RECOVER
ActiveSummary
RECOVER has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €163k and a net result of €34k. Equity is growing by ~9.9% per year across the filed fiscal years. Its solvency ranks better than 42% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-21
Solvency65▼-27
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10k at 30 days acceptable
Liquidity short (current ratio 0.87 against 3.39 in 2024; short-term debt: 57.8% and cash: 8.4% of total assets), and 59.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three 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
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 30-10-2025, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
1 d early
2023
31 d early
2022
31 d early
2021
32 d early
2020
1 d early
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€163k▼ 4.6%
2024 · €171k
2019: €93k
2020: €97k▲ +4.8% vs 2019
2021: €85k▼ -11.9% vs 2020lowest in 7 years
2022: €87k▲ +1.3% vs 2021
2023: €103k▲ +19.2% vs 2022
2024: €171k▲ +65.3% vs 2023highest in 7 years
2025: €163k▼ -4.6% vs 2024
2019 → 2025
Total assets
€405k▲ 58.5%
2024 · €256k
2019: €232k
2020: €214k▼ -7.6% vs 2019
2021: €191k▼ -10.5% vs 2020
2022: €188k▼ -1.6% vs 2021lowest in 7 years
2023: €204k▲ +8.1% vs 2022
2024: €256k▲ +25.4% vs 2023
2025: €405k▲ +58.5% vs 2024highest in 7 years
2019 → 2025
Net result
€34k▼ 50.2%
2024 · €67k
2019: €22k
2020: €4k▼ -80.0% vs 2019
2021: €-12k▼ -358% vs 2020lowest in 7 years
2022: €35k▲ +402% vs 2021
2023: €17k▼ -52.5% vs 2022
2024: €67k▲ +306% vs 2023highest in 7 years
2025: €34k▼ -50.2% vs 2024
2019 → 2025
Working capital
€-31k
2024 · €144k
2019: €88k
2020: €94k▲ +7.5% vs 2019
2021: €86k▼ -8.9% vs 2020
2022: €87k▲ +1.3% vs 2021
2023: €99k▲ +13.0% vs 2022
2024: €144k▲ +45.9% vs 2023highest in 7 years
2025: €-31k▼ -122% vs 2024lowest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€85k-€87k▲ 1.3%€103k▲ 19.2%€171k▲ 65.3%€163k▼ 4.6%
2021: €85klowest in 5 years
2022: €87k▲ +1.3% vs 2021
2023: €103k▲ +19.2% vs 2022
2024: €171k▲ +65.3% vs 2023highest in 5 years
2025: €163k▼ -4.6% vs 2024
Operating result€-8k-€51k€20k▼ 59.5%€102k▲ 399%€46k▼ 54.6%
2021: €-8klowest in 5 years
2022: €51k▲ +760% vs 2021
2023: €20k▼ -59.5% vs 2022
2024: €102k▲ +399% vs 2023highest in 5 years
2025: €46k▼ -54.6% vs 2024
Net result€-12k-€35k€17k▼ 52.5%€67k▲ 306%€34k▼ 50.2%
2021: €-12klowest in 5 years
2022: €35k▲ +402% vs 2021
2023: €17k▼ -52.5% vs 2022
2024: €67k▲ +306% vs 2023highest in 5 years
2025: €34k▼ -50.2% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 55% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €405k
Fixed assets
€202k ▲ 292%
Current assets
€203k ▼ 0.6%
Equity and liabilities €405k
Equity
€163k ▼ 4.6%
Debt
€243k ▲ 185%
Debt's share of the balance-sheet total rises from 33.3% to 59.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€86k▼
2024 · €115k
Cash flow
€73k▼
2024 · €80k
Current ratio
0.87▼
2024 · 3.39
Quick ratio
0.65▼
2024 · 2.51
Debt to equity
1.49▲
2024 · 0.50
ROE
20.6%▼
2024 · 39.5%
ROA
8.3%▼
2024 · 26.4%
Interest coverage
32.62▼
2024 · 37.97
Debt ≤ 1 year
€234k▲
2024 · €60k
Debt > 1 year
€8k▼
2024 · €25k
Income taxes
€10k▼
2024 · €32k
Staff costs
€79k▲
2024 · €30k
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 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€256k€405k▲
Fixed assets21/28€52k€202k▲
Tangible fixed assets22/27€50k€201k▲
Land and buildings22€33k€22k▼
Plant, machinery and equipment23€5k€15k▲
Furniture and vehicles24€13k€164k▲
Financial fixed assets28€1k€1k▲
Current assets29/58€204k€203k▼
Stocks and contracts in progress3€53k€51k▼
Stocks30/36€53k€51k▼
Amounts receivable within one year40/41€79k€113k▲
Trade receivables40€57k€100k▲
Other amounts receivable41€23k€14k▼
Cash at bank and in hand54/58€67k€34k▼
Deferred charges and accrued income490/1€5k€5k▼
