Fluvius System Operator
ActiveSummary
Fluvius System Operator has been active since 2002 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €993.8m and a net result of €0. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 26% of 349 sector peers (NACE 35, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Financials · financial year 2025, full format, standalone accounts
In the rankings
#1 employer in Belgium, Energy sector#1 company by total assets in East Flanders#1 company by equity in East Flanders, Energy sector
Turnover
€2.90bn▲ 6.6%
2024 · €2.72bn
EBIT margin
0.7%▼ 0.2pp
2024 · 1.0%
Net result
€0
2024 · €0
Working capital
€8.05bn▲ 6.9%
2024 · €7.53bn
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 19% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€2,897.0m
2025
Operating result€21.3m
2025
Net result€0
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€10,202.7m
2025
Equity€993.8m
2025
Debt€9,108.6m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€8,049.2m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin0.7%
2025
Return on assets (ROA)0.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency9.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio7.70
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)5,326.3
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 35, Electricity, gas, steam and air conditioning supply: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1,633.7m-€1,649.9m▲ 1.0%€1,618.9m▼ 1.9%€1,744.4m▲ 7.8%€1,934.7m▲ 10.9%€2,360.4m▲ 22.0%€2,718.2m▲ 15.2%€2,897.0m▲ 6.6%
Operating result€14.0m-€12.3m▼ 11.8%€14.5m▲ 17.3%€15.1m▲ 4.4%€13.1m▼ 13.4%€20.6m▲ 57.3%€26.3m▲ 27.4%€21.3m▼ 19.0%
Net result€0within the sector's middle half€578.5mabove the sector's middle half€0within the sector's middle half▼ 100%€0within the sector's middle half
EBIT margin0.9%-0.7%▼ 0.1pp0.9%▲ 0.1pp0.9%=0.7%▼ 0.2pp0.9%▲ 0.2pp1.0%▲ 0.1pp0.7%▼ 0.2pp
Equity€10.4m-€1.5m▼ 85.4%€1.5mwithin the sector's middle half=€1.5mwithin the sector's middle half=€1.5mwithin the sector's middle half=€993.8mabove the sector's middle half▲ 655×€993.8mabove the sector's middle half=€993.8mabove the sector's middle half=
Total assets€4,747.5m-€5,155.6m▲ 8.6%€5,795.9mabove the sector's middle half▲ 12.4%€6,457.3mabove the sector's middle half▲ 11.4%€6,864.7mabove the sector's middle half▲ 6.3%€8,758.7mabove the sector's middle half▲ 27.6%€9,239.9mabove the sector's middle half▲ 5.5%€10,202.7mabove the sector's middle half▲ 10.4%
Debt€4,480.4m-€4,895.6m▲ 9.3%€5,506.0m▲ 12.5%€6,259.2m▲ 13.7%€6,708.3m▲ 7.2%€7,611.6m▲ 13.5%€8,125.0m▲ 6.7%€9,108.6m▲ 12.1%
Working capital€4,302.5m-€4,128.5m▼ 4.0%€4,262.2mabove the sector's middle half▲ 3.2%€5,053.4mabove the sector's middle half▲ 18.6%€5,334.7mabove the sector's middle half▲ 5.6%€6,846.7mabove the sector's middle half▲ 28.3%€7,529.1mabove the sector's middle half▲ 10.0%€8,049.2mabove the sector's middle half▲ 6.9%
Solvency0.2%-0.0%▼ 0.2pp0.0%below the sector's middle half=0.0%below the sector's middle half=0.0%below the sector's middle half=11.3%below the sector's middle half▲ 11.3pp10.8%within the sector's middle half▼ 0.6pp9.7%within the sector's middle half▼ 1.0pp
Current ratio10.90-5.05▼ 5.853.79above the sector's middle half▼ 1.264.61above the sector's middle half▲ 0.824.49above the sector's middle half▼ 0.128.13above the sector's middle half▲ 3.6410.92above the sector's middle half▲ 2.797.70above the sector's middle half▼ 3.22
Return on assets (ROA)0.0%within the sector's middle half6.6%within the sector's middle half▲ 6.6pp0.0%within the sector's middle half▼ 6.6pp0.0%within the sector's middle half=
Staff (FTE)3,865.8-4,374.5▲ 13.2%4,603.7above the sector's middle half▲ 5.2%4,708.8above the sector's middle half▲ 2.3%4,704.4above the sector's middle half▼ 0.1%4,854.2above the sector's middle half▲ 3.2%5,126.7above the sector's middle half▲ 5.6%5,326.3above the sector's middle half▲ 3.9%
above
within
below
the middle half of NACE 35, Electricity, gas, steam and air conditioning supply: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2024 Net result -100% on 2023. Merger absorbing INTERKABEL VLAANDEREN, effective 14-06-2023, in the previous financial year; now counts for a full year for the first time.
