What does RECTICEL do?

RECTICEL is a plastics manufacturer in Brussel. Public Limited, started on 19 June 1896, 3 establishments.

What is the address of RECTICEL?

The registered office of RECTICEL is located at Bourgetlaan 42, 1130 Brussel.

Is RECTICEL still active?

Yes. According to the CBE (29 October 2026) RECTICEL is active, legal situation “Normale toestand”, started on 19 June 1896.

Is RECTICEL registered on Peppol?

Yes, RECTICEL is registered on the Peppol network with ID 0208:0405666668.

What is the enterprise number of RECTICEL?

The enterprise number of RECTICEL is BE0405666668.

When was RECTICEL founded?

RECTICEL was founded on 19 June 1896.

Who are the directors of RECTICEL?

According to the 2025 annual accounts, the directors of RECTICEL are: MOROXCO BV, IRIDI BV, BALTISSE NV, CORAL & WALLACE, D.A.S.T. BV, FOXFIN BV, LUBIS BV, IMRADA BV.

Is RECTICEL a reliable company?

Databakkes does not pass judgement; this is what the sources say: Active according to the CBE since 19 June 1896; 5 annual accounts filed, latest fiscal year 2025; 9 directors known from the annual account; 3 establishments in the CBE.

How much profit did RECTICEL make in 2025?

RECTICEL recorded a loss after taxes of € 807,927 in financial year 2025.

What is the revenue of RECTICEL?

In its most recent annual accounts (2025), RECTICEL reported revenue of € 128,314,819.

How much does an employee at RECTICEL earn?

The average wage cost per full-time employee at RECTICEL was € 107,900 in 2025: staff costs of € 24.4 million for 226.5 FTE, according to the annual account at the National Bank. That is the employer's cost, not net pay.

How many employees does RECTICEL have?

According to the 2025 annual accounts, RECTICEL has 226.5 full-time equivalents (FTE).

RECTICEL (Public Limited) - Brussel - BE0405666668

Dossier RECTICEL, printed on 29 October 2026 from databakkes.be/en/0405666668/recticel. Sources: CBE, National Bank of Belgium, Belgian Official Gazette.

Warning lights

Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.

Two loss years in a row NBB

Negative result in 2024 and 2025.
Tight liquidity NBB

Cash and receivables cover 29 % of short-term debt in 2025; threshold 65 %.
Shrinking team NBB

FTE fell two years in a row, from 274.9 to 226.5.
Busy address KBO

19 other companies have their registered office at the same address; threshold 10.

Financials

Financial year 2025

RECTICEL from Brussel, company number BE0405666668, closed financial year 2025 with a result of € -807,927 after tax. For that financial year RECTICEL recorded revenue of € 128.3 million and equity of € 655.6 million. Compared with financial year 2024, the result moved from € -71.8 million to € -807,927. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 9, 2026.

What it is worth Healthy

€ 655.6 million

▼ 3% vs 2024

Assets minus debts, by the books. What is left if everything were sold and paid today.

Loss Caution

€ -807,927

▲ 99 % less loss than in 2024

Profit after tax over the fiscal year.

Cash in the bank

€ 45,221

▼ 26% vs 2024

Cash and bank balances on the last day of the fiscal year.

Where the profit goes Caution

Loss, nothing to pay out

Reserves fell to € 374.8 million.

People and assets in 2025

Full-time equivalents

226.5

▼ 9.6 vs 2024

Average over the fiscal year, from the social balance sheet.

Wage cost Staff costs are payroll only. Director pay sits with services and miscellaneous goods: € 33 million in 2025, together with rent, insurance, accountants and other services. The accounts do not split that further.

€ 24.4 million

▼ 6% vs 2024

€ 107,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.

Vehicles and equipment

€ 9.6 million

▼ 8% vs 2024

Of which on lease € 9 million.

Debts at end 2025

Bank debt ≈ 9 years to go The accounts give the long-term loan and the part due within the year. The remainder divided by that part is the number of years at an equal pace; a new loan or early repayment changes it.

€ 34.1 million

▲ 10% vs 2024

€ 915,039 is repaid this year. At this pace the long-term loan is gone in ≈ 9 years.

