ACTIVE

RECUPAL-WEST

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Financial year 2025 · closed on 31/12/2025

Net result

1,2 M €

-31.4% YoY

Gross margin

2,6 M €

-23.7% YoY

Equity

8,8 M €

+4.1% YoY

Workforce

9,5 ETP

+8.0% YoY

What does RECUPAL-WEST do?

RECUPAL-WEST is a Public limited company incorporated in 2008. Its main activity is: Treatment and disposal of non-hazardous waste. Its registered office is in Zwevegem. It employs on average 9,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0899.413.593

Incorporation

18/07/2008

Legal form

Public limited company

Registered office

Moenkouterstraat(M) 16
8552 Zwevegem · FlandreSee on map

Contributed capital

71 898,79 €

Latest accounts

31/12/2025

Average workforce

9,5 ETP

Activities (NACE)

38210Treatment and disposal of non-hazardous waste· main 38219Treatment and disposal of non-hazardous waste 38329Recovery of sorted materials 38330Materials recovery 46110Agents involved in the sale of agricultural raw materials, live animals, textile raw materials and semi-finished goods 46110Agents involved in the sale of agricultural raw materials, live animals, textile raw materials and semi-finished goods+2

Joint committees (3)

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 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	2,6 M €	-23.7%	3,4 M €	-6.9%	3,6 M €	-4.1%	3,8 M €	+27.5%	3 M €	+9.0%	2,7 M €	+0.9%	2,7 M €	-7.5%	2,9 M €	+14.9%	2,5 M €	+18.7%	2,1 M €	+27.2%	1,7 M €	+7.0%	1,6 M €	+39.7%	1,1 M €	+5.3%	1,1 M €	-0.4%	1,1 M €	+23.7%	862,6 k €	+99.6%	432,3 k €	-49.6%	857,5 k €
EBITDA	1,9 M €	-32.2%	2,8 M €	-8.3%	3,1 M €	-5.1%	3,3 M €	+29.6%	2,5 M €	+9.3%	2,3 M €	+4.1%	2,2 M €	-11.6%	2,5 M €	+13.9%	2,2 M €	+17.7%	1,9 M €	+25.1%	1,5 M €	+4.0%	1,4 M €	+43.2%	1 M €	+1.4%	991,7 k €	-6.3%	1,1 M €	+23.0%	860,4 k €	+100%	429,9 k €	-49.7%	854,9 k €
Operating result	1,5 M €	-38.6%	2,4 M €	-9.8%	2,7 M €	-5.2%	2,8 M €	+32.2%	2,1 M €	+12.1%	1,9 M €	+7.8%	1,8 M €	-12.0%	2 M €	+18.7%	1,7 M €	+18.7%	1,4 M €	+23.9%	1,1 M €	+2.0%	1,1 M €	+43.3%	785,2 k €	-3.4%	812,7 k €	-10.0%	902,9 k €	+26.0%	716,8 k €	+142%	296,2 k €	-61.9%	777,3 k €
Net result	1,2 M €	-31.4%	1,7 M €	-20.8%	2,2 M €	+1.7%	2,1 M €	+33.0%	1,6 M €	+22.3%	1,3 M €	-4.8%	1,4 M €	-1.2%	1,4 M €	+24.6%	1,1 M €	+3.6%	1,1 M €	+33.0%	811,1 k €	-0.3%	813,2 k €	+47.6%	550,9 k €	-6.1%	586,9 k €	-6.0%	624,4 k €	+24.7%	500,8 k €	+131%	216,9 k €	-58.3%	519,6 k €
Balance sheet
Equity	8,8 M €	+4.1%	8,4 M €	+1.4%	8,3 M €	+16.3%	7,2 M €	+19.7%	6 M €	+2.1%	5,9 M €	-17.3%	7,1 M €	+17.9%	6 M €	+3.7%	5,8 M €	+9.8%	5,3 M €	+15.4%	4,6 M €	+17.9%	3,9 M €	+19.8%	3,2 M €	+14.3%	2,8 M €	+23.3%	2,3 M €	+25.7%	1,8 M €	+35.7%	1,4 M €	+31.0%	1 M €
Total assets	9,6 M €	+5.5%	9,1 M €	+1.1%	9 M €	+12.8%	8 M €	+17.7%	6,8 M €	+2.5%	6,6 M €	-17.2%	8 M €	+11.6%	7,2 M €	-0.1%	7,2 M €	+10.2%	6,5 M €	+16.9%	5,6 M €	+19.8%	4,7 M €	+22.7%	3,8 M €	+7.8%	3,5 M €	+33.9%	2,6 M €	+24.3%	2,1 M €	+31.7%	1,6 M €	+15.4%	1,4 M €
Cash	494,2 k €	+90.2%	259,8 k €	+105%	126,7 k €	-87.1%	980,4 k €	+62.6%	602,8 k €	-21.0%	763,4 k €	-38.4%	1,2 M €	+86.5%	664,7 k €	+139%	278,1 k €	-60.9%	710,6 k €	-21.4%	903,9 k €	+36.2%	663,6 k €	+51.6%	437,8 k €	-8.0%	476 k €	+95.2%	243,8 k €	-7.6%	263,9 k €	-17.4%	319,5 k €	+37.2%	232,8 k €
Debts	751,7 k €	+15.5%	651 k €	-4.4%	681,3 k €	-17.4%	825,1 k €	+3.5%	797,3 k €	+5.3%	757,5 k €	-16.6%	908,7 k €	-21.6%	1,2 M €	-14.9%	1,4 M €	+10.3%	1,2 M €	+37.8%	896 k €	+16.6%	768,2 k €	+41.2%	544,1 k €	-14.0%	632,5 k €	+94.4%	325,3 k €	+15.7%	281,2 k €	+26.6%	222 k €	-38.1%	358,9 k €
Other
Workforce	9,5 ETP	+8.0%	8,8 ETP	-5.4%	9,3 ETP	+16.3%	8,0 ETP	-5.9%	8,5 ETP	+1.2%	8,4 ETP	-9.7%	9,3 ETP	+5.7%	8,8 ETP	+17.3%	7,5 ETP	+17.2%	6,4 ETP	+33.3%	4,8 ETP	+45.5%	3,3 ETP	+10.0%	3,0 ETP	+76.5%	1,7 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 · 1 active · 6 ended