- 2023 Equity +65,418% on 2022. Merger absorbing INTERKABEL VLAANDEREN, effective 14-06-2023. Capital increase of €489,492,283 (Official Gazette 19-07-2023).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.20bn
Fixed assets
€952.1m =
Current assets
€9.25bn ▲ 11.6%
Equity and liabilities €10.20bn
Equity
€993.8m =
Provisions
€100.4m ▼ 17.1%
Debt
€9.11bn ▲ 12.1%
Debt's share of the balance-sheet total rises from 87.9% to 89.3%. Debt is higher.
Key figures and ratios
EBITDA
€21.3m▼
2024 · €26.3m
Cash flow
€42,201▼
2024 · €42,609
Quick ratio
7.52▼
2024 · 10.63
Debt to equity
9.17▲
2024 · 8.18
ROE
0.0%=
2024 · 0.0%
Interest coverage
0.09▼
2024 · 0.13
Debt ≤ 1 year
€1.20bn▲
2024 · €758.6m
Debt > 1 year
€7.76bn▲
2024 · €7.24bn
Income taxes
€9.5m▲
2024 · €9.0m
Staff costs
€625.1m▲
2024 · €592.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 179 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 97.2% are still going.
- Large
- solvency under 10%
- a profit under 5% of the balance sheet
- without age
1.1%
went bankrupt
1.7%
stopped otherwise
97.2%
still going
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 179 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | €1,706.5m | €1,682.3m | €1,713.3m | €1,913.5m | €2,044.3m | €2,434.3m | €2,831.3m | €3,003.4m | ▲ 6.1% |
| Turnover70 | €1,633.7m | €1,649.9m | €1,618.9m | €1,744.4m | €1,934.7m | €2,360.4m | €2,718.2m | €2,897.0m | ▲ 6.6% |
| Own construction capitalised72 | - | - | - | - | - | - | €0.03m | - | - |
| Other operating income74 | €27.1m | €30.7m | €64.6m | €77.4m | €67.8m | €72.3m | €80.8m | €85.6m | ▲ 6.0% |
| Non-recurring operating income76A | €45.8m | €1.8m | €29.9m | €91.8m | €41.7m | €1.5m | €32.3m | €20.7m | ▼ 35.8% |
| Operating charges60/66A | €1,692.5m | €1,670.0m | €1,698.9m | €1,898.4m | €2,031.2m | €2,413.6m | €2,805.0m | €2,982.1m | ▲ 6.3% |
| Goods for resale, raw materials and consumables60 | €145.0m | €150.7m | €147.2m | €204.8m | €251.6m | €322.2m | €394.0m | €434.1m | ▲ 10.2% |
| Purchases600/8 | - | - | - | €248.5m | €289.5m | €353.0m | €425.7m | €426.7m | ▲ 0.2% |
| Change in stocks: decrease (increase)609 | €4.5m | -€9.8m | -€18.5m | -€43.7m | -€37.9m | -€30.8m | -€31.7m | €7.3m | - |
| Services and other goods61 | €1,086.1m | €1,057.1m | €1,071.6m | €1,127.1m | €1,214.6m | €1,544.7m | €1,788.0m | €1,906.4m | ▲ 6.6% |
| Remuneration, social security and pensions62 | €405.2m | €444.8m | €441.9m | €455.0m | €516.1m | €540.2m | €592.3m | €625.1m | ▲ 5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8.6m | €2.4m | €2.3m | €1.2m | €0.9m | €0.3m | €0.04m | €0.04m | ▼ 1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€0.9m | €12.2m | €2.3m | €17.5m | €4.6m | €1.5m | -€3.2m | -€6.7m | ▼ 110% |
| Other operating charges640/8 | €2.7m | €1.0m | €3.7m | €1.0m | €1.7m | €3.2m | €1.6m | €2.4m | ▲ 50.7% |
