Recupel
ActiveSummary
Recupel has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €92.4m and a net result of -€12.3m. The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability3▼-4
Solvency100=
Growth31▲+3
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 9.49 against 10.06 in 2023; short-term debt: 10.4% and cash: 11.6% of total assets), and 18% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2024Solvency, return and age of the figures
Solvency
82%
Return on assets
-10.9%
Age of the figures
21 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
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 25-06-2026, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
36 d early
2024
29 d early
2023
41 d early
2022
31 d early
2021
54 d early
2020
61 d early
2019
59 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 44 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
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. Usually files around 25 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, abbreviated schema
In the rankings
#1 company by equity in Flemish Brabant, Waste collection and treatment sector#2 company by total assets in Flemish Brabant, Waste collection and treatment sector#8 employer in Flemish Brabant, Waste collection and treatment sector
Turnover
€35.5m▲ 1.1%
2023 · €35.1m
EBIT margin
-39.2%▼ 12.5pp
2023 · -26.7%
Net result
-€12.3m▼ 55.2%
2023 · -€7.9m
Working capital
€99.4m▼ 14.4%
2023 · €116.2m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€42.9m▲ 4.4%€42.2m▼ 1.7%€43.8m▲ 3.8%€35.1m▼ 19.8%€35.5m▲ 1.1%
Operating result-€17,945▲ 0.8%-€4,765▲ 73.4%€1,109-€9.4m-€13.9m▼ 48.5%
Net result-€7.9mbelow the sector's middle half-€12.3mbelow the sector's middle half▼ 55.2%
EBIT margin0.0%=0.0%=0.0%=-26.7%▼ 26.7pp-39.2%▼ 12.5pp
Equity€104.7mabove the sector's middle half€92.4mabove the sector's middle half▼ 11.8%
Total assets€11.8mabove the sector's middle half▲ 0.4%€9.7mabove the sector's middle half▼ 18.1%€11.9mabove the sector's middle half▲ 23.2%€130.0mabove the sector's middle half▲ 989%€112.7mabove the sector's middle half▼ 13.3%
Debt€11.8m▲ 0.4%€9.7m▼ 18.1%€11.9m▲ 23.2%€12.8m▲ 7.5%€12.5m▼ 2.2%
Working capital-€1.0mbelow the sector's middle half▲ 38.1%-€478,513below the sector's middle half▲ 52.7%-€550,556below the sector's middle half▼ 15.1%€116.2mabove the sector's middle half€99.4mabove the sector's middle half▼ 14.4%
Solvency80.6%above the sector's middle half82.0%above the sector's middle half▲ 1.4pp
Current ratio0.91below the sector's middle half▲ 0.050.95below the sector's middle half▲ 0.040.95below the sector's middle half=10.06above the sector's middle half▲ 9.109.49above the sector's middle half▼ 0.57
Return on assets (ROA)-6.1%below the sector's middle half-10.9%below the sector's middle half▼ 4.8pp
Staff (FTE)30.2above the sector's middle half▲ 4.5%29.2above the sector's middle half▼ 3.3%30above the sector's middle half▲ 2.7%29above the sector's middle half▼ 3.3%31.4above the sector's middle half▲ 8.3%
above
within
below
the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings.
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 €13.9m in 2024 against €9.4m in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €112.7m
Fixed assets
€1.6m ▲ 65.3%
Current assets
€111.1m ▼ 13.9%
Equity and liabilities €112.7m
Equity
€92.4m ▼ 11.8%
Provisions
€7.8m ▼ 37.4%
Debt
€12.5m ▼ 2.2%
Debt's share of the balance-sheet total rises from 9.9% to 11.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€13.5m▼
2023 · -€9.1m
Cash flow
-€11.9m▼
2023 · -€7.7m
Debt to equity
0.14▲
2023 · 0.12
ROE
-13.3%▼
2023 · -7.6%
Interest coverage
-902.77▼
2023 · -670.58
Debt ≤ 1 year
€11.7m▼
2023 · €12.8m
Staff costs
€3.8m▲
2023 · €3.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.8%
stopped otherwise
90%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: < 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 928 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €42.4m | €43.9m | €35.5m | €35.7m | ▲ 0.6% |
| Turnover70 | €42.9m | €42.2m | €43.8m | €35.1m | €35.5m | ▲ 1.1% |
| Other operating income74 | - | €221,655 | €106,497 | €366,873 | €198,046 | ▼ 46.0% |
| Non-recurring operating income76A | - | €2,750 | €6,657 | €1,524 | €5,133 | ▲ 237% |
| Operating charges60/66A | - | €42.4m | €43.9m | €44.8m | €49.6m | ▲ 10.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €37.8m | €41.3m | ▲ 9.2% |
| Purchases600/8 | - | - | - | €37.8m | €41.3m | ▲ 9.2% |
| Services and other goods61 | - | €38.9m | €40.2m | €8.7m | €8.0m | ▼ 8.0% |
| Remuneration, social security and pensions62 | - | €2.8m | €3.3m | €3.5m | €3.8m | ▲ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €756,317 | €612,379 | €316,681 | €274,942 | €398,947 | ▲ 45.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€53,835 | -€16,875 | ▲ 68.7% |
| Other operating charges640/8 | - | €40,228 | €43,000 | €872,978 | €768,048 | ▼ 12.0% |
| Non-recurring operating charges66A | - | €200 | €804 | - | €201 | - |
| Operating profit (loss)9901 | -€17,945 | -€4,765 | €1,109 | -€9.4m | -€13.9m | ▼ 48.5% |
| Financial income75/76B | - | €18,915 | €11,080 | €1.4m | €1.6m | ▲ 10.9% |
| Recurring financial income75 | €31,413 | €18,915 | €11,080 | €1.4m | €1.6m | ▲ 10.9% |
| Income from current assets751 | - | €18,915 | €11,080 | €1.4m | €1.6m | ▲ 10.9% |
| Financial charges65/66B | - | €14,149 | €12,189 | €20,769 | €20,592 | ▼ 0.9% |
| Recurring financial charges65 | €13,468 | €14,149 | €12,189 | €20,769 | €20,592 | ▼ 0.9% |
| Debt charges650 | €12,239 | €11,688 | €8,221 | €13,545 | €14,950 | ▲ 10.4% |
| Other financial charges652/9 | - | €2,462 | €3,968 | €7,224 | €5,642 | ▼ 21.9% |
| Profit (loss) for the period before taxes9903 | - | - | - | -€7.9m | -€12.3m | ▼ 55.2% |
| Profit (loss) for the period9904 | - | - | - | -€7.9m | -€12.3m | ▼ 55.2% |
| Profit (loss) for the period to be appropriated9905 | - | - | - | -€7.9m | -€12.3m | ▼ 55.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.8m | €9.7m | €11.9m | €130.0m | €112.7m | ▼ 13.3% |
| Fixed assets21/28 | €1.0m | €484,128 | €556,205 | €993,482 | €1.6m | ▲ 65.3% |
| Tangible fixed assets22/27 | €1.0m | €483,988 | €556,082 | €993,359 | €1.6m | ▲ 65.4% |
| Plant, machinery and equipment23 | - | €426,087 | €481,335 | €950,214 | €1.6m | ▲ 65.1% |
| Furniture and vehicles24 | - | €18,744 | €42,871 | €23,273 | €8,130 | ▼ 65.1% |
| Other tangible fixed assets26 | - | €256 | - | - | - | - |
| Assets under construction and advance payments27 | - | €38,901 | €31,876 | €19,872 | €65,612 | ▲ 230% |
| Financial fixed assets28 | €140 | €140 | €123 | €123 | €123 | = |
| Other financial fixed assets284/8 | - | €140 | €123 | €123 | €123 | = |
| Amounts receivable and cash guarantees285/8 | - | €140 | €123 | €123 | €123 | = |
| Current assets29/58 | €10.8m | €9.2m | €11.4m | €129.0m | €111.1m | ▼ 13.9% |
| Amounts receivable within one year40/41 | €5.0m | €3.6m | €3.6m | €11.4m | €11.1m | ▼ 2.8% |
| Trade receivables40 | - | €2.2m | €2.4m | €8.7m | €9.5m | ▲ 9.6% |
| Other amounts receivable41 | - | €1.4m | €1.2m | €2.7m | €1.5m | ▼ 42.7% |
| Current investments50/53 | - | - | - | €105.6m | €86.6m | ▼ 18.0% |
| Cash at bank and in hand54/58 | €5.8m | €5.5m | €7.7m | €11.5m | €13.1m | ▲ 14.4% |
| Deferred charges and accrued income490/1 | - | €79,142 | €82,874 | €555,551 | €286,399 | ▼ 48.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.8m | €9.7m | €11.9m | €130.0m | €112.7m | ▼ 13.3% |
| Equity10/15 | - | - | - | €104.7m | €92.4m | ▼ 11.8% |
| Reserves13 | - | - | - | €41.0m | €41.0m | = |
| Profit (loss) carried forward14 | - | - | - | €63.7m | €51.4m | ▼ 19.3% |
| Provisions and deferred taxes16 | - | - | - | €12.4m | €7.8m | ▼ 37.4% |
| Provisions for liabilities and charges160/5 | - | - | - | €12.4m | €7.8m | ▼ 37.4% |
| Other liabilities and charges164/5 | - | - | - | €12.4m | €7.8m | ▼ 37.4% |
| Amounts payable17/49 | €11.8m | €9.7m | €11.9m | €12.8m | €12.5m | ▼ 2.2% |
| Amounts payable within one year42/48 | €11.8m | €9.7m | €11.9m | €12.8m | €11.7m | ▼ 8.7% |
| Trade debts44 | €8.6m | €8.7m | €11.0m | €11.8m | €10.6m | ▼ 9.6% |
| Suppliers440/4 | - | €8.7m | €11.0m | €11.8m | €10.6m | ▼ 9.6% |
| Taxes, remuneration and social security45 | - | €790,409 | €727,582 | €1.1m | €1.1m | ▲ 1.7% |
| Taxes450/3 | - | €48,344 | €5,100 | €260,840 | €188,345 | ▼ 27.8% |
| Remuneration and social security454/9 | - | €742,065 | €722,482 | €797,310 | €887,981 | ▲ 11.4% |
| Accrued charges and deferred income492/3 | - | €5,615 | €5,649 | €7,145 | €836,959 | ▲ 11,614% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | - | -€7.9m | -€12.3m | ▼ 55.2% |
| + Depreciation and write-downs630 | €756,317 | €612,379 | €316,681 | €274,942 | €398,947 | ▲ 45.1% |
| Operating cash flow (approximation) | €756,317 | €612,379 | €316,681 | -€7.7m | -€11.9m | ▼ 55.6% |
| Investment in fixed assets (approximation) | - | -€82,198 | -€388,757 | -€712,219 | -€1.0m | ▼ 47.2% |
| Change in cash | - | -€256,333 | €2.2m | €3.8m | €1.7m | ▼ 56.2% |
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
26-06
State Gazette act
Permanent representative: Carmen Van CampResignations: Derek Mc Millan (director) and Maxime Parein (director) · Reappointments: Moore Audit BV, Bruno Vermoesen and 9 others · Appointments: Gert Roeckx (director) and Kristof De Bolle (director)17 facts ▸
State Gazette act
Permanent representative: Carmen Van Camp
Resignations: Derek Mc Millan (director) and Maxime Parein (director) · Reappointments: Moore Audit BV, Bruno Vermoesen and 9 others · Appointments: Gert Roeckx (director) and Kristof De Bolle (director)17 facts ▸
- General meeting, 16-06-2026
- Permanent representative, Carmen Van Camp (permanent representative)
- Director resignation, Derek Mc Millan (director)
- Director resignation, Maxime Parein (director)
- Auditor reappointment, Moore Audit BV (statutory auditor)
- Director reappointment, Bruno Vermoesen (director)
- Director reappointment, Werner Donckers (director)
- Director reappointment, Rony Haentjens (director)
- Director reappointment, Kris Den Haese (director)
- Director reappointment, Marc Moris (director)
- Director reappointment, Patrick Van den Bossche (director)
- Director reappointment, Marie Van Breusegem (director)
- +5 further facts in this act
25-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity times 11current ratio 10.06
Current ratio from 0.95 to 10.06.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
07-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 70 acts read
About the unread acts
Of the 70 Belgian State Gazette acts we know for this company, 1 has been read. The other 69 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26082392). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 12
Kristof De Bolle
CurrentDirector · since 26-06-2026
Roeckx Gert
CurrentDirector · since 26-06-2026
Bruno Vermoesen
CurrentDirector
Koen Waelput
CurrentDirector
Kris Den Haese
CurrentDirector
Manuela Fiorucci
CurrentDirector
Marc Moris
CurrentDirector
Marie Van Breusegem
CurrentDirector
Show all 12 directors
Patrick Van den Bossche
CurrentDirector
Roeland Verlinden
CurrentDirector
Rony Haentjens
CurrentDirector
Werner Donckers
CurrentDirector
Statutory auditor 1
Moore Audit
CurrentStatutory auditor · since 26-06-2026 · perm. rep.: Carmen Van Camp
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
69 of this company's 70 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Zaventem · 1 establishment unit since 2014
Ground area
3.1 ha
Building footprint
1,262 m²
Parcel 23078B0013/00E000, Flanders. Linked by address, not a title deed.
24
companies at this address
See who is registered here
1 establishment unit
Recupel VZW
since 20142.231.458.373
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23078B0013/00E000 | Flanders | 3.1 ha | 1 · 1,262 m² | - |
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.
Mandate history
15 people since 2026, 13 in office
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Bruno Vermoesen |
|
| Koen Waelput |
|
| Kris Den Haese |
|
| Kristof De Bolle |
|
| Manuela Fiorucci |
|
| Marc Moris |
|
| Marie Van Breusegem |
|
| Patrick Van den Bossche |
|
| Roeckx Gert |
|
| Roeland Verlinden |
|
| Rony Haentjens |
|
| Werner Donckers |
|
| Moore Audit |
|
| Derek McMillan |
|
| Maxime Parein |
|
Structure & network
Connections & network
7 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
FONDS D'ASSAINISSEMENT DES SOLS DES STATIONS - SERVICE - BODEMSANERINGSFONDS VOOR BENZINESTATIONS
via Manuela Fiorucci · Director
→
SIGNIFY BELGIUM
via Roeckx Gert · Director
→
Techlink
via Roeckx Gert · Director
→
TRAXIO
via Manuela Fiorucci · Permanent representative
→
Show 3 more companies with a shared director
VALORLUB
via Manuela Fiorucci · Director
→
ADM
via Roeckx Gert · Director
former→
CERTIPOST
via Roeckx Gert · Algemeen directeur
former→
Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
Public money · subsidies and aid
European research
2 projects · 112,375 EUR EU contributionProgrammes
Projects
DIgital health in Circular Economy
Prospecting Secondary raw materials in the Urban mine and Mining waste
Recognitions · licences · registrations
Legal Entity Identifier
8755004Z6NID17V42H64
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Of 978 companies in sector 38210 we hold annual accounts for 587. 57 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded14-12-2000
Fiscal year end31-12
Activities, NACEBEL 2025
38210Materials recovery from waste
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473923093
Also
9925:BE0473923093
Registered
03-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.