Financials
- Fiscal year
- 2025
- Turnover
- €2.90bn
- Profit
- €0
- Solvency
- 9.7%
Turnover▲ 6.6%
Net result
20182025
Fluvius System Operator
ActiveSummary
Fluvius System Operator has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €993.8m and a net result of €0. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 25% of 342 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Overview
Activity
Production of electricity from non-renewable sources
NACE 35110Electricity, gas, steam and air conditioning supply NACE 35130Electricity, gas, steam and air conditioning supply NACE 35140
#1 employer in Belgium, Energy sector51 sites
Size
€2.90bnturnover 2025
- Staff
- 5,326.3 FTE
- Equity
- €993.8m
- Profit
- €0
Structure
- Largest shareholder
- Fluvius Limburg · 41.38%
- Board
- 20 members
- Holdings
- 4
Auditor: EYAccounts 59 d early
Why 79- Equity €993.8m (9.7% of total assets)- Liquidity: current ratio 7.70, cash €18,087+ Size: turnover €2.90bn, 5,326.3 FTE, total assets €10.20bn, files consolidated accounts+ Founded in 2002Show the evidence
Checked score
Score 2025
79
/ 100
Excellent
Probability in this band: under 0.55%
Better than 30% of its sector peers (NACE 35, large)
Performance against the sector, not lower risk
Financial strength · tick = 2024
Weak
Solvency
35-1
equity 9.7% of total assets
Liquidity
49-1
short-term debt 11.8% · cash 0.0%
Profitability
21=
return on assets 0.0%
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.7%
12-2024: 0.7%● 0.0% vs 11-2024
01-2025: 0.7%▼ -0.6% vs 12-2024
02-2025: 0.7%▼ -3.4% vs 01-2025
03-2025: 0.7%▲ +1.8% vs 02-2025
04-2025: 0.7%▼ -2.5% vs 03-2025
05-2025: 0.7%▲ +0.3% vs 04-2025
06-2025: 0.7%▲ +2.8% vs 05-2025
07-2025: 0.9%▲ +27.6% vs 06-2025highest value
08-2025: 0.9%● 0.0% vs 07-2025highest value
09-2025: 0.9%● 0.0% vs 08-2025highest value
10-2025: 0.9%● 0.0% vs 09-2025highest value
11-2025: 0.9%● 0.0% vs 10-2025highest value
12-2025: 0.9%● 0.0% vs 11-2025highest value
01-2026: 0.9%● 0.0% vs 12-2025highest value
02-2026: 0.8%▼ -3.3% vs 01-2026
03-2026: 0.9%▲ +1.6% vs 02-2026
04-2026: 0.8%▼ -2.3% vs 03-2026
05-2026: 0.8%▲ +0.2% vs 04-2026
06-2026: 0.9%▲ +2.1% vs 05-2026
07-2026: 0.5%▼ -42.2% vs 06-2026lowest value
08-2026: 0.5%● 0.0% vs 07-2026lowest value
09-2026: 0.5%● 0.0% vs 08-2026lowest value
10-2026: 0.5%● 0.0% vs 09-2026lowest value
- Equity €993.8m (9.7% of total assets) raises the probability
- Liquidity: current ratio 7.70, cash €18,087 raises the probability
- Size: turnover €2.90bn, 5,326.3 FTE, total assets €10.20bn, files consolidated accounts lowers the probability for this profile
- Founded in 2002 lowers the probability for this profile
Credit up to €78,500,000 at 30 days acceptable
Liquidity ample (current ratio 7.7 against 10.92 in 2024; short-term debt: 11.8% and cash: 0% of total assets), but 90.3% of the assets are financed with debt.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 35, large). Better than this share of them on solvency 30%, liquidity 31%, profitability 13%, growth against the median 46%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 04-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-06-2026, 59 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
59 d early
2024
55 d early
2023
48 d early
2022
45 d early
2021
40 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 49 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
05-10-2026 today31-12-2026 close31-07-2027 deadline
- Reappointment: EY (statutory auditor)State Gazette act
- Annual accounts filedfiscal year 2025 · consolidated
- Annual accounts filedfiscal year 2025 · full…
Key points
By topic
Board & ownership
- Board
- 20 members
- Largest shareholder
- Fluvius Limburg · 41.38%
- Auditor
- EY
Go to Board & ownership
Network & group
- Subsidiaries
- 1
- Holdings
- 4
- Connected companies
- 80
- Mergers and contributions
- 5
4 holdings
Timeline
- Events
- 91
- Since
- 2003
- Next accounts
- by 31-07-2027
- 06-07-2026Reappointment: EY (statutory auditor)
- 15-06-2026Annual accounts filed
- 02-06-2026Annual accounts filed
Company details
- Sites
- 51
- Legal form
- Cooperative company
- Activity
- Production of electricity from non-renewable sourcesNACE 35110
- Founded
- 30-04-2002
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 8
- Purpose
- Het voorwerp van de vennootschap bestaat er in te voldoen aan de behoeften van haar…
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