Owed to suppliers

€ 17.8 million

▲ 7% vs 2024

Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 54 days on average.

Taxes and wages

€ 3.8 million

▼ 12% vs 2024

Taxes, VAT and social contributions still to pay.

Key figures per fiscal year Download key figures (CSV)
	2022	2023	2024	2025	Change 2024 → 2025
Revenue	€ 192,677,253 Revenue 2022: € 192,677,253 First fiscal year in the series	€ 119,801,452 Revenue 2023: € 119,801,452 ▼ 38% vs 2022 (€ 192,677,253) Unfavourable step	€ 118,300,635 Revenue 2024: € 118,300,635 ▼ 1% vs 2023 (€ 119,801,452) Unfavourable step	€ 128,314,819 Revenue 2025: € 128,314,819 ▲ 8% vs 2024 (€ 118,300,635) Favourable step	▲ 8%
Profit after taxes	€ 41,400,104 Profit after taxes 2022: € 41,400,104 First fiscal year in the series	€ 358,801,214 Profit after taxes 2023: € 358,801,214 ▲ € 317.4 million vs 2022 (€ 41,400,104) Favourable step	€ -71,806,326 Profit after taxes 2024: € -71,806,326 ▼ € 430.6 million vs 2023 (€ 358,801,214) Unfavourable step	€ -807,927 Profit after taxes 2025: € -807,927 ▲ € 71 million vs 2024 (€ -71,806,326) Favourable step	▲ € 71 million
Equity	€ 417,882,001 Equity 2022: € 417,882,001 First fiscal year in the series	€ 759,440,929 Equity 2023: € 759,440,929 ▲ 82% vs 2022 (€ 417,882,001) Favourable step	€ 672,990,843 Equity 2024: € 672,990,843 ▼ 11% vs 2023 (€ 759,440,929) Unfavourable step	€ 655,641,161 Equity 2025: € 655,641,161 ▼ 3% vs 2024 (€ 672,990,843) Unfavourable step	▼ 3%
Total debts	€ 570,261,380 Total debts 2022: € 570,261,380 First fiscal year in the series	€ 85,070,727 Total debts 2023: € 85,070,727 ▼ 85% vs 2022 (€ 570,261,380) Favourable step	€ 72,954,090 Total debts 2024: € 72,954,090 ▼ 14% vs 2023 (€ 85,070,727) Favourable step	€ 76,847,391 Total debts 2025: € 76,847,391 ▲ 5% vs 2024 (€ 72,954,090) Unfavourable step	▲ 5%
Cash	€ 23,483 Cash 2022: € 23,483 First fiscal year in the series	€ 174,401 Cash 2023: € 174,401 ▲ € 150,919 vs 2022 (€ 23,483) Favourable step	€ 60,720 Cash 2024: € 60,720 ▼ 65% vs 2023 (€ 174,401) Unfavourable step	€ 45,221 Cash 2025: € 45,221 ▼ 26% vs 2024 (€ 60,720) Unfavourable step	▼ 26%
Land & buildings	€ 9,941,704 Land & buildings 2022: € 9,941,704 First fiscal year in the series	€ 9,167,423 Land & buildings 2023: € 9,167,423 ▼ 8% vs 2022 (€ 9,941,704) Unchanged	€ 8,812,397 Land & buildings 2024: € 8,812,397 ▼ 4% vs 2023 (€ 9,167,423) Unchanged	€ 8,321,754 Land & buildings 2025: € 8,321,754 ▼ 6% vs 2024 (€ 8,812,397) Unchanged	▼ 6%
Retained profit	€ 141,213,112 Retained profit 2022: € 141,213,112 First fiscal year in the series	€ 482,582,741 Retained profit 2023: € 482,582,741 ▲ 242% vs 2022 (€ 141,213,112) Favourable step	€ 393,228,579 Retained profit 2024: € 393,228,579 ▼ 19% vs 2023 (€ 482,582,741) Unfavourable step	€ 374,827,247 Retained profit 2025: € 374,827,247 ▼ 5% vs 2024 (€ 393,228,579) Unfavourable step	▼ 5%
Dividend	€ 17,424,610 Dividend 2022: € 17,424,610 First fiscal year in the series	€ 17,431,585 Dividend 2023: € 17,431,585 Unchanged (€ 17,424,610) Unchanged	€ 17,547,835 Dividend 2024: € 17,547,835 ▲ 1% vs 2023 (€ 17,431,585) Unchanged	€ 17,593,405 Dividend 2025: € 17,593,405 Unchanged (€ 17,547,835) Unchanged
Bank debt	€ 360,499,617 Bank debt 2022: € 360,499,617 First fiscal year in the series	€ 5,594,406 Bank debt 2023: € 5,594,406 ▼ 98% vs 2022 (€ 360,499,617) Favourable step	€ 31,002,114 Bank debt 2024: € 31,002,114 ▲ € 25.4 million vs 2023 (€ 5,594,406) Unfavourable step	€ 34,148,083 Bank debt 2025: € 34,148,083 ▲ 10% vs 2024 (€ 31,002,114) Unfavourable step	▲ 10%
Balance sheet total	€ 992,632,442 Balance sheet total 2022: € 992,632,442 First fiscal year in the series	€ 861,850,587 Balance sheet total 2023: € 861,850,587 ▼ 13% vs 2022 (€ 992,632,442) Unchanged	€ 765,891,498 Balance sheet total 2024: € 765,891,498 ▼ 11% vs 2023 (€ 861,850,587) Unchanged	€ 746,360,636 Balance sheet total 2025: € 746,360,636 ▼ 3% vs 2024 (€ 765,891,498) Unchanged	▼ 3%
Employees (FTE)	381.7 Employees (FTE) 2022: 381.7 First fiscal year in the series	274.9 Employees (FTE) 2023: 274.9 ▼ 106.8 vs 2022 (381.7) Unchanged	236.1 Employees (FTE) 2024: 236.1 ▼ 38.8 vs 2023 (274.9) Unchanged	226.5 Employees (FTE) 2025: 226.5 ▼ 9.6 vs 2024 (236.1) Unchanged	▼ 9.6

