ACTIVE

RECYBEL

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Financial year 2025 · closed on 31/12/2025

Net result

192 k €

-22.6% YoY

Revenue

4,5 M €

+21.0% YoY

Equity

477,2 k €

+0.0% YoY

What does RECYBEL do?

RECYBEL is a Public limited company incorporated in 1992. Its main activity is: Sewerage. Its registered office is in Flémalle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0449.342.996

Incorporation

10/12/1992

Legal form

Public limited company

Registered office

Quai du Halage(Flh) 47-49
4400 Flémalle · Wallonie

Contributed capital

199 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

37200Sewerage· main 38210Treatment and disposal of non-hazardous waste 38323Recovery of sorted materials

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Revenue	4,5 M €	+21.0%	3,7 M €	+18.7%	3,1 M €	+4.2%	3 M €	-11.7%	3,4 M €	-14.2%	4 M €	+3.5%	3,9 M €	+80.1%	2,1 M €	-0.9%	2,2 M €	+1368%	147 k €		–		–		341,9 k €	-41.7%	586,4 k €	-43.9%	1 M €	-8.6%	1,1 M €	-22.6%	1,5 M €
EBITDA	247 k €	-18.7%	303,9 k €	+685%	-52 k €	-80.5%	-28,8 k €	-107%	397 k €	-57.1%	926,1 k €	+86.5%	496,6 k €	+289%	-262,5 k €	-216%	225,7 k €	+170%	-320,8 k €	-1449%	-20,7 k €	+17.7%	-25,2 k €	+93.6%	-390,6 k €	-303%	192,5 k €	-7.0%	206,9 k €	-0.3%	207,5 k €	-63.0%	560,8 k €
Operating result	247 k €	-18.7%	303,9 k €	+685%	-52 k €	-80.5%	-28,8 k €	-107%	397 k €	-57.1%	926,1 k €	+86.5%	496,6 k €	+289%	-262,5 k €	-216%	225,7 k €	+170%	-320,8 k €	-1449%	-20,7 k €	+17.7%	-25,2 k €	+93.6%	-390,6 k €	-303%	192,5 k €	-7.0%	206,9 k €	-0.3%	207,5 k €	-63.0%	560,8 k €
Net result	192 k €	-22.6%	248,1 k €	+562%	-53,7 k €	-70.3%	-31,5 k €	-111%	293,1 k €	-61.7%	764,7 k €	+54.7%	494,4 k €	+288%	-262,9 k €	-217%	225,4 k €	+170%	-321,2 k €	-1432%	-21 k €	+28.5%	-29,3 k €	+92.9%	-410,4 k €	-420%	128,1 k €	-5.2%	135,1 k €	+12.5%	120 k €	-67.1%	365 k €
Balance sheet
Equity	477,2 k €	+0.0%	477,1 k €	+0.7%	473,8 k €	-10.2%	527,5 k €	-5.6%	559 k €	-15.6%	661,9 k €	+123%	296,8 k €	+250%	-197,6 k €	-403%	65,3 k €	+141%	-160,1 k €	-362%	61,1 k €	-25.6%	82 k €	+574%	12,2 k €	-97.1%	422,6 k €	+43.5%	294,5 k €	+84.7%	159,5 k €	-27.3%	219,4 k €
Total assets	1,9 M €	+1.7%	1,9 M €	+65.7%	1,1 M €	-22.9%	1,5 M €	-8.4%	1,6 M €	+11.7%	1,4 M €	-5.7%	1,5 M €	+59.1%	962,7 k €	+78.0%	540,9 k €	+118%	248 k €	+123%	111,4 k €	+21.5%	91,7 k €	-86.0%	655 k €	+30.5%	502 k €	+2.8%	488,6 k €	-26.5%	664,3 k €	-40.6%	1,1 M €
Cash	701,2 k €	-34.0%	1,1 M €	+124%	474,7 k €	-31.8%	696,4 k €	-23.4%	909,1 k €	+25.4%	724,9 k €	+50.5%	481,6 k €	+1618%	28 k €	-82.5%	160,2 k €	+666%	20,9 k €	-80.4%	106,6 k €	+38.3%	77 k €	-36.5%	121,3 k €	+531%	19,2 k €	-78.7%	90,3 k €	-20.7%	113,9 k €	-6.2%	121,4 k €
Debts	1,4 M €	+2.3%	1,4 M €	+112%	667,3 k €	-29.7%	949,3 k €	-9.9%	1,1 M €	+34.9%	780,9 k €	-36.8%	1,2 M €	+6.4%	1,2 M €	+144%	475,5 k €	+16.5%	408,1 k €	+711%	50,3 k €	+424%	9,6 k €	-98.5%	642,8 k €	+709%	79,4 k €	-59.1%	194 k €	-61.6%	504,9 k €	-43.8%	898,9 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 52 ended

