A process for the production or coating of granules in a fluidized bed, which includes heating a fluidized-bed gas to produce the fluidized bed, and applying a liquid medium containing a granule-forming or coating-forming compound, or at least one reaction component therefore, by spraying particles located in the fluidized bed and at a same time vaporizing an organic solvent contained in the liquid medium, said particles having a smaller mean diameter than that of particles to be produced. The process also includes partial condensation of an organic solvent from at least a portion of a fluidized-bed waste gas leaving the fluidized bed, and re-heating the fluidized bed-gas leaving the condensation device and reintroducing the re-heated gas into the fluidized bed.