RECUPAL-WEST
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 18 filings
Turnover
≈ €4.4m
Estimated: probably between €3.0m and €7.2m
EBIT margin
Not included in this filing
Net result
€1.2m▼ 31.4%
2024 · €1.7m
Working capital
€6.5m▲ 5.8%
2024 · €6.1m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.5m
▼ 38.6%
2025
20182025
Net result
€1.2m
▼ 31.4%
2025
highest quarter of the sector
20182025
Equity
€8.8m
▲ 4.1%
2025
middle half of the sector
20182025
Total assets
€9.6m
▲ 5.5%
2025
middle half of the sector
20182025
Debt
€824,873
▲ 23.3%
2025
20182025
Working capital
€6.5m
▲ 5.8%
2025
highest quarter of the sector
20182025
Solvency
91.4%
▼ 1.2pp
2025
highest quarter of the sector
20182025
Current ratio
9.64
▼ 0.79
2025
highest quarter of the sector
20182025
Return on assets (ROA)
12.2%
▼ 6.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
9.5
▲ 8.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2.0m-€1.8m▼ 12.0%€1.9m▲ 7.8%€2.1m▲ 12.1%€2.8m▲ 32.2%€2.7m▼ 5.2%€2.4m▼ 9.8%€1.5m▼ 38.6%
Net result€1.4m-€1.4m▼ 1.2%€1.3mabove the sector's middle half▼ 4.8%€1.6mabove the sector's middle half▲ 22.3%€2.1mabove the sector's middle half▲ 33.0%€2.2mabove the sector's middle half▲ 1.7%€1.7mabove the sector's middle half▼ 20.8%€1.2mabove the sector's middle half▼ 31.4%
Equity€6.0m-€7.1m▲ 17.9%€5.9mabove the sector's middle half▼ 17.3%€6.0mabove the sector's middle half▲ 2.1%€7.2mabove the sector's middle half▲ 19.7%€8.3mabove the sector's middle half▲ 16.3%€8.4mabove the sector's middle half▲ 1.4%€8.8mwithin the sector's middle half▲ 4.1%
Total assets€7.2m-€8.0m▲ 11.6%€6.6mabove the sector's middle half▼ 17.2%€6.8mabove the sector's middle half▲ 2.5%€8.0mabove the sector's middle half▲ 17.7%€9.0mabove the sector's middle half▲ 12.8%€9.1mabove the sector's middle half▲ 1.1%€9.6mwithin the sector's middle half▲ 5.5%
Debt€1.2m-€0.9m▼ 21.0%€0.8m▼ 16.8%€0.8m▲ 5.6%€0.8m▲ 2.9%€0.7m▼ 17.2%€0.7m▼ 2.6%€0.8m▲ 23.3%
Working capital€3.1m-€4.6m▲ 47.1%€3.6mabove the sector's middle half▼ 22.1%€3.6mabove the sector's middle half▲ 0.2%€4.6mabove the sector's middle half▲ 28.8%€5.8mabove the sector's middle half▲ 25.3%€6.1mabove the sector's middle half▲ 6.6%€6.5mabove the sector's middle half▲ 5.8%
Solvency83.8%-88.5%▲ 4.7pp88.5%above the sector's middle half▼ 0.1pp88.1%above the sector's middle half▼ 0.3pp89.6%above the sector's middle half▲ 1.5pp92.4%above the sector's middle half▲ 2.8pp92.7%above the sector's middle half▲ 0.3pp91.4%above the sector's middle half▼ 1.2pp
Current ratio3.68-6.02▲ 2.355.70above the sector's middle half▼ 0.335.47above the sector's middle half▼ 0.226.57above the sector's middle half▲ 1.099.45above the sector's middle half▲ 2.8810.43above the sector's middle half▲ 0.989.64above the sector's middle half▼ 0.79
Return on assets (ROA)19.4%-17.2%▼ 2.2pp19.7%above the sector's middle half▲ 2.6pp23.6%above the sector's middle half▲ 3.8pp26.6%above the sector's middle half▲ 3.1pp24.0%above the sector's middle half▼ 2.6pp18.8%above the sector's middle half▼ 5.2pp12.2%above the sector's middle half▼ 6.6pp
Staff (FTE)8.8-9.3▲ 5.7%8.4within the sector's middle half▼ 9.7%8.5within the sector's middle half▲ 1.2%8within the sector's middle half▼ 5.9%9.3within the sector's middle half▲ 16.3%8.8within the sector's middle half▼ 5.4%9.5within the sector's middle half▲ 8.0%
above
within
below
The sector band is the middle half of the companies in Waste collection, recovery and disposal activities (NACE 38). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 39% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.6m
Fixed assets
€2.4m ▲ 2.0%
Current assets
€7.2m ▲ 6.7%
Equity and liabilities €9.6m
Equity
€8.8m ▲ 4.1%
Debt
€824,873 ▲ 23.3%
Debt's share of the balance-sheet total rises from 7.3% to 8.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.9m▼
2024 · €2.8m
Cash flow
€1.6m▼
2024 · €2.1m
Quick ratio
9.60▼
2024 · 10.40
Debt to equity
0.09▲
2024 · 0.08
ROE
13.4%▼
2024 · 20.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€751,730▲
2024 · €651,025
Income taxes
€390,045▼
2024 · €787,542
Staff costs
€598,615▲
2024 · €479,620
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 8 | 8 | 8 | 13 |
| full-time | 9 | 7 | 7 | 7 | 10 |
| part-time | - | 1 | 1 | 1 | 3 |
| in full-time equivalents | 9 | 7.8 | 7.8 | 7.8 | 11.8 |
| Average over the year, in full-time equivalents | 8.5 | 8 | 9.3 | 8.8 | 9.5 |
| On a permanent contract | 8 | 8 | 8 | 7 | 10 |
| Joined | 3 | 3 | 6 | 6 | 11 |
| Left | 2 | 4 | 6 | 6 | 5 |
| Training hours | - | 28 | 60 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €495,872 | €583,981 | €434,804 | €193,104 | €473,470 |
| Financial fixed assets | €12,296 | €4,704 | - | - | - |
| Depreciation and write-downs of the year | €393,085 | €440,061 | €432,239 | €434,852 | €442,112 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 7 entries · €38,839 awarded · €14,933 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €840 | €9,356 |
| 2024 | 2 | €31,185 | €4,950 |
| 2022 | 2 | €6,814 | €627 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.001m | €0.003m | - | - | €0 | - |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.01m | - | - | €0.006m | - |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 3.2% |
| Gross operating margin9900 | €2.9m | €2.7m | €2.7m | €3.0m | €3.8m | €3.6m | €3.4m | €2.6m | ▼ 23.7% |
| Operating profit (loss)9901 | €2.0m | €1.8m | €1.9m | €2.1m | €2.8m | €2.7m | €2.4m | €1.5m | ▼ 38.6% |
| Financial income75/76B | - | - | - | €0.01m | €0.01m | €0.07m | €0.1m | €0.09m | ▼ 11.5% |
| Recurring financial income75 | €0.002m | €0.009m | €0.004m | €0.01m | €0.01m | €0.04m | €0.1m | €0.09m | ▼ 11.5% |
| Non-recurring financial income76B | - | - | - | - | - | €0.03m | - | - | - |
| Financial charges65/66B | - | - | - | €0.002m | €0.005m | €0.003m | €0.01m | €0.007m | ▼ 47.0% |
| Recurring financial charges65 | €0.01m | €0.001m | €0.005m | €0.002m | €0.005m | €0.003m | €0.01m | €0.007m | ▼ 47.0% |
| Profit (loss) for the period before taxes9903 | €2.0m | €1.8m | €1.9m | €2.1m | €2.8m | €2.7m | €2.5m | €1.6m | ▼ 37.4% |
| Income taxes67/77 | €0.6m | €0.4m | €0.6m | €0.5m | €0.7m | €0.6m | €0.8m | €0.4m | ▼ 50.5% |
| Profit (loss) for the period9904 | €1.4m | €1.4m | €1.3m | €1.6m | €2.1m | €2.2m | €1.7m | €1.2m | ▼ 31.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.4m | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.4m | €1.3m | €1.3m | €1.6m | €2.1m | €2.5m | €1.7m | €1.2m | ▼ 31.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.2m | €8.0m | €6.6m | €6.8m | €8.0m | €9.0m | €9.1m | €9.6m | ▲ 5.5% |
| Fixed assets21/28 | €2.9m | €2.5m | €2.3m | €2.4m | €2.6m | €2.6m | €2.3m | €2.4m | ▲ 2.0% |
| Tangible fixed assets22/27 | €2.9m | €2.5m | €2.3m | €2.4m | €2.6m | €2.6m | €2.3m | €2.4m | ▲ 2.1% |
| Land and buildings22 | - | - | - | €1.6m | €1.8m | €1.6m | €1.4m | €1.3m | ▼ 6.2% |
| Plant, machinery and equipment23 | - | - | - | €0.6m | €0.5m | €0.7m | €0.7m | €0.9m | ▲ 25.6% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 22.5% |
| Financial fixed assets28 | - | - | €0.002m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 10.8% |
| Current assets29/58 | €4.3m | €5.5m | €4.3m | €4.4m | €5.4m | €6.4m | €6.8m | €7.2m | ▲ 6.7% |
| Stocks and contracts in progress3 | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 59.4% |
| Stocks30/36 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 59.4% |
| Amounts receivable within one year40/41 | €1.9m | €1.7m | €1.5m | €2.2m | €2.4m | €1.7m | €2.1m | €1.2m | ▼ 40.1% |
| Trade receivables40 | - | - | - | €2.2m | €2.3m | €1.7m | €2.1m | €1.2m | ▼ 41.2% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.06m | €0.01m | €0.009m | €0.03m | ▲ 223% |
| Current investments50/53 | €1.7m | €2.6m | €2.0m | €1.6m | €2.1m | €4.6m | €4.4m | €5.5m | ▲ 23.3% |
| Cash at bank and in hand54/58 | €0.7m | €1.2m | €0.8m | €0.6m | €1.0m | €0.1m | €0.3m | €0.5m | ▲ 90.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.001m | - | €0.01m | €0.02m | ▲ 71.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.2m | €8.0m | €6.6m | €6.8m | €8.0m | €9.0m | €9.1m | €9.6m | ▲ 5.5% |
| Equity10/15 | €6.0m | €7.1m | €5.9m | €6.0m | €7.2m | €8.3m | €8.4m | €8.8m | ▲ 4.1% |
| Contributions10/11 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▼ 0.1% |
| Capital10 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▼ 0.1% |
| Issued capital100 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | ▼ 0.1% |
| Reserves13 | €5.9m | €7.0m | €5.8m | €5.9m | €7.1m | €8.3m | €8.4m | €8.7m | ▲ 4.1% |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | - | - | €0.4m | €0.4m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €5.5m | €6.7m | €8.2m | €8.3m | €8.7m | ▲ 4.2% |
| Amounts payable17/49 | €1.2m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | ▲ 23.3% |
| Amounts payable within one year42/48 | €1.2m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | ▲ 15.5% |
| Trade debts44 | €0.8m | €0.9m | €0.6m | €0.5m | €0.7m | €0.4m | €0.5m | €0.4m | ▼ 17.5% |
| Suppliers440/4 | - | - | - | €0.5m | €0.7m | €0.4m | €0.5m | €0.4m | ▼ 17.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.1m | €0.3m | €0.2m | €0.1m | ▼ 38.5% |
| Taxes450/3 | - | - | - | €0.2m | €0.04m | €0.2m | €0.1m | €0.01m | ▼ 92.0% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.09m | €0.08m | €0.03m | €0.09m | ▲ 228% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €0.3m | ▲ 116× |
| Accrued charges and deferred income492/3 | - | - | - | €0.009m | €0.005m | €0.006m | €0.02m | €0.07m | ▲ 308% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.4m | €1.4m | €1.3m | €1.6m | €2.1m | €2.2m | €1.7m | €1.2m | ▼ 31.4% |
| + Depreciation and write-downs630 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 1.7% |
| Operating cash flow (approximation) | €1.9m | €1.8m | €1.7m | €2.0m | €2.6m | €2.6m | €2.1m | €1.6m | ▼ 24.7% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€0.2m | -€0.5m | -€0.6m | -€0.4m | -€0.2m | -€0.5m | ▼ 172% |
| Change in cash | - | €0.6m | -€0.5m | -€0.2m | €0.4m | -€0.9m | €0.1m | €0.2m | ▲ 76.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as RECUPAL-WEST has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of RECUPAL-WEST itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for RECUPAL-WEST. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00329428 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00280692 | |
| 31-12-2023 | abbreviated format | 21-07-2024 | 2024-00268908 | |
| 31-12-2022 | abbreviated format | 23-07-2023 | 2023-00260383 | |
| 31-12-2021 | abbreviated format | 18-07-2022 | 2022-20200149 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37600532 | |
| 31-12-2019 | abbreviated format | 22-07-2020 | 2020-32400249 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33700388 | |
| 31-12-2017 | abbreviated format | 25-07-2018 | 2018-37400107 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-35000525 |