The largest companies in Wallonia
151,889 companies in Wallonia have filed annual accounts. Here are the 50 largest by total assets: Ethias leads with €20.8bn (financial year 2025).
Top 50 · Wallonia
Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | Ethias 4000 Liège | €20.8bn | — | €1.89bn | — | 2025 |
| 2 | GlaxoSmithKline Biologicals 1330 Rixensart | €17.8bn | €7.44bn | €9.98bn | 8,371.0 | 2025 |
| 3 | Mastercard Europe 1410 Waterloo | €6.08bn | €9.63bn | €657.8m | 2,358.7 | 2025 |
| 4 | Wallonie Entreprendre 4000 Liège | €5.36bn | €2.98m | €4.98bn | 178.0 | 2025 |
| 5 | crystal computing 7331 Saint-Ghislain | €5.33bn | €965.1m | €4.80bn | 155.5 | 2025 |
| 6 | ORES Assets 6041 Charleroi | €5.23bn | €1.16bn | €2.07bn | — | 2025 |
| 7 | Societe Wallonne DU Credit Social 6000 Charleroi | €4.42bn | €78.3m | €227.1m | 135.3 | 2025 |
| 8 | Societe Publique DE Gestion DE L'EAU 4800 Verviers | €4.06bn | €450.2m | €2.14bn | 65.0 | 2025 |
| 9 | Societe Wallonne DU Logement 6000 Charleroi | €3.48bn | €10.0m | €663.9m | 206.7 | 2025 |
| 10 | Lonza Finance International NV 4800 Verviers | €3.28bn | — | €45.3m | — | 2025 |
| 11 | Societe Wallonne DE Financement Complementaire DES Infrastructures 4031 Liège | €3.02bn | €502.8m | €2.31bn | 49.5 | 2025 |
| 12 | Saint-Gobain Benelux 1300 Wavre | €2.86bn | — | €484.3m | 36.3 | 2025 |
| 13 | Operateur DE Reseaux D'Energies 6041 Charleroi | €2.83bn | €920.9m | 461,806 € | 3,000.0 | 2025 |
| 14 | Societe Wallonne DES Eaux 4800 Verviers | €2.56bn | €631.3m | €1.52bn | 1,318.2 | 2025 |
| 15 | Safran Aero Boosters 4041 Herstal | €2.42bn | €1.01bn | €1.23bn | 1,532.2 | 2025 |
| 16 | Abbott 1300 Wavre | €2.34bn | €105.6m | €2.10bn | 71.2 | 2025 |
| 17 | Concert' EAU 7520 Tournai | €2.34bn | — | €2.29bn | — | 2026 |
| 18 | Compagnie Nationale A Portefeuille 6280 Gerpinnes | €2.26bn | €4.04m | €2.25bn | 24.1 | 2025 |
| 19 | RESA 4000 Liège | €2.25bn | €386.4m | €985.6m | 930.6 | 2025 |
| 20 | Baxter World Trade 7860 Lessines | €2.23bn | €8.03m | €1.06bn | 12.0 | 2025 |
| 21 | Frère-Bourgeois Holding 6280 Gerpinnes | €2.22bn | 36,655 € | €2.20bn | 1.4 | 2025 |
| 22 | AGC Glass Europe 1348 Ottignies-Louvain-la-Neuve | €2.22bn | €487.2m | €397.3m | 1,968.2 | 2025 |
| 23 | Lhoist 1342 Ottignies-Louvain-la-Neuve | €2.13bn | €674.6m | €1.33bn | 107.0 | 2025 |
| 24 | Dolomies DE Marche-LES-Dames 1342 Ottignies-Louvain-la-Neuve | €1.94bn | €47.4m | €1.91bn | 137.0 | 2025 |
| 25 | Operateur DE Transport DE Wallonie 5100 Namur | €1.91bn | €66.4m | €877.2m | 6,183.2 | 2025 |
| 26 | Caroloregienne DE Participations 6280 Gerpinnes | €1.82bn | — | €1.44bn | 0.6 | 2025 |
| 27 | Carmeuse America Holding 1348 Ottignies-Louvain-la-Neuve | €1.77bn | — | €1.66bn | — | 2025 |
