AIM Recycling Europe
ActiveAIM Recycling Europe has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-14.47M) and a net result of €-32k. Equity is shrinking by ~8.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 227 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
43
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability47▲+47
Solvency0=
Growth53▲+2
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.93 against 0.78 in 2024; short-term debt: 62.6% and cash: 7.5% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-139.6%
Return on assets
-0.3%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Sector 38
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-14.47M
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-08-2026, 11 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
11 d late
2024
29 d late
2023
8 d late
2022
49 d early
2021
24 d early
2020
37 d early
2019
56 d early
← before the deadline
after the deadline →
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
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€25.43M▲ 10.0%
2024 · €23.12M
2018: €20.88M
2019: €20.19M
2020: €16.38M
2021: €33.54M
2022: €29.48M
2023: €20.88M
2024: €23.12M
2018 → 2025
EBIT margin
0.9%▲ 10.3pp
2024 · -9.4%
2018: -8.0%
2019: 5.2%
2020: -12.3%
2021: 3.4%
2022: 1.2%
2023: -8.9%
2024: -9.4%
2018 → 2025
Net result
€-32k▲ 98.7%
2024 · €-2.45M
2018: €-2.64M
2019: €98k
2020: €-2.66M
2021: €1.06M
2022: €-246k
2023: €-1.75M
2024: €-2.45M
2018 → 2025
Working capital
€-481k▲ 64.1%
2024 · €-1.34M
2018: €-14.62M
2019: €-15.36M
2020: €-14.80M
2021: €-8.25M
2022: €-8.90M
2023: €-684k
2024: €-1.34M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€33.54M-€29.48M▼ 12.1%€20.88M▼ 29.2%€23.12M▲ 10.7%€25.43M▲ 10.0%
Equity€-9.99M-€-10.23M▼ 2.5%€-11.99M▼ 17.1%€-14.44M▼ 20.5%€-14.47M▼ 0.2%
Operating result€1.14M-€361k▼ 68.5%€-1.85M€-2.18M▼ 17.9%€220k
Net result€1.06M-€-246k€-1.75M▼ 613%€-2.45M▼ 39.7%€-32k▲ 98.7%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €220k after a loss of €2.18M in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.36M
Fixed assets
€4.36M▼ 8.1%
Current assets
€6.00M▲ 25.6%
Key figures and ratios
EBITDA
€950k▲
2024 · €-1.17M
Cash flow
€697k▲
2024 · €-1.44M
Solvency
-139.6%▲
2024 · -151.6%
Current ratio
0.93▲
2024 · 0.78
Quick ratio
0.69▲
2024 · 0.50
Debt / equity
-1.70▼
2024 · -1.64
ROA
-0.3%▲
2024 · -25.7%
Interest coverage
4.17▲
2024 · -4.28
Debt
€24.61M▲
2024 · €23.74M
Debt ≤ 1 year
€6.48M▲
2024 · €6.12M
Debt > 1 year
€17.77M▲
2024 · €17.04M
Income taxes
€18k▲
2024 · €373
Staff costs
€1.07M▲
2024 · €1.01M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€9.52M€10.36M▲
Fixed assets21/28€4.74M€4.36M▼
Tangible fixed assets22/27€4.73M€4.35M▼
Land and buildings22€4.09M€3.73M▼
Plant, machinery and equipment23€462k€414k▼
Furniture and vehicles24€34k€25k▼
Leasing and similar rights25€149k€182k▲
Financial fixed assets28€10k€10k=
Other financial fixed assets284/8€10k€10k=
Amounts receivable and cash guarantees285/8€10k€10k=
Current assets29/58€4.78M€6.00M▲
Stocks and contracts in progress3€1.74M€1.55M▼
Stocks30/36€1.74M€1.55M▼
Raw materials and consumables30/31€771k€572k▼
Finished goods33€905k€946k▲
Goods purchased for resale34€60k€32k▼
Amounts receivable within one year40/41€2.12M€3.63M▲
Trade receivables40€1.83M€3.33M▲
Other amounts receivable41€295k€303k▲
Cash at bank and in hand54/58€855k€774k▼
Deferred charges and accrued income490/1€66k€48k▼
Equity and liabilities
Total equity and liabilities10/49€9.52M€10.36M▲
Equity10/15€-14.44M€-14.47M▼
Contributions10/11€3.00M€3.00M=
Capital10€3.00M€3.00M=
Issued capital100€3.00M€3.00M=
Profit (loss) carried forward14€-17.44M€-17.47M▼
Provisions and deferred taxes16€219k€219k=
Provisions for liabilities and charges160/5€219k€219k=
Other liabilities and charges164/5€219k€219k=
Amounts payable17/49€23.74M€24.61M▲
Amounts payable after more than one year17€17.04M€17.77M▲
Financial debts170/4€17.04M€17.77M▲
Leasing and similar obligations172-€104k
Credit institutions173€3.16M€2.78M▼
Other loans174€13.88M€14.88M▲
Amounts payable within one year42/48€6.12M€6.48M▲
