FLUXYS
ActiveSummary
FLUXYS has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.97bn and a net result of €198.7m. Equity remains stable across the filed financial years (±0.6% per year). Its solvency ranks better than 40% of 3,821 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Financials · financial year 2025, full format, standalone accounts
In the rankings
#1 company by total assets in Etterbeek, Professional and technical services sector#1 company by equity in Etterbeek, Professional and technical services sector#8 employer in Etterbeek, Professional and technical services sector
Turnover
€7.4m▼ 7.9%
2024 · €8.0m
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€198.7m▲ 24.2%
2024 · €160.0m
Working capital
-€7.9m
2024 · €37.3m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €12.6m in 2025 against €12.4m in 2024; the loss grows.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€7.4m
2025
Operating result-€12.6m
2025
Net result€198.7m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€4,794.1m
2025
Equity€1,972.8m
2025
Debt€2,821.3m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€7.9m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)4.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency41.2%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.00
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)49.8
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: 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€17.6m-€8.1m▼ 53.8%€8.1m▼ 0.8%€6.8m▼ 15.6%€7.1m▲ 3.6%€6.1m▼ 13.2%€8.0m▲ 31.1%€7.4m▼ 7.9%
Operating result-€12.6m--€10.8m▲ 14.2%-€15.0m▼ 39.4%-€16.2m▼ 7.4%-€16.5m▼ 1.9%-€16.1m▲ 2.5%-€12.4m▲ 22.8%-€12.6m▼ 1.6%
Net result€144.8m-€135.9m▼ 6.2%€127.5mabove the sector's middle half▼ 6.2%€149.7mabove the sector's middle half▲ 17.5%€151.3mabove the sector's middle half▲ 1.0%€183.3mabove the sector's middle half▲ 21.2%€160.0mabove the sector's middle half▼ 12.7%€198.7mabove the sector's middle half▲ 24.2%
Equity€1,875.7m-€1,872.9m▼ 0.2%€1,863.9mabove the sector's middle half▼ 0.5%€1,874.7mabove the sector's middle half▲ 0.6%€1,885.0mabove the sector's middle half▲ 0.5%€1,917.7mabove the sector's middle half▲ 1.7%€1,929.3mabove the sector's middle half▲ 0.6%€1,972.8mabove the sector's middle half▲ 2.3%
Total assets€3,483.4m-€3,473.7m▼ 0.3%€3,409.2mabove the sector's middle half▼ 1.9%€3,562.8mabove the sector's middle half▲ 4.5%€4,463.3mabove the sector's middle half▲ 25.3%€4,589.1mabove the sector's middle half▲ 2.8%€4,679.9mabove the sector's middle half▲ 2.0%€4,794.1mabove the sector's middle half▲ 2.4%
Debt€1,607.6m-€1,600.8m▼ 0.4%€1,545.3m▼ 3.5%€1,688.1m▲ 9.2%€2,578.3m▲ 52.7%€2,671.4m▲ 3.6%€2,750.5m▲ 3.0%€2,821.3m▲ 2.6%
Working capital€829.4m-€794.5m▼ 4.2%€209.8mabove the sector's middle half▼ 73.6%€139.9mabove the sector's middle half▼ 33.3%€91.1mabove the sector's middle half▼ 34.9%€23.2mabove the sector's middle half▼ 74.6%€37.3mabove the sector's middle half▲ 61.0%-€7.9mbelow the sector's middle half
