It seems MonetDB does not support recursive CTE. This is a useful feature that I used to get BOM from ERP systems. For a greater flexibility I used Firebird recursive stored procedures to enhance the output with extra calculations. A good example of SQLServer recursive CTE can be found here https://www.essentialsql.com/recursive-ctes-explained/
Question is: Is it any way I can achieve similar results in MonetDB?
There is currently no support for recursive CTEs in MonetDB[Lite]. The solution you have proposed yourself seems like the way to go.