Recupel
0473.923.093 · rovalta.com · 24/09/2026
ACTIVE
Recupel
Financial year 2025 · closed on 31/12/2025
Net result
-13,6 M €
-10.8% YoY
Revenue
41,5 M €
+16.9% YoY
Equity
78,8 M €
-14.8% YoY
Workforce
33,3 ETP
+6.1% YoY
Overview
What does Recupel do?
Recupel is a Non-profit organization incorporated in 2000. Its main activity is: Sewerage. Its registered office is in Zaventem. It employs on average 33,3 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0473.923.093
Incorporation
14/12/2000
Legal form
Non-profit organization
Registered office
Hermeslaan 11
1932 Zaventem · FlandreSee on map
1932 Zaventem · FlandreSee on map
Latest accounts
31/12/2025
Average workforce
33,3 ETP
Activities (NACE)
Joint committees (2)
- 200
- 335
Signals
Solid equityLow riskGood liquidityHealthy social debtsHigh revenue
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Financials
Trend over 18 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||
| Revenue | 41,5 M € | +16.9% | 35,5 M € | +1.1% | 35,1 M € | -19.8% | 43,8 M € | +3.8% | 42,2 M € | -1.7% | 42,9 M € | +4.4% | 41,1 M € | +7.4% | 38,3 M € | -2.3% | 39,2 M € | -9.8% | 43,4 M € | +3.6% | 41,9 M € | +6.8% | 39,2 M € | +1.6% | 38,6 M € | -2.9% | 39,8 M € | +2.9% | 38,6 M € | +11.0% | 34,8 M € | -18.4% | 42,7 M € | +29.2% | 33 M € |
| EBITDA | -14,1 M € | -4.7% | -13,5 M € | -47.9% | -9,1 M € | -2975% | 317,8 k € | -47.7% | 607,6 k € | -17.7% | 738,4 k € | -10.2% | 822,1 k € | -10.3% | 916,9 k € | -14.3% | 1,1 M € | +20.1% | 890,3 k € | -2.4% | 912,7 k € | -7.3% | 984,7 k € | +1.3% | 972 k € | +4.8% | 927,7 k € | +15.7% | 802,1 k € | +1.2% | 792,9 k € | +10.4% | 718,5 k € | +10.9% | 647,8 k € |
| Operating result | -14,8 M € | -6.2% | -13,9 M € | -48.5% | -9,4 M € | -844030% | 1,1 k € | +123% | -4,8 k € | +73.4% | -17,9 k € | +0.8% | -18,1 k € | -52.9% | -11,8 k € | +65.3% | -34,1 k € | +39.3% | -56,2 k € | -30.8% | -43 k € | +49.4% | -84,9 k € | +34.0% | -128,6 k € | -66.0% | -77,5 k € | +53.2% | -165,7 k € | -83.5% | -90,3 k € | +40.5% | -151,7 k € | -17.2% | -129,4 k € |
| Net result | -13,6 M € | -10.8% | -12,3 M € | -55.2% | -7,9 M € | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||
| Balance sheet | |||||||||||||||||||||||||||||||||||
| Equity | 78,8 M € | -14.8% | 92,4 M € | -11.8% | 104,7 M € | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | |||||||||||||||
| Total assets | 97,8 M € | -13.2% | 112,7 M € | -13.3% | 130 M € | +989% | 11,9 M € | +23.2% | 9,7 M € | -18.1% | 11,8 M € | +0.4% | 11,8 M € | +43.4% | 8,2 M € | -19.2% | 10,2 M € | -20.3% | 12,8 M € | +15.4% | 11,1 M € | -33.0% | 16,5 M € | -2.7% | 17 M € | -42.1% | 29,3 M € | +18.5% | 24,7 M € | +39.6% | 17,7 M € | -30.4% | 25,5 M € | -7.3% | 27,5 M € |
| Cash | 10,9 M € | -16.9% | 13,1 M € | +14.4% | 11,5 M € | +49.1% | 7,7 M € | +39.1% | 5,5 M € | -4.4% | 5,8 M € | +16.9% | 4,9 M € | +70.7% | 2,9 M € | -29.8% | 4,1 M € | +157% | 1,6 M € | -59.7% | 4 M € | -61.8% | 10,5 M € | +2168% | 461,2 k € | -95.4% | 9,9 M € | +5860% | 166,9 k € | -96.1% | 4,3 M € | +8198% | 51,6 k € | -90.4% | 539,3 k € |