Solvency53.8%-53.9%▲ 0.1pp54.7%within the sector's middle half▲ 0.8pp52.6%within the sector's middle half▼ 2.1pp42.2%within the sector's middle half▼ 10.4pp41.8%within the sector's middle half▼ 0.4pp41.2%within the sector's middle half▼ 0.6pp41.2%within the sector's middle half▼ 0.1pp
Current ratio1.86-1.81▼ 0.061.20within the sector's middle half▼ 0.611.13within the sector's middle half▼ 0.071.04within the sector's middle half▼ 0.081.01within the sector's middle half▼ 0.031.02within the sector's middle half▲ 0.011.00within the sector's middle half▼ 0.02
Return on assets (ROA)4.2%-3.9%▼ 0.2pp3.7%within the sector's middle half▼ 0.2pp4.2%within the sector's middle half▲ 0.5pp3.4%within the sector's middle half▼ 0.8pp4.0%within the sector's middle half▲ 0.6pp3.4%within the sector's middle half▼ 0.6pp4.1%within the sector's middle half▲ 0.7pp
Staff (FTE)47.4-56.6▲ 19.4%62.1above the sector's middle half▲ 9.7%54.3above the sector's middle half▼ 12.6%49.9above the sector's middle half▼ 8.1%43.4above the sector's middle half▼ 13.0%45.7above the sector's middle half▲ 5.3%49.8above the sector's middle half▲ 9.0%
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.79bn
Fixed assets
€3.19bn ▲ 17.3%
Current assets
€1.60bn ▼ 18.2%
Equity and liabilities €4.79bn
Equity
€1.97bn ▲ 2.3%
Provisions
€28,876 ▼ 68.6%
Debt
€2.82bn ▲ 2.6%
Debt's share of the balance-sheet total rises from 58.8% to 58.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€12.5m▼
2024 · -€12.3m
Cash flow
€198.8m▲
2024 · €160.1m
Debt to equity
1.43▲
2024 · 1.43
ROE
10.1%▲
2024 · 8.3%
Interest coverage
-0.17▼
2024 · -0.13
Debt ≤ 1 year
€1.61bn▼
2024 · €1.92bn
Debt > 1 year
€1.20bn▲
2024 · €808.8m
Income taxes
€148,466▼
2024 · €9.5m
Staff costs
€11.9m▲
2024 · €11.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €11.0m | €12.5m | €15.6m | €18.8m | €20.9m | ▲ 11.0% |
| Turnover70 | €17.6m | €8.1m | €8.1m | €6.8m | €7.1m | €6.1m | €8.0m | €7.4m | ▼ 7.9% |
| Other operating income74 | - | - | - | €4.2m | €4.0m | €6.6m | €1.6m | €1.6m | ▼ 2.7% |
| Non-recurring operating income76A | - | - | - | - | €1.5m | €2.8m | €9.2m | €11.9m | ▲ 30.0% |
| Operating charges60/66A | - | - | - | €27.2m | €29.0m | €31.7m | €31.2m | €33.5m | ▲ 7.3% |
| Services and other goods61 | - | - | - | €16.5m | €18.3m | €21.6m | €19.5m | €21.2m | ▲ 8.7% |
| Remuneration, social security and pensions62 | - | - | - | €10.4m | €10.3m | €9.5m | €11.0m | €11.9m | ▲ 8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.09m | €0.1m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 2.0% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €0.09m | -€0.06m | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.1m | €0.5m | €0.5m | €0.3m | ▼ 40.9% |
| Operating profit (loss)9901 | -€12.6m | -€10.8m | -€15.0m | -€16.2m | -€16.5m | -€16.1m | -€12.4m | -€12.6m | ▼ 1.6% |
| Financial income75/76B | - | - | - | €178.7m | €191.8m | €321.8m | €299.1m | €325.9m | ▲ 9.0% |
| Recurring financial income75 | €177.2m | €174.7m | €156.6m | €178.7m | €191.8m | €321.8m | €297.5m | €325.9m | ▲ 9.5% |
| Income from financial fixed assets750 | - | - | - | €156.6m | €163.5m | €222.3m | €206.9m | €238.9m | ▲ 15.4% |
| Income from current assets751 | - | - | - | €21.0m | €25.7m | €49.0m | €65.6m | €50.5m | ▼ 23.1% |
