Ranking · Flanders · NACE 35
Electricity, gas, steam and air conditioning supply: highest revenue in Flanders
As of 14 Nov 2026, 146 companies in Electricity, gas, steam and air conditioning supply (NACE 35) in Flanders publish their revenue in recent accounts (financial years 2023 to 2026). The top 10 account for €7.37bn, out of €11.1bn for all of them; median revenue is €3.56m. Fluvius System Operator leads with €2.90bn (financial year 2025).
Top 50 · Electricity, gas, steam and air conditioning supply · Flanders
Ranked by revenue published in the latest filed accounts (accounts less than 3 years old).
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | Fluvius System Operator 9090 Merelbeke-Melle | €10.2bn | €2.90bn | €993.8m | 5,326.3 | 2025 |
| 2 | Eneco Belgium 2800 Mechelen | €361.8m | €1.21bn | €128.4m | 244.0 | 2026 |
| 3 | Fluvius Imewo 9090 Merelbeke-Melle | €3.07bn | €544.9m | €772.5m | — | 2025 |
| 4 | Fluvius West 8500 Kortrijk | €3.38bn | €541.7m | €1.30bn | — | 2025 |
| 5 | Fluvius Limburg 3500 Hasselt | €3.26bn | €434.3m | €1.66bn | — | 2025 |
| 6 | FLUVIUS Antwerpen 2100 Antwerp | €2.46bn | €430.9m | €755.4m | — | 2025 |
| 7 | Elindus 8790 Waregem | €86.7m | €382.6m | €19.3m | 54.1 | 2025 |
| 8 | Fluvius Zenne-Dijle 3210 Lubbeek | €2.52bn | €354.2m | €554.6m | — | 2025 |
| 9 | Scholt Energy 8790 Waregem | €104.7m | €329.9m | €9.20m | 33.2 | 2025 |
| 10 | Fluvius Midden-Vlaanderen 9200 Dendermonde | €1.29bn | €242.7m | €346.1m | — | 2025 |
| 11 | Fluvius Halle-Vilvoorde 1800 Vilvoorde | €1.36bn | €238.2m | €343.2m | — | 2025 |
| 12 | Fluvius Kempen 2300 Turnhout | €1.16bn | €221.6m | €298.6m | — | 2025 |
| 13 | ABB 1831 Machelen (Brab.) | €113.3m | €207.0m | €32.4m | 233.6 | 2025 |
| 14 | Elegant 2800 Mechelen | €64.5m | €178.0m | €5.64m | 28.9 | 2025 |
| 15 | SeaMade 8400 Ostend | €995.6m | €171.5m | €118.5m | — | 2025 |
| 16 | Norther 8400 Ostend | €816.7m | €170.8m | €133.8m | 16.6 | 2025 |
| 17 | Warmtekracht Ondersteunings Maatschappij 2550 Kontich | €51.9m | €167.1m | €1.58m | 2.0 | 2026 |
| 18 | Entrado 8790 Waregem | €28.2m | €147.5m | €4.76m | 10.5 | 2025 |
| 19 | INEOS Oxide Utilities 2070 Beveren-Kruibeke-Zwijndrecht | €103.7m | €139.9m | €43.6m | — | 2025 |
| 20 | Rentel 8400 Ostend | €690.1m | €134.1m | €140.3m | — | 2025 |
| 21 | C - Power 8400 Ostend | €536.4m | €130.5m | €289.0m | 20.9 | 2025 |
| 22 | Northwind 8500 Kortrijk | €392.5m | €121.1m | €67.8m | — | 2025 |
| 23 | European Commodities 8540 Deerlijk | €25.0m | €106.8m | €5.25m | 7.4 | 2025 |