Active mandates

Piet Verrue

Mandate

Active

Ended mandates

ANNIE D'HEYGERE

Director · since 18 juillet 2008

Ended

PIET VERRUE

Managing director · since 18 juillet 2008

Ended

Annie D'Heygere

Director

Ended

Annie Depuydt

Director

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	23/07/2026	17/07/2025	21/07/2024	23/07/2023	18/07/2022	20/07/2021
General meeting	31/05/2026	30/05/2025	31/05/2024	26/05/2023	28/05/2022	29/05/2021
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

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/05/2026	23/07/2026	Dutch	PDF
Abridged model	31/12/2024	30/05/2025	17/07/2025	Dutch	PDF
Abridged model	31/12/2023	31/05/2024	21/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/05/2023	23/07/2023	Dutch	PDF
Abridged model	31/12/2021	28/05/2022	18/07/2022	Dutch	PDF
Abridged model	31/12/2020	29/05/2021	20/07/2021	Dutch	PDF
Abridged model	31/12/2019	31/05/2020	22/07/2020	Dutch	PDF
Abridged model	31/12/2018	26/05/2019	17/07/2019	Dutch	PDF
Abridged model	31/12/2017	27/05/2018	25/07/2018	Dutch	PDF
Abridged model	31/12/2016	28/05/2017	24/07/2017	Dutch	PDF
Abridged model	31/12/2015	29/05/2016	22/07/2016	Dutch	PDF
Abridged model	31/12/2014	31/05/2015	27/07/2015	Dutch	PDF
Abridged model	31/12/2013	25/05/2014	24/07/2014	Dutch	PDF
Abridged model	31/12/2012	31/05/2013	24/07/2013	Dutch	PDF
Abridged modelCorrection	31/12/2011	25/05/2012	22/08/2012	Dutch	PDF
Abridged model	31/12/2011	25/05/2012	25/07/2012	Dutch	PDF
Abridged model	31/12/2010	27/05/2011	26/07/2011	Dutch	PDF
Abridged model	31/12/2009	28/05/2010	27/07/2010	Dutch	PDF
Abridged model	31/12/2008	29/05/2009	23/07/2009	Dutch	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 · 1 active · 6 ended

Active mandates

Piet Verrue

Mandate

Active

Ended mandates

ANNIE D'HEYGERE

Director · since 18 juillet 2008

Ended

PIET VERRUE

Managing director · since 18 juillet 2008

Ended

Annie D'Heygere

Director

Ended

Annie Depuydt

Director

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates30/07/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares19/03/2018
KAPITAAL - AANDELEN
PDF
Mandates12/02/2015
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares07/01/2014
KAPITAAL - AANDELEN
PDF
Capital / shares06/08/2008
KAPITAAL - AANDELEN
PDF
Other31/07/2008
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 20251,2 M €↓
2024
Annual accounts 20241,7 M €↓
2023
Annual accounts 20232,2 M €↑
2022
Annual accounts 20222,1 M €↑
2021
Annual accounts 20211,6 M €↑
2020
Annual accounts 20201,3 M €↓
2019
Annual accounts 20191,4 M €↓
2018
Annual accounts 20181,4 M €↑
2017
Annual accounts 20171,1 M €↑
2016
Annual accounts 20161,1 M €↑
2015
Annual accounts 2015811,1 k €↓
2014
Annual accounts 2014813,2 k €↑
2013
Annual accounts 2013550,9 k €↓
2012
Annual accounts 2012586,9 k €↓
2011
Annual accounts 2011624,4 k €↑
2010
Annual accounts 2010500,8 k €↑
2009
Annual accounts 2009216,9 k €↓
2008
Annual accounts 2008519,6 k €
18/07/2008
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

RECUPAL-WEST

Overview

What does RECUPAL-WEST do?

Trend over 18 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