| Non-recurring operating charges66A | €45.8m | €1.8m | €29.9m | €91.8m | €41.7m | €1.5m | €32.3m | €20.7m | ▼ 35.8% |
| Operating profit (loss)9901 | €14.0m | €12.3m | €14.5m | €15.1m | €13.1m | €20.6m | €26.3m | €21.3m | ▼ 19.0% |
| Financial income75/76B | - | - | - | €115.1m | €114.6m | €736.9m | €191.0m | €219.1m | ▲ 14.8% |
| Recurring financial income75 | €125.5m | €124.9m | €121.7m | €115.1m | €114.6m | €158.4m | €191.0m | €219.1m | ▲ 14.8% |
| Income from financial fixed assets750 | - | €0.1m | - | - | - | - | - | - | - |
| Income from current assets751 | €124.7m | €124.3m | €121.3m | €114.9m | €114.3m | €157.7m | €190.3m | €218.6m | ▲ 14.9% |
| Other financial income752/9 | €0.7m | €0.5m | €0.3m | €0.2m | €0.2m | €0.7m | €0.7m | €0.5m | ▼ 27.3% |
| Non-recurring financial income76B | - | - | - | - | - | €578.5m | €0 | - | - |
| Financial charges65/66B | €129.4m | €128.6m | €129.3m | €123.2m | €120.6m | €170.2m | €208.2m | €230.9m | ▲ 10.9% |
| Recurring financial charges65 | €129.4m | €128.6m | €129.3m | €123.2m | €120.6m | €170.2m | €208.2m | €230.9m | ▲ 10.9% |
| Debt charges650 | €129.1m | €128.6m | €129.3m | €123.1m | €120.5m | €170.2m | €208.2m | €230.9m | ▲ 10.9% |
| Other financial charges652/9 | €0.3m | €0.06m | €0.02m | €0.05m | €0.04m | €0.02m | €0.05m | €0.03m | ▼ 33.2% |
| Non-recurring financial charges66B | - | - | €0.03m | €0.02m | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €10.0m | €8.6m | €6.8m | €7.0m | €7.1m | €587.2m | €9.0m | €9.5m | ▲ 5.8% |
| Income taxes67/77 | €10.0m | €8.6m | €6.8m | €7.0m | €7.1m | €8.7m | €9.0m | €9.5m | ▲ 5.8% |
| Taxes670/3 | €10.0m | €9.0m | €6.8m | €7.0m | €7.1m | €8.7m | €9.0m | €9.5m | ▲ 5.1% |
| Tax adjustments and reversals of tax provisions77 | - | €0.4m | - | - | - | - | €0.06m | - | - |
| Profit (loss) for the period9904 | - | - | - | - | €0 | €578.5m | €0 | €0 | - |
| Profit (loss) for the period to be appropriated9905 | - | - | - | - | €0 | €578.5m | €0 | €0 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4,747.5m | €5,155.6m | €5,795.9m | €6,457.3m | €6,864.7m | €8,758.7m | €9,239.9m | €10,202.7m | ▲ 10.4% |
| Fixed assets21/28 | €10.3m | €6.8m | €4.6m | €3.4m | €2.5m | €951.9m | €952.2m | €952.1m | = |
| Intangible fixed assets21 | €2.5m | €2.0m | €1.4m | €0.8m | €0.3m | €0.001m | €0 | - | - |
| Tangible fixed assets22/27 | €5.9m | €3.1m | €1.4m | €0.8m | €0.5m | €0.2m | €0.2m | €0.2m | ▼ 14.9% |
| Furniture and vehicles24 | €5.2m | €2.5m | €0.9m | €0.4m | €0.2m | €0.05m | €0.04m | €0.03m | ▼ 28.9% |
| Other tangible fixed assets26 | €0.8m | €0.6m | €0.5m | €0.4m | €0.3m | €0.1m | €0.2m | €0.2m | ▼ 12.4% |
| Financial fixed assets28 | €1.9m | €1.8m | €1.8m | €1.7m | €1.7m | €951.7m | €951.9m | €951.9m | = |
