ACTIVE

PV CYCLE

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Financial year 2025 · closed on 31/12/2025

Net result

124,2 k €

-87.9% YoY

Gross margin

1,1 M €

-33.0% YoY

Equity

9,7 M €

+1.3% YoY

Workforce

5,6 ETP

+14.3% YoY

What does PV CYCLE do?

PV CYCLE is a International non-profit organization incorporated in 2007. Its main activity is: Treatment and disposal of non-hazardous waste. Its registered office is in Woluwe-Saint-Lambert. It employs on average 5,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0893.027.827

Incorporation

24/10/2007

Legal form

International non-profit organization

Registered office

Bd. Brand Whitlock 114 box 5
1200 Woluwe-Saint-Lambert · BruxellesSee on map

Latest accounts

31/12/2025

Average workforce

5,6 ETP

Activities (NACE)

38210Treatment and disposal of non-hazardous waste· main 38329Recovery of sorted materials 82990Other business support service activities n.e.c.82990Other business support service activities n.e.c.

Joint committees (1)

Contacts

2 public details availableLog in to view

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 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Gross margin	1,1 M €	-33.0%	1,7 M €	-19.3%	2,1 M €	-7.9%	2,3 M €	+71.9%	1,3 M €	+74.4%	757,8 k €	-30.1%	1,1 M €	-5.3%	1,1 M €	-16.1%	1,4 M €	+27.9%	1,1 M €	+102%	529,6 k €	-49.8%	1,1 M €	+23.8%	852,2 k €	-13.0%	979 k €	-41.5%	1,7 M €	+164%	632,5 k €	+163%	240,8 k €
EBITDA	409,7 k €	-58.7%	991,2 k €	-30.8%	1,4 M €	-20.6%	1,8 M €	+112%	850,6 k €	+149%	341,3 k €	-41.2%	580,6 k €	-18.5%	712 k €	-26.7%	971,9 k €	+81.5%	535,6 k €	+540%	-121,7 k €	-139%	310,7 k €	+16.4%	267 k €	-41.0%	452,3 k €	-66.2%	1,3 M €	+246%	386,7 k €	+1008%	34,9 k €
Operating result	121,7 k €	-85.6%	846,7 k €	-34.6%	1,3 M €	-22.3%	1,7 M €	+134%	713,9 k €	+156%	278,5 k €	-47.8%	533,3 k €	-17.2%	644,2 k €	-23.5%	841,7 k €	+28.9%	652,9 k €	+3165%	20 k €	+106%	-339,4 k €	-285%	183,1 k €	-58.0%	436,4 k €	-65.8%	1,3 M €	+262%	351,9 k €	+1024%	31,3 k €
Net result	124,2 k €	-87.9%	1 M €	-32.9%	1,5 M €	+3.4%	1,5 M €	+397%	297 k €	+19.9%	247,7 k €	-53.4%	531,1 k €	-16.2%	634 k €	-53.1%	1,4 M €	+106%	657,4 k €	+233%	197,7 k €	+120%	-985,7 k €	-559%	214,7 k €	-55.0%	477,1 k €	-63.1%	1,3 M €	+268%	351,4 k €	+1083%	29,7 k €
Balance sheet
Equity	9,7 M €	+1.3%	9,6 M €	+11.9%	8,6 M €	+21.6%	7,1 M €	+26.4%	5,6 M €	+5.6%	5,3 M €	+4.9%	5 M €	+11.8%	4,5 M €	+16.4%	3,9 M €	+53.6%	2,5 M €	+35.3%	1,9 M €	+11.9%	1,7 M €	-37.2%	2,7 M €	+8.8%	2,4 M €	+24.3%	2 M €	+193%	668 k €	+111%	316,6 k €
Total assets	10,6 M €	-1.0%	10,7 M €	+7.8%	9,9 M €	+2.6%	9,7 M €	+51.6%	6,4 M €	-1.1%	6,4 M €	+15.5%	5,6 M €	+8.8%	5,1 M €	+20.8%	4,2 M €	+48.6%	2,9 M €	+26.9%	2,3 M €	+4.8%	2,1 M €	-33.0%	3,2 M €	+5.3%	3 M €	+41.9%	2,1 M €	+185%	752,7 k €	+78.3%	422,2 k €
Cash	2,1 M €	-49.9%	4,3 M €	-9.0%	4,7 M €	+34.5%	3,5 M €	-5.4%	3,7 M €	+52.5%	2,4 M €	+22.5%	2 M €	-34.7%	3 M €	+89.4%	1,6 M €	+102%	791 k €	+54.9%	510,6 k €	+246%	147,7 k €	-59.1%	360,8 k €	-55.4%	809,3 k €	-57.3%	1,9 M €	+179%	679,5 k €	+285%	176,7 k €
Debts	730,7 k €	-17.9%	889,7 k €	-25.2%	1,2 M €	-51.9%	2,5 M €	+293%	628,9 k €	-36.2%	986,3 k €	+131%	426,5 k €	-11.6%	482,7 k €	+59.0%	303,5 k €	+8.5%	279,8 k €	-1.2%	283,1 k €	-21.1%	358,8 k €	-17.1%	432,7 k €	-20.4%	543,6 k €	+301%	135,5 k €	+75.6%	77,1 k €	-2.1%	78,8 k €
Other
Workforce	5,6 ETP	+14.3%	4,9 ETP	-10.9%	5,5 ETP	-3.5%	5,7 ETP	+1.8%	5,6 ETP	0.0%	5,6 ETP	0.0%	5,6 ETP	-12.5%	6,4 ETP	-1.5%	6,5 ETP	+4.8%	6,2 ETP	-6.1%	6,6 ETP	-19.5%	8,2 ETP	+32.3%	6,2 ETP	+12.7%	5,5 ETP	+37.5%	4,0 ETP	+48.1%	2,7 ETP	+35.0%	2,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 44 ended

