Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Figures corrected NBB
Corrected annual account filed for 2022.
Financials
Financial year 2025
Fluvius System Operator from Merelbeke-Melle, company number BE0477445084, closed financial year 2025 with a result of € 0 after tax. For that financial year Fluvius System Operator recorded revenue of € 2.9 billion and equity of € 993.8 million. Compared with financial year 2024, the result moved from € 0 to € 0. Around break-even. The company holds a healthy buffer. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 2, 2026.
€ 993.8 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 0
Profit after tax over the fiscal year.
€ 18,087
▼ 29% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 495.9 million.
People and assets in 2025
5,326.3
▲ 199.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 625.1 million
▲ 6% vs 2024
€ 117,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 25,292
▼ 29% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 8.2 billion
▲ 10% vs 2024
€ 431 million is repaid this year. At this pace the long-term loan is gone in ≈ 19 years.
€ 220.2 million
▲ 23% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 34 days on average.
€ 133.8 million
▲ 4% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 1,934,711,515 | € 2,360,387,524 | € 2,718,178,789 | € 2,897,001,208 | ▲ 7% |
| Profit after taxes | € 0 | € 578,500,231 | € 0 | € 0 | |
| Equity | € 1,516,824 | € 993,793,597 | € 993,793,597 | € 993,793,597 | |
| Total debts | € 6,708,278,281 | € 7,611,561,451 | € 8,124,985,566 | € 9,108,576,966 | ▲ 12% |
| Cash | € 2,644,369 | € 2,605,336 | € 25,392 | € 18,087 | ▼ 29% |
| Retained profit | € 105,841 | € 495,899,526 | € 495,899,526 | € 495,899,526 | |
| Dividend | € 0 | € 90,746,382 | € 0 | € 0 | |
| Bank debt | € 6,158,275,922 | € 7,093,001,386 | € 7,521,380,179 | € 8,240,309,111 | ▲ 10% |
| Balance sheet total | € 6,864,664,105 | € 8,758,697,048 | € 9,239,858,163 | € 10,202,722,563 | ▲ 10% |
| Employees (FTE) | 4,704.4 | 4,854.2 | 5,126.7 | 5,326.3 | ▲ 199.6 |
Key figures of Fluvius System Operator, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Fluvius System Operator?
What happened at Fluvius System Operator in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 0. Source: NBB ↗
- Marie Behaeghe became a director. NBB
- Patrick Janssens became a director. NBB
- Carl Hanssens became a director. NBB
- Mieke Vanrobaeys became a director. NBB
- Manuela Vervoort became a director. NBB
- Leen Van Laere became a director. NBB
- Joris Vandenbroucke became a director. NBB
In short
From € 0 profit in 2022 to € 0 profit in 2025.
Paid € 34.3 million in corporate taxes since 2022.
Best year ever: 2023, with € 578.5 million profit.
Paid out € 90.7 million in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Fluvius Limburg, FLUVIUS WEST, FLUVIUS Antwerpen, Fluvius West, FLUVIUS IMEWO, FLUVIUS ZENNE-DIJLE, FLUVIUS MIDDEN-VLAANDEREN, Provinciale Brabantse Energiemaatschappij, Fluvius Halle-Vilvoorde, FLUVIUS KEMPEN, Fluvius Riobra comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Fluvius System OperatorBehind Fluvius System Operator are Lieven Cobbaert, Marie Behaeghe, Patrick Janssens, Carl Hanssens, Guy Van de Perre and Christof Dejaegher. The shares are held by Fluvius Limburg (74.3%), FLUVIUS WEST (63.2%), FLUVIUS Antwerpen (54.8%), Fluvius West (39.8%), FLUVIUS IMEWO (36%) and FLUVIUS ZENNE-DIJLE (28.4%). It owns 62.2% of De Stroomlijn, 50% of Atrias, 34.4% of Synductis and 33.2% of Wyre Holding itself.
