Growth
5 years
5 years of growth in a row. Turnover 2025: €2.90bn.
Fluvius System Operator
Lifetime
16 annual accounts with figures on one time axis, 23 filings since 2003peak €2.90bn (2025)
€2.90bn▲ 6.6%
peak €578.5m (2023)
€0
peak €993.8m (2023)
€993.8munchanged
€9.11bn▲ 12.1%
peak 5,326.3 FTE (2025)
5,326.3 FTE▲ 3.9%
Board119 names since 2004all names
20 directors and 19 others
Owners13 names in the annual accountsall names
41.38% and 8 others
Documentsfilings and deeds
02-06-202659 days before the deadline
2025financial year
22 directors appointed, 22 resignations 13-061 statutory auditor appointed 13-067 directors appointed, 1 resignation 17-02
Key points
from the 2025 annual accountsDebts
€9.11bn 89% of the balance sheet
Financial debts 86%Suppliers 2%Taxes and wages 1%Other 10%
Of this, €1.20bn falls due within a year.
Payment terms
34 days to suppliers
Fluvius System Operator pays its suppliers 4 days later than in 2024. Customers pay 40 days later.
Position in the sector
€993.8m
More equity than 95% of companies in electricity, gas and steam. Sector median €3.8m · 244 companies.
Public support
€11.8m awarded from 2022 to 2025
Flemish support, mostly Subsidies verplaatsen leidingen.
Public contracts
1,091 awards
Public contracts awarded. To 414 suppliers, 2018 to 2026.
Standalone figures, without subsidiaries
Checked score
Bankruptcy probability within 12 months
Financial strength
Score breakdown
Comparable companies, two years later
In July 2024, 179 companies had the same profile as Fluvius System Operator has now. Each dot is one company, two years later.
97.2%
were still trading
1.7%
stopped another way
1.1%
went bankrupt
Test of the method
The method was tested on the 497,331 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 179 companies, not a prediction for Fluvius System Operator. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Board and ownership
CEO
Director, since 27-03-2013
Director, since 24-01-2018
Director, since 01-07-2018
Director, since 28-03-2019
Auditor
- 41.38%score equity €1.66bn (2025) · 2025 annual accounts of Fluvius Limburg
- 26.23%score equity €755.4m (2025) · 2025 annual accounts of Antwerpen
- 25.29%score equity €1.30bn (2025) · 2025 annual accounts of WEST
Shares in 4 companies, including and
Board & ownershipRecent changes
Project notification acknowledged
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen · De Panne
Environmental permit granted
Nieuwbouw of aanleggen · Nieuwerkerken
Environmental permit granted
Nieuwbouw of aanleggen, Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Diksmuide
Reappointment: EY (statutory auditor)
General meeting of 20-05-2026 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Fluvius System Operator Merelbeke-Melle | €2,897.0m | 0.7% | 9.7% | 5,326.3 |
| Luminus Saint-Josse-ten-Noode | €3,120.8m | 5.9% | 32.5% | 1,181.2 |
| RESA Liège | €386.4m | 22.0% | 43.9% | 930.6 |
| SIBELGA Brussels | €396.7m | 21.7% | 56.9% | - |
| EDF BELGIUM Saint-Josse-ten-Noode | €182.5m | 5.4% | 75.0% | - |
| ELECTRABEL Brussels | €13,083.0m | 9.5% | 49.7% | 4,261 |
Grey: the largest companies of the sector (electricity, gas and steam (NACE 35)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Fluvius System Operator: production of electricity from non-renewable sources (NACE 35110). They are comparable in size and age: total assets between €1.5bn and €21bn, founded between 1905 and 2012.
Official details
Source: KBO- Status
- Active since 30-04-2002Normal situation
- Activity
- Production of electricity from non-renewable sourcesNACE 35110and 5 others
- Establishment units
- 2.333.506.6309200 Dendermonde, since 01-06-2002
- 2.143.863.4158000 Bruges, since 01-01-2003and 49 others
- Financial year end
- 31 December
- Peppol
- Reachable since 25-11-2018
Annual accounts 2025
- €10.20bn▲ 10.4%
- Employeeson 31-12-2025
- 5,625▲ 2.9%
- Filing
- Filed on 02-06-2026, 59 days before the end of the filing period
Companies linked to Fluvius System Operator
Shareholders
- 24.46%
- 18.57%
- 10.75%
- 8.04%
- 7.26%
- 7.24%
- 6.26%
- 1.47%
Subsidiaries and holdings
- 34.38%
- 33.2%
Insights on Fluvius System Operator
Fluvius System Operator has existed since 2002. Turnover grew from €1.10bn in 2009 to €2.90bn in 2025 and staff from 4,047.2 to 5,326.3 full-time equivalents.
Turnover has grown every year since 2020.
In March 2025, 14 directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Fluvius System Operator
- What is the company number of Fluvius System Operator?
- The company number of Fluvius System Operator is 0477.445.084. The VAT number is the same number with BE in front: BE 0477.445.084.
- Where is Fluvius System Operator based?
- The registered office is at Brusselsesteenweg 199, 9090 Merelbeke-Melle.Company details
- What does Fluvius System Operator do?
- According to the KBO register, the main activity is production of electricity from non-renewable sources (NACE 35110).
- What is the legal form of Fluvius System Operator?
- Fluvius System Operator is a cooperative company (CV).
- When was Fluvius System Operator founded?
- Fluvius System Operator was founded on 30-04-2002.
- Is Fluvius System Operator still active?
- Yes, Fluvius System Operator is an active enterprise in the KBO register.
- How many employees does Fluvius System Operator have?
- Fluvius System Operator had an average of 5,326.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of Fluvius System Operator?
- The turnover of Fluvius System Operator was €2.90bn in financial year 2025, according to the filed annual accounts.
- Is Fluvius System Operator profitable?
- In financial year 2025, Fluvius System Operator made a profit of €0.
- Where can I find the annual accounts of Fluvius System Operator?
- Fluvius System Operator filed 42 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Fluvius System Operator due?
- Fluvius System Operator must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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