| Debts | 13,9 M € | +19.1% | 11,7 M € | -8.7% | 12,8 M € | +7.5% | 11,9 M € | +23.2% | 9,7 M € | -18.1% | 11,8 M € | +0.4% | 11,8 M € | +43.4% | 8,2 M € | -19.2% | 10,2 M € | -20.3% | 12,8 M € | +18.4% | 10,8 M € | -34.3% | 16,4 M € | -2.8% | 16,9 M € | -42.2% | 29,2 M € | +18.6% | 24,6 M € | +43.0% | 17,2 M € | -30.8% | 24,9 M € | -5.7% | 26,4 M € |
| Other | |||||||||||||||||||||||||||||||||||
| Workforce | 33,3 ETP | +6.1% | 31,4 ETP | +8.3% | 29,0 ETP | -3.3% | 30,0 ETP | +2.7% | 29,2 ETP | -3.3% | 30,2 ETP | +4.5% | 28,9 ETP | 0.0% | 28,9 ETP | +5.5% | 27,4 ETP | -3.2% | 28,3 ETP | +10.1% | 25,7 ETP | -0.8% | 25,9 ETP | -0.8% | 26,1 ETP | +4.8% | 24,9 ETP | +6.9% | 23,3 ETP | +14.2% | 20,4 ETP | +34.2% | 15,2 ETP | -7.9% | 16,5 ETP |
Estimate
Indicative valuation
As an indication, this company is worth
between 50 M€ and 100 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 12 active · 162 ended
Active mandates
Bruno Vermoesen
ActiveDerek McMillan
ActiveKoen Waelput
ActiveKris Den Haese
ActiveManuela Fiorucci
ActiveMarc Moris
ActiveMarie Van Breusegem
ActiveMaxime Parein
ActivePatrick Van den Bossche
ActiveRoeland Verlinden
ActiveRony Haentjens
ActiveWerner Donckers
ActiveEnded mandates
Marc Moris
EndedEric Piers
EndedJohan Surkyn
EndedKoen Waelput
EndedAt this address
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Financials
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 | 25/06/2026 | 02/07/2025 | 20/06/2024 | 30/06/2023 | 07/06/2022 | 31/05/2021 |
| General meeting | 16/06/2026 | 18/06/2025 | 18/06/2024 | 23/06/2023 | 01/06/2022 | 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
20 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 16/06/2026 | 25/06/2026 | Dutch | |
| Full model | 31/12/2024 | 18/06/2025 | 02/07/2025 | Dutch | |
| Full model | 31/12/2023 | 18/06/2024 | 20/06/2024 | Dutch | |
| Full model | 31/12/2022 | 23/06/2023 | 30/06/2023 | Dutch | |
| Full model | 31/12/2021 | 01/06/2022 | 07/06/2022 | Dutch | |
| Full model | 31/12/2020 | 26/05/2021 | 31/05/2021 | Dutch | |
| Full model | 31/12/2019 | 27/05/2020 | 02/06/2020 | Dutch | |
| Full model | 31/12/2018 | 22/05/2019 | 23/05/2019 | Dutch | |
| Full model | 31/12/2017 | 23/05/2018 | 07/06/2018 | Dutch | |
| Full model | 31/12/2016 | 24/05/2017 | 06/06/2017 | Dutch | |
| Full model | 31/12/2015 | 25/05/2016 | 06/06/2016 | Dutch | |
| Full model | 31/12/2014 | 27/05/2015 | 08/06/2015 | Dutch | |
| Full model | 31/12/2013 | 28/05/2014 | 02/06/2014 | Dutch | |
| Full model | 31/12/2012 | 22/05/2013 | 31/05/2013 | Dutch | |
| Full model | 31/12/2011 | 24/05/2012 | 05/06/2012 | Dutch | |
| Full model | 31/12/2010 | 18/05/2011 | 23/05/2011 | Dutch | |
| Full model | 31/12/2009 | 12/05/2010 | 01/06/2010 | Dutch | |
| Full model | 31/12/2008 | 13/05/2009 | 04/06/2009 | Dutch | |
| Full model | 31/12/2007 | 14/05/2008 | 29/07/2008 | Dutch | |
| Full model | 31/12/2006 | 09/05/2007 | 21/06/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 50 M€ and 100 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 12 active · 162 ended
