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Recupel

Active
Non-profit associationfounded 2000active for 25 yearsHermeslaan 11, 1932 Zaventem, Belgium24 active companies are registered at this addressKBO/BCE: BE 0473.923.093
Summary

Recupel has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €78.8m and a net result of -€13.6m. Equity is shrinking by about 14% per year across the filed financial years. Its solvency ranks better than 91% of 255 sector peers (NACE 38, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).

Risk analysisFollow ReportCompare
RecupelActiveChecked score 95/100
Risk analysis ReportCompare

Overview

Activity
Materials recovery from waste
NACE 38210Other business support services NACE 82990
Largest company by equity in Flemish Brabant, Waste collection and treatment sector1 site
Size
€41.5mturnover 2025
Staff
33.3 FTE
Equity
€78.8m
Deficit
-€13.6m
Financial health
95 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
< 0.1%
Structure
Board
12 members
Auditor: Moore Audit2025 accounts 36 days early15 of 70 deeds summarised
Why 95raises riskLoss of €13.6m, the second in a row (financial year 2025)1 change of registered office in 24 monthslowers riskLegal form: non-profit associationSize: turnover €41.5m, 33.3 FTE, total assets €97.8mShow the evidence

Checked score

Score 2025
95 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 57% of its sector peers (NACE 38, small)
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Average
Solvency 100=
equity 80.5% of total assets
Liquidity 61-3
short-term debt 14.3% · cash 11.1%
Profitability 1-2
return on assets -13.9%
Bankruptcy probability, 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (200 companies, NACE 38, small)
Last 24 months 11-2024: < 0.1% 12-2024: < 0.1%● unchanged vs 11-2024 01-2025: < 0.1%● unchanged vs 12-2024 02-2025: < 0.1%● unchanged vs 01-2025lowest value 03-2025: < 0.1%● unchanged vs 02-2025lowest value 04-2025: < 0.1%● unchanged vs 03-2025 05-2025: < 0.1%● unchanged vs 04-2025 06-2025: < 0.1%● unchanged vs 05-2025 07-2025: < 0.1%● unchanged vs 06-2025 08-2025: < 0.1%● unchanged vs 07-2025 09-2025: < 0.1%● unchanged vs 08-2025 10-2025: < 0.1%● unchanged vs 09-2025 11-2025: < 0.1%● unchanged vs 10-2025 12-2025: < 0.1%● unchanged vs 11-2025 01-2026: < 0.1%● unchanged vs 12-2025 02-2026: < 0.1%● unchanged vs 01-2026 03-2026: < 0.1%● unchanged vs 02-2026 04-2026: < 0.1%● unchanged vs 03-2026 05-2026: < 0.1%● unchanged vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: < 0.1%● unchanged vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026highest value 10-2026: < 0.1%● unchanged vs 09-2026
Credit of up to €4,100,000 on 30-day terms is acceptable
Liquidity ample (current ratio 6.82, compared with 9.49 in 2024, above the usual 1.5; short-term debt: 14.3% and cash: 11.1% of total assets), and 19.5% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 38, small): better than 93% on solvency, 80% on liquidity, 5% on profitability and 49% on growth.

The bankruptcy probability was computed on 27-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
lowers riskraises riskneutral
lowers risk · Legal form: non-profit association
KBO
raises risk · Loss of €13.6m, the second in a row (financial year 2025)
NBB · annual accounts
raises risk · 1 change of registered office in 24 months
Belgian Official Gazette
lowers risk · Size: turnover €41.5m, 33.3 FTE, total assets €97.8m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025
Net result per financial year
232425
2023 to 2025 · latest year -€13.6m
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 filings
Deviation from the deadline
2025
36 days early
2024
29 days early
2023
41 days early
2022
31 days early
2021
54 days early
2020
61 days early
2019
59 days 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 (NACE 38) for financial year 2024 is 8 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 25 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
28-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Permanent representative: Carmen Van CampResignations: Derek Mc Millan (director)…
  2. Annual accounts filedfinancial year 2025 · abbreviated…
  3. Weakest financial yearnet -€13.6m

Key points

  • Risk: 3 loss-making years in a rowloss financial year 2025 -€13.6m View
  • Caution: Among the weakest 5% on net resultsector median €34,492 · 256 companies -€13.6m View
  • Board changedlatest change 26-06-2026 · 12 in office 2 joined · 2 left View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View

By topic

Financials

Financial year
2025
Turnover
€41.5m
Loss
-€13.6m
Solvency
80.5%
Turnover▲ 16.9%
Net result
20182025
Go to Financials

Board & ownership

Board
12 members
Auditor
Moore Audit
  • Bruno VermoesenDirector
  • Koen WaelputDirector
  • Kris Den HaeseDirector
  • Manuela FiorucciDirector
  • Marc MorisDirector

and 7 other directors

Go to Board & ownership

Timeline

Events
37
Since
2005
Next accounts
by 31-07-2027
  1. 02-07-2025Annual accounts filed
  2. 26-06-2025Permanent representatives: Carmen Van Camp and Marc…
  3. 20-06-2024Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Non-profit association
Activity
Materials recovery from wasteNACE 38210
Founded
14-12-2000
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
50
Purpose
“Organiser la collecte, la reprise, le tri, l'élimination, le recyclage et/ou stimuler la…” (deed in French)
Go to Articles of association

Key facts about Recupel

What is the company number of Recupel?
0473.923.093. In Belgium the VAT number is the company number with BE in front: BE 0473.923.093.
Where is Recupel based?
The registered office is at Hermeslaan 11, 1932 Zaventem.Company details
What does Recupel do?
According to the KBO register, the main activity is materials recovery from waste (NACE 38210).
What is the legal form of Recupel?
Non-profit association (VZW).
When was Recupel founded?
On 14-12-2000.
Is Recupel still active?
Yes, Recupel is an active enterprise in the KBO register.
How many employees does Recupel have?
On average 33.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of Recupel?
€41.5m in financial year 2025, according to the filed annual accounts.
Is Recupel profitable?
In financial year 2025, Recupel made a loss of €13.6m.
Where can I find the annual accounts of Recupel?
Recupel filed 22 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Recupel due?
By 31-07-2027, for financial year 2026.Timeline

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