| 24 | YUSO 8790 Waregem | €30.1m | €105.4m | €9.01m | 32.1 | 2025 |
| 25 | Nobelwind 3000 Leuven | €378.9m | €98.2m | €14.3m | — | 2025 |
| 26 | Aspiravi Energy 8500 Kortrijk | €29.6m | €84.1m | €5.86m | — | 2025 |
| 27 | Diesel Terminal Gent 9185 Lochristi | €6.52m | €83.7m | €1.10m | — | 2025 |
| 28 | Belwind 3000 Leuven | €194.8m | €79.7m | €22.3m | — | 2025 |
| 29 | Aspiravi 8500 Kortrijk | €333.0m | €79.5m | €108.5m | 48.7 | 2025 |
| 30 | Northwester 2 3000 Leuven | €470.1m | €75.6m | €41.5m | — | 2025 |
| 31 | Enwyse Belgium 2200 Herentals | €30.1m | €74.4m | €2.04m | 18.1 | 2025 |
| 32 | Advario GAS Terminal 9130 Beveren-Kruibeke-Zwijndrecht | €496.8m | €74.0m | €199.2m | 66.4 | 2025 |
| 33 | Ecopower 2600 Antwerp | €94.8m | €71.9m | €66.1m | 48.2 | 2025 |
| 34 | Zandvliet Power 2040 Antwerp | €97.6m | €49.9m | €28.8m | — | 2025 |
| 35 | Parkwind 3000 Leuven | €512.6m | €47.4m | €484.8m | 189.8 | 2025 |
| 36 | Energa Brussels 1800 Vilvoorde | €32.1m | €42.1m | €27.5m | 1.1 | 2025 |
| 37 | Trevion 9050 Ghent | €11.3m | €37.5m | €2.86m | 4.4 | 2025 |
| 38 | Elektriciteitsbedrijf Merksplas 2330 Merksplas | €9.77m | €36.3m | €1.72m | 6.6 | 2025 |
| 39 | Aspiravi Trading 8500 Kortrijk | €18.9m | €35.8m | €1.70m | — | 2025 |
| 40 | Vlaamse Ecologie-Energie- en Milieuonderneming 3 2000 Antwerp | €90.6m | €34.9m | €14.9m | — | 2025 |
| 41 | E.ON Power Plants Belgium 2800 Mechelen | €135.9m | €33.7m | €38.2m | 19.0 | 2025 |
| 42 | Belgian Eco Energy 2800 Mechelen | €23.9m | €30.0m | €11.3m | 11.2 | 2025 |
| 43 | Elexys 8540 Deerlijk | €15.1m | €30.0m | €9.91m | 2.1 | 2025 |
| 44 | A&U Energie 8780 Oostrozebeke | €63.8m | €27.8m | €9.12m | — | 2025 |
| 45 | Limburg Win(D)T 3500 Hasselt | €56.3m | €23.0m | €6.00m | — | 2025 |
| 46 | Biopower Oostende 8400 Ostend | €107.2m | €22.5m | €30.9m | 21.9 | 2025 |
| 47 | 50Five Belux 2030 Antwerp | €9.85m | €21.2m | 969,375 € | 29.3 | 2025 |
| 48 | Ecoson Energy 9130 Beveren-Kruibeke-Zwijndrecht | €37.0m | €21.1m | €15.7m | 0.1 | 2026 |
| 49 | SteraGas 1980 Zemst | €11.6m | €20.6m | €8.71m | 1.0 | 2025 |
| 50 | Albertstroom 9050 Ghent | €17.8m | €20.3m | €7.37m | — | 2025 |
Ranking based on each company's own annual accounts (statutory, not consolidated): a subsidiary and its parent appear separately, and the ranking differs from lists based on consolidated group accounts. These are the revenue figures published in the annual accounts. Small companies (micro and abridged accounts) do not have to publish theirs: they do not appear in this ranking.
