RECO
InactiveRECO was declared bankrupt on 18-10-2022 (Ondernemingsrechtbank Gent, afdeling Kortrijk); the bankruptcy was closed for insufficient assets by judgment of 08-04-2025, published in the Belgian State Gazette on 17-04-2025.
Summary
Inactive; last annual accounts for fiscal year 2021.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 30-09-2022, 4 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 · 10 filingsPosition against the passed deadline
30-09-2022 close30-04-2023 deadline30-09-2026 today
raises risk · Filed more than 90 days late
The financial year that closed on 30-09-2021 was due by 30-04-2022 and was filed on 26-08-2022, 118 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
not filed
2023
not filed
2022
not filed
2021
118 d late
2020
1 d early
2019
8 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 36 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2021, abbreviated schema
Equity
-€303,493▼ 5.5%
2020 · -€287,740
Total assets
€327,588▼ 4.6%
2020 · €343,416
Net result
-€15,753▼ 19.2%
2020 · -€13,218
Working capital
-€62,215▼ 178%
2020 · -€22,363
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
Line2018201920202021
Operating result€47,906--€130,002-€11,944▲ 90.8%-€15,392▼ 28.9%
Net result€54,903--€133,267-€13,218▲ 90.1%-€15,753▼ 19.2%
Equity-€141,256--€274,523▼ 94.3%-€287,740▼ 4.8%-€303,493▼ 5.5%
Total assets€817,798-€438,063▼ 46.4%€343,416▼ 21.6%€327,588▼ 4.6%
Debt€959,054-€712,586▼ 25.7%€631,157▼ 11.4%€631,081=
Working capital€296,179--€20,885-€22,363▼ 7.1%-€62,215▼ 178%
Staff (FTE)1-1=0.5▼ 50.0%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €15,392 in 2021 against €11,944 in 2020; the loss grows.
Key figures and ratios
EBITDA
-€15,392▼
2020 · -€11,243
Cash flow
-€15,753▼
2020 · -€12,516
Solvency
-92.6%▼
2020 · -83.8%
Current ratio
0.84▼
2020 · 0.94
Debt to equity
-2.08▼
2020 · -0.92
ROA
-4.8%▼
2020 · -3.8%
Interest coverage
-59.16
Debt ≤ 1 year
€389,803▲
2020 · €365,416
Debt > 1 year
€241,278▼
2020 · €265,740
Income taxes
€100▼
2020 · €670
Staff costs
€283
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €283 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,260 | €11,836 | €702 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €6,520 | - |
| Gross operating margin9900 | €119,659 | €88,506 | €25,847 | -€8,589 | ▼ 133% |
| Operating profit (loss)9901 | €47,906 | -€130,002 | -€11,944 | -€15,392 | ▼ 28.9% |
| Financial income75/76B | - | - | - | €0 | - |
| Recurring financial income75 | €16,505 | €2,734 | €24 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €260 | - |
| Recurring financial charges65 | €8,705 | €5,842 | €628 | €260 | ▼ 58.6% |
| Profit (loss) for the period before taxes9903 | €55,706 | -€133,110 | -€12,548 | -€15,653 | ▼ 24.7% |
| Income taxes67/77 | €803 | €157 | €670 | €100 | ▼ 85.1% |
| Profit (loss) for the period9904 | €54,903 | -€133,267 | -€13,218 | -€15,753 | ▼ 19.2% |
| Profit (loss) for the period to be appropriated9905 | €54,903 | -€133,267 | -€13,218 | -€15,753 | ▼ 19.2% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €817,798 | €438,063 | €343,416 | €327,588 | ▼ 4.6% |
| Fixed assets21/28 | €32,828 | €20,992 | €363 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €32,465 | €20,629 | €0 | - | - |
| Financial fixed assets28 | €363 | €363 | €363 | €0 | ▼ 100% |
| Current assets29/58 | €784,970 | €417,071 | €343,053 | €327,588 | ▼ 4.5% |
| Amounts receivable within one year40/41 | €753,234 | €384,009 | €328,953 | €318,374 | ▼ 3.2% |
| Trade receivables40 | - | - | - | €317,488 | - |
| Other amounts receivable41 | - | - | - | €887 | - |
| Cash at bank and in hand54/58 | €30,421 | €32,852 | €14,100 | €9,214 | ▼ 34.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €817,798 | €438,063 | €343,416 | €327,588 | ▼ 4.6% |
| Equity10/15 | -€141,256 | -€274,523 | -€287,740 | -€303,493 | ▼ 5.5% |
| Contributions10/11 | €9.8m | €9.8m | - | €9.8m | - |
| Reserves13 | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - |
| Tax-exempt reserves132 | - | - | - | €1.2m | - |
| Profit (loss) carried forward14 | -€11.2m | -€11.3m | -€11.3m | -€11.4m | ▼ 0.1% |
| Amounts payable17/49 | €959,054 | €712,586 | €631,157 | €631,081 | = |
| Amounts payable after more than one year17 | €470,263 | €274,630 | €265,740 | €241,278 | ▼ 9.2% |
| Financial debts170/4 | - | - | - | €241,278 | - |
| Amounts payable within one year42/48 | €488,791 | €437,956 | €365,416 | €389,803 | ▲ 6.7% |
| Trade debts44 | €387,980 | €197,269 | €172,015 | €180,221 | ▲ 4.8% |
| Suppliers440/4 | - | - | - | €180,221 | - |
| Taxes, remuneration and social security45 | - | - | - | €193,202 | - |
| Taxes450/3 | - | - | - | €100 | - |
| Remuneration and social security454/9 | - | - | - | €193,102 | - |
| Other amounts payable47/48 | - | - | - | €16,380 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,903 | -€133,267 | -€13,218 | -€15,753 | ▼ 19.2% |
| + Depreciation and write-downs630 | €12,260 | €11,836 | €702 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €67,163 | -€121,431 | -€12,516 | -€15,753 | ▼ 25.9% |
| Investment in fixed assets (approximation) | - | €0 | €19,928 | €363 | ▼ 98.2% |
| Change in cash | - | €2,430 | -€18,752 | -€4,886 | ▲ 73.9% |
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
2025
17-04
Bankruptcy
Bankruptcy closure (insufficient assets)
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 08-04-2025
2022
25-10
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 18-10-2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 118 days late
2021
29-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
22-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Weakest financial yearnet -€133,267
Net result drops to -€133,267, the lowest in the series.
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
14-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 14 days late
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
31-03
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2015
20-03
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
2014
30-04
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema
2013
30-04
NBB filing
Annual accounts filed
fiscal year 2012 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | KAREL ROMMENS OUDE IEPERSTRAAT 4,
8560 WEVELGEM |
18-10-2022 → 08-04-2025 |