Recycling Services in Belgium
Market: Belgium — This page summarizes the published SME benchmark for this business type, including its disclosed market basis, so advisors and operators can cite a clear starting point before a full company-specific valuation.
Business type benchmark
Last published: 13 Apr 2026fresh · 59 days old≈ 6 min readMarket context
Belgium market data
Pair the multiples below with Delphi's latest country factors: currency, risk-free rate, macro conditions, statutory tax, and country-risk premium.
Endpoint
Model-ready data package
Pull this sector's multiples together with country market data in one response. Use JSON for agents and apps, or CSV for Excel models and deal workpapers.
/api/benchmarks/v1/context?business_type_id=recycling&locale=en&country_code=BEClassification
38.32
NACE Rev. 2 primary code. National statistical labels (e.g. SBI, NACE-BEL) describe how each country maps this activity.
Markets
Benelux aggregate
Published benchmark
13 Apr 2026 · reviewed 7 Jun 2026
Indicative, model-derived reference — evidence basis and confidence are disclosed per row.
Published benchmark ranges
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Sign up freeHow To Use This Benchmark
Use these ranges as a market reference, not as a substitute for a full valuation. Company quality, growth, concentration, recurring revenue, margin profile, and deal context still matter.
Pair This With The Right Valuation Method
These benchmark pages work best when they feed into a fuller valuation workflow on Upswitch. Start with the market range, then choose the method that fits the company.
Upswitch Index vs Damodaran
Both are useful — they answer different questions. Pick the right reference for the work.
Upswitch Index
Private-market, SME, by business type
- Benelux-native where the row proves local evidence
- By business type, disclosed market basis, citable vintages
- Free to use — no credit card
Damodaran
Listed equities, global, by sector
- Public-market companies, annual global cuts
- Broad sector buckets, not country-resolved
- Free academic resource
Recycling Services in Belgium
Market context and regulation — Belgium
Local classification
In Belgium, the European NACE Rev. 2 primary code maps to NACE-BEL — a national extension that adds extra digits for sub-sector specificity. Both codes appear on the company's KBO/BCE registration; valuation analysis works off the EU Rev. 2 root.
Official data sources
- KBO/BCE — Crossroads Bank for Enterprises (free public lookup; statutory data)
- NBB Centrale Balans — annual filings deposited with the National Bank of Belgium
- GraydonCreditsafe / Trends Top — commercial enrichment for non-filers
Market and buyer context
Belgium's SME transfer market is structurally fragmented across three regions and two language communities. Family-business succession concentrates in Flanders (heavy industrial and services density) and Wallonia (industrial transition). The Brussels capital region carries a disproportionate share of holding structures and head-office activity. Buyer pools are dominated by Benelux private equity and strategic Dutch acquirers, with cross-border interest from German, French and Luxembourgish buyers depending on sector. The Belgian market historically prices a small discount versus the Netherlands on otherwise comparable assets, reflecting structural complexity (regional taxes, language-of-record, dual social-security architecture) that buyers price in.
Valuation factors in Belgium
- Linguistic-region concentration of customers — a Wallonia-only customer base trades at a multiple compression versus a bilingual or Flanders-anchored equivalent.
- Real-estate ownership often sits in a separate management company — separate the operational EBITDA from the real-estate yield before applying any sector multiple.
- DBI/RDT participation regime materially changes after-tax cash flow for holding-company structures — flag in the deal model.
- Tax-shelter and innovation-deduction usage can inflate historic reported EBITDA versus a buyer's run-rate baseline.
Regulation and deal structure
- Asset deals trigger registration duties on real estate (10–12.5% regional); share deals avoid this but transfer historic tax exposures.
- Notarial deed required for share transfers in BV/SRL; planning lead time 4–6 weeks from due-diligence close.
- Sectoral CBA (collective labour agreement) inheritance is automatic in share deals — buyers sometimes underprice this in their LBO models.
- Liquidation reserve (LR) elected at 10% draws cleaner exit math for owner-managers retiring within five years.