Key figures of RECTICEL, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.

What happened to RECTICEL?

What happened at RECTICEL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:

2028 MOROXCO BV stepped down as director. NBB
2028 BALTISSE NV stepped down as director. NBB
2028 FOXFIN BV stepped down as director. NBB
2028 REF. LEX BV stepped down as director. NBB
2027 IRIDI BV stepped down as director. NBB
2027 CORAL & WALLACE stepped down as director. NBB
2027 LUBIS BV stepped down as director. NBB
Jun 9, 2026 New annual accounts for financial year 2025: loss of € 807,927. Source: NBB ↗

In short

From € 41.4 million profit in 2022 to € 807,927 loss in 2025.

Paid € 2.8 million in corporate taxes since 2022.

Best year ever: 2023, with € 358.8 million profit.

Paid out € 70 million in dividends to the owners in total.

Original PDFs at the National Bank ↗

Management

shares Public 62.5%

SPRING HOLDCO BV (Groep Baltisse) 28.9%

JANUS HENDERSON GROUP Plc 5%

DEGROOF PETERCAM ASSET MANAGEMENT 3%

RECTICEL

RECTICEL US INVESTMENTS 100%

TURVAC, inovativne izolacije, d.o.o. 100%

RECTICEL INSULATION SWEDEN AB 100%

RECTICEL LUXEMBOURG 100%

+13

The shares are held by shares Public (62.5%), SPRING HOLDCO BV (Groep Baltisse) (28.9%), JANUS HENDERSON GROUP Plc (5%), DEGROOF PETERCAM ASSET MANAGEMENT (3%) and Recticel NV (eigen aandelen) (0.6%). It owns 100% of RECTICEL US INVESTMENTS, 100% of TURVAC, inovativne izolacije, d.o.o., 100% of RECTICEL INSULATION SWEDEN AB, 100% of RECTICEL LUXEMBOURG, 100% of REX Panels & Profiles and 100% of RECTICEL INSULATION SAS itself.