| 28 | Nethys 4000 Liège | €1.72bn | 488,102 € | €1.65bn | 8.8 | 2025 |
| 29 | Cofidis 7501 Tournai | €1.66bn | €35.5m | €858.7m | 433.4 | 2025 |
| 30 | Allejo 6280 Gerpinnes | €1.59bn | 55,050 € | €1.59bn | 0.9 | 2025 |
| 31 | Wamfam 6280 Gerpinnes | €1.57bn | — | €1.57bn | — | 2025 |
| 32 | Ganemede Belgium 7503 Tournai | €1.47bn | — | €929.0m | — | 2025 |
| 33 | Enodia 4000 Liège | €1.35bn | — | €1.19bn | 170.9 | 2025 |
| 34 | Lhoist Industrie 6900 Marche-en-Famenne | €1.34bn | €30.5m | €1.33bn | 93.8 | 2025 |
| 35 | Society FOR Worldwide Interbank Financial Telecommunication 1310 La Hulpe | €1.28bn | €1.14bn | €905.5m | 2,098.7 | 2025 |
| 36 | LNA Holding 1342 Ottignies-Louvain-la-Neuve | €1.21bn | — | €1.21bn | — | 2025 |
| 37 | B.A.D. 21 1380 Lasne | €1.20bn | 884,549 € | €763.7m | — | 2025 |
| 38 | Ceneo 6000 Charleroi | €1.17bn | 954,029 € | €959.6m | — | 2025 |
| 39 | Holcibel 7034 Mons | €1.11bn | 995,439 € | €1.11bn | 4.0 | 2025 |
| 40 | Université Catholique de Louvain 1348 Ottignies-Louvain-la-Neuve | €1.10bn | — | €866.5m | 5,467.6 | 2025 |
| 41 | Carfin 1348 Ottignies-Louvain-la-Neuve | €1.06bn | 300 € | €293.6m | 2.0 | 2025 |
| 42 | Heidelberg Materials Benelux 1420 Braine-l'Alleud | €1.05bn | €602.9m | €688.8m | 1,350.8 | 2025 |
| 43 | Société Européenne de prises de Participations commerciales et industrielles 7520 Tournai | €1.05bn | — | €799.6m | — | 2025 |
| 44 | Société Nationale de Construction Aérospatiale 6041 Charleroi | €1.05bn | €399.0m | €411.4m | 1,534.0 | 2025 |
| 45 | Albemarle Europe 1348 Ottignies-Louvain-la-Neuve | €964.2m | €472.9m | €811.2m | 14.3 | 2025 |
| 46 | Willis Towers Watson 4020 Liège | €915.2m | €131.4m | €106.0m | 123.7 | 2025 |
| 47 | Socofe 4000 Liège | €908.6m | — | €886.1m | 6.1 | 2025 |
| 48 | Aisin Europe 1420 Braine-l'Alleud | €905.0m | €1.59bn | €367.0m | 779.8 | 2026 |
| 49 | Centre hospitalier universitaire de Liège 4000 Liège | €877.5m | €838.8m | €344.8m | 5,386.9 | 2025 |
| 50 | Grand Hopital DE Charleroi 6060 Charleroi | €875.6m | €550.3m | €174.6m | 3,690.0 | 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.
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
Most represented sectors · Wallonia
Frequently asked questions
What is the largest company in Wallonia?
By total assets, it is Ethias (€20.8bn, financial year 2025).
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.
How many companies in Wallonia have filed annual accounts?
151,889 active companies are registered there and have filed at least one set of annual accounts.
Analyse companies · Wallonia
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Open the full file →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 11 Nov 2026.