Active mandates

Philippe GELISSEN

Director · since 29 mai 2024 · until 15 mai 2030

Active

Gilian Deblauwe

Chairman of the board of directors · since 21 avril 2022 · until 19 mai 2027

Active

Eddy FOSTIER

Director · since 22 juin 2016 · until 31 mai 2029

Active

Jean-Benoit COLLEE

Managing director · since 21 septembre 2009 · until 24 mai 2028

Active

Ended mandates

Gilian Deblauwe

Director · since 21 avril 2022 · until 25 mai 2022

Ended

Gilian Deblauwe

Managing director · since 21 avril 2022 · until 19 mai 2027

Ended

Benoit LIEGEOIS

Director · since 17 juin 2020 · until 13 novembre 2024

Ended

Benoit LIEGEOIS

Director · since 17 juin 2020 · until 27 mai 2026

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	24/06/2026	19/06/2025	03/07/2024	29/06/2023	14/07/2022	18/06/2021
General meeting	27/05/2026	28/05/2025	29/05/2024	31/05/2023	25/05/2022	26/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	27/05/2026	24/06/2026	French	PDF
Full model	31/12/2024	28/05/2025	19/06/2025	French	PDF
Full model	31/12/2023	29/05/2024	03/07/2024	French	PDF
Full model	31/12/2022	31/05/2023	29/06/2023	French	PDF
Full model	31/12/2021	25/05/2022	14/07/2022	French	PDF
Full model	31/12/2020	26/05/2021	18/06/2021	French	PDF
Full model	31/12/2019	17/06/2020	20/08/2020	French	PDF
Full model	31/12/2018	29/05/2019	28/06/2019	French	PDF
Full model	31/12/2017	30/05/2018	20/06/2018	French	PDF
Full model	31/12/2016	31/05/2017	30/06/2017	French	PDF
Full model	31/12/2015	25/05/2016	25/07/2016	French	PDF
Full model	31/12/2014	27/05/2015	25/06/2015	French	PDF
Full model	31/12/2013	28/05/2014	12/06/2014	French	PDF
Full model	31/12/2012	10/05/2013	17/06/2013	French	PDF
Full model	31/12/2011	18/04/2012	22/05/2012	French	PDF
Full model	31/12/2010	20/04/2011	24/05/2011	French	PDF
Full model	31/12/2009	15/04/2010	22/06/2010	French	PDF
Full model	31/12/2008	15/04/2009	19/05/2009	French	PDF
Full model	31/12/2007	16/04/2008	05/08/2008	French	PDF
Full model	31/12/2006	18/04/2007	01/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 52 ended

Active mandates

Philippe GELISSEN

Director · since 29 mai 2024 · until 15 mai 2030

Active

Gilian Deblauwe

Chairman of the board of directors · since 21 avril 2022 · until 19 mai 2027

Active

Eddy FOSTIER

Director · since 22 juin 2016 · until 31 mai 2029

Active

Jean-Benoit COLLEE

Managing director · since 21 septembre 2009 · until 24 mai 2028

Active

Ended mandates

Gilian Deblauwe

Director · since 21 avril 2022 · until 25 mai 2022

Ended

Gilian Deblauwe

Managing director · since 21 avril 2022 · until 19 mai 2027

Ended

Benoit LIEGEOIS

Director · since 17 juin 2020 · until 13 novembre 2024

Ended

Benoit LIEGEOIS

Director · since 17 juin 2020 · until 27 mai 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/11/2024
DEMISSIONS, NOMINATIONS
PDF
Other23/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates24/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates19/01/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates09/03/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates20/11/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates04/09/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates12/07/2017
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025192 k €↓
2024
Annual accounts 2024248,1 k €↑
2023
Annual accounts 2023-53,7 k €↓
2022
Annual accounts 2022-31,5 k €↓
2021
Annual accounts 2021293,1 k €↓
2020
Annual accounts 2020764,7 k €↑
2019
Annual accounts 2019494,4 k €↑
2018
Annual accounts 2018-262,9 k €↓
2017
Annual accounts 2017225,4 k €↑
2016
Annual accounts 2016-321,2 k €↓
2015
Annual accounts 2015-21 k €↑
2014
Annual accounts 2014-29,3 k €↑
2013
Annual accounts 2013-410,4 k €↓
2012
Annual accounts 2012128,1 k €↓
2011
Annual accounts 2011135,1 k €↑
2010
Annual accounts 2010120 k €↓
2009
Annual accounts 2009365 k €
10/12/1992
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

RECYBEL

Overview

What does RECYBEL do?

Trend over 17 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline