ACTIVE

RECYCAM

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Financial year 2025 · closed on 31/12/2025

Net result

161,7 k €

+66.6% YoY

Gross margin

453,6 k €

+24.4% YoY

Equity

534,6 k €

+43.4% YoY

Workforce

2,3 ETP

+15.0% YoY

What does RECYCAM do?

RECYCAM is a Public limited company incorporated in 2003. Its main activity is: Collection of non-hazardous waste. Its registered office is in Amel. It employs on average 2,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0480.060.522

Incorporation

22/04/2003

Legal form

Public limited company

Registered office

Born,Engelsdorfer Straße 19
4770 Amel · WallonieSee on map

Contributed capital

300 000,00 €

Latest accounts

31/12/2025

Average workforce

2,3 ETP

Activities (NACE)

38110Collection of non-hazardous waste· main 38110Collection of non-hazardous waste 38219Treatment and disposal of non-hazardous waste 38330Materials recovery 90021Support activities to performing arts 38110Collection of non-hazardous waste+7

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	453,6 k €	+24.4%	364,5 k €	+18.9%	306,7 k €	+7.3%	285,9 k €	-15.3%	337,6 k €	+15.7%	291,9 k €	-0.9%	294,4 k €	+19.4%	246,6 k €	+74.7%	141,2 k €	+83.1%	77,1 k €	-3.9%	80,2 k €	+2335%	-3,6 k €	+87.1%	-27,8 k €	-291%	14,6 k €	-39.3%	24,1 k €	+439%	-7,1 k €	-140%	17,8 k €	+3.0%	17,3 k €	+12112%	-144,2 €	-102%	6,7 k €
EBITDA	320,6 k €	+28.7%	249,1 k €	+21.6%	204,9 k €	+12.9%	181,4 k €	-25.4%	243,2 k €	+26.4%	192,3 k €	-4.0%	200,3 k €	+23.9%	161,6 k €	+128%	70,8 k €	+5.5%	67,1 k €	-15.8%	79,8 k €	+1893%	-4,4 k €	+84.4%	-28,5 k €	-304%	14 k €	-40.4%	23,4 k €	+369%	-8,7 k €	-151%	17,2 k €	+1.6%	16,9 k €	+1917%	-931,7 €	-115%	6,3 k €
Operating result	218,4 k €	+69.2%	129,1 k €	+225%	39,7 k €	-45.1%	72,4 k €	-39.4%	119,5 k €	+60.4%	74,5 k €	+3.2%	72,2 k €	-6.2%	77 k €	+696%	9,7 k €	-30.8%	14 k €	-41.3%	23,8 k €	+157%	-41,9 k €	+37.0%	-66,5 k €	-154%	-26,1 k €	-1058%	-2,3 k €	+93.4%	-34,4 k €	-310%	-8,4 k €	-133%	-3,6 k €	+77.1%	-15,7 k €	-86.5%	-8,4 k €
Net result	161,7 k €	+66.6%	97,1 k €	+331%	22,5 k €	-67.5%	69,4 k €	-39.8%	115,3 k €	+68.6%	68,4 k €	+4.7%	65,3 k €	-4.4%	68,3 k €	+2574%	2,6 k €	-38.6%	4,2 k €	-67.7%	12,9 k €	+127%	-46,9 k €	+30.7%	-67,7 k €	-110%	-32,2 k €	-391%	-6,6 k €	+82.6%	-37,7 k €	-229%	-11,5 k €	-145%	-4,7 k €	+68.8%	-15 k €	-104%	-7,4 k €
Balance sheet
Equity	534,6 k €	+43.4%	372,9 k €	-21.6%	475,8 k €	+5.0%	453,2 k €	+18.1%	383,9 k €	+42.9%	268,6 k €	+34.1%	200,2 k €	+48.4%	135 k €	+102%	66,7 k €	+4.0%	64,1 k €	+6.9%	60 k €	+27.3%	47,1 k €	-49.9%	94 k €	-41.9%	161,7 k €	-16.6%	193,9 k €	-3.3%	200,4 k €	-15.8%	238,1 k €	-4.6%	249,6 k €	-1.8%	254,3 k €	-5.6%	269,3 k €
Total assets	699,8 k €	-9.8%	775,5 k €	+3.7%	747,6 k €	-9.8%	829,2 k €	+36.9%	605,9 k €	-10.5%	676,8 k €	-11.0%	760,3 k €	+26.6%	600,7 k €	-0.8%	605,7 k €	+22.4%	494,8 k €	-6.1%	527,1 k €	+16.4%	452,8 k €	+9.9%	412 k €	-6.3%	439,6 k €	+22.1%	359,9 k €	-0.7%	362,3 k €	-10.4%	404,4 k €	+10.0%	367,6 k €	+40.8%	261,1 k €	-10.2%	290,6 k €
Cash	65,8 k €	-50.5%	133 k €	+112%	62,8 k €	-58.6%	151,5 k €	+11.2%	136,2 k €	+13.3%	120,2 k €	+131%	51,9 k €	-46.8%	97,6 k €	+190%	33,7 k €	+169%	12,5 k €	+86.0%	6,7 k €	-34.0%	10,2 k €	-35.7%	15,9 k €	+75.9%	9 k €	-91.6%	107,2 k €	-5.5%	113,5 k €	+8.7%	104,5 k €	+152%	41,5 k €	-2.7%	42,6 k €	+1.1%	42,1 k €
Debts	165 k €	-59.0%	402,6 k €	+48.1%	271,8 k €	-27.6%	375,6 k €	+69.2%	222 k €	-45.6%	408,2 k €	-26.8%	557,9 k €	+20.6%	462,6 k €	-13.7%	536 k €	+25.3%	427,6 k €	-8.1%	465,2 k €	+14.7%	405,7 k €	+27.6%	317,9 k €	+14.4%	277,8 k €	+67.6%	165,8 k €	+2.5%	161,8 k €	-2.7%	166,2 k €	+40.9%	118 k €	+1639%	6,8 k €	-68.2%	21,3 k €
Other
Workforce	2,3 ETP	+15.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	+25.0%	1,6 ETP	+60.0%	1,0 ETP		–		–		–		–		–		–		–		–		–		–

