ACTIVE

RECYCLING

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Financial year 2025 · closed on 31/12/2025

Net result

12 k €

-36.9% YoY

Revenue

1,4 M €

+20.4% YoY

Equity

1,6 M €

+0.8% YoY

Workforce

0,7 ETP

-12.5% YoY

What does RECYCLING do?

RECYCLING is a Public limited company incorporated in 2007. Its main activity is: Remediation activities and other waste management services. Its registered office is in Wetteren. It employs on average 0,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0887.579.890

Incorporation

28/02/2007

Legal form

Public limited company

Registered office

Vantegemstraat 19
9230 Wetteren · FlandreSee on map

Contributed capital

250 000,00 €

Latest accounts

31/12/2025

Average workforce

0,7 ETP

Activities (NACE)

39000Remediation activities and other waste management services· main 39000Remediation activities and other waste management services 90032Artistic creation

Joint committees (1)

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 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	1,4 M €	+20.4%	1,1 M €	-18.9%	1,4 M €		–		–		–		–		–		1,1 M €	-12.3%	1,3 M €	+9.5%	1,1 M €	-21.8%	1,5 M €	-7.7%	1,6 M €		–		–		–		–		–
EBITDA	47,1 k €	-24.8%	62,6 k €	+47.1%	42,5 k €	-55.3%	95,2 k €	+17.1%	81,3 k €	-45.9%	150,3 k €	-23.1%	195,5 k €	+15.5%	169,2 k €	-5.8%	179,6 k €	+0.7%	178,3 k €	-6.9%	191,6 k €	-21.1%	242,9 k €	-2.8%	249,9 k €	-15.6%	296,1 k €	-6.4%	316,2 k €	+35.3%	233,7 k €	+202%	77,3 k €	+1431%	-5,8 k €
Operating result	19,9 k €	-36.3%	31,2 k €	+180%	11,2 k €	-82.5%	63,8 k €	+27.4%	50,1 k €	-56.3%	114,7 k €	-25.6%	154,1 k €	+26.5%	121,9 k €	-17.9%	148,4 k €	-4.8%	155,9 k €	+11.7%	139,6 k €	-26.6%	190,2 k €	-0.2%	190,6 k €	-17.9%	232 k €	-14.3%	270,8 k €	+32.7%	204 k €	+262%	56,4 k €	+1071%	-5,8 k €
Net result	12 k €	-36.9%	19,1 k €	+498%	3,2 k €	-90.5%	33,5 k €	+10.0%	30,4 k €	-49.5%	60,3 k €	-40.1%	100,6 k €	+26.7%	79,3 k €	-12.7%	90,9 k €	-7.8%	98,5 k €	+19.7%	82,3 k €	-16.4%	98,4 k €	+14.4%	86,1 k €	-32.3%	127,1 k €	-36.9%	201,5 k €	+23.7%	162,8 k €	+213%	52 k €	+447%	-15 k €
Balance sheet
Equity	1,6 M €	+0.8%	1,6 M €	+1.2%	1,5 M €	+0.2%	1,5 M €	+2.2%	1,5 M €	+2.1%	1,5 M €	+4.3%	1,4 M €	+7.7%	1,3 M €	+6.4%	1,2 M €	+7.9%	1,1 M €	+9.4%	1 M €	+8.5%	962,9 k €	+11.4%	864,5 k €	+11.1%	778,4 k €	+19.5%	651,3 k €	+44.8%	449,8 k €	+56.7%	287 k €	+22.1%	235 k €
Total assets	2,7 M €	+16.6%	2,3 M €	+19.3%	1,9 M €	+1.0%	1,9 M €	-4.4%	2 M €	+9.7%	1,8 M €	-16.3%	2,2 M €	+14.4%	1,9 M €	-15.1%	2,2 M €	-10.8%	2,5 M €	+25.4%	2 M €	-19.1%	2,5 M €	+36.9%	1,8 M €	-3.6%	1,9 M €	+3.6%	1,8 M €	+44.4%	1,3 M €	+91.1%	654,3 k €	+177%	236,2 k €
Cash	45,6 k €	+576%	6,7 k €	-50.6%	13,7 k €	-51.3%	28,1 k €	-41.6%	48,1 k €	+52.6%	31,5 k €	-81.7%	172,4 k €	+758%	20,1 k €	+202%	6,7 k €	-74.3%	25,9 k €	+0.8%	25,7 k €	+657%	3,4 k €	-76.9%	14,7 k €	-65.8%	43,1 k €	-69.6%	141,6 k €	+66.0%	85,3 k €	-20.9%	107,9 k €	-50.5%	218,1 k €
Debts	860,1 k €	+74.9%	491,7 k €	+139%	205,3 k €	+129%	89,5 k €	-75.2%	361,1 k €	+107%	174,7 k €	-70.3%	589,2 k €	+68.4%	350 k €	-48.8%	683,6 k €	-34.8%	1 M €	+59.9%	655,4 k €	-42.3%	1,1 M €	+122%	511,9 k €	-40.9%	865,6 k €	+7.4%	805,7 k €	+64.8%	488,9 k €	+110%	233,4 k €	+19101%	1,2 k €
Other
Workforce	0,7 ETP	-12.5%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	-11.1%	0,9 ETP	+12.5%	0,8 ETP	0.0%	0,8 ETP	0.0%	0,8 ETP	-11.1%	0,9 ETP	-10.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	+150%	0,4 ETP	-20.0%	0,5 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 15 ended