| Other financial income752/9 | - | - | - | €1.1m | €2.6m | €50.5m | €24.9m | €36.5m | ▲ 46.8% |
| Non-recurring financial income76B | - | - | - | - | €0.003m | - | €1.6m | - | - |
| Financial charges65/66B | - | - | - | €12.8m | €22.5m | €119.6m | €117.2m | €114.4m | ▼ 2.3% |
| Recurring financial charges65 | €17.6m | €25.2m | €12.6m | €12.1m | €22.1m | €117.7m | €117.2m | €114.4m | ▼ 2.3% |
| Debt charges650 | €16.3m | €12.5m | €10.8m | €11.0m | €16.9m | €80.8m | €93.3m | €74.6m | ▼ 20.1% |
| Other financial charges652/9 | - | - | - | €1.1m | €5.2m | €36.9m | €23.8m | €39.9m | ▲ 67.4% |
| Non-recurring financial charges66B | - | - | - | €0.6m | €0.3m | €1.9m | - | - | - |
| Profit (loss) for the period before taxes9903 | €147.0m | €138.8m | €127.4m | €149.8m | €152.8m | €186.1m | €169.5m | €198.9m | ▲ 17.3% |
| Transfer from deferred taxes780 | - | - | - | €0.006m | €0.005m | - | - | - | - |
| Income taxes67/77 | €2.2m | €2.9m | -€0.09m | €0.1m | €1.6m | €2.9m | €9.5m | €0.1m | ▼ 98.4% |
| Taxes670/3 | - | - | - | €0.1m | €1.6m | €2.9m | €9.5m | €0.1m | ▼ 98.4% |
| Profit (loss) for the period9904 | €144.8m | €135.9m | €127.5m | €149.7m | €151.3m | €183.3m | €160.0m | €198.7m | ▲ 24.2% |
| Profit (loss) for the period to be appropriated9905 | €144.8m | €135.9m | €127.5m | €149.7m | €151.3m | €183.3m | €160.0m | €198.7m | ▲ 24.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3,483.4m | €3,473.7m | €3,409.2m | €3,562.8m | €4,463.3m | €4,589.1m | €4,679.9m | €4,794.1m | ▲ 2.4% |
| Formation expenses20 | €1.3m | €0.9m | €0.8m | €0.7m | €0.5m | €3.1m | €2.5m | €2.7m | ▲ 7.5% |
| Fixed assets21/28 | €1,691.2m | €1,694.5m | €2,135.5m | €2,305.0m | €2,315.3m | €2,818.9m | €2,718.8m | €3,188.7m | ▲ 17.3% |
| Tangible fixed assets22/27 | €0.4m | €0.9m | €1.0m | €0.7m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 29.4% |
| Plant, machinery and equipment23 | - | - | - | €0.7m | €0.5m | €0.4m | €0.3m | €0.2m | ▼ 32.8% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.008m | €0.02m | ▲ 97.5% |
| Financial fixed assets28 | €1,690.8m | €1,693.6m | €2,134.6m | €2,304.3m | €2,314.8m | €2,818.5m | €2,718.5m | €3,188.5m | ▲ 17.3% |
| Affiliated companies280/1 | - | - | - | €2,303.7m | €2,312.9m | €2,818.5m | €2,718.5m | €2,688.5m | ▼ 1.1% |
| Participating interests280 | - | - | - | €2,303.7m | €2,312.9m | €2,818.5m | €2,718.5m | €2,688.5m | ▼ 1.1% |
| Companies linked by participating interests282/3 | - | - | - | €0.2m | €1.9m | - | - | €500.0m | - |
| Participating interests282 | - | - | - | €0.2m | €1.9m | - | - | €500.0m | - |
| Other financial fixed assets284/8 | - | - | - | €0.4m | €0.03m | €0.01m | €0.004m | - | - |
| Shares284 | - | - | - | €0.3m | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.06m | €0.03m | €0.01m | €0.004m | - | - |
| Current assets29/58 | €1,790.9m | €1,778.3m | €1,272.9m | €1,257.2m | €2,147.4m | €1,767.1m | €1,958.6m | €1,602.7m | ▼ 18.2% |
| Amounts receivable after more than one year29 | - | - | - | €1,040.1m | €1,058.3m | €776.3m | €692.2m | €854.0m | ▲ 23.4% |
