RECIPE
ActiveSummary
RECIPE has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €219,747 and a net result of -€82,392. Equity is shrinking by ~6.9% per year across the filed fiscal years. Its solvency ranks better than 42% of 11293 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€82,392▼ 10.8%
2024 · -€74,363
Working capital
€197,051▼ 27.4%
2024 · €271,418
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.3m▲ 93.0%€0.3m▲ 26.1%€0.002m▼ 99.5%-€0.05m-€0.08m▼ 47.6%
Net result-€0.2mbelow the sector's middle half€0.2mabove the sector's middle half-€0.005mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 1,334%-€0.08mbelow the sector's middle half▼ 10.8%
Equity€0.2mwithin the sector's middle half▼ 44.9%€0.4mwithin the sector's middle half▲ 56.9%€0.4mwithin the sector's middle half▼ 1.4%€0.3mwithin the sector's middle half▼ 19.8%€0.2mwithin the sector's middle half▼ 27.3%
Total assets€0.7mwithin the sector's middle half▼ 31.0%€0.7mwithin the sector's middle half▲ 2.1%€0.9mwithin the sector's middle half▲ 22.4%€0.8mwithin the sector's middle half▼ 7.1%€0.7mwithin the sector's middle half▼ 13.6%
Debt€0.5m▼ 20.8%€0.4m▼ 26.0%€0.5m▲ 48.2%€0.5m▲ 2.1%€0.5m▼ 5.8%
Working capital€0.09mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 186%€0.3mwithin the sector's middle half▲ 4.0%€0.3mwithin the sector's middle half▼ 0.7%€0.2mwithin the sector's middle half▼ 27.4%
Solvency33.9%within the sector's middle half▼ 8.5pp52.0%within the sector's middle half▲ 18.2pp41.9%within the sector's middle half▼ 10.1pp36.2%within the sector's middle half▼ 5.7pp30.5%within the sector's middle half▼ 5.7pp
Current ratio1.33within the sector's middle half▲ 0.522.39within the sector's middle half▲ 1.061.72within the sector's middle half▼ 0.681.67within the sector's middle half▼ 0.051.50within the sector's middle half▼ 0.17
Return on assets (ROA)-27.6%below the sector's middle half▼ 37.6pp32.5%above the sector's middle half▲ 60.1pp-0.6%below the sector's middle half▼ 33.1pp-8.9%below the sector's middle half▼ 8.3pp-11.4%below the sector's middle half▼ 2.5pp
Staff (FTE)2.1within the sector's middle half▲ 90.9%2.1within the sector's middle half=2.4below the sector's middle half▲ 14.3%3.4within the sector's middle half▲ 41.7%3.3within the sector's middle half▼ 2.9%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €76,173 in 2025 against €51,601 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €720,928
Fixed assets
€127,265 ▼ 17.6%
Current assets
€593,663 ▼ 12.6%
Equity and liabilities €720,928
Equity
€219,747 ▼ 27.3%
Debt
€501,181 ▼ 5.8%
Debt's share of the balance-sheet total rises from 63.8% to 69.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€35,589▼
2024 · -€11,601
Cash flow
-€41,809▼
2024 · -€34,363
Quick ratio
1.12▼
2024 · 1.27
Debt to equity
2.28▲
2024 · 1.76
ROE
-37.5%▼
2024 · -24.6%
Interest coverage
-4.44▼
2024 · -0.48
Debt ≤ 1 year
€396,612▼
2024 · €408,061
Debt > 1 year
€89,959▼
2024 · €112,650
Staff costs
€198,239▲
2024 · €137,293
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,835 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 85% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.7%
went bankrupt
13%
stopped otherwise
85%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,366 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 5,835 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 | - | - | €26,000 | €0 | - | - |
| Remuneration, social security and pensions62 | €92,969 | €67,873 | €87,921 | €137,293 | €198,239 | ▲ 44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €62,903 | €52,651 | €51,895 | €40,000 | €40,583 | ▲ 1.5% |
| Other operating charges640/8 | €845 | €318 | €3,521 | €2,955 | €4,603 | ▲ 55.8% |
| Non-recurring operating charges66A | - | €1,728 | €0 | €18,000 | €0 | ▼ 100% |
| Gross operating margin9900 | €411,247 | €443,451 | €144,910 | €146,646 | €167,253 | ▲ 14.1% |
| Operating profit (loss)9901 | €254,530 | €320,881 | €1,572 | -€51,601 | -€76,173 | ▼ 47.6% |
| Financial income75/76B | - | €1,509 | €424 | €1,390 | €1,800 | ▲ 29.5% |
| Recurring financial income75 | - | €1,509 | €424 | €1,390 | €1,800 | ▲ 29.5% |
| Financial charges65/66B | €395,108 | €7,152 | €7,181 | €24,152 | €8,020 | ▼ 66.8% |
| Recurring financial charges65 | €19,948 | €7,152 | €7,181 | €24,152 | €8,020 | ▼ 66.8% |
| Non-recurring financial charges66B | €375,161 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€140,578 | €315,239 | -€5,185 | -€74,363 | -€82,392 | ▼ 10.8% |
| Income taxes67/77 | €57,401 | €76,796 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€197,980 | €238,443 | -€5,185 | -€74,363 | -€82,392 | ▼ 10.8% |
| Profit (loss) for the period to be appropriated9905 | -€197,980 | €238,443 | -€5,185 | -€74,363 | -€82,392 | ▼ 10.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €718,433 | €733,324 | €897,522 | €834,015 | €720,928 | ▼ 13.6% |
| Fixed assets21/28 | €349,131 | €281,703 | €242,408 | €154,535 | €127,265 | ▼ 17.6% |
| Intangible fixed assets21 | €73,758 | €57,058 | €40,358 | €23,658 | €6,958 | ▼ 70.6% |
| Tangible fixed assets22/27 | €275,373 | €224,644 | €189,449 | €118,277 | €107,707 | ▼ 8.9% |
| Plant, machinery and equipment23 | €258,346 | €224,644 | €189,449 | €118,277 | €105,099 | ▼ 11.1% |
| Furniture and vehicles24 | €14,028 | - | - | - | €2,608 | - |
| Other tangible fixed assets26 | €3,000 | - | - | - | - | - |
| Financial fixed assets28 | - | - | €12,600 | €12,600 | €12,600 | = |
| Current assets29/58 | €369,302 | €451,621 | €655,114 | €679,480 | €593,663 | ▼ 12.6% |
| Stocks and contracts in progress3 | €153,302 | €176,446 | €164,404 | €162,886 | €149,732 | ▼ 8.1% |
| Stocks30/36 | €153,302 | €176,446 | €164,404 | €162,886 | €149,732 | ▼ 8.1% |
| Amounts receivable within one year40/41 | €90,512 | €106,284 | €316,515 | €259,341 | €333,449 | ▲ 28.6% |
| Trade receivables40 | €89,871 | €106,284 | €122,186 | €135,673 | €166,889 | ▲ 23.0% |
| Other amounts receivable41 | €641 | - | €194,330 | €123,669 | €166,560 | ▲ 34.7% |
| Cash at bank and in hand54/58 | €109,552 | €157,189 | €155,053 | €227,952 | €78,727 | ▼ 65.5% |
| Deferred charges and accrued income490/1 | €15,936 | €11,702 | €19,142 | €29,300 | €31,756 | ▲ 8.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €718,433 | €733,324 | €897,522 | €834,015 | €720,928 | ▼ 13.6% |
| Equity10/15 | €243,245 | €381,688 | €376,503 | €302,139 | €219,747 | ▼ 27.3% |
| Contributions10/11 | €256,200 | €156,200 | €156,200 | €156,200 | €156,200 | = |
| Reserves13 | - | €225,488 | €225,488 | €225,488 | €225,488 | = |
| Distributable reserves133 | - | €225,488 | €225,488 | €225,488 | €225,488 | = |
| Profit (loss) carried forward14 | -€12,955 | - | -€5,185 | -€79,548 | -€161,941 | ▼ 104% |
| Amounts payable17/49 | €475,188 | €351,636 | €521,019 | €531,875 | €501,181 | ▼ 5.8% |
| Amounts payable after more than one year17 | €193,004 | €157,098 | €135,028 | €112,650 | €89,959 | ▼ 20.1% |
| Financial debts170/4 | €193,004 | €157,098 | €135,028 | €112,650 | €89,959 | ▼ 20.1% |
| Amounts payable within one year42/48 | €277,460 | €188,828 | €381,716 | €408,061 | €396,612 | ▼ 2.8% |
| Current portion of amounts payable after more than one year42 | €45,092 | €35,829 | €22,070 | €22,378 | €22,691 | ▲ 1.4% |
| Financial debts43 | - | - | €91,000 | €75,833 | €36,400 | ▼ 52.0% |
| Credit institutions430/8 | - | - | €0 | - | - | - |
| Other loans439 | - | - | €91,000 | €75,833 | €36,400 | ▼ 52.0% |
| Trade debts44 | €157,797 | €105,985 | €256,370 | €242,193 | €307,820 | ▲ 27.1% |
| Suppliers440/4 | €157,797 | €105,985 | €256,370 | €242,193 | €307,820 | ▲ 27.1% |
| Taxes, remuneration and social security45 | €41,902 | €40,437 | €12,277 | €23,159 | €29,700 | ▲ 28.2% |
| Taxes450/3 | €31,779 | €40,437 | €8 | €0 | €69 | - |
| Remuneration and social security454/9 | €10,124 | - | €12,269 | €23,159 | €29,631 | ▲ 27.9% |
| Other amounts payable47/48 | €32,667 | €6,577 | €0 | €44,498 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €4,725 | €5,710 | €4,275 | €11,164 | €14,611 | ▲ 30.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€197,980 | €238,443 | -€5,185 | -€74,363 | -€82,392 | ▼ 10.8% |
| + Depreciation and write-downs630 | €62,903 | €52,651 | €51,895 | €40,000 | €40,583 | ▲ 1.5% |
| Operating cash flow (approximation) | -€135,077 | €291,094 | €46,710 | -€34,363 | -€41,809 | ▼ 21.7% |
| Investment in fixed assets (approximation) | - | €14,778 | -€12,600 | €47,872 | -€13,314 | ▼ 128% |
| Change in cash | - | €47,637 | -€2,135 | €72,899 | -€149,226 | ▼ 305% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of 5,225 companies in this sector we hold annual accounts for 3,872. 3,557 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector