Recupel: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
Recupel
NACE 38.210, Materials recovery from waste
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€13.6m
2024 · -€12.3m-€1.3m
Equity
€78.8m
2024 · €92.4m-€13.6m
Cash
€10.9m
2024 · €13.1m-€2.2m
Balance sheet total
€97.8m
2024 · €112.7m-€14.9m
Largest movements
Assets
- Current investments -€16.9m
down €16.9m (-19.5%), from €86.6m to €69.7m
- Receivables within one year +€3.1m
up €3.1m (+27.7%), from €11.1m to €14.2m
of which Trade receivables: +€2.8m
- Cash -€2.2m
down €2.2m (-16.9%), from €13.1m to €10.9m
mainly Net result for the year (-€13.6m) and Provisions (-€3.3m)
Equity and liabilities
- Profit (loss) carried forward -€13.6m
down €13.6m (-26.5%), from €51.4m to €37.8m
- Provisions -€3.3m
down €3.3m (-42.8%), from €7.8m to €4.5m
- Trade debts +€2.2m
up €2.2m (+20.3%), from €10.6m to €12.8m
Income statement
- Turnover +€6.0m
up €6.0m (+16.9%), from €35.5m to €41.5m
- Goods and materials +€3.6m
up €3.6m (+8.8%), from €41.3m to €44.9m
- Services and other goods +€1.7m
up €1.7m (+21.3%), from €8.0m to €9.7m
- Financial income -€461,709
down €461,709 (-28.8%), from €1.6m to €1.1m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€12.3m
Turnover
+€6.0m
Other operating income
+€37,552
Goods and materials
-€3.6m
Services and other goods
-€1.7m
Staff costs
-€245,315
Depreciation
-€162,577
Write-downs
-€65,477
Other operating charges
+€217,551
Other operating items
-€1.3m
Financial income
-€461,709
Financial charges
-€4,956
Result 2025
-€13.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€17.4m
Investment
+€15.2m
Financing
€0
Cash 2024
€13.1m
From operations (derived)
-€17.4m
Net result for the year
-€13.6m
Depreciation
+€561,524
Receivables within one year
-€3.1m
Deferred charges and accrued income
-€6,616
Provisions
-€3.3m
Trade debts
+€2.2m
Tax, wage and social debts
+€74,047
Accrued charges and deferred income
-€178,517
Investment (derived)
+€15.2m
Investment in fixed assets (net)
-€1.7m
Current investments
+€16.9m
Cash 2025
€10.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,749,433 | €97,838,123 | -€14.9m | -13.2% |
| Fixed assets | 21/28 | €1,642,708 | €2,764,078 | +€1.1m | +68.3% |
| Tangible fixed assets | 22/27 | €1,642,585 | €2,763,028 | +€1.1m | +68.2% |
| Plant, machinery and equipment | 23 | €1,568,844 | €1,726,019 | +€157,175 | +10.0% |
| Furniture and vehicles | 24 | €8,130 | €326,202 | +€318,072 | +3,912% |
| Other tangible fixed assets | 26 | - | €692,744 | +€692,744 | |
| Assets under construction and advance payments | 27 | €65,612 | €18,063 | -€47,549 | -72.5% |
| Financial fixed assets | 28 | €123 | €1,050 | +€927 | +754% |
| Other financial fixed assets | 284/8 | €123 | €1,050 | +€927 | +754% |
| Amounts receivable and cash guarantees | 285/8 | €123 | €1,050 | +€927 | +754% |
| Current assets | 29/58 | €111,106,725 | €95,074,044 | -€16.0m | -14.4% |
| Amounts receivable within one year | 40/41 | €11,090,108 | €14,160,122 | +€3.1m | +27.7% |
| Trade receivables | 40 | €9,544,122 | €12,349,786 | +€2.8m | +29.4% |
| Other amounts receivable | 41 | €1,545,985 | €1,810,336 | +€264,351 | +17.1% |
| Current investments | 50/53 | €86,619,644 | €69,719,851 | -€16.9m | -19.5% |
| Cash at bank and in hand | 54/58 | €13,110,573 | €10,901,056 | -€2.2m | -16.9% |
| Deferred charges and accrued income | 490/1 | €286,399 | €293,015 | +€6,616 | +2.3% |
| Total equity and liabilities | 10/49 | €112,749,433 | €97,838,123 | -€14.9m | -13.2% |
| Equity | 10/15 | €92,418,213 | €78,778,687 | -€13.6m | -14.8% |
| Reserves | 13 | €41,008,113 | €41,008,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,410,100 | €37,770,574 | -€13.6m | -26.5% |
| Provisions and deferred taxes | 16 | €7,781,635 | €4,453,423 | -€3.3m | -42.8% |
| Provisions for liabilities and charges | 160/5 | €7,781,635 | €4,453,423 | -€3.3m | -42.8% |
| Other liabilities and charges | 164/5 | €7,781,635 | €4,453,423 | -€3.3m | -42.8% |
| Amounts payable | 17/49 | €12,549,584 | €14,606,012 | +€2.1m | +16.4% |
| Amounts payable within one year | 42/48 | €11,712,625 | €13,947,570 | +€2.2m | +19.1% |
| Trade debts | 44 | €10,636,299 | €12,797,197 | +€2.2m | +20.3% |
| Suppliers | 440/4 | €10,636,299 | €12,797,197 | +€2.2m | +20.3% |
| Taxes, remuneration and social security | 45 | €1,076,326 | €1,150,372 | +€74,047 | +6.9% |
| Taxes | 450/3 | €188,345 | €145,361 | -€42,983 | -22.8% |
| Remuneration and social security | 454/9 | €887,981 | €1,005,011 | +€117,030 | +13.2% |
| Accrued charges and deferred income | 492/3 | €836,959 | €658,442 | -€178,517 | -21.3% |
| Operating income | 70/76A | €35,683,815 | €41,722,796 | +€6.0m | +16.9% |
| Turnover | 70 | €35,480,636 | €41,473,585 | +€6.0m | +16.9% |
| Other operating income | 74 | €198,046 | €235,598 | +€37,552 | +19.0% |
| Non-recurring operating income | 76A | €5,133 | €13,614 | +€8,481 | +165% |
| Operating charges | 60/66A | €49,579,260 | €56,476,388 | +€6.9m | +13.9% |
| Goods for resale, raw materials and consumables | 60 | €41,276,431 | €44,905,395 | +€3.6m | +8.8% |
| Purchases | 600/8 | €41,276,431 | €44,905,395 | +€3.6m | +8.8% |
| Services and other goods | 61 | €7,963,002 | €9,658,839 | +€1.7m | +21.3% |
| Remuneration, social security and pensions | 62 | €3,834,428 | €4,079,743 | +€245,315 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €398,947 | €561,524 | +€162,577 | +40.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€16,875 | €48,602 | +€65,477 | |
| Other operating charges | 640/8 | €768,048 | €550,497 | -€217,551 | -28.3% |
| Non-recurring operating charges | 66A | €201 | - | -€201 | |
| Operating profit (loss) | 9901 | -€13,895,445 | -€14,753,592 | -€858,147 | -6.2% |
| Financial income | 75/76B | €1,601,323 | €1,139,614 | -€461,709 | -28.8% |
| Recurring financial income | 75 | €1,601,323 | €1,139,614 | -€461,709 | -28.8% |
| Income from current assets | 751 | €1,601,323 | €1,139,614 | -€461,709 | -28.8% |
| Financial charges | 65/66B | €20,592 | €25,548 | +€4,956 | +24.1% |
| Recurring financial charges | 65 | €20,592 | €25,548 | +€4,956 | +24.1% |
| Debt charges | 650 | €14,950 | €18,323 | +€3,373 | +22.6% |
| Other financial charges | 652/9 | €5,642 | €7,224 | +€1,582 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,314,714 | -€13,639,526 | -€1.3m | -10.8% |
| Profit (loss) for the period | 9904 | -€12,314,714 | -€13,639,526 | -€1.3m | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,314,714 | -€13,639,526 | -€1.3m | -10.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.