Water, waste management and environmental services
How recycling services actually gets valued
The multiples above are a market anchor — not the valuation. What drives the outcome are sector-typical normalisations, value drivers and risk compressors.
Normalisation checklist
What reported EBITDA almost always distorts in this sector.
- Separate concession revenue (regulated tariff) from open-market commercial revenue — they value at very different multiples.
- Adjust gate-fee revenue for waste-mix shifts in the planning baseline (paper down, plastics up).
- Reset depreciation against the EU 2030/2035 fleet-electrification capex pipeline that will hit before exit.
- Strip one-off remediation gains and provisions to a steady-state environmental reserve.
- Verify that long-term landfill aftercare obligations are fully funded on the balance sheet.
Value drivers
What typically lifts the multiple in this sector.
- Long concession or framework agreement with a municipality or industrial cluster.
- Recycled-output offtake contracts that lock pricing for the duration of the cycle.
- Permits with extended validity that are non-trivial to obtain new.
- Documented circular-economy positioning that aligns with EU Green Deal procurement preferences.
Value killers
What compresses the multiple or kills the deal.
- Single-municipality dependency with concession renewal inside 24 months.
- Open environmental incident or regulator inspection finding.
- Aging fleet with deferred Euro-7 / electric-truck transition cost.
- Commodity-price exposure on recyclate output that is not hedged.
Anonymised worked example
Illustrative — not a recommendation. Real valuations run through the Upswitch engine.
A regional waste collector reports €11.4M revenue and €1.6M EBITDA. Adjusting for €260k of one-off remediation gain on a closed cell, €180k of under-funded long-tail aftercare provision, and a €420k annualised electrification-capex shortfall, normalised EBITDA settles at €740k. A sector EV/EBITDA range of 6.0×–8.5× (regulated environmental, multi-year concession) yields €4.4M–€6.3M; the band reflects high concession defensibility but priced-in transition capex.
Frequently Asked Questions
Where do I find official Belgian financials for a comparable sector deal?
Annual accounts for Belgian companies are filed with the NBB Centrale Balans and are publicly retrievable by enterprise number on cri.nbb.be. KBO/BCE provides statutory data (legal form, NACE-BEL codes, address). For market multiples beyond filings, the Upswitch Index aggregates SME-weighted bands; see the metric cards above for the band relevant to this sector.
Are these published numbers company-specific?
No. They are published market reference points for this business type in the country markets that Upswitch has evidence for. A real valuation still needs company-specific inputs and judgment.
Why do some business types show more than one metric?
Different sectors are often discussed with different market lenses. Upswitch shows the published metrics that are available for this business type.
Can I use this in a client conversation?
Yes. These pages are designed as citation-friendly starting points. For a client-ready report, use the full valuation workflow on Upswitch.
Is this database free to use?
Yes. The Upswitch Index publishes free SME valuation multiples (EV/EBITDA, EV/Revenue, and P/E) by business type. Benelux can be native-local where row evidence supports it; wider European market views are disclosed as beta, borrowed, aggregate, or compatibility coverage. Historical vintages and audit exports are on paid plans.
How does Upswitch Index compare to Damodaran?
Damodaran publishes annual global multiples for listed companies by broad sector — a gold standard for public markets. Upswitch Index publishes granular SME/private-company benchmark ranges by business type with row-level disclosure of whether evidence is native-local, borrowed, aggregate, or beta-stage. Both are useful; they answer different questions.
What is the source methodology behind these multiples?
Upswitch publishes only through row-level benchmark contracts. Evidence can include private-market observations, local filings or statistics, listed-comparable context, and macro calibration anchors, but source labels are used only when they actually contributed to the resolved benchmark. Full methodology is on the methodology page.
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Deeper reading
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Europe's €100B SME succession crisis
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Algorithmic transparency in valuation
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The accountant as SME M&A distribution layer
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Upswitch.app
Full valuation workflow — Upswitch
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