Active mandates

Axel Steuer

Chairman of the board of directors · since 27 juin 2025 · until 30 juin 2029

Active

Jan Clyncke

Director · since 27 juin 2025 · until 30 juin 2029

Active

Jin Bin

Director · since 27 juin 2025 · until 30 juin 2029

Active

Manuella Appiah

Director · since 27 juin 2025 · until 30 juin 2029

Active

Rolf Moritz

Vice-chairman of the board of directors · since 27 juin 2025 · until 30 juin 2029

Active

Ended mandates

Axel STEUER

Président du Conseil d'Administration · since 23 juin 2022 · until 23 juin 2025

Ended

Axel STEUER

Président du Conseil d'Administration · since 23 juin 2022 · until 27 juin 2025

Ended

Jan CLYNCKE

Director · since 23 juin 2022 · until 23 juin 2025

Ended

Jan CLYNCKE

Director · since 23 juin 2022 · until 27 juin 2025

Ended

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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	25/06/2026	27/06/2025	28/06/2024	25/07/2023	29/06/2022	24/06/2021
General meeting	19/06/2026	27/06/2025	14/06/2024	30/06/2023	23/06/2022	17/06/2021
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
Abridged model	31/12/2025	19/06/2026	25/06/2026	French	PDF
Abridged model	31/12/2024	27/06/2025	27/06/2025	French	PDF
Abridged model	31/12/2023	14/06/2024	28/06/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	25/07/2023	French	PDF
Abridged model	31/12/2021	23/06/2022	29/06/2022	French	PDF
Abridged model	31/12/2020	17/06/2021	24/06/2021	French	PDF
Abridged model	31/12/2019	25/06/2020	30/06/2020	French	PDF
Abridged model	31/12/2018	14/06/2019	03/07/2019	French	PDF
Abridged model	31/12/2017	14/06/2018	20/07/2018	French	PDF
Abridged model	31/12/2016	22/06/2017	29/06/2017	French	PDF
Abridged model	31/12/2015	16/06/2016	29/07/2016	French	PDF
Abridged model	31/12/2014	25/06/2015	29/06/2015	French	PDF
Abridged model	31/12/2013	28/05/2014	25/06/2014	French	PDF
Abridged model	31/12/2012	24/04/2013	29/08/2013	French	PDF
Abridged model	31/12/2011	20/03/2012	31/07/2012	French	PDF
Abridged model	31/12/2010	07/06/2011	27/07/2011	French	PDF
Abridged model	31/12/2009	08/06/2010	01/09/2010	French	PDF
Abridged model	31/12/2008	04/06/2009	23/07/2009	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 44 ended

Active mandates

Axel Steuer

Chairman of the board of directors · since 27 juin 2025 · until 30 juin 2029

Active

Jan Clyncke

Director · since 27 juin 2025 · until 30 juin 2029

Active

Jin Bin

Director · since 27 juin 2025 · until 30 juin 2029

Active

Manuella Appiah

Director · since 27 juin 2025 · until 30 juin 2029

Active

Rolf Moritz

Vice-chairman of the board of directors · since 27 juin 2025 · until 30 juin 2029

Active

Ended mandates

Axel STEUER

Président du Conseil d'Administration · since 23 juin 2022 · until 23 juin 2025

Ended

Axel STEUER

Président du Conseil d'Administration · since 23 juin 2022 · until 27 juin 2025

Ended

Jan CLYNCKE

Director · since 23 juin 2022 · until 23 juin 2025

Ended

Jan CLYNCKE

Director · since 23 juin 2022 · until 27 juin 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/10/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates22/02/2024
DENOMINATION - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates24/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates02/02/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates13/10/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates12/08/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates09/09/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates13/08/2018
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 2025124,2 k €↓
2024
Annual accounts 20241 M €↓
2023
Annual accounts 20231,5 M €↑
2022
Annual accounts 20221,5 M €↑
2021
Annual accounts 2021297 k €↑
2020
Annual accounts 2020247,7 k €↓
2019
Annual accounts 2019531,1 k €↓
2018
Annual accounts 2018634 k €↓
2017
Annual accounts 20171,4 M €↑
2016
Annual accounts 2016657,4 k €↑
2015
Annual accounts 2015197,7 k €↑
2014
Annual accounts 2014-985,7 k €↓
2014
Name changePV Cycle
2013
Annual accounts 2013214,7 k €↓
2012
Annual accounts 2012477,1 k €↓
2011
Annual accounts 20111,3 M €↑
2010
Annual accounts 2010351,4 k €↑
2009
Annual accounts 200929,7 k €
2009
Name changeEUROPEAN ASSOCIATION FOR THE RECOVERY OF PHOTOVOLTAIC MODULES
24/10/2007
IncorporationInternational non-profit organization

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

PV CYCLE

Overview

What does PV CYCLE do?

Trend over 17 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