Electricity, gas, steam and air conditioning supply across Belgium → All sectors · Flanders →
Other sectors · Flanders
- 01 Crop and animal production, hunting and related service activities202
- 08 Other mining and quarrying23
- 10 Manufacture of food products504
- 11 Manufacture of beverages47
- 13 Manufacture of textiles114
- 14 Manufacture of wearing apparel23
- 16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials66
- 17 Manufacture of paper and paper products58
- 18 Printing and reproduction of recorded media75
- 20 Manufacture of chemicals and chemical products205
- 21 Manufacture of basic pharmaceutical products and pharmaceutical preparations30
- 22 Manufacture of rubber and plastic products153
- 23 Manufacture of other non-metallic mineral products151
- 24 Manufacture of basic metals72
- 25 Manufacture of fabricated metal products, except machinery and equipment346
- 26 Manufacture of computer, electronic and optical products96
- 27 Manufacture of electrical equipment63
- 28 Manufacture of machinery and equipment n.e.c.164
- 29 Manufacture of motor vehicles, trailers and semi-trailers58
- 30 Manufacture of other transport equipment22
- 31 Manufacture of furniture74
- 32 Other manufacturing73
- 33 Repair, maintenance and installation of machinery and equipment130
- 37 Sewerage18
- 38 Waste collection, recovery and disposal activities156
- 41 Construction of residential and non-residential buildings882
- 42 Civil engineering222
- 43 Specialised construction activities1,336
- 46 Wholesale trade2,897
- 47 Retail trade1,541
- 49 Land transport and transport via pipelines791
- 50 Water transport49
- 51 Air transport17
- 52 Warehousing, storage and support activities for transportation466
- 53 Postal and courier activities50
- 55 Accommodation104
- 56 Food and beverage service activities500
- 58 Publishing activities56
- 59 Motion picture, video and television programme production, sound recording and music publishing activities67
- 60 Programming, broadcasting, news agency and other content distribution activities10
- 61 Telecommunication45
- 62 Computer programming, consultancy and related activities1,005
- 63 Computing infrastructure, data processing, hosting and other information service activities57
- 64 Financial service activities, except insurance and pension funding1,456
- 66 Activities auxiliary to financial services and insurance activities150
- 68 Real estate activities1,139
- 69 Legal and accounting activities293
- 70 Activities of head offices and management consultancy1,101
- 71 Architectural and engineering activities; technical testing and analysis290
- 72 Scientific research and development43
- 73 Activities of advertising, market research and public relations207
- 74 Other professional, scientific and technical activities72
- 75 Veterinary activities20
- 77 Rental and leasing activities175
- 78 Employment activities135
- 79 Travel agency, tour operator and other reservation service and related activities43
- 80 Investigation and security activities25
- 81 Services to buildings and landscape activities260
- 82 Office administrative, office support and other business support activities336
- 84 Public administration and defence; compulsory social security24
- 85 Education463
- 86 Human health activities386
- 87 Residential care activities347
- 88 Social work activities without accommodation243
- 90 Arts creation and performing arts activities179
- 91 Libraries, archives, museums and other cultural activities19
- 93 Sports activities and amusement and recreation activities144
- 94 Activities of membership organisations109
- 95 Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles183
- 96 Personal service activities210
Municipalities with the most companies in the sector · Flanders
- 3550 Heusden-Zolder (Heusden, Zolder)28
- 3500 Hasselt (Sint-Lambrechts-Herk)26
- 8400 Ostend (Stene, Zandvoorde)24
- 8500 Kortrijk23
- 9051 Ghent (Afsnee, Sint-Denijs-Westrem)23
- 2800 Mechelen (Walem)19
- 2300 Turnhout15
- 2600 Antwerp (Berchem)14
- 3000 Leuven14
- 8790 Waregem14
- 1840 Londerzeel (Malderen, Steenhuffel)13
- 9000 Ghent12
Frequently asked questions
Which company in Electricity, gas, steam and air conditioning supply in Flanders has the highest revenue?
Fluvius System Operator, with €2.90bn of published revenue (financial year 2025).
Why are some companies missing?
Small companies (micro and abridged accounts) do not have to publish their revenue: only the 146 that publish it, out of 636 companies in the sector in the area, are ranked.
Why does this ranking differ from other lists?
It uses each company's annual accounts as filed with the National Bank, not consolidated group accounts. A holding, a subsidiary or a purchasing entity can therefore appear separately. Only companies whose latest accounts are less than 3 years old are ranked.
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Active companies (legal entities) that have filed at least one set of annual accounts, based on the Crossroads Bank for Enterprises and the National Bank of Belgium. The sector is the main activity in the register; the municipality is that of the registered office. Data updated on 14 Nov 2026.