Directors

According to the 2025 annual accounts

MOROXCO BV

Director · represented by Elisa VLERICK

Also active at: ATENOR, Hairco, The House of Beauty, V4 INVESTMENTS, LPCHI, COSY

since 2019 · until 2028

IRIDI BV

Director · represented by Frank COENEN

Also active at: IRIS GROUP

since 2024 · until 2027

BALTISSE NV

Director · represented by Filip BALCAEN

Also active at: Baltisse Abacus

since 2022 · until 2028

CORAL & WALLACE

Managing director · represented by Jan VERGOTE

Also active at: LPI Holdco, PIAGroup Belgium, Thunder Holdco BE, Eagle Holdco BE, World of Talents, Spring Holdco, PIAGROUP International, Recticel US Investments

since 2024 · until 2027

D.A.S.T. BV

Chairman of the board · represented by Wim DEJONGHE

Also active at: MIDELCO, ORSI ACADEMY, WESTVLEES GROUP, MARIGOLD Developments, STRACO RE, STRACO PE, STRACO INVESTMENTS, Hazel Topco

since 2024 · until 2026

FOXFIN BV

Director · represented by Barbara De Saedeleer

Also active at: T.DIFFUSION, S.A. Laboratoires Pharmaceutiques Trenker, UNICUM TRADE BOTANICALS, BEAULIEU INTERNATIONAL GROUP, ROBINWOOD, B.I.G COORDINATION CENTER, ORSI ACADEMY, KOLMONT HOLDING +2 more

since 2025 · until 2028

LUBIS BV

Director · represented by Luc MISSORTEN

Also active at: Gimv

since 2020 · until 2027

IMRADA BV

Director · represented by Ingrid MERCKX

Also active at: RODINA

since 2013 · until 2025

REF. LEX BV

Director · represented by Astrid RAHN

Also active at: Schreder BE, INTERNATIONAL ENGINEERING SURVEY COMPANY

since 2025 · until 2028

Shareholders

shares Public

62.5%

SPRING HOLDCO BV (Groep Baltisse)

28.9%

JANUS HENDERSON GROUP Plc

DEGROOF PETERCAM ASSET MANAGEMENT

Recticel NV (eigen aandelen)

0.6%

Participations

RECTICEL US INVESTMENTS

100%

TURVAC, inovativne izolacije, d.o.o.

100%

RECTICEL INSULATION SWEDEN AB

100%

RECTICEL LUXEMBOURG

100%

REX Panels & Profiles

100%

RECTICEL INSULATION SAS

100%

RECTICEL INSULATION MATERIALS SP. z. o.o.

100%

SOUNDCOAT COMPANY INC.

100%

Frina Mousse France SRL

100%

RECTICEL INSULATION UK

100%

RECTICEL INSULATION OY

100%

TRIMO d.o.o.

100%

BALIM

100%

FINAPAL

100%

RECTICEL BV

100%

RECTICEL INTERNATIONAL SERVICES

100%

MICLAR

76%

Establishments

Establishment units

Physical locations of this company

Registered office

Bourgetlaan 42

1130 Brussel

2.102.025.236

Zuidstraat 15

8560 Wevelgem

Active since 21 February 1991

2.357.526.206

Jean-Baptiste de Ghellincklaan 27-29

9051 Gent

Active since 1 April 2024

Who else lives here?

A building full of entrepreneurs or one very busy letterbox? Another 19 companies are registered at this address.

All companies at this address →

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IBM BELGIUM FINANCIAL SERVICES COMPANY

+14 more

What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.

Details

Company number

0405.666.668

VAT number

BE 0405.666.668

Registered office

Bourgetlaan 42, 1130 Brussel

Names & denominations

RECTICEL

Enterprise type

Rechtspersoon

Legal form

Public limited company

Legal situation

Normale toestand

Start date

19 June 1896

Peppol

Active · Active since 9 Dec 2025

Activities · NACE

Vervaardiging van platen, vellen, buizen en profielen van kunststof

Vervaardiging van andere chemische producten, neg

View on CBE Public ↗ Annual accounts (NBB) ↗

RECTICEL

Warning lights

Financials

What happened to RECTICEL?

Management

Directors

Shareholders

Participations

Establishments

Establishment units

Who else lives here?

Details

Frequently asked questions