Directors
According to the 2025 annual accounts
Lieven Cobbaert
Director
since 2019
Marie Behaeghe
Director
since 2025
Patrick Janssens
Director
Also active at: FLUVIUS Antwerpen, WOONHAVEN ANTWERPEN, Kempische Heerd, Eva Janssons, Beheersmaatschappij Antwerpen Mobiel, Initia.Vlaanderen
since 2025
since 2025
since 2019
Christof Dejaegher
Director
Also active at: West-Vlaamse Intercommunale, FLUVIUS WEST, VLAAMSE LANDMAATSCHAPPIJ, WESTTOER, West-Vlaamse Politieschool, PUBLI-T, Dienstverlenende vereniging Westhoek, Autonoom Gemeentebedrijf De Kouter
since 2019
Wim Dries
Voorzitter
Also active at: FLUVIUS, Fluvius Limburg, D - Cube Resource, Vereniging van Vlaamse Steden en Gemeenten, T2, THOR PARK, MO-THOR, AGB Genk +1 more
since 2018
since 2019
since 2025
Leen Van Laere
Director
since 2025
Joris Vandenbroucke
Derde ondervoorzitter
Also active at: FLUVIUS IMEWO, Vlaamse Vervoermaatschappij - De Lijn, Stadsontwikkeling Gent (sogent), THUISPUNT GENT, Investeringsmaatschappij Modest, Creat, Creat Services, Eiland Zwijnaarde +1 more
since 2025
Laurence Libert
Director
Also active at: Crematorium Hasselt, PUBLI-T, HANDS MEDIAROUTING, LILAH, Hands Residence, Projectvereniging Regionaal Landschap Haspengouw en Voeren, AG Stadsontwikkeling Hasselt, AI-D
since 2025
Christophe Peeters
Tweede ondervoorzitter
Also active at: Farys, Intercommunale Maatschappij Opera voor Vlaanderen, Stadsontwikkeling Gent (sogent), AquaFlanders, Collegium Vocale Gent, VLAAMSE ENERGIEHOLDING, Investeringsmaatschappij Modest, SYNDUCTIS +2 more
since 2018
Dirk Vansina
Director
Also active at: FLUVIUS ZENNE-DIJLE, AquaFlanders, Stedelijk Jeugdwerk Leuven, VELO, Jeugdhuis Leuven VZW, Erfgoedsite Abdij Van Park
since 2025
Jan Desmeth
Director
Also active at: Gimv, FLUVIUS ZENNE-DIJLE, Fluvius Halle-Vilvoorde, VLAAMSE PARTICIPATIEMAATSCHAPPIJ, INTRADURA
since 2019
since 2025
Koen Kennis
Eerste ondervoorzitter
Also active at: FLUVIUS Antwerpen, Maatschappij voor het haven-, grond- en industrialisatiebeleid van het Linkerscheldeoevergebied, Vlaamse Vervoermaatschappij - De Lijn, TUNNEL LIEFKENSHOEK, Participatiemaatschappij Vlaanderen, PUBLI-T, Beheersmaatschappij Antwerpen Mobiel
since 2013
since 2025
since 2025
since 2019 · until 2025
Charlotte De Backer
Director
Also active at: FLUVIUS IMEWO, Autonoom Gemeentebedrijf Oostende, MultiTech, Autonoom Gemeentebedrijf Mobiliteit Oostende, BUITENGOED OOSTENDE, OPDRACHTHOUDENDE VERENIGING VOOR CREMATORIUMBEHEER IN HET ARRONDISSEMENT OOSTENDE, AUTONOME GEMEENTEBEDRIJF ENERGIEBESPARING OOSTENDE
since 2019 · until 2025
Kim Dorikens
Director
since 2024 · until 2025
David Coppens
Director
Also active at: FLUVIUS MIDDEN-VLAANDEREN, Toerisme Oost-Vlaanderen, Beheer Energie Aalst
since 2019 · until 2025
Ine Franssen
Director
Also active at: FLUVIUS, INTERGEMEENTELIJKE ZWEMBADEN AQUADROOM- MAASEIK EN DE HAEG- DILSEN-STOKKEM, Autonoom Gemeentebedrijf Infrastructuur Maaseik, Autonoom Gemeentebedrijf Maaseik
since 2020 · until 2025
Jean-Pierre De Groef
Derde ondervoorzitter
Also active at: Intercommunale van Brabant voor Electriciteit en Gas, Fluvius Halle-Vilvoorde
since 2024 · until 2025
Greet Geypen
Director
Also active at: Intercommunale voor Ontwikkeling van het Gewest Mechelen en Omgeving, CIPAL, FLUVIUS ZENNE-DIJLE, FLANDERS TECHNOLOGY INTERNATIONAL, TECHNOPOLIS, Autonoom Gemeentebedrijf Mechelen Actief in Cultuur, Mechelen Morgen, Mechelen Feest
since 2013 · until 2025
Nicky Martens
Director
Also active at: Intercommunale Maatschappij voor de Ruimtelijke Ordening en de Economische Sociale Expansie van het Arrondissement Leuven, FOS OPEN SCOUTING
since 2019 · until 2025
since 2010 · until 2025
Jan Dalemans
Director
since 2019 · until 2025
since 2018 · until 2025
Lies Laridon
Director
Also active at: FLUVIUS, Fluvius West, FLUVIUS WEST, WOONMAATSCHAPPIJ IJZER EN ZEE, Centrum voor Informatica – Oplossingen – Ondersteuning – Overheid, West-Vlaamse Politieschool, VLAAMSE ENERGIEHOLDING, 't WERKPAND +4 more
since 2018 · until 2025
Shareholders
74.3%
63.2%
54.8%
39.8%
36%
28.4%
13.7%
12.4%
1.5%
Participations
Establishments
Establishment units
Physical locations of this company
Brusselsesteenweg 199
9090 Merelbeke-Melle
