Cyclotrons for the production of radiopharmaceuticals have become important tools in modern nuclear medicine. At the end of their lifecycles, such installations have to be dismantled and any activated materials must be treated according to the local radiation protection legislation. Using a simulation model, we have developed a non-destructive approach for the radiological characterization of components inside and around an IBA Cyclone 18/9 cyclotron. The methodology is based on software tools developed at CERN (FLUKA Monte Carlo code, ActiWiz and RAW). The simulation results were compared to measurements made using reference samples placed around the cyclotron inside the bunker. Results show a reasonable agreement between simulation and measurements of about a factor of two for a set of 27 reference samples and 11 radionuclides of interest. The origin of this factor has been thoroughly evaluated and opened the door to further investigations leading to possible avenues for improvement.