Electricity, gas, steam and air conditioning supply: highest published revenue
259 Belgian companies in the sector (NACE 35) publish their revenue in recent accounts; here are the top 20. Electrabel leads with €13.1bn (financial year 2025).
Top 20
Ranked by revenue published in the latest filed accounts (accounts less than 3 years old).
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | Electrabel 1000 Brussels | €20.5bn | €13.1bn | €10.2bn | 4,261.0 | 2025 |
| 2 | Luminus 1210 Saint-Josse-ten-Noode | €2.37bn | €3.12bn | €772.5m | 1,181.2 | 2025 |
| 3 | Fluvius System Operator 9090 Merelbeke-Melle | €10.2bn | €2.90bn | €993.8m | 5,326.3 | 2025 |
| 4 | TotalEnergies Power & Gas Belgium 4000 Liège | €448.7m | €1.61bn | €65.6m | 181.4 | 2025 |
| 5 | Elia Transmission Belgium 1000 Brussels | €10.5bn | €1.52bn | €3.86bn | 611.6 | 2025 |
| 6 | Eneco Belgium 2800 Mechelen | €361.8m | €1.21bn | €128.4m | 244.0 | 2026 |
| 7 | ORES Assets 6041 Charleroi | €5.23bn | €1.16bn | €2.07bn | — | 2025 |
| 8 | Elia Asset 1000 Brussels | €7.19bn | €963.7m | €1.73bn | 999.9 | 2025 |
| 9 | Operateur de Reseaux d'Energies 6041 Charleroi | €2.83bn | €920.9m | 461,806 € | 3,000.0 | 2025 |
| 10 | Fluxys Belgium 1040 Brussels | €2.27bn | €722.2m | €399.7m | 918.5 | 2025 |
| 11 | Power Online 4020 Liège | €198.0m | €574.7m | €35.1m | 21.1 | 2025 |
| 12 | Fluvius Imewo 9090 Merelbeke-Melle | €3.07bn | €544.9m | €772.5m | — | 2025 |
| 13 | Fluvius West 8500 Kortrijk | €3.38bn | €541.7m | €1.30bn | — | 2025 |
| 14 | Fluvius Limburg 3500 Hasselt | €3.26bn | €434.3m | €1.66bn | — | 2025 |
| 15 | FLUVIUS Antwerpen 2100 Antwerp | €2.46bn | €430.9m | €755.4m | — | 2025 |
| 16 | Axpo Benelux 1050 Brussels | €240.3m | €411.2m | €3.04m | 6.7 | 2025 |
| 17 | BE-NUC 1000 Brussels | €976.9m | €401.6m | €148.2m | 1.9 | 2025 |
| 18 | Sibelga 1000 Brussels | €1.52bn | €396.7m | €861.4m | — | 2025 |
| 19 | RESA 4000 Liège | €2.25bn | €386.4m | €985.6m | 930.6 | 2025 |
| 20 | Elindus 8790 Waregem | €86.7m | €382.6m | €19.3m | 54.1 | 2025 |
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.
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Frequently asked questions
Which company in Electricity, gas, steam and air conditioning supply has the highest revenue?
Electrabel, with €13.1bn in revenue (financial year 2025).
How many Electricity, gas, steam and air conditioning supply companies publish their revenue?
259 out of 1,060, in accounts less than 3 years old. Small companies (micro and abridged accounts) are not required to publish it.
Analyse companies in Electricity, gas, steam and air conditioning supply
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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 13 Nov 2026.