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.
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Tight liquidity NBB
Cash and receivables cover 29 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 274.9 to 226.5.
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Busy address KBO
20 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.
€ 655.6 million
▼ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -807,927
▲ 99 % less loss than in 2024
Profit after tax over the fiscal year.
€ 45,221
▼ 26% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 374.8 million.
People and assets in 2025
226.5
▼ 9.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 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.
€ 9.6 million
▼ 8% vs 2024
Of which on lease € 9 million.
Debts at end 2025
€ 34.1 million
▲ 10% vs 2024
€ 915,039 is repaid this year. At this pace the long-term loan is gone in ≈ 9 years.
€ 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.
€ 3.8 million
▼ 12% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 192,677,253 | € 119,801,452 | € 118,300,635 | € 128,314,819 | ▲ 8% |
| Profit after taxes | € 41,400,104 | € 358,801,214 | € -71,806,326 | € -807,927 | ▲ € 71 million |
| Equity | € 417,882,001 | € 759,440,929 | € 672,990,843 | € 655,641,161 | ▼ 3% |
| Total debts | € 570,261,380 | € 85,070,727 | € 72,954,090 | € 76,847,391 | ▲ 5% |
| Cash | € 23,483 | € 174,401 | € 60,720 | € 45,221 | ▼ 26% |
| Land & buildings | € 9,941,704 | € 9,167,423 | € 8,812,397 | € 8,321,754 | ▼ 6% |
| Retained profit | € 141,213,112 | € 482,582,741 | € 393,228,579 | € 374,827,247 | ▼ 5% |
| Dividend | € 17,424,610 | € 17,431,585 | € 17,547,835 | € 17,593,405 | |
| Bank debt | € 360,499,617 | € 5,594,406 | € 31,002,114 | € 34,148,083 | ▲ 10% |
| Balance sheet total | € 992,632,442 | € 861,850,587 | € 765,891,498 | € 746,360,636 | ▼ 3% |
| Employees (FTE) | 381.7 | 274.9 | 236.1 | 226.5 | ▼ 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:
- MOROXCO BV stepped down as director. NBB
- BALTISSE NV stepped down as director. NBB
- FOXFIN BV stepped down as director. NBB
- REF. LEX BV stepped down as director. NBB
- IRIDI BV stepped down as director. NBB
- CORAL & WALLACE stepped down as director. NBB
- LUBIS BV stepped down as director. NBB
- 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.
A new publication or filing at RECTICEL? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
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
Director · represented by Elisa VLERICK
Also active at: ATENOR, Hairco, The House of Beauty, V4 INVESTMENTS, LPCHI, COSY
since 2019 · until 2028
since 2024 · until 2027
since 2022 · until 2028
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
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
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
Director · represented by Astrid RAHN
Also active at: Schreder BE, INTERNATIONAL ENGINEERING SURVEY COMPANY
since 2025 · until 2028
Shareholders
shares Public
62.5%
JANUS HENDERSON GROUP Plc
5%
Participations
TURVAC, inovativne izolacije, d.o.o.
100%
RECTICEL INSULATION SWEDEN AB
100%
RECTICEL LUXEMBOURG
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%
100%
100%
RECTICEL BV
100%
76%
Establishments
Establishment units
Physical locations of this company
Bourgetlaan 42
1130 Brussel
Zuidstraat 15
8560 Wevelgem
Active since 21 February 1991
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 20 companies are registered at this address.
All companies at this address →Finapal same network
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BALIM same network
YSL BEAUTE BENELUX
IBM BELGIUM FINANCIAL SERVICES COMPANY
+15 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
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