Active mandates

Didier GOVAERT

Managing director · since 23 novembre 2023 · until 30 juin 2029

Active

Filip Govaert

Director · since 23 novembre 2023 · until 30 juin 2029

Active

Ignace Govaert

Managing director · since 23 novembre 2023 · until 30 juin 2029

Active

Kristof Govaert

Director · since 23 novembre 2023 · until 30 juin 2029

Active

Ended mandates

Didier GOVAERT

Managing director · since 15 juin 2018 · until 21 juin 2024

Ended

Filip GOVAERT

Director · since 15 juin 2018 · until 21 juin 2024

Ended

Ignace GOVAERT

Managing director · since 15 juin 2018 · until 21 juin 2024

Ended

Kristof GOVAERT

Director · since 15 juin 2018 · until 21 juin 2024

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full 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	24/08/2026	29/08/2025	30/08/2024	14/07/2023	20/06/2022	15/07/2021
General meeting	21/08/2026	27/08/2025	29/08/2024	16/06/2023	17/06/2022	18/06/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	21/08/2026	24/08/2026	Dutch	PDF
Full model	31/12/2024	27/08/2025	29/08/2025	Dutch	PDF
Full model	31/12/2023	29/08/2024	30/08/2024	Dutch	PDF
Abridged model	31/12/2022	16/06/2023	14/07/2023	Dutch	PDF
Abridged model	31/12/2021	17/06/2022	20/06/2022	Dutch	PDF
Abridged model	31/12/2020	18/06/2021	15/07/2021	Dutch	PDF
Abridged model	31/12/2019	19/06/2020	16/07/2020	Dutch	PDF
Abridged model	31/12/2018	30/06/2019	05/08/2019	Dutch	PDF
Full model	31/12/2017	15/06/2018	15/06/2018	Dutch	PDF
Full model	31/12/2016	16/06/2017	11/07/2017	Dutch	PDF
Full model	31/12/2015	17/06/2016	04/08/2016	Dutch	PDF
Full model	31/12/2014	19/06/2015	08/07/2015	Dutch	PDF
Full model	31/12/2013	20/06/2014	30/06/2014	Dutch	PDF
Abridged model	31/12/2012	21/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	15/06/2012	30/08/2012	Dutch	PDF
Abridged model	31/12/2010	17/06/2011	23/08/2011	Dutch	PDF
Abridged model	31/03/2009	30/09/2009	30/10/2009	Dutch	PDF
Abridged model	31/03/2008	19/09/2008	21/11/2008	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 · 15 ended

Active mandates

Didier GOVAERT

Managing director · since 23 novembre 2023 · until 30 juin 2029

Active

Filip Govaert

Director · since 23 novembre 2023 · until 30 juin 2029

Active

Ignace Govaert

Managing director · since 23 novembre 2023 · until 30 juin 2029

Active

Kristof Govaert

Director · since 23 novembre 2023 · until 30 juin 2029

Active

Ended mandates

Didier GOVAERT

Managing director · since 15 juin 2018 · until 21 juin 2024

Ended

Filip GOVAERT

Director · since 15 juin 2018 · until 21 juin 2024

Ended

Ignace GOVAERT

Managing director · since 15 juin 2018 · until 21 juin 2024

Ended

Kristof GOVAERT

Director · since 15 juin 2018 · until 21 juin 2024

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office12/04/2022
MAATSCHAPPELIJKE ZETEL
PDF
Mandates20/01/2022
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/08/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/12/2013
ONTSLAGEN - BENOEMINGEN
PDF
Mandates14/04/2010
ONTSLAGEN - BENOEMINGEN - BOEKJAAR - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates07/09/2009
ONTSLAGEN - BENOEMINGEN
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 202512 k €↓
2024
Annual accounts 202419,1 k €↑
2023
Annual accounts 20233,2 k €↓
2022
Annual accounts 202233,5 k €↑
2021
Annual accounts 202130,4 k €↓
2020
Annual accounts 202060,3 k €↓
2019
Annual accounts 2019100,6 k €↑
2018
Annual accounts 201879,3 k €↓
2017
Annual accounts 201790,9 k €↓
2016
Annual accounts 201698,5 k €↑
2015
Annual accounts 201582,3 k €↓
2014
Annual accounts 201498,4 k €↑
2013
Annual accounts 201386,1 k €↓
2012
Annual accounts 2012127,1 k €↓
2011
Annual accounts 2011201,5 k €↑
2010
Annual accounts 2010162,8 k €↑
2009
Annual accounts 200952 k €↑
2008
Annual accounts 2008-15 k €
28/02/2007
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

RECYCLING

Overview

What does RECYCLING do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

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