ACTIVE

RECYFUEL

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Financial year 2025 · closed on 31/12/2025

Net result

1,6 M €

-5.6% YoY

Revenue

30,2 M €

+4.8% YoY

Equity

14,4 M €

+0.4% YoY

Workforce

49,6 ETP

+9.3% YoY

What does RECYFUEL do?

RECYFUEL is a Public limited company incorporated in 1997. Its main activity is: Sewerage. Its registered office is in Engis. It employs on average 49,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0459.735.458

Incorporation

08/01/1997

Legal form

Public limited company

Registered office

Rue du Parc industriel 16
4480 Engis · WallonieSee on map

Contributed capital

13 085 532,38 €

Latest accounts

31/12/2025

Average workforce

49,6 ETP

Activities (NACE)

37200Sewerage· main 38210Treatment and disposal of non-hazardous waste 38219Treatment and disposal of non-hazardous waste 38323Recovery of sorted materials 38330Materials recovery 90021Support activities to performing arts

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 10 financial years

	2025		2023		2017		2016		2011		2010		2009		2008		2007		2006
Income statement
Revenue	30,2 M €	+4.8%	28,8 M €	+46.5%	19,6 M €	+9.4%	18 M €	+23.4%	14,6 M €	+5.1%	13,8 M €	-4.1%	14,4 M €	-2.9%	14,9 M €	+15.5%	12,9 M €	+1.8%	12,6 M €
EBITDA	4,2 M €	+4.3%	4 M €	-3.1%	4,1 M €	+4.7%	4 M €	+5.1%	3,8 M €	+54.2%	2,4 M €	+0.3%	2,4 M €	-17.1%	2,9 M €	+46.4%	2 M €	+22.1%	1,6 M €
Operating result	2,1 M €	-5.2%	2,3 M €	+55.6%	1,5 M €	+17.9%	1,2 M €	+62.8%	756,4 k €	-34.8%	1,2 M €	+1.4%	1,1 M €	-28.7%	1,6 M €	+91.9%	835,6 k €	+19.0%	702,5 k €
Net result	1,6 M €	-5.6%	1,7 M €	+64.9%	1 M €	+21.8%	846,1 k €	+401%	169 k €	-77.2%	739,8 k €	-36.5%	1,2 M €	+352%	-462,1 k €	-177%	600,6 k €	+10.8%	542,3 k €
Balance sheet
Equity	14,4 M €	+0.4%	14,3 M €	-0.7%	14,4 M €	-0.7%	14,5 M €	-0.2%	14,6 M €	-0.7%	14,7 M €	+9.2%	13,4 M €	+95.2%	6,9 M €	+28.3%	5,4 M €	+0.0%	5,4 M €
Total assets	22 M €	+1.7%	21,6 M €	-7.5%	23,3 M €	-5.7%	24,7 M €	-24.4%	32,7 M €	-4.9%	34,4 M €	+0.3%	34,3 M €	+156%	13,4 M €	+14.9%	11,7 M €	+3.4%	11,3 M €
Cash	5,3 M €	+17.1%	4,5 M €	+37.3%	3,3 M €	-6.4%	3,5 M €	+962%	331,7 k €	-42.4%	575,5 k €	-93.5%	8,9 M €	+1862%	453,8 k €	-40.5%	762,9 k €	-22.0%	978,3 k €
Debts	6,4 M €	+3.3%	6,2 M €	-24.1%	8,2 M €	-18.5%	10,1 M €	-41.7%	17,3 M €	-7.0%	18,6 M €	-6.5%	19,9 M €	+245%	5,8 M €	-0.0%	5,8 M €	+7.2%	5,4 M €
Other
Workforce	49,6 ETP	+9.3%	45,4 ETP	+3.4%	43,9 ETP	+7.3%	40,9 ETP	+1.5%	40,3 ETP	+1.8%	39,6 ETP	+3.9%	38,1 ETP	-0.8%	38,4 ETP	-6.6%	41,1 ETP	+1.2%	40,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 27 ended

Active mandates

DEMISAN

Director · since 12 juin 2024 · until 12 juin 2030 · 0884.531.815

Represented by Ivo De Vlieghere

Active

Jean-Benoît Collée

Director · since 12 juin 2024 · until 12 juin 2030

Active

Jérôme Eloy

Director · since 12 juin 2024 · until 12 juin 2030

Active

Noémie Zeligzon

Director · since 14 mars 2024 · until 12 juin 2030

Active

Ended mandates

Eric Trodoux

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Jean-Benoît Collée

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Jérôme Eloy

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Sunnira Ly

Director · since 13 juin 2018 · until 12 juin 2024

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	09/07/2026	18/06/2025	24/07/2024	27/06/2023	21/06/2022	25/06/2021
General meeting	10/06/2026	11/06/2025	12/06/2024	14/06/2023	08/06/2022	08/06/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	10/06/2026	09/07/2026	French	PDF
Full model	31/12/2024	11/06/2025	18/06/2025	French	PDF
Full model	31/12/2023	12/06/2024	24/07/2024	French	PDF
Full model	31/12/2022	14/06/2023	27/06/2023	French	PDF
Full model	31/12/2021	08/06/2022	21/06/2022	French	PDF
Full model	31/12/2020	08/06/2021	25/06/2021	French	PDF
Full model	31/12/2019	10/06/2020	02/07/2020	French	PDF
Full model	31/12/2018	12/06/2019	24/06/2019	French	PDF
Full model	31/12/2017	13/06/2018	28/06/2018	French	PDF
Full model	31/12/2016	14/06/2017	26/06/2017	French	PDF
Full model	31/12/2015	08/06/2016	29/06/2016	French	PDF
Full model	31/12/2014	10/06/2015	29/06/2015	French	PDF
Full model	31/12/2013	11/06/2014	30/06/2014	French	PDF
Full model	31/12/2012	12/06/2013	09/07/2013	French	PDF
Full model	31/12/2011	13/06/2012	19/10/2012	French	PDF
Full model	31/12/2010	08/06/2011	09/12/2011	French	PDF
Full model	31/12/2009	09/06/2010	08/07/2010	French	PDF
Full modelCorrection	31/12/2008	16/11/2009	27/04/2010	French	PDF
Full model	31/12/2008	16/11/2009	04/03/2010	French	PDF
Full model	31/12/2007	30/06/2008	27/11/2008	French	PDF
Full modelCorrection	31/12/2006	27/06/2007	10/01/2008	French	PDF
Full model	31/12/2006	27/06/2007	22/11/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 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 · 27 ended

Active mandates

DEMISAN

Director · since 12 juin 2024 · until 12 juin 2030 · 0884.531.815

Represented by Ivo De Vlieghere

Active

Jean-Benoît Collée

Director · since 12 juin 2024 · until 12 juin 2030

Active

Jérôme Eloy

Director · since 12 juin 2024 · until 12 juin 2030

Active

Noémie Zeligzon

Director · since 14 mars 2024 · until 12 juin 2030

Active

Ended mandates

Eric Trodoux

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Jean-Benoît Collée

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Jérôme Eloy

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Sunnira Ly

Director · since 13 juin 2018 · until 12 juin 2024

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/08/2024
DEMISSIONS, NOMINATIONS
PDF
Other09/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DIVERS
PDF
Mandates03/02/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates14/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates04/08/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates21/12/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates23/09/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates27/12/2018
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 20251,6 M €↓
2023
Annual accounts 20231,7 M €↑
2017
Annual accounts 20171 M €↑
2016
Annual accounts 2016846,1 k €↑
2011
Annual accounts 2011169 k €↓
2010
Annual accounts 2010739,8 k €↓
2009
Annual accounts 20091,2 M €↑
2008
Annual accounts 2008-462,1 k €↓
2007
Annual accounts 2007600,6 k €↑
2006
Annual accounts 2006542,3 k €
08/01/1997
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

RECYFUEL

Overview

What does RECYFUEL do?

Trend over 10 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