Active mandates
Bruno Vermoesen
ActiveDerek McMillan
ActiveKoen Waelput
ActiveKris Den Haese
ActiveManuela Fiorucci
ActiveMarc Moris
ActiveMarie Van Breusegem
ActiveMaxime Parein
ActivePatrick Van den Bossche
ActiveRoeland Verlinden
ActiveRony Haentjens
ActiveWerner Donckers
ActiveEnded mandates
Marc Moris
EndedEric Piers
EndedJohan Surkyn
EndedKoen Waelput
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates26/06/2026ONTSLAGEN - BENOEMINGEN
- Mandates26/06/2025MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates21/09/2023ONTSLAGEN - BENOEMINGEN
- Restructuring25/07/2023KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Mandates06/07/2023DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
- Mandates06/07/2023ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Restructuring05/05/2023RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Restructuring05/05/2023RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 16/06/2026reconductionMoore Audit BV — commissaris
- 16/06/2026reconductionBruno Vermoesen — bestuurder
- 16/06/2026reconductionWerner Donckers — bestuurder
- 16/06/2026reconductionRony Haentjens — bestuurder
- 16/06/2026reconductionKris Den Haese — bestuurder
- 16/06/2026reconductionMarc Moris — bestuurder
- 16/06/2026reconductionPatrick Van den Bossche — bestuurder
- 16/06/2026reconductionMarie Van Breusegem — bestuurder
- 16/06/2026reconductionKoen Waelput — bestuurder
- 16/06/2026reconductionRoeland Verlinden — bestuurder
- 16/06/2026reconductionManuela Fiorucci — bestuurder
- 16/06/2026nominationGert Roeckx — bestuurder
- 16/06/2026nominationKristof De Bolle — bestuurder
- 2025Annual accounts 2025-13,6 M €↓
- 18/06/2025nominationCarmen Van Camp — vast vertegenwoordiger van de commissaris
- 2024Annual accounts 2024-12,3 M €↓
- 2023Annual accounts 2023-7,9 M €
- 23/06/2023nominationMarc Marissen — commissaris
- 31/01/2023nominationMarc Moris — bestuurder
- 31/01/2023nominationMarc Moris — administrateur
- 2022Annual accounts 2022
- 17/06/2022nominationEric Piers — administrateur
- 01/06/2022nominationEric Piers — bestuurder
- 25/05/2022reconductionPatrick Lens — administrateur
- 25/05/2022reconductionHendrikus Vermeire — administrateur
- 25/05/2022reconductionTerence Vanstals — administrateur
- 25/05/2022reconductionDerek Mc Millan — administrateur
- 25/05/2022reconductionPatrick Lens — bestuurder
- 25/05/2022reconductionHendrikus Vermeire — bestuurder
- 25/05/2022reconductionTerence Vanstals — bestuurder
- 25/05/2022reconductionDerek Mc Millan — bestuurder
- 2021Annual accounts 2021
- 2020Annual accounts 2020
- 2019Annual accounts 2019
- 2018Annual accounts 2018
- 2017Annual accounts 2017
- 2016Annual accounts 2016
- 2015Annual accounts 2015
- 2014Annual accounts 2014
- 2013Annual accounts 2013
- 2012Annual accounts 2012
- 2011Annual accounts 2011
- 2010Annual accounts 2010
- 2009Annual accounts 2009
- 2008Annual accounts 2008
- 14/12/2000IncorporationNon-profit organization