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 · 5 active · 33 ended

Active mandates

Markus Elsen

Director · since 27 juillet 2018 · until 29 juin 2029

Active

Christian Maraite

Managing director · since 18 mars 2015 · until 29 juin 2029

Active

Roger Gehlen

Director · since 01 janvier 2015 · until 29 juin 2029

Active

Joseph Johann Pfeiffer

Director · since 06 juin 2008 · until 29 juin 2029

Active

Walther Johann Hilger

Director · since 06 juin 2008 · until 29 juin 2029

Active

Ended mandates

Markus Elsen

Director · since 27 juillet 2018 · until 05 juin 2020

Ended

Markus Elsen

Director · since 27 juillet 2018 · until 05 juin 2026

Ended

Christian Maraite

Managing director · since 18 mars 2015 · until 05 juin 2020

Ended

Christian Maraite

Managing director · since 18 mars 2015 · until 05 juin 2026

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	31/08/2026	27/08/2025	23/07/2024	30/08/2023	30/08/2022	30/07/2021
General meeting	26/06/2026	25/08/2025	28/06/2024	02/06/2023	03/06/2022	04/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/06/2026	31/08/2026	German	PDF
Abridged model	31/12/2024	25/08/2025	27/08/2025	German	PDF
Abridged model	31/12/2023	28/06/2024	23/07/2024	German	PDF
Abridged model	31/12/2022	02/06/2023	30/08/2023	German	PDF
Abridged model	31/12/2021	03/06/2022	30/08/2022	German	PDF
Abridged model	31/12/2020	04/06/2021	30/07/2021	German	PDF
Abridged model	31/12/2019	05/06/2020	21/09/2020	German	PDF
Abridged model	31/12/2018	07/06/2019	29/08/2019	German	PDF
Abridged model	31/12/2017	01/06/2018	20/07/2018	German	PDF
Abridged model	31/12/2016	02/06/2017	28/07/2017	German	PDF
Abridged model	31/12/2015	03/06/2016	27/07/2016	German	PDF
Abridged model	31/12/2014	05/06/2015	30/07/2015	German	PDF
Abridged model	31/12/2013	06/06/2014	25/08/2014	German	PDF
Abridged model	31/12/2012	07/06/2013	15/07/2013	German	PDF
Abridged model	31/12/2011	01/06/2012	18/06/2012	German	PDF
Abridged model	31/12/2010	03/06/2011	06/09/2011	German	PDF
Abridged model	31/12/2009	04/06/2010	11/08/2010	German	PDF
Abridged model	31/12/2008	05/06/2009	27/07/2009	German	PDF
Abridged model	31/12/2007	06/06/2008	28/08/2008	German	PDF
Abridged model	31/12/2006	01/06/2007	28/08/2007	German	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 · 5 active · 33 ended

Active mandates

Markus Elsen

Director · since 27 juillet 2018 · until 29 juin 2029

Active

Christian Maraite

Managing director · since 18 mars 2015 · until 29 juin 2029

Active

Roger Gehlen

Director · since 01 janvier 2015 · until 29 juin 2029

Active

Joseph Johann Pfeiffer

Director · since 06 juin 2008 · until 29 juin 2029

Active

Walther Johann Hilger

Director · since 06 juin 2008 · until 29 juin 2029

Active

Ended mandates

Markus Elsen

Director · since 27 juillet 2018 · until 05 juin 2020

Ended

Markus Elsen

Director · since 27 juillet 2018 · until 05 juin 2026

Ended

Christian Maraite

Managing director · since 18 mars 2015 · until 05 juin 2020

Ended

Christian Maraite

Managing director · since 18 mars 2015 · until 05 juin 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/12/2023
ENTLASSUNG - ERNENNUNG - GENERALVERSAMMLUNG
PDF
Mandates02/10/2020
ENTLASSUNG - ERNENNUNG
PDF
Mandates25/07/2019
ENTLASSUNG - ERNENNUNG
PDF
Mandates27/05/2015
ENTLASSUNG - ERNENNUNG
PDF
Mandates29/07/2014
ENTLASSUNG - ERNENNUNG
PDF
Registered office25/03/2011
GESELLSCHAFTSSITZ
PDF
Registered office09/07/2010
GESELLSCHAFTSSITZ
PDF
Mandates18/09/2008
ENTLASSUNG - ERNENNUNG
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 2025161,7 k €↑
2024
Annual accounts 202497,1 k €↑
2024
Name changeRECYCAM
2023
Annual accounts 202322,5 k €↓
2022
Annual accounts 202269,4 k €↓
2021
Annual accounts 2021115,3 k €↑
2021
Name changeRECYCAM AG
2020
Annual accounts 202068,4 k €↑
2019
Annual accounts 201965,3 k €↓
2018
Annual accounts 201868,3 k €↑
2017
Annual accounts 20172,6 k €↓
2016
Annual accounts 20164,2 k €↓
2015
Annual accounts 201512,9 k €↑
2014
Annual accounts 2014-46,9 k €↑
2013
Annual accounts 2013-67,7 k €↓
2012
Annual accounts 2012-32,2 k €↓
2011
Annual accounts 2011-6,6 k €↑
2010
Annual accounts 2010-37,7 k €↓
2009
Annual accounts 2009-11,5 k €↓
2008
Annual accounts 2008-4,7 k €↑
2007
Annual accounts 2007-15 k €↓
2006
Annual accounts 2006-7,4 k €
22/04/2003
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

RECYCAM

Overview

What does RECYCAM do?

Trend over 20 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