RECO +
ActiveSummary
RECO + has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.46M and a net result of €290k. Equity is growing by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 36% of 837 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability58▼-3
Solvency48▲+9
Growth47▲+6
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90k at 30 days acceptable
Liquidity tight (current ratio 1.12 against 1.07 in 2024; short-term debt: 76.4% and cash: 40.7% of total assets), and 76.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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
23.3%
Return on assets
4.6%
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 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
27 d late
2023
22 d late
2022
29 d late
2021
25 d late
2020
24 d late
2019
27 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€18.58M▲ 47.4%
2024 · €12.61M
2018: €8.06M
2019: €6.94M▼ -13.9% vs 2018
2020: €7.10M▲ +2.4% vs 2019
2021: €6.32M▼ -11.0% vs 2020lowest in 8 years
2022: €11.14M▲ +76.2% vs 2021
2023: €10.98M▼ -1.4% vs 2022
2024: €12.61M▲ +14.8% vs 2023
2025: €18.58M▲ +47.4% vs 2024highest in 8 years
2018 → 2025
EBIT margin
0.5%▼ 3.8pp
2024 · 4.3%
2018: 10.9%
2019: 5.0%▼ -54.1% vs 2018
2020: 12.2%▲ +142% vs 2019highest in 8 years
2021: 0.7%▼ -94.3% vs 2020
2022: 4.0%▲ +476% vs 2021
2023: 4.3%▲ +7.5% vs 2022
2024: 4.3%▲ +0.2% vs 2023
2025: 0.5%▼ -88.8% vs 2024lowest in 8 years
2018 → 2025
Net result
€290k▲ 67.1%
2024 · €173k
2018: €619k
2019: €244k▼ -60.7% vs 2018
2020: €653k▲ +168% vs 2019highest in 8 years
2021: €28k▼ -95.7% vs 2020lowest in 8 years
2022: €438k▲ +1454% vs 2021
2023: €346k▼ -21.1% vs 2022
2024: €173k▼ -49.8% vs 2023
2025: €290k▲ +67.1% vs 2024
2018 → 2025
Working capital
€558k▲ 0.7%
2024 · €554k
2018: €2.99M
2019: €3.28M▲ +9.9% vs 2018
2020: €3.89M▲ +18.5% vs 2019
2021: €3.96M▲ +1.7% vs 2020
2022: €3.81M▼ -3.8% vs 2021
2023: €4.10M▲ +7.7% vs 2022highest in 8 years
2024: €554k▼ -86.5% vs 2023lowest in 8 years
2025: €558k▲ +0.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€6.32M-€11.14M▲ 76.2%€10.98M▼ 1.4%€12.61M▲ 14.8%€18.58M▲ 47.4%
2021: €6.32Mlowest in 5 years
2022: €11.14M▲ +76.2% vs 2021
2023: €10.98M▼ -1.4% vs 2022
2024: €12.61M▲ +14.8% vs 2023
2025: €18.58M▲ +47.4% vs 2024highest in 5 years
Equity€4.20M-€4.33M▲ 3.3%€4.68M▲ 8.0%€1.17M▼ 74.9%€1.46M▲ 24.7%
2021: €4.20M
2022: €4.33M▲ +3.3% vs 2021
2023: €4.68M▲ +8.0% vs 2022highest in 5 years
2024: €1.17M▼ -74.9% vs 2023lowest in 5 years
2025: €1.46M▲ +24.7% vs 2024
Operating result€44k-€445k▲ 914%€472k▲ 6.0%€543k▲ 15.1%€90k▼ 83.5%
2021: €44klowest in 5 years
2022: €445k▲ +914% vs 2021
2023: €472k▲ +6.0% vs 2022
2024: €543k▲ +15.1% vs 2023highest in 5 years
2025: €90k▼ -83.5% vs 2024
Net result€28k-€438k▲ 1,454%€346k▼ 21.1%€173k▼ 49.8%€290k▲ 67.1%
2021: €28klowest in 5 years
2022: €438k▲ +1454% vs 2021highest in 5 years
2023: €346k▼ -21.1% vs 2022
2024: €173k▼ -49.8% vs 2023
2025: €290k▲ +67.1% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 83% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.28M
Fixed assets
€927k ▲ 48.8%
Current assets
€5.35M ▼ 33.0%
Equity and liabilities €6.28M
Equity
€1.46M ▲ 24.7%
Debt
€4.82M ▼ 35.2%
Debt's share of the balance-sheet total falls from 86.4% to 76.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€228k▼
2024 · €652k
Cash flow
€428k▲
2024 · €282k
Current ratio
1.12▲
2024 · 1.07
Quick ratio
1.04▲
2024 · 1.02
Debt to equity
3.29▼
2024 · 6.34
ROE
19.8%▲
2024 · 14.8%
ROA
4.6%▲
2024 · 2.0%
Interest coverage
22.83▼
2024 · 46.25
Debt ≤ 1 year
€4.79M▼
2024 · €7.43M
Income taxes
€-173k▼
2024 · €378k
Staff costs
€1.06M▲
2024 · €817k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 76 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.61M€6.28M▼
Fixed assets21/28€623k€927k▲
Tangible fixed assets22/27€439k€679k▲
Plant, machinery and equipment23€20k€15k▼
Furniture and vehicles24€414k€637k▲
Other tangible fixed assets26€5k€5k=
Assets under construction and advance payments27-€21k
Financial fixed assets28€184k€248k▲
Other financial fixed assets284/8-€248k
Amounts receivable and cash guarantees285/8-€248k
Current assets29/58€7.99M€5.35M▼
Amounts receivable after more than one year29€100k-
Other amounts receivable291€100k-
Stocks and contracts in progress3€427k€373k▼
Contracts in progress37€427k€373k▼
Amounts receivable within one year40/41€6.03M€2.39M▼
Trade receivables40€2.32M€540k▼
Other amounts receivable41€3.70M€1.85M▼
Cash at bank and in hand54/58€1.41M€2.55M▲
Deferred charges and accrued income490/1€22k€36k▲
Equity and liabilities
Total equity and liabilities10/49€8.61M€6.28M▼
Equity10/15€1.17M€1.46M▲
Contributions10/11€60k€62k▲
Capital10€60k€62k▲
Issued capital100€72k€62k▼
Uncalled capital101€12k-
Reserves13€2k-
Non-distributable reserves130/1€2k-
Legal reserve130€2k-
Profit (loss) carried forward14€1.11M€1.40M▲
Amounts payable17/49€7.43M€4.82M▼
Amounts payable within one year42/48€7.43M€4.79M▼
Trade debts44€2.11M€3.77M▲
Suppliers440/4€2.11M€3.77M▲
Advances received on contracts in progress46€544k€699k▲
Taxes, remuneration and social security45€349k€88k▼
Taxes450/3€293k€14k▼
Remuneration and social security454/9€56k€73k▲
Other amounts payable47/48€4.43M€239k▼
Accrued charges and deferred income492/3€4k€22k▲
Income statement
Code20242025
Operating income70/76A-€18.68M
Turnover70€12.61M€18.58M▲
Change in stocks of work in progress, finished goods and contracts in progress71-€-54k
Other operating income74-€147k
Non-recurring operating income76A€27k-
Operating charges60/66A-€18.59M
Goods, raw materials, services and sundry goods60/61€11.26M-
Goods for resale, raw materials and consumables60-€13.46M
Purchases600/8-€13.46M
Services and other goods61-€3.79M
Remuneration, social security and pensions62€817k€1.06M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€109k€139k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€49k€-49k▼
Other operating charges640/8€78k€79k▲
Non-recurring operating charges66A€223€105k▲
Gross operating margin9900€1.60M-
Operating profit (loss)9901€543k€90k▼
Financial income75/76B€22k€39k▲
Recurring financial income75€22k€39k▲
Income from financial fixed assets750-€774
Other financial income752/9-€38k
Financial charges65/66B€14k€12k▼
Recurring financial charges65€14k€12k▼
Debt charges650-€10k
Other financial charges652/9-€2k
Profit (loss) for the period before taxes9903€551k€117k▼
Income taxes67/77€378k€-173k▼
Taxes670/3-€42k
Tax adjustments and reversals of tax provisions77-€215k
Profit (loss) for the period9904€173k€290k▲
Profit (loss) for the period to be appropriated9905€173k€290k▲
Appropriation of the result
Profit (loss) to be appropriated9906€4.79M€1.40M▼
Profit (loss) brought forward from the previous period14P€4.62M€1.11M▼
Profit to be distributed694/7€3.68M-
Return on contributions (dividend)694€3.68M-
Social balance
Average headcount (FTE)908714.116.7▲
The notes to these accounts (35 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €18.68M | - |
| Turnover70 | €6.32M | €11.14M | €10.98M | €12.61M | €18.58M | ▲ 47.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | - | €-54k | - |
