Sector · NACE 4221

Construction of utility projects for fluids

445 Belgian companies whose main activity falls under NACE code 4221 have filed annual accounts. Their median solvency is 37.7% for financial year 2024.

Companies445

Median solvency37.7%

Median equity72,997 €

Median headcount (FTE)5.2

Founded in the last 3 years49

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.

Indicator	1st quartile	Median	3rd quartile	Companies
Solvency	19.2%	37.7%	60.0%	343
Current ratio	0.87	1.36	2.28	340
ROE	3.8%	18.9%	54.2%	311
Equity	18,002 €	72,997 €	312,043 €	349
Total assets	72,153 €	243,577 €	948,075 €	347
Net result	510 €	12,920 €	56,071 €	348
Headcount (avg FTE)	1.3	5.2	13.0	149

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: Construction of utility projects for fluids

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	Pioneering Spirit Marine Contractors 2910 Essen	€643.0m	€16.3m	€635.1m	—	2025
2	Denys 9032 Ghent	€528.9m	€506.3m	€103.8m	969.3	2025
3	Verbraeken Infra 9140 Temse	€193.3m	€319.2m	€85.7m	327.2	2025
4	Herbosch - Kiere 9130 Beveren-Kruibeke-Zwijndrecht	€111.7m	€117.7m	€16.8m	221.4	2025
5	Litran 9000 Ghent	€83.5m	€114.1m	€21.1m