Kolvestraat 1A
8000 Brugge
Active since 1 January 2003
Merksemsesteenweg 233
2100 Antwerpen
Active since 1 January 2003
Paula Marckxstraat 5
9051 Gent
Active since 1 January 2003
President Kennedypark(Kor) 12
8500 Kortrijk
Active since 1 January 2003
Aarschotsesteenweg 58
3012 Leuven
Active since 1 January 2003
Moortelstraat 15
9160 Lokeren
Active since 1 January 2003
Antonia Wolversstraat 31
2800 Mechelen
Active since 1 January 2003
Vaartkaai 2
2170 Antwerpen
Active since 1 January 2003
Heistraat 88
9100 Sint-Niklaas
Active since 1 January 2003
Koningin Elisabethlei 38
2300 Turnhout
Active since 1 January 2003
Ter Waarde 79
8900 Ieper
Active since 1 January 2003
Meensesteenweg 5
8800 Roeselare
Active since 28 March 2006
Industrielaan 2
9320 Aalst
Active since 12 December 2005
Vierselbaan 42
2240 Zandhoven
Active since 1 January 2008
Demaeghtlaan (Auguste) 38
1500 Halle
Active since 19 April 2017
Boombekelaan 14
2660 Antwerpen
Active since 4 October 2017
Koning AlbertII laan 37
1030 Schaarbeek
Active since 3 November 2017
Dieplaan 2
3600 Genk
Active since 30 June 2018
Noordlaan 9
8820 Torhout
Active since 30 June 2018
Prins Albertlaan 3
8870 Izegem
Active since 30 June 2018
Trichterheideweg 8
3500 Hasselt
Active since 30 June 2018
Noordkustlaan 10
1702 Dilbeek
Active since 30 June 2018
Gouverneur Verwilghensingel 32
3500 Hasselt
Active since 30 June 2018
Steenweg Asse(HN) 196
1540 Pajottegem
Active since 30 June 2018
Diestsesteenweg(LIN) 126
3210 Lubbeek
Active since 30 June 2018
Oude Baan(LIN) 148
3210 Lubbeek
Active since 30 June 2018
Laurent-Benoit Dewezplein 6
1800 Vilvoorde
Active since 1 August 2019
Meersbloem 54
9700 Oudenaarde
Active since 1 May 2014
Bietenweg 27b
3300 Tienen
Active since 15 April 2021
Industrielaan 1
2960 Brecht
Active since 1 December 2020
Winkelom 87
2440 Geel
Active since 1 August 2012
Burg. Maenhautstraat 44
9820 Merelbeke-Melle
Active since 1 January 2009
Tobie Swalusstraat 44 box u5
1600 Sint-Pieters-Leeuw
Active since 1 January 2022
Anzegemseweg 55
8790 Waregem
Active since 15 April 2014
St.-Truidersteenweg 360A
3840 Tongeren-Borgloon
Active since 1 April 2015
Spieveldstraat 11
9160 Lokeren
Active since 1 December 2020
Wijnendalestraat 180
8800 Roeselare
Active since 1 March 2011
Eeckelaerthof 9
9111 Sint-Niklaas
Active since 1 November 2012
Begoniastraat 14
9810 Nazareth-De Pinte
Active since 1 June 2004
Bedrijfsweg 7
3620 Lanaken
Active since 1 August 2021
Industrieweg 23 box 1
3990 Peer
Active since 1 March 2011
Elsschotstraat(Willem) 15
1800 Vilvoorde
Active since 1 September 2019
Vosmeer (STG) 12
9200 Dendermonde
Active since 1 June 2002
Toekomstlaan 19
3600 Genk
Active since 1 August 2021
Oudenburgsesteenweg 31 box c18
8400 Oostende
Active since 1 April 2021
Tenhovestraat 1
8700 Tielt
Active since 1 May 2014
Gaston Geenslaan 66 box 22
3200 Aarschot
Active since 1 August 2008
Hoekje 7
9950 Lievegem
Active since 1 March 2014
Truibroek 65/69
3945 Ham
Active since 1 May 2021
Liersesteenweg 240
2220 Heist-op-den-Berg
Active since 28 June 2024
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 6 companies are registered at this address.
All companies at this address →FLUVIUS IMEWO same network
€ 544.9 million revenue · 2025
SYNDUCTIS same network
€ 2.9 million revenue · 2025
ECONOMISCHE GROEP FLUVIUS
DE STROOMLIJN same network
€ 27.5 million revenue · 2025
Fluvius System Operator Pillar 2
+1 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0477.445.084
- VAT number
- BE 0477.445.084
- Registered office
- Brusselsesteenweg 199, 9090 Merelbeke-Melle
- Names & denominations
- Fluvius System Operator
- Enterprise type
- Rechtspersoon
- Legal form
- Cooperative company
- Legal situation
- Normale toestand
- Start date
- 30 April 2002
- Peppol
- Active · Active since 10 Feb 2021
- Activities · NACE
Distributie van elektriciteit
Distributie en handel van elektriciteit
Productie van elektriciteit
Productie van elektriciteit uit niet-hernieuwbare bronnen
Distributie van en handel in gasvormige brandstoffen via leidingen
Distributie van gasvormige brandstoffen via leidingen
Bouw van civieltechnische werken voor elektriciteit en telecommunicatie
Bouw van water- en gasdistributienetten
+1