| Other operating income74 | - | - | - | - | €147k | - |
| Non-recurring operating income76A | €90k | €130k | €9k | €27k | - | - |
| Operating charges60/66A | - | - | - | - | €18.59M | - |
| Goods, raw materials, services and sundry goods60/61 | €6.22M | €10.25M | €9.58M | €11.26M | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €13.46M | - |
| Purchases600/8 | - | - | - | - | €13.46M | - |
| Services and other goods61 | - | - | - | - | €3.79M | - |
| Remuneration, social security and pensions62 | €463k | €682k | €784k | €817k | €1.06M | ▲ 29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39k | €86k | €105k | €109k | €139k | ▲ 27.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €49k | €-49k | ▼ 200% |
| Other operating charges640/8 | €7k | €27k | €19k | €78k | €79k | ▲ 1.0% |
| Non-recurring operating charges66A | €20k | €6k | €1k | €223 | €105k | ▲ 46,827% |
| Gross operating margin9900 | €573k | €1.25M | €1.38M | €1.60M | - | - |
| Operating profit (loss)9901 | €44k | €445k | €472k | €543k | €90k | ▼ 83.5% |
| Financial income75/76B | €12k | €17k | €14k | €22k | €39k | ▲ 76.8% |
| Recurring financial income75 | €12k | €17k | €14k | €22k | €39k | ▲ 76.8% |
| Income from financial fixed assets750 | - | - | - | - | €774 | - |
| Other financial income752/9 | - | - | - | - | €38k | - |
| Financial charges65/66B | €2k | €2k | €3k | €14k | €12k | ▼ 14.7% |
| Recurring financial charges65 | €2k | €2k | €3k | €14k | €12k | ▼ 14.7% |
| Debt charges650 | - | - | - | - | €10k | - |
| Other financial charges652/9 | - | - | - | - | €2k | - |
| Profit (loss) for the period before taxes9903 | €54k | €460k | €483k | €551k | €117k | ▼ 78.8% |
| Income taxes67/77 | €26k | €22k | €137k | €378k | €-173k | ▼ 146% |
| Taxes670/3 | - | - | - | - | €42k | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €215k | - |
| Profit (loss) for the period9904 | €28k | €438k | €346k | €173k | €290k | ▲ 67.1% |
| Profit (loss) for the period to be appropriated9905 | €28k | €438k | €346k | €173k | €290k | ▲ 67.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.95M | €6.10M | €6.53M | €8.61M | €6.28M | ▼ 27.1% |
| Fixed assets21/28 | €237k | €525k | €587k | €623k | €927k | ▲ 48.8% |
| Tangible fixed assets22/27 | €103k | €375k | €436k | €439k | €679k | ▲ 54.4% |
| Plant, machinery and equipment23 | €21k | €26k | €31k | €20k | €15k | ▼ 24.0% |
| Furniture and vehicles24 | €82k | €343k | €399k | €414k | €637k | ▲ 53.9% |
| Other tangible fixed assets26 | - | €5k | €5k | €5k | €5k | = |
| Assets under construction and advance payments27 | - | - | - | - | €21k | - |
| Financial fixed assets28 | €134k | €150k | €151k | €184k | €248k | ▲ 35.2% |
| Other financial fixed assets284/8 | - | - | - | - | €248k | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €248k | - |
| Current assets29/58 | €4.71M | €5.57M | €5.95M | €7.99M | €5.35M | ▼ 33.0% |
| Amounts receivable after more than one year29 | €100k | €100k | €100k | €100k | - | - |
| Other amounts receivable291 | €100k | €100k | €100k | €100k | - | - |
| Stocks and contracts in progress3 | €240k | €400k | €290k | €427k | €373k | ▼ 12.6% |
| Contracts in progress37 | €240k | €400k | €290k | €427k | €373k | ▼ 12.6% |
| Amounts receivable within one year40/41 | €3.63M | €4.23M | €4.22M | €6.03M | €2.39M | ▼ 60.3% |
| Trade receivables40 | €893k | €1.48M | €1.23M | €2.32M | €540k | ▼ 76.8% |
| Other amounts receivable41 | €2.74M | €2.75M | €2.99M | €3.70M | €1.85M | ▼ 50.1% |
| Cash at bank and in hand54/58 | €728k | €829k | €1.32M | €1.41M | €2.55M | ▲ 81.3% |