Current portion of amounts payable after more than one year42€787k€443k▼
Financial debts43€2.45M€3.45M▲
Credit institutions430/8€2.45M€3.45M▲
Trade debts44€2.73M€2.43M▼
Suppliers440/4€2.73M€2.43M▼
Advances received on contracts in progress46€49k€49k=
Taxes, remuneration and social security45€105k€115k▲
Taxes450/3€20k€18k▼
Remuneration and social security454/9€85k€97k▲
Accrued charges and deferred income492/3€582k€359k▼
Income statement
Code20242025
Operating income70/76A€23.15M€25.49M▲
Turnover70€23.12M€25.43M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-67k€41k▲
Other operating income74€90k€13k▼
Operating charges60/66A€25.33M€25.27M▼
Goods for resale, raw materials and consumables60€21.61M€21.86M▲
Purchases600/8€21.16M€21.64M▲
Change in stocks: decrease (increase)609€444k€227k▼
Services and other goods61€1.52M€1.54M▲
Remuneration, social security and pensions62€1.01M€1.07M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.01M€730k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€63k-
Other operating charges640/8€92k€68k▼
Non-recurring operating charges66A€20k-
Operating profit (loss)9901€-2.18M€220k▲
Financial income75/76B€17k-
Recurring financial income75€17k-
Other financial income752/9€17k-
Financial charges65/66B€285k€235k▼
Recurring financial charges65€285k€235k▼
Debt charges650€274k€227k▼
Other financial charges652/9€11k€7k▼
Profit (loss) for the period before taxes9903€-2.45M€-14k▲
Income taxes67/77€373€18k▲
Taxes670/3€373€18k▲
Profit (loss) for the period9904€-2.45M€-32k▲
Profit (loss) for the period to be appropriated9905€-2.45M€-32k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-17.44M€-17.47M▼
Profit (loss) brought forward from the previous period14P€-14.99M€-17.44M▼
Social balance
Average headcount (FTE)908715.714.4▼
The notes to these accounts (69 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-09
State Gazette act
Director resignationDirector resignation1 fact ▸
State Gazette act
Director resignation
Director resignation1 fact ▸
- Director resignation, Richard Black (bestuurder)
11-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 11 days late
2025
30-10
State Gazette act
Resignations & appointmentsGeneral meeting · Auditor reappointment · Permanent representative3 facts ▸
State Gazette act
Resignations & appointments
General meeting · Auditor reappointment · Permanent representative3 facts ▸
- General meeting, 2025-08-04
- Auditor reappointment, commissaris, tot na de Algemene Vergadering van 2028
- Permanent representative, Line Vyvey
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 8 days late
2023
06-12
State Gazette act
MiscellaneousPermanent representative1 fact ▸
State Gazette act
Miscellaneous
Permanent representative1 fact ▸
- Permanent representative, Evelien De Groote
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-10
State Gazette act
Resignations & appointmentsBoard meeting · Director reappointment · General meeting9 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director reappointment · General meeting9 facts ▸
- Board meeting, 2022-05-16
- Director reappointment, Herbert Black (gedelegeerd bestuurder)
- General meeting, 2022-06-07
- Director reappointment, Richard Black (bestuurder)
- Director reappointment, Mike Greulich (bestuurder)
- Director reappointment, Rüdiger Mehlhorn (bestuurder)
- Auditor reappointment, tot na de jaarvergadering van 2024
- Permanent representative, Francis Boelens
- Auditor agreement, 2022-09-13
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
11-05
State Gazette act
Resignations & appointmentsGeneral meeting · Director reappointment4 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director reappointment4 facts ▸
- General meeting, 2021-06-07
- Director reappointment, Herbert Black (bestuurder)
- Director reappointment, Ronald Black (bestuurder)
- Director reappointment, Mike Greulich (bestuurder)
2021
31-12
Financial
Back to profitnet €1.06M
Net result €1.06M after one loss-making year.
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €-2.66M ▼2821%
Net result drops to €-2.66M, the lowest in the series; recovery starts the following year.
05-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
03-02
State Gazette act
Resignations & appointmentsGeneral meeting · Auditor reappointment · Permanent representative3 facts ▸
State Gazette act
Resignations & appointments
General meeting · Auditor reappointment · Permanent representative3 facts ▸
- General meeting, 2019-06-03
- Auditor reappointment, commissaris, tot na de jaarvergadering van 2022
- Permanent representative, Francis Boelens
15-01
State Gazette act
MiscellaneousGeneral meeting1 fact ▸
State Gazette act
Miscellaneous
General meeting1 fact ▸
- General meeting, 2019-12-20
2019
31-12
Financial
Back to profitnet €98k
Net result €98k after one loss-making year.
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
24-01
State Gazette act
Resignations & appointmentsGeneral meeting · Director resignation2 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director resignation2 facts ▸
- General meeting, 2019-01-08
- Director resignation, Chris Henault (bestuurder)
02-01
State Gazette act
Resignations & appointmentsGeneral meeting · Director appointment3 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director appointment3 facts ▸
- General meeting, 2018-12-06
- Director appointment, Rüdiger Hans Mehlhorn (bestuurder)
- Director appointment, Mike Volker Greulich (bestuurder)
2018
13-08
State Gazette act
Statutes amendmentGeneral meeting · Registered-office move · Statutes amendment5 facts ▸
State Gazette act
Statutes amendment
General meeting · Registered-office move · Statutes amendment5 facts ▸
- General meeting, 2018-07-23
- Registered-office move, 8400 Oostende, Marie Curielaan 12
- Statutes amendment
- Capital, €3.000.000
- Corporate purpose, Trading en consultancy in de meest ruime zin van het woord; Productie van aluminium; Productie van koper; Recycling van metaalafval; Recycling van niet-metaalaf…
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
16-05
State Gazette act
MiscellaneousDirector appointment · Director resignation · Power of attorney3 facts ▸
State Gazette act
Miscellaneous
Director appointment · Director resignation · Power of attorney3 facts ▸
- Director appointment, Filip Melis (voorlopig bewindvoerder)
- Director resignation, Rik Crivits (voorlopig bewindvoerder)
- Power of attorney, Filip Melis
11-05
State Gazette act
Resignations & appointmentsGeneral meeting · Director resignation · Director appointment7 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director resignation · Director appointment7 facts ▸
- General meeting, 2018-04-26
- Director resignation, TWINS BVBA (bestuurder)
- Director resignation, Leendert Gerrits (bestuurder)
- Director appointment, Richard Black (bestuurder)
- Director appointment, Chris Henault (bestuurder)
- Mandate compensation, Richard Black
- Mandate compensation, Chris Henault
08-01
State Gazette act
Resignations & appointmentsBoard meeting · Director resignation · Director appointment4 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director resignation · Director appointment4 facts ▸
- Board meeting, 2017-12-14
- Director resignation, TWINS BVBA (gedelegeerd bestuurder)
- Director appointment, Herbert Black (gedelegeerd bestuurder)
- Power of attorney, Herbert Black
2017
11-07
State Gazette act
Registered officeRegistered-office move · Permanent representative2 facts ▸
State Gazette act
Registered office
Registered-office move · Permanent representative2 facts ▸
- Registered-office move, Marie Curielaan 12 te 8400 Oostende
- Permanent representative, Ken Vanden Broele
04-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
24-04
State Gazette act
Resignations & appointmentsBoard meeting · Permanent representative2 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Permanent representative2 facts ▸
- Board meeting
- Permanent representative, Francis Boelens
2015
13-08
State Gazette act
MiscellaneousGeneral meeting · Change of control2 facts ▸
State Gazette act
Miscellaneous
General meeting · Change of control2 facts ▸
- General meeting, 2015-07-13
- Change of control, wijziging van controle
03-08
State Gazette act
Resignations & appointmentsGeneral meeting · Auditor appointment · Power of attorney4 facts ▸
State Gazette act
Resignations & appointments
General meeting · Auditor appointment · Power of attorney4 facts ▸
- General meeting, 2015-07-20
- Auditor appointment, Ernst & Young Bedrijfsrevisoren BCVBA (commissaris)
- Power of attorney, Susana Gonzalez Melon
- Power of attorney, Allen & Overy LLP
29-07
State Gazette act
Resignations & appointmentsBoard meeting · Director appointment · Permanent representative5 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director appointment · Permanent representative5 facts ▸
- Board meeting, 2015-07-13
- Director appointment, Herbert Black (voorzitter van de raad van bestuur)
- Director appointment, TWINS BVBA (gedelegeerd bestuurder ("CEO"))
- Permanent representative, Ken Vanden Broele
- Power of attorney, Susana González Melón
15-07
State Gazette act
IncorporationIncorporation · Founding capital · Bank account13 facts ▸
State Gazette act
Incorporation
Incorporation · Founding capital · Bank account13 facts ▸
- Incorporation, 2015-07-13
- Founding capital, €3.000.000
- Bank account, BNP Paribas Fortis, BE64 0017 5774 2252
- Corporate purpose, Trading en consultancy in de meest ruime zin van het woord; Productie van aluminium; Productie van koper; Recycling van metaalafval; Recycling van niet-metaalaf…
- Director appointment, BLACK Herbert (bestuurder)
- Director appointment, BLACK Ronald Allan (bestuurder)
- Director appointment, GERRITS Leendert Gerrit (bestuurder)
- Director appointment, TWINS (bestuurder)
- Permanent representative, VANDEN BROELE Ken
- Mandate compensation, AIM Recycling Europe
- First fiscal year, 2016-12-31, 2015-07-13
- Obligation assumption, Leningsovereenkomst d.d. 9 juli 2015 tussen Waste Management BVBA (leningnemer), American Iron & Metal Company Inc. (leninggever) en de vennootschap (in opricht…
- +1 further facts in this act
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
15 directors, no change since 2026
Mike Greulich
CurrentDirector · since 07-06-2021
Ronald Black
CurrentDirector · since 07-06-2021
Herbert Black
CurrentDirector · since 13-07-2015
Rüdiger Mehlhorn
CurrentDirector
Mike Volker Greulich
Not recently confirmedDirector · since 06-12-2018
Rüdiger Hans Mehlhorn
Not recently confirmedDirector · since 06-12-2018
+ 4 not shown in this overview
21-08-2026
Richard Black: Resigned as Director
07-06-2021
Mike Greulich: Mandate renewed as Director
07-06-2021
Ronald Black: Mandate renewed as Director
07-06-2021
Herbert Black: Mandate renewed as Director
08-01-2019
Chris Henault: Resigned as Director
06-12-2018
Mike Volker Greulich: Appointed as Director
06-12-2018
Rüdiger Hans Mehlhorn: Appointed as Director
04-05-2018
Rik Crivits: Resigned as Voorlopig bewindvoerder
26-04-2018
Richard Black: Appointed as Director
26-04-2018
Chris Henault: Appointed as Director
26-04-2018
Leendert Gerrits: Resigned as Director
26-04-2018
TWINS BVBA: Resigned as Director
17-04-2018
Filip Melis: Appointed as Voorlopig bewindvoerder
14-12-2017
Herbert Black: Appointed as Managing director
14-12-2017
TWINS BVBA: Resigned as Managing director
13-07-2015
Herbert Black: Appointed as Director
13-07-2015
Herbert Black: Appointed as Voorzitter van de raad van bestuur
13-07-2015
BLACK Ronald Allan: Appointed as Director
13-07-2015
GERRITS Leendert Gerrit: Appointed as Director
13-07-2015
TWINS: Appointed as Director
13-07-2015
TWINS BVBA: Appointed as Gedelegeerd bestuurder ("ceo")
Location & real-estate footprint
Registered office, Oostende · 1 establishment unit since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Marie Curielaan 128400 OostendeGround area
2.9 ha
Building footprint
4,042 m²
Volume, LiDAR
1,671 m³
Parcel 35026D0612/00A000, Flanders · tallest building 2.1 m. Linked by address, not a title deed.
1 establishment unit
AIM Recycling Europe
since 20152.243.566.844
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35026D0612/00A000 | Flanders | 2.9 ha | 1 · 4,042 m² | 2.1 m |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
3 auditors| Ernst en YoungCurrent Statutory auditor · represented by Line Vyvey | 04-08-2025 → present |
Show 2 earlier auditors
| Ernst & Young Bedrijfsrevisoren BCVBA Statutory auditor succeeded by Ernst et Young Reviseurs d'Entreprises in 2019 | 20-07-2015 → 03-06-2019 |
| Ernst et Young Reviseurs d'Entreprises Auditor · represented by Francis Boelens succeeded by Ernst en Young in 2025 | 03-06-2019 → 04-08-2025 |
Structure & network
Ownership & control
1 partyControl over this companysits on this company's board1
1 subsidiary · 1 location
controls
AIM Recycling EuropeBE 0633.787.310
Capital and shareholders
Founding capital 3,000,000 EUR · 100,000 shares
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Of 979 companies in sector 38210 we hold annual accounts for 586. 331 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded13-07-2015
Fiscal year end31-12
Activities, NACEBEL
38210Materials recovery from waste
38310Waste collection, recovery and disposal activities
38322Waste collection, recovery and disposal activities
38323Waste collection, recovery and disposal activities
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.