Equity and liabilities
Total equity and liabilities10/49€256k€405k▲
Equity10/15€171k€163k▼
Contributions10/11€6k€6k=
Reserves13€164k€156k▼
Distributable reserves133€164k€156k▼
Amounts payable17/49€85k€243k▲
Amounts payable after more than one year17€25k€8k▼
Financial debts170/4€25k€8k▼
Amounts payable within one year42/48€60k€234k▲
Current portion of amounts payable after more than one year42€16k€140k▲
Trade debts44€28k€59k▲
Suppliers440/4€28k€59k▲
Taxes, remuneration and social security45€16k€10k▼
Taxes450/3€12k€3k▼
Remuneration and social security454/9€4k€7k▲
Other amounts payable47/48-€25k
Income statement
Code20242025
Non-recurring operating income76A-€21k
Remuneration, social security and pensions62€30k€79k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13k€39k▲
Other operating charges640/8€607€451▼
Non-recurring operating charges66A€80-
Gross operating margin9900€145k€165k▲
Operating profit (loss)9901€102k€46k▼
Financial income75/76B€143€6▼
Recurring financial income75€143€6▼
Financial charges65/66B€3k€3k▼
Recurring financial charges65€3k€3k▼
Profit (loss) for the period before taxes9903€99k€44k▼
Income taxes67/77€32k€10k▼
Profit (loss) for the period9904€67k€34k▼
Profit (loss) for the period to be appropriated9905€67k€34k▼
Appropriation of the result
Profit (loss) to be appropriated9906€67k€34k▼
Transfer from equity791/2-€41k
Transfer to equity691/2€67k€34k▼
To other reserves6921€67k€34k▼
Profit to be distributed694/7-€41k
Return on contributions (dividend)694-€41k
The notes to these accounts (10 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €11k | - | €21k | - |
| Remuneration, social security and pensions62 | - | €40k | €41k | €30k | €79k | ▲ 165% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19k | €17k | €11k | €13k | €39k | ▲ 204% |
| Other operating charges640/8 | - | €44k | €454 | €607 | €451 | ▼ 25.7% |
| Non-recurring operating charges66A | - | - | €8k | €80 | - | - |
| Gross operating margin9900 | €66k | €152k | €82k | €145k | €165k | ▲ 13.7% |
| Operating profit (loss)9901 | €-8k | €51k | €20k | €102k | €46k | ▼ 54.6% |
| Financial income75/76B | - | €3 | €3k | €143 | €6 | ▼ 95.6% |
| Recurring financial income75 | €1 | €3 | €3k | €143 | €6 | ▼ 95.6% |
| Financial charges65/66B | - | €2k | €3k | €3k | €3k | ▼ 13.2% |
| Recurring financial charges65 | €4k | €2k | €3k | €3k | €3k | ▼ 13.2% |
| Profit (loss) for the period before taxes9903 | €-11k | €48k | €21k | €99k | €44k | ▼ 55.9% |
| Income taxes67/77 | €360 | €13k | €4k | €32k | €10k | ▼ 67.9% |
| Profit (loss) for the period9904 | €-12k | €35k | €17k | €67k | €34k | ▼ 50.2% |
| Profit (loss) for the period to be appropriated9905 | €-12k | €35k | €17k | €67k | €34k | ▼ 50.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €191k | €188k | €204k | €256k | €405k | ▲ 58.5% |
| Fixed assets21/28 | €73k | €57k | €46k | €52k | €202k | ▲ 292% |
| Tangible fixed assets22/27 | €73k | €57k | €45k | €50k | €201k | ▲ 299% |
| Land and buildings22 | - | €55k | €44k | €33k | €22k | ▼ 33.3% |
| Plant, machinery and equipment23 | - | €1k | €946 | €5k | €15k | ▲ 222% |
| Furniture and vehicles24 | - | - | - | €13k | €164k | ▲ 1,192% |
| Financial fixed assets28 | - | - | €650 | €1k | €1k | ▲ 5.8% |
| Current assets29/58 | €119k | €132k | €158k | €204k | €203k | ▼ 0.6% |
| Stocks and contracts in progress3 | €1k | €5k | €32k | €53k | €51k | ▼ 4.0% |
| Stocks30/36 | - | €5k | €32k | €53k | €51k | ▼ 4.0% |
| Amounts receivable within one year40/41 | €36k | €73k | €89k | €79k | €113k | ▲ 43.0% |
| Trade receivables40 | - | €59k | €81k | €57k | €100k | ▲ 75.8% |
| Other amounts receivable41 | - | €14k | €8k | €23k | €14k | ▼ 39.1% |
| Cash at bank and in hand54/58 | €40k | €50k | €35k | €67k | €34k | ▼ 49.1% |
| Deferred charges and accrued income490/1 | - | €4k | €2k | €5k | €5k | ▼ 6.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €191k | €188k | €204k | €256k | €405k | ▲ 58.5% |
