Sector · NACE 37

Sewerage

227 Belgian companies whose main activity falls under NACE code 37 have filed annual accounts. Their median solvency is 40.9% for financial year 2024.

Companies227
Median solvency40.9%
Median equity250,891 €
Median headcount (FTE)6.5
Founded in the last 3 years16

Sector medians

Computed by Idonis

Distribution across the sector's companies for financial year 2024: a quarter of companies sit below the 1st quartile, half below the median, three quarters below the 3rd quartile.

Indicator1st quartileMedian3rd quartileCompanies
Solvency 22.2%40.9%62.4% 203
Current ratio 0.871.432.39 200
ROE 1.2%14.3%33.0% 181
Equity 41,529 €250,891 €819,395 € 203
Total assets 170,456 €609,754 €€1.93m 203
Net result 229 €30,342 €121,803 € 202
Headcount (avg FTE) 2.06.515.6 115

Medians computed by Idonis from annual accounts filed with the National Bank, all sizes combined. The same panel is the sector benchmark on every company page. Method

Largest companies: Sewerage

Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.

#Company Total assetsRevenue EquityFTEYear
1 Aquafin 2630 Aartselaar €4.48bn €636.9m €1.11bn 1,207.3 2025
2 Societe Publique DE Gestion DE L'EAU 4800 Verviers €4.06bn €450.2m €2.14bn 65.0 2025
3 in BW Association Intercommunale 1400 Nivelles €576.1m €135.7m €219.5m 488.0 2025
4 Association Intercommunale Pour LE Demergement ET L'Epuration DES Communes DE LA Province DE Liege 4420 Saint-Nicolas €454.1m €78.7m €140.4m 284.4 2025
5 Fluvius Riobra 3210 Lubbeek €383.3m €22.1m €261.0m — 2025
6 IDELUX Eau 6700 Arlon €115.5m €26.3m €50.6m 101.2 2025
7 T.W.Z. 9940 Evergem €108.6m €22.3m €82.4m 54.8 2025
8 Immo DBK 66 1050 Ixelles €69.5m — €33.3m — 2023
9 DE Bree Solutions 9990 Maldegem €50.7m €21.4m €28.9m 82.4 2025
10 Roefs 2030 Antwerp €26.1m €37.6m €8.81m 100.4 2024
11 Trevi 9050 Ghent €25.6m €36.2m €9.92m 129.0 2025
12 Global Water & Energy 8200 Bruges €21.8m €29.4m €1.81m 28.4 2025
13 TPF Utilities 1190 Forest €20.1m €32.3m €8.19m 118.6 2025
14 Dranco 9000 Ghent €18.9m €1.45m €2.31m 34.0 2025
15 A.B. Maxi Cleaning 1930 Zaventem €16.2m €16.7m €10.1m 39.8 2025
16 Geo-Groep 2440 Geel €15.7m €12.8m €12.5m 27.3 2025
17 Verhelle 8700 Tielt €13.5m — €8.80m 11.0 2025
18 Eloy Water 4140 Sprimont €13.3m €47.8m €7.63m 50.6 2025
19 Exhaurea 7000 Mons €13.1m €2.81m €11.1m — 2025
20 DE Ruyte Milieu 2870 Puurs-Sint-Amands €10.3m — €2.25m 13.7 2024

“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.

Where are they based?

  • Antwerp39
  • East Flanders33
  • Flemish Brabant29
  • Liège27
  • Brussels-Capital25
  • West Flanders24
  • Hainaut16
  • Walloon Brabant14
  • Namur10
  • Limburg7
  • Luxembourg3

Municipalities with the most

Sub-sectors

Frequently asked questions

How many Sewerage companies are there in Belgium?

227 Belgian companies whose main activity falls under NACE code 37 (Sewerage) have filed annual accounts with the National Bank.

What is the median solvency in Sewerage?

For financial year 2024, median solvency (equity over total assets) is 40.9%. The middle half of companies lies between 22.2% and 62.4% (203 companies).

What is the largest company in Sewerage?

By total assets, it is Aquafin (€4.48bn, financial year 2025).

Where are Sewerage companies based?

The municipalities with the most: Ixelles (6), Zaventem (6), Bruges (5).

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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 10 Oct 2026.