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01 Introduction
A record year
2024 was a year of contrasts for PV CYCLE Belgium. After a record year in 2023, the Belgian photovoltaic panel market experienced a significant decline: the number of panels placed on the market fell to 2.3 million—almost half compared to the previous year. This decrease reflects several factors, including changes in tax policies, lower energy prices, and saturation of the residential market.
At the same time, the volume of end-of-life photovoltaic panels collected rose dramatically, reaching 1,491 tonnes—more than double that of 2023. This points to the emergence of a true replacement market: the first generation of panels is increasingly being replaced by newer, more efficient, and more affordable models.
To manage these rising volumes, we expanded our collection point network in 2024 to 100 locations across all regions of the country. Additionally, a second recycling partner was added. Together, our two partners ensure maximum recovery of valuable raw materials, which are then reintegrated into the circular economy.
The increase in collected volumes is likely a preview of what lies ahead in the coming years. It is therefore reassuring to know that the environmental contributions paid today and in the past are being reserved as provisions to cover future collection and recycling costs when the currently installed panels reach the end of their life.
The interregional discussions aimed at establishing a common framework for producer responsibility have not yet resulted in new regulations in 2024. Regional elections have slowed down this process.
We would like to thank all , public authorities, and other stakeholders for their commitment and trust in PV CYCLE Belgium. Together, we ensure that photovoltaic panels not only contribute to renewable energy during their use but are also responsibly processed at the end of their life.
Johan Goossens - Country Manager Belgium
Steven Leeten- President
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02Photovoltaic Panels Placed on the Market
Decline in the Photovoltaic Panel Market
The photovoltaic panel market experienced a significant decline in 2024 compared to the record year of 2023. This downturn was driven by several factors, including changes in tax policy, lower energy prices, and saturation of the residential market. In total, around 2.3 million new photovoltaic panels were declared to PV CYCLE Belgium in 2024—nearly half the volume recorded the previous year.
Despite this decline, the number of slightly increased, reaching 412, representing a net growth of 12 companies. This suggests that industry players remain active and continue to see future potential in the Belgian market.
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03Operational Results
Expansion of the Collection Point Network
Used photovoltaic panels can be collected through two channels. For small quantities (up to 40 panels), PV CYCLE Belgium offers a network of collection points spread across the country. In 2024, this network reached exactly 100 collection points (61 in Flanders, 37 in Wallonia, and 2 in Brussels), a net increase of 11 points compared to the previous year. These collection points are generally businesses that sell solar panels themselves and agree to provide space for the reception and temporary storage of used panels.
For larger volumes, PV CYCLE Belgium organizes free pickup at the location where the panels are removed. In 2024, 79% of used photovoltaic panels were collected in this way, a higher share than in 2023. This reflects a rise in the number of large installations being dismantled, often from commercial buildings.
The collected volume more than doubled
In 2024, PV CYCLE Belgium collected no less than 1,491 tonnes of used photovoltaic panels, equivalent to approximately 75,000 panels. This represents more than double the 658 tonnes collected in 2023—a 127% increase in just one year
Although fewer new photovoltaic panels were installed in 2024 compared to 2023, the amount of used panels collected rose significantly. This points to the emergence of a replacement market, where older panels are being swapped out for more efficient and cost-effective models. Large investors are capitalizing on this trend through so-called «repowering» projects, in which entire solar parks are renewed.
Of the 1,491 tonnes of panels collected, 87.5% (1,305 tonnes) came from Flanders, 12.2% (182 tonnes) from Wallonia, and 0.3% (4 tonnes) from Brussels. Flanders’ clear lead can be explained by the early and large-scale rollout of photovoltaic panels in the region.
Processing by Belgian Recycling Partners
Almost all photovoltaic panels collected by PV CYCLE Belgium are recycled in collaboration with two specialized recycling partners based in Belgium: BNE Trading & Recycling in the north of the country, and a partnership between Comet and Recma in the south. Through these recycling processes, valuable raw materials such as aluminum, other metals, and glass are recovered and reintegrated into the circular economy.
In 2024, 1,320.5 tonnes were processed by BNE Trading & Recycling and 143.4 tonnes by Comet/Recma, which became an active partner as of 2024.
98% of the panels collected were standard cSi panels (crystalline silicon), fully processed by these Belgian recycling partners. The remaining 2% (30 tonnes) consisted of CIGS panels (containing copper, indium, gallium, and selenium), which were partly processed at BNE and partly in Germany (27.3 tonnes).
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04Communication
In a rapidly evolving market, it remains essential for producers and importers to be well informed about their legal obligations. That is why PV CYCLE Belgium continues to focus heavily on targeted communication and awareness-raising actions.
In 2024, the organization once again took part in leading industry trade fairs—InterSolution in Ghent (January) and Solar Solutions in Kortrijk (October)—to inform companies directly. Communication efforts also included advertisements in specialized trade media and content shared through the organization’s own digital channels. Active presence on LinkedIn led to continued growth in the number of followers.
The sharp increase in collected volumes also drew the attention of mainstream media. Both television and print press gave substantial coverage to the collection and recycling of solar panels, significantly boosting PV CYCLE Belgium’s visibility.
Finally, in 2024, PV CYCLE Belgium organized its very first Stakeholders Forum, bringing together participants, public authorities, operational partners, federations, and other key players. The event was highly appreciated and is certain to be repeated in the coming years
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05Finance – Key Figures
The decline in the number of photovoltaic panels placed on the market directly led to a decrease in the environmental contributions collected. This drop was further accentuated by the reduction in the contribution amount per panel—from €2 to €1.50—which took effect on July 1, 2023. In total, environmental contributions amounted to €3.9 million in 2024.
These contributions are used to cover the system’s management and operational costs. However, a significant portion of these funds is set aside as provisions to cover future collection and recycling costs when the currently installed panels reach the end of their service life.
| 2023 (K EUR) |
2024 (K EUR) |
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| Revenue | ||
| Environmental Contributions | 8 596 | 3 908 |
| Costs | ||
| Management Fee | 286 | 376 |
| Operational Costs (Collection and Treatment) | 151 | 267 |
| Provisions | ||
| Provisions for Future Costs | 6 579 | 5 358 |
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