Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 17 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
FLUXYS from Brussel, company number BE0827783746, closed financial year 2025 with a result of € 198.7 million after tax. For that financial year FLUXYS recorded revenue of € 7.4 million and equity of € 2 billion. Compared with financial year 2024, the result moved from € 160 million to € 198.7 million. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on May 21, 2026.
€ 2 billion
▲ 2% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 198.7 million
▲ 24% vs 2024
Profit after tax over the fiscal year.
€ 45 million
▼ 48% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 155.6 million paid out
78 % of the profit went to the shareholders, mostly to Publigaz SC (77 % of the shares). That is where the money ends up.
People and assets in 2025
49.8
▲ 4.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 11.9 million
▲ 9% vs 2024
€ 239,500 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.
€ 16,129
▲ 97% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 2.6 billion
▲ 3% vs 2024
Loans from banks and other lenders, long and short.
€ 4.1 million
▼ 34% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 71 days on average.
€ 3.4 million
▲ 8% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 7,061,812 | € 6,128,457 | € 8,034,086 | € 7,399,583 | ▼ 8% |
| Profit after taxes | € 151,270,339 | € 183,270,325 | € 159,965,415 | € 198,711,309 | ▲ 24% |
| Equity | € 1,884,982,063 | € 1,917,727,275 | € 1,929,303,891 | € 1,972,830,614 | ▲ 2% |
| Total debts | € 2,578,303,257 | € 2,671,376,871 | € 2,750,547,077 | € 2,821,276,045 | ▲ 3% |
| Cash | € 300,583,244 | € 67,873,351 | € 86,286,506 | € 44,970,212 | ▼ 48% |
| Retained profit | € 93,517,187 | € 125,872,475 | € 134,843,263 | € 177,950,761 | ▲ 32% |
| Dividend | € 143,652,807 | € 150,915,037 | € 150,994,627 | € 155,603,811 | ▲ 3% |
| Bank debt | € 2,414,629,030 | € 2,488,530,705 | € 2,569,550,407 | € 2,644,926,208 | ▲ 3% |
| Balance sheet total | € 4,463,285,320 | € 4,589,104,146 | € 4,679,942,904 | € 4,794,135,535 | ▲ 2% |
| Employees (FTE) | 49.9 | 43.4 | 45.7 | 49.8 | ▲ 4.1 |
Key figures of FLUXYS, 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 FLUXYS?
What happened at FLUXYS in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- LUDO KELCHTERMANS stepped down as director. NBB
- JEAN-CLAUDE MARCOURT stepped down as director. NBB
- FRANCOIS FONTAINE stepped down as director. NBB
- ABDELLAH ACHAOUI stepped down as director. NBB
- PASCAL DE BUCK stepped down as director. NBB
- ANDRIES GRYFFROY stepped down as director. NBB
- GIANNI INFANTI stepped down as director. NBB
- TIM MARAHRENS stepped down as director. NBB
In short
From € 151.3 million profit in 2022 to € 198.7 million profit in 2025.
Paid € 14.1 million in corporate taxes since 2022.
Best year ever: 2025, with € 198.7 million profit.
Paid out € 601.2 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 shares are held by Publigaz SC (77.5%), EIP Neon Holding I (15.2%), Société Fédérale de Participations (3.4%), AG Insurance (2%), . Membres du personnel (0.6%) and Ethias Co (0.1%). It owns 100% of Fluxys Chile , 100% of Corumba Holding SARL, 100% of Fluxys International, 100% of FLUXYS EUROPE, 100% of Fluxys Brasil and 100% of FLUXYS BUNKERING itself.
Directors
According to the 2025 annual accounts
FRANCOIS FONTAINE
Director
Also active at: COMETSAMBRE, COMET TRAITEMENTS, OncoDNA, EPIMEDE, PDC line Pharma, Newton Biocapital I, pricaf privée de droit belge, Curium PET Liège, EPICS THERAPEUTICS +6 more
since 2022 · until 2028
ABDELLAH ACHAOUI
Director
since 2022 · until 2028
PASCAL DE BUCK
Managing director
Also active at: FLUXYS BELGIUM, Federatie van de elektriciteits- en gasnetbeheerders in België, FLUXYS LNG, FluxDune, FLUXYS EUROPE, FLUXYS INTERNATIONAL, FluxysGer, EUROPEAN NETWORK OF TRANSMISSION SYSTEM OPERATORS FOR GAS +3 more
since 2022 · until 2028
since 2023 · until 2029
ANDRIES GRYFFROY
Chairman of the board
Also active at: FLUXYS BELGIUM, PUBLIGAS, DRETTI, SYNDUCTIS, Creat
since 2022 · until 2028
since 2022 · until 2028
TIM MARAHRENS
Director
since 2023 · until 2028
LUDO KELCHTERMANS
Director
Also active at: FLUXYS BELGIUM, L.K.C., CIPAL, LIZEL, VLAAMSE ENERGIEHOLDING, 3E, HOPPE, C - Power +19 more
since 2026 · until 2031
since 2020 · until 2026
KOEN VAN DEN HEUVEL
Director
Also active at: FLUXYS BELGIUM, Autonoom Gemeentebedrijf Puurs-Sint-Amands
since 2022 · until 2028
ROLAND DÖRIG
Director
since 2023 · until 2028
DANIEL TERMONT
Director
Also active at: FLUXYS BELGIUM, PUBLIGAS, KURT DEFRANCQ HUIS BAARLE, Kurt Defrancq, im-pact, DURCIM INTERNATIONAL
since 2022 · until 2028
Shareholders
77.5%
EIP Neon Holding I
15.2%
2%
. Membres du personnel
0.6%
0.1%
Participations
Fluxys Chile
100%
Corumba Holding SARL
100%
100%
100%
Fluxys Brasil
100%
100%
90%
13%
Establishments
Establishment units
Physical locations of this company
Kunstlaan 31
1040 Brussel
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0827.783.746
- VAT number
- BE 0827.783.746
- Registered office
- Kunstlaan 31, 1040 Brussel
- Names & denominations
- FLUXYS
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 13 July 2010
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Distributie van gasvormige brandstoffen via leidingen
Activiteiten van hoofdkantoren
Vervoer via pijpleidingen