| Affiliated companies280/1 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Participating interests280 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Companies linked by participating interests282/3 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €949.9m | €949.9m | €949.9m | = |
| Participating interests282 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €949.9m | €949.9m | €949.9m | = |
| Other financial fixed assets284/8 | €1.7m | €1.6m | €1.6m | €1.5m | €1.5m | €1.6m | €1.8m | €1.8m | ▲ 0.2% |
| Shares284 | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Amounts receivable and cash guarantees285/8 | €0.8m | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | €1.3m | €1.3m | ▲ 0.3% |
| Current assets29/58 | €4,737.2m | €5,148.8m | €5,791.4m | €6,453.9m | €6,862.2m | €7,806.8m | €8,287.7m | €9,250.6m | ▲ 11.6% |
| Amounts receivable after more than one year29 | €3,945.5m | €3,784.1m | €3,891.9m | €4,791.9m | €5,140.8m | €6,709.1m | €7,360.9m | €7,863.1m | ▲ 6.8% |
| Other amounts receivable291 | €3,945.5m | €3,784.1m | €3,891.9m | €4,791.9m | €5,140.8m | €6,709.1m | €7,360.9m | €7,863.1m | ▲ 6.8% |
| Stocks and contracts in progress3 | €68.1m | €78.5m | €97.3m | €141.1m | €175.5m | €190.5m | €223.2m | €214.8m | ▼ 3.8% |
| Stocks30/36 | €68.1m | €78.5m | €97.3m | €141.1m | €175.5m | €190.5m | €223.2m | €214.8m | ▼ 3.8% |
| Raw materials and consumables30/31 | €68.1m | €78.5m | €97.3m | €141.1m | €175.5m | €190.5m | €223.2m | €214.8m | ▼ 3.8% |
| Amounts receivable within one year40/41 | €427.5m | €956.6m | €1,451.1m | €1,218.7m | €1,253.2m | €604.2m | €464.1m | €925.1m | ▲ 99.3% |
| Trade receivables40 | €251.4m | €309.9m | €380.8m | €292.3m | €254.1m | €278.9m | €67.3m | €391.1m | ▲ 481% |
| Other amounts receivable41 | €176.2m | €646.7m | €1,070.3m | €926.3m | €999.1m | €325.3m | €396.8m | €534.0m | ▲ 34.6% |
| Current investments50/53 | €1.8m | €1.6m | €3.4m | €3.0m | €79.8m | €63.7m | €5.9m | €7.7m | ▲ 29.7% |
| Other investments51/53 | €1.8m | €1.6m | €3.4m | €3.0m | €79.8m | €63.7m | €5.9m | €7.7m | ▲ 29.7% |
| Cash at bank and in hand54/58 | €2.1m | €28.2m | €1.7m | €62.9m | €2.6m | €2.6m | €0.03m | €0.02m | ▼ 28.8% |
| Deferred charges and accrued income490/1 | €292.2m | €299.7m | €346.0m | €236.3m | €210.2m | €236.6m | €233.5m | €239.8m | ▲ 2.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4,747.5m | €5,155.6m | €5,795.9m | €6,457.3m | €6,864.7m | €8,758.7m | €9,239.9m | €10,202.7m | ▲ 10.4% |
| Equity10/15 | €10.4m | €1.5m | €1.5m | €1.5m | €1.5m | €993.8m | €993.8m | €993.8m | = |
| Contributions10/11 | €10.2m | €1.3m | €1.4m | €1.4m | €1.4m | €497.9m | €497.9m | €497.9m | = |
| Capital10 | €10.2m | €1.3m | - | - | - | - | - | - | - |
| Issued capital100 | €10.2m | €1.3m | - | - | - | - | - | - | - |
| Contributions outside capital11 | €0.1m | €0.1m | - | - | - | - | - | - | - |
| Reserves13 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €495.9m | €495.9m | €495.9m | = |
| Legal reserve130 | €0.09m | €0.09m | - | - | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €0.5m | €0.5m | €0.5m | = |
| Distributable reserves133 | - | - | €0.09m | €0.09m | €0.09m | €495.4m | €495.4m | €495.4m | = |
| Profit (loss) carried forward14 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Provisions and deferred taxes16 | €256.7m | €258.5m | €288.4m | €196.6m | €154.9m | €153.3m | €121.1m | €100.4m | ▼ 17.1% |
| Provisions for liabilities and charges160/5 | €256.7m | €258.5m | €288.4m | €196.6m | €154.9m | €153.3m | €121.1m | €100.4m | ▼ 17.1% |
| Pensions and similar obligations160 | €256.7m | €258.5m | €288.4m | €196.6m | €154.9m | €153.3m | €121.1m | €100.4m | ▼ 17.1% |
| Amounts payable17/49 | €4,480.4m | €4,895.6m | €5,506.0m | €6,259.2m | €6,708.3m | €7,611.6m | €8,125.0m | €9,108.6m | ▲ 12.1% |
| Amounts payable after more than one year17 | €3,992.0m | €3,821.1m | €3,919.0m | €4,810.5m | €5,105.2m | €6,564.5m | €7,244.6m | €7,761.2m | ▲ 7.1% |
| Financial debts170/4 | €3,992.0m | €3,821.1m | €3,919.0m | €4,810.5m | €5,105.2m | €6,564.5m | €7,244.6m | €7,761.2m | ▲ 7.1% |
| Unsubordinated bonds171 | €3,950.8m | €3,783.5m | €3,884.9m | €4,580.1m | €4,528.6m | €5,959.3m | €6,460.2m | €6,858.0m | ▲ 6.2% |
| Credit institutions173 | €41.1m | €37.6m | €34.1m | €230.4m | €576.6m | €573.2m | €752.4m | €871.3m | ▲ 15.8% |
| Other loans174 | - | - | - | - | - | €32.0m | €32.0m | €32.0m | = |
| Amounts payable within one year42/48 | €434.7m | €1,020.2m | €1,529.2m | €1,400.5m | €1,527.4m | €960.1m | €758.6m | €1,201.4m | ▲ 58.4% |
| Current portion of amounts payable after more than one year42 | €3.5m | €173.5m | €503.3m | €503.0m | €753.0m | €3.5m | €218.7m | €431.0m | ▲ 97.1% |
| Financial debts43 | €25.0m | €464.5m | €547.6m | €460.1m | €300.0m | €525.0m | €58.0m | €48.1m | ▼ 17.1% |
| Credit institutions430/8 | €25.0m | €464.5m | €547.6m | €460.1m | €300.0m | €525.0m | €58.0m | €48.1m | ▼ 17.1% |
| Trade debts44 | €146.9m | €163.3m | €285.4m | €188.5m | €190.8m | €203.8m | €179.6m | €220.2m | ▲ 22.6% |
| Suppliers440/4 | €146.9m | €163.3m | €285.4m | €188.5m | €190.8m | €203.8m | €179.6m | €220.2m | ▲ 22.6% |
| Advances received on contracts in progress46 | - | €0.05m | - | - | - | - | - | - | - |
| Taxes, remuneration and social security45 | €68.8m | €82.2m | €85.3m | €92.3m | €123.8m | €114.2m | €128.8m | €133.8m | ▲ 3.8% |
| Taxes450/3 | €3.4m | €5.0m | €4.7m | €11.8m | €27.6m | €15.8m | €16.6m | €17.1m | ▲ 3.1% |
| Remuneration and social security454/9 | €65.4m | €77.2m | €80.7m | €80.4m | €96.3m | €98.4m | €112.2m | €116.7m | ▲ 4.0% |
| Other amounts payable47/48 | €190.6m | €136.6m | €107.6m | €156.6m | €159.8m | €113.6m | €173.4m | €368.3m | ▲ 112% |
| Accrued charges and deferred income492/3 | €53.7m | €54.3m | €57.8m | €48.2m | €75.6m | €86.9m | €121.7m | €146.0m | ▲ 19.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | - | - | €0 | €578.5m | €0 | €0 | - |
| + Depreciation and write-downs630 | €8.6m | €2.4m | €2.3m | €1.2m | €0.9m | €0.3m | €0.04m | €0.04m | ▼ 1.0% |
| Operating cash flow (approximation) | €8.6m | €2.4m | €2.3m | €1.2m | €0.9m | €578.8m | €0.04m | €0.04m | ▼ 1.0% |
| Investment in fixed assets (approximation) | - | €1.1m | €0.009m | -€0.05m | €0.009m | -€949.7m | -€0.3m | -€0.01m | ▲ 96.7% |
| Change in cash | - | €26.1m | -€26.5m | €61.2m | -€60.3m | -€0.04m | -€2.6m | -€0.007m | ▲ 99.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 42 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | consolidated | 15-06-2026 | 2026-00178056 |
| 31-12-2025 | full format | 02-06-2026 | 2026-00150303 |
| 31-12-2024 | full format | 06-06-2025 | 2025-00137152 |
| 31-12-2024 | consolidated | 06-06-2025 | 2025-00137099 |
| 31-12-2023 | consolidated | 17-06-2024 | 2024-00149922 |
| 31-12-2023 | full format | 13-06-2024 | 2024-00139363 |
| 31-12-2022 | full format | 14-05-2024 | 2024-00089936 |
| 31-12-2022 | consolidated | 16-06-2023 | 2023-00157138 |
| 31-12-2021 | consolidated | 05-07-2022 | 2022-20159224 |
| 31-12-2021 | full format | 21-06-2022 | 2022-20142402 |
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Of the 804 active companies whose main activity is production of electricity from non-renewable sources (NACE 35110), figures are known for 635. 15 are within a factor 10 of this equity. These 4 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 26 entries · €11.8m awarded · €9.3m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €2.1m | €2.0m |
| 2024 | 10 | €1.8m | €1.8m |
| 2023 | 7 | €3.8m | €1.4m |
| 2022 | 4 | €4.1m | €4.1m |
Schemes
European research
6 projects · €546,488 EU contributionProgrammes
Projects
ASSIST - Support Network for Household Energy Saving
INCREASING THE PENETRATION OF RENEWABLE ENERGY SOURCES IN THE DISTRIBUTION GRID BY DEVELOPING CONTROL STRATEGIES AND USING ANCILLARY SERVICES
SUstainable Real Estate 2050
Large scale campaigns to demonstrate how TSO-DSO shall act in a coordinated manner to procure grid services in the most reliable and efficient way
Large scale Smart Grids demonstration of real time market-based integration of DER and DR
Show 1 more projects
STEP-UP - Strategies Towards Energy Performance and Urban Planning
Public contracts
2 awards · 2019
Contrat-cadre pour la fourniture de certificats énergétiques et de garanties d'origine: Groenestroomcertificaten Vlaams Gewest
Contrat-cadre pour la fourniture de certificats énergétiques et de garanties d'origine: WKK-certificaten Vlaams Gewest
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.