| Other amounts receivable291 | - | - | - | €1,040.1m | €1,058.3m | €776.3m | €692.2m | €854.0m | ▲ 23.4% |
| Amounts receivable within one year40/41 | €381.7m | €109.6m | €52.3m | €53.9m | €90.9m | €401.2m | €459.7m | €221.4m | ▼ 51.8% |
| Trade receivables40 | - | - | - | €1.4m | €2.1m | €0.6m | €0.8m | €0.5m | ▼ 39.2% |
| Other amounts receivable41 | - | - | - | €52.5m | €88.8m | €400.6m | €458.9m | €220.9m | ▼ 51.9% |
| Current investments50/53 | €213.4m | €120.4m | €55.4m | €24.5m | €685.7m | €494.2m | €691.0m | €461.1m | ▼ 33.3% |
| Other investments51/53 | - | - | - | €24.5m | €685.7m | €494.2m | €691.0m | €461.1m | ▼ 33.3% |
| Cash at bank and in hand54/58 | €92.3m | €23.0m | €83.4m | €123.9m | €300.6m | €67.9m | €86.3m | €45.0m | ▼ 47.9% |
| Deferred charges and accrued income490/1 | - | - | - | €14.7m | €11.9m | €27.5m | €29.5m | €21.2m | ▼ 28.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3,483.4m | €3,473.7m | €3,409.2m | €3,562.8m | €4,463.3m | €4,589.1m | €4,679.9m | €4,794.1m | ▲ 2.4% |
| Equity10/15 | €1,875.7m | €1,872.9m | €1,863.9m | €1,874.7m | €1,885.0m | €1,917.7m | €1,929.3m | €1,972.8m | ▲ 2.3% |
| Contributions10/11 | €1,704.0m | €1,704.3m | €1,706.5m | €1,788.8m | €1,791.5m | €1,791.9m | €1,794.5m | €1,794.9m | = |
| Capital10 | - | - | - | €1,706.8m | €1,708.8m | €1,709.1m | €1,710.6m | €1,710.9m | = |
| Issued capital100 | - | - | - | €1,741.5m | €1,743.5m | €1,743.8m | €1,745.4m | €1,745.6m | = |
| Uncalled capital101 | - | - | - | €34.7m | €34.7m | €34.7m | €34.7m | €34.7m | = |
| Contributions outside capital11 | - | - | - | €82.0m | €82.6m | €82.8m | €83.8m | €84.0m | ▲ 0.2% |
| Share premium1100/10 | - | - | - | €82.0m | €82.6m | €82.8m | €83.8m | €84.0m | ▲ 0.2% |
| Reserves13 | €61.4m | €68.2m | €74.6m | €82.1m | €89.6m | €98.8m | €106.8m | €116.7m | ▲ 9.3% |
| Non-distributable reserves130/1 | - | - | - | €82.1m | €89.6m | €98.8m | €106.8m | €116.7m | ▲ 9.3% |
| Legal reserve130 | - | - | - | €82.1m | €89.6m | €98.8m | €106.8m | €116.7m | ▲ 9.3% |
| Profit (loss) carried forward14 | €28.8m | €18.8m | €0.8m | €3.8m | €3.9m | €27.1m | €28.0m | €61.2m | ▲ 118% |
| Investment grants15 | - | - | - | €0.01m | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.09m | €0.03m | €0.01m | €0.005m | - | - | €0.09m | €0.03m | ▼ 68.6% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.09m | €0.03m | ▼ 68.6% |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.09m | €0.03m | ▼ 68.6% |
| Deferred taxes168 | - | - | - | €0.005m | - | - | - | - | - |
| Amounts payable17/49 | €1,607.6m | €1,600.8m | €1,545.3m | €1,688.1m | €2,578.3m | €2,671.4m | €2,750.5m | €2,821.3m | ▲ 2.6% |
| Amounts payable after more than one year17 | €623.5m | €608.6m | €473.7m | €558.8m | €508.9m | €908.7m | €808.8m | €1,197.4m | ▲ 48.1% |
| Financial debts170/4 | - | - | - | €558.8m | €508.9m | €908.7m | €808.8m | €1,197.4m | ▲ 48.1% |
| Unsubordinated bonds171 | - | - | - | €248.8m | €248.9m | €248.7m | €248.8m | €747.4m | ▲ 200% |
| Credit institutions173 | - | - | - | €310.0m | €260.0m | €660.0m | €560.0m | €450.0m | ▼ 19.6% |
| Amounts payable within one year42/48 | €961.5m | €983.8m | €1,063.0m | €1,117.3m | €2,056.3m | €1,744.0m | €1,921.4m | €1,610.6m | ▼ 16.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €65.0m | €50.0m | - | €100.0m | - | - |
| Financial debts43 | - | - | - | €906.0m | €1,855.8m | €1,579.8m | €1,660.8m | €1,447.5m | ▼ 12.8% |
| Other loans439 | - | - | - | €906.0m | €1,855.8m | €1,579.8m | €1,660.8m | €1,447.5m | ▼ 12.8% |
| Trade debts44 | €9.0m | €2.8m | €3.8m | €4.4m | €4.1m | €3.7m | €6.3m | €4.1m | ▼ 34.2% |
| Suppliers440/4 | - | - | - | €4.4m | €4.1m | €3.7m | €6.3m | €4.1m | ▼ 34.2% |
| Taxes, remuneration and social security45 | - | - | - | €2.7m | €2.6m | €2.9m | €3.1m | €3.4m | ▲ 8.5% |
| Taxes450/3 | - | - | - | €0.4m | €0.5m | €0.7m | €0.4m | €0.6m | ▲ 32.7% |
| Remuneration and social security454/9 | - | - | - | €2.2m | €2.2m | €2.2m | €2.7m | €2.8m | ▲ 4.7% |
| Other amounts payable47/48 | - | - | - | €139.2m | €143.8m | €157.5m | €151.2m | €155.6m | ▲ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €12.0m | €13.1m | €18.7m | €20.4m | €13.3m | ▼ 35.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €144.8m | €135.9m | €127.5m | €149.7m | €151.3m | €183.3m | €160.0m | €198.7m | ▲ 24.2% |
| + Depreciation and write-downs630 | €0.09m | €0.1m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 2.0% |
| Operating cash flow (approximation) | €144.9m | €136.0m | €127.8m | €150.0m | €151.5m | €183.4m | €160.1m | €198.8m | ▲ 24.2% |
| Investment in fixed assets (approximation) | - | -€3.4m | -€441.3m | -€169.7m | -€10.5m | -€503.6m | €100.0m | -€470.0m | - |
| Change in cash | - | -€69.3m | €60.4m | €40.5m | €176.7m | -€232.7m | €18.4m | -€41.3m | - |
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 32 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | consolidated | 22-05-2026 | 2026-00129689 |
| 31-12-2025 | full format | 21-05-2026 | 2026-00127140 |
| 31-12-2024 | consolidated | 11-06-2025 | 2025-00167536 |
| 31-12-2024 | full format | 28-05-2025 | 2025-00126836 |
| 31-12-2023 | consolidated | 13-06-2024 | 2024-00146998 |
| 31-12-2023 | full format | 12-06-2024 | 2024-00146994 |
| 31-12-2022 | consolidated | 14-06-2023 | 2023-00151987 |
| 31-12-2022 | full format | 07-06-2023 | 2023-00128389 |
| 31-12-2021 | full format | 01-06-2022 | 2022-20054795 |
| 31-12-2021 | consolidated | 01-06-2022 | 2022-20053785 |
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QUVA INVEST
BE 0793.170.483
Roeselare · equity €1.94bn
SONOCO
BE 0438.082.088
Machelen (Brab.) · equity €2.06bn
Aliaxis Holdings
BE 0479.090.819
Elsene · equity €1.69bn
ONTEX GROUP
BE 0550.880.915
Aalst · equity €1.68bn
SOLVAY
BE 0403.091.220
Brussel · equity €1.63bn
Of the 5,722 active companies whose main activity is activities of head offices (NACE 70100), figures are known for 3,645. 72 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
European Union, budget
2021 · 2 entries · €5.5m in totalProjects
"ANTWERP CO2 COLLECTION NETWORK AND CROSS-BORDER PIPELINE - STUDIES"
INEA/CEF/ENER/M2020/2246384 -- "ANTWERP LIQUID CO2 EXPORT TERMINAL STUDIES"
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.