| Deferred charges and accrued income490/1 | €8k | €14k | €21k | €22k | €36k | ▲ 63.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.95M | €6.10M | €6.53M | €8.61M | €6.28M | ▼ 27.1% |
| Equity10/15 | €4.20M | €4.33M | €4.68M | €1.17M | €1.46M | ▲ 24.7% |
| Contributions10/11 | €60k | €60k | €60k | €60k | €62k | ▲ 3.1% |
| Capital10 | €60k | €60k | €60k | €60k | €62k | ▲ 3.1% |
| Issued capital100 | €72k | €72k | €72k | €72k | €62k | ▼ 14.6% |
| Uncalled capital101 | €12k | €12k | €12k | €12k | - | - |
| Reserves13 | €2k | €2k | €2k | €2k | - | - |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | - | - |
| Legal reserve130 | €2k | €2k | €2k | €2k | - | - |
| Profit (loss) carried forward14 | €4.13M | €4.27M | €4.62M | €1.11M | €1.40M | ▲ 26.1% |
| Amounts payable17/49 | €749k | €1.76M | €1.85M | €7.43M | €4.82M | ▼ 35.2% |
| Amounts payable within one year42/48 | €749k | €1.76M | €1.84M | €7.43M | €4.79M | ▼ 35.5% |
| Trade debts44 | €721k | €1.36M | €1.47M | €2.11M | €3.77M | ▲ 78.8% |
| Suppliers440/4 | €721k | €1.36M | €1.47M | €2.11M | €3.77M | ▲ 78.8% |
| Advances received on contracts in progress46 | - | - | - | €544k | €699k | ▲ 28.4% |
| Taxes, remuneration and social security45 | €28k | €102k | €119k | €349k | €88k | ▼ 74.9% |
| Taxes450/3 | €32 | €43k | €74k | €293k | €14k | ▼ 95.2% |
| Remuneration and social security454/9 | €28k | €59k | €45k | €56k | €73k | ▲ 30.8% |
| Other amounts payable47/48 | - | €300k | €252k | €4.43M | €239k | ▼ 94.6% |
| Accrued charges and deferred income492/3 | - | - | €11k | €4k | €22k | ▲ 439% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28k | €438k | €346k | €173k | €290k | ▲ 67.1% |
| + Depreciation and write-downs630 | €39k | €86k | €105k | €109k | €139k | ▲ 27.3% |
| Operating cash flow (approximation) | €67k | €524k | €451k | €282k | €428k | ▲ 51.8% |
| Investment in fixed assets (approximation) | - | €-374k | €-167k | €-145k | €-443k | ▼ 204% |
| Change in cash | - | €101k | €488k | €91k | €1.14M | ▲ 1,152% |
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
Next filing, fiscal year 2026, expected by
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 22 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 25 days late
2021
31-12
Financial
Weakest financial yearnet €28k ▼95.7%
Net result drops to €28k, the lowest in the series; recovery starts the following year.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 24 days late
2020
31-12
Financial
Highest result since 2018net €653k ▲168%
Net result €653k, the highest in the series.
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 27 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
03-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 3 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Herve · 1 establishment unit since 2004
Ground area
1,944 m²
Building footprint
143 m²
Volume, LiDAR
905 m³
Parcel 63006D0279/00D003, Wallonia · tallest building 7.3 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
RECO +
since 20042.138.999.953
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63006D0279/00D003 | Wallonia | 1,944 m² | 1 · 143 m² | 7.3 m · 2 fl. |
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.
Recognitions · licences · registrations
Recognised contractor
16 categoriesRECO + SA29153
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 5,048 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
Founded30-06-2004
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
Scores and ratios are computed by Checked and are not a credit decision.