000 | ▼ 30.1% |
| Other amounts payable47/48 | - | €200,000 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €352,591 | €307,333 | €251,191 | €316,949 | €692,809 | ▲ 119% |
| + Depreciation and write-downs630 | €241,527 | €263,863 | €245,131 | €208,407 | €285,282 | ▲ 36.9% |
| Operating cash flow (approximation) | €594,117 | €571,196 | €496,322 | €525,356 | €978,092 | ▲ 86.2% |
| Investment in fixed assets (approximation) | - | -€329,750 | -€65,569 | €140,534 | €39,150 | ▼ 72.1% |
| Change in cash | - | €848 | -€34,074 | €169,093 | €85,600 | ▼ 49.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2019net €692,809 ▲119%
Operating result €933,506, net result €692,809, both a record.
31-12
Financial
Liquidity triplescurrent ratio 2.40
Current ratio from 0.78 to 2.40.
2024
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
21-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
19-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Equity above €5mEq €5.2m ▲6.3%
4 profitable years in a row build equity to €5.2m.
2021
28-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
09-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
27-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
24-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
13-01
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
14 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, Hulshout · 1 establishment unit since 1989
Ground area
6,458 m²
Building footprint
5,649 m²
Volume, LiDAR
2,828 m³
Parcel 13050B0068/00F003, Flanders · tallest building 9.4 m. Linked by address, not a title deed.
51
companies at this address
See who is registered here
1 establishment unit
Recim2
since 19892.044.564.812
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13050B0068/00F003 | Flanders | 6,458 m² | 1 · 5,649 m² | 9.4 m |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
VLINVESTA
29 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- VLINVESTA
- Recim2
Highest known parent: VLINVESTA. The sources do not say who stands above it.
Owners 1
- VLINVESTAparentSourceaccounts VLINVESTA 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,232. 486 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded02-08-1989
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0437914121
Registered
06-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.