PUBLIGAS
PUBLIGAS and the 20 companies it controls according to the LEI register and the annual accounts: the structure, the figures, each company's health and where the risk sits.
Sum of the filed annual accounts of 15 of the 15 Belgian companies (fiscal years 2024-2025). Not a consolidation: receivables, participations and sales between group companies are not eliminated, so they count.
PUBLIGAS also files consolidated accounts (fiscal year 2025): the real group figures, with intra-group positions eliminated. Checked does not read their figures yet; the document is at the National Bank's Central Balance Sheet Office.
Group risk
How healthy the group's Belgian companies are, and where the risk sits. A weak subsidiary can cost the parent money, and the other way round.
- The parent itself: PUBLIGAS, healthy (71/100).
- 1 company with a loss in the latest year: Dunkerque CO2 Holding (-€747,164).
- 37.1% of the added-up total assets sits in one company: FLUXYS.
- None of the added-up total assets sits at a company with an elevated or high risk.
Group structure
Who consolidates whom according to the LEI register, completed with who holds more than half of the shares according to the annual accounts. Both mean control.
- PUBLIGAS3 subsidiariesHealthy · 71€1.50bn €1.35bn 2025
- FLUXYS8 subsidiariesFair · 51€4.79bn €1.97bn 2025
- Healthy · 67- - 2025
- FLUXYS BELGIUM5 subsidiariesFair · 59€2.27bn €399.7m 2025
- No verdict€11.2m €10.2m 2025
- No verdict€48.8m €28.3m 2025
- No verdict€96.7m €25.5m 2025
- Healthy · 80€829.9m €117.9m 2025
- FLUX RE S.A.
- FLUXYS BUNKERING1 subsidiaryHealthy · 63€2.8m €2.8m 2024
- Healthy · 74€11.0m €4.9m 2025
- FLUXYS EUROPE2 subsidiariesHealthy · 79€1.78bn €1.71bn 2025
- FluxDune1 subsidiaryHealthy · 68€570.9m €538.9m 2025
- No verdict€2.5m €1.7m 2025
- Healthy · 65€828.1m €828.1m 2025
- Healthy · 61€185.1m €113.0m 2025
- Corumbá Holding S.à r.l.
- DUNKERQUE LNG HOLDING
- FLUXYS UK LIMITED
- DUNKERQUE LNG
- INTERCONNECTOR LIMITED
High risk Elevated Healthy Fair No verdict Amounts: total assets and equity from the latest accounts.
Shared directors
Who sits on the boards of several group companies. This is where control over the group sits in practice.
- 3
- 2
Events in the group
Bankruptcies, director changes, capital changes and other publications of all Belgian group companies, over the last two years.
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3 directors appointed, 2 directors resigning, 2 reappointed
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3 directors appointed, 2 directors resigning, 2 reappointed
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Pascal De Buck reappointed as director
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Pascal De Buck reappointed as director
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2 directors appointed, 2 directors resigning
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2 directors appointed, 2 directors resigning
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24 directors appointed, 1 director resigning
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24 directors appointed, 1 director resigning
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Where do these figures come from?
Completed with the annual accounts: a company of which another Belgian company holds more than half of the shares, by the list of holdings or the shareholder structure in its accounts, stands under that company, with the share. The register of ultimate beneficial owners (UBO) is not public.
The group's make-up comes from the LEI register (GLEIF): which company consolidates which other, directly or ultimately. A company whose link the register does not state is not listed here, even if it does belong to the group.
The amounts are those of the annual accounts each Belgian company filed with the National Bank, added up without consolidation. The verdict per company is that of its dossier on Checked.be. Everything is updated every night.
Updated on 27-09-2026