| Equity10/15 | €85k | €87k | €103k | €171k | €163k | ▼ 4.6% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €91k | €80k | €97k | €164k | €156k | ▼ 4.8% |
| Distributable reserves133 | - | €80k | €97k | €164k | €156k | ▼ 4.8% |
| Profit (loss) carried forward14 | €-12k | - | - | - | - | - |
| Amounts payable17/49 | €106k | €102k | €101k | €85k | €243k | ▲ 185% |
| Amounts payable after more than one year17 | €73k | €57k | €41k | €25k | €8k | ▼ 66.5% |
| Financial debts170/4 | - | €57k | €41k | €25k | €8k | ▼ 66.5% |
| Amounts payable within one year42/48 | €33k | €45k | €59k | €60k | €234k | ▲ 289% |
| Current portion of amounts payable after more than one year42 | - | €16k | €22k | €16k | €140k | ▲ 759% |
| Trade debts44 | €9k | €11k | €35k | €28k | €59k | ▲ 110% |
| Suppliers440/4 | - | €11k | €35k | €28k | €59k | ▲ 110% |
| Taxes, remuneration and social security45 | - | €18k | €3k | €16k | €10k | ▼ 37.2% |
| Taxes450/3 | - | €14k | - | €12k | €3k | ▼ 73.2% |
| Remuneration and social security454/9 | - | €3k | €3k | €4k | €7k | ▲ 72.9% |
| Other amounts payable47/48 | - | €449 | - | - | €25k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-12k | €35k | €17k | €67k | €34k | ▼ 50.2% |
| + Depreciation and write-downs630 | €19k | €17k | €11k | €13k | €39k | ▲ 204% |
| Operating cash flow (approximation) | €7k | €52k | €28k | €80k | €73k | ▼ 9.2% |
| Investment in fixed assets (approximation) | - | €-1k | €-650 | €-19k | €-190k | ▼ 913% |
| Change in cash | - | €10k | €-15k | €32k | €-33k | ▼ 203% |
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
2025
30-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
30-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Highest result since 2019net €67k ▲306%
Operating result €102k, net result €67k, both a record.
31-03
Financial
Equity above €150kEq €171k ▲65.3%
3 profitable years in a row build equity to €171k.
2023
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Equity above €100kEq €103k ▲19.2%
2 profitable years in a row build equity to €103k.
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Back to profitnet €35k
Net result €35k after one loss-making year.
2021
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Weakest financial yearnet €-12k
Net result drops to €-12k, the lowest in the series; recovery starts the following year.
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2018
29-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
11-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 72 days late
2016
31-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Merchtem · 1 establishment unit since 2009
Ground area
1,397 m²
Building footprint
354 m²
Volume, LiDAR
2,175 m³
Parcel 23052A0354/00E000, Flanders · tallest building 9.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Molenbaan 59, 1785 Merchtem
since 20092.183.356.469
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23052A0354/00E000 | Flanders | 1,397 m² | 1 · 354 m² | 9.8 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.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 5 entries · 25,051 EUR awarded · 24,572 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 479 EUR | 24,500 EUR |
| 2024 | 1 | 24,500 EUR | 0 EUR |
| 2023 | 1 | 72 EUR | 72 EUR |
Schemes
Ecologiepremie+
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Dual-learning approval
1 endedDakdekker leien en pannen (so)
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Of 8,566 companies in sector 43410 we hold annual accounts for 4,363. 3,726 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-12-2009
Fiscal year end31-03
Activities, NACEBEL 2025
43410Roofing work
43350Other building finishing work
Scores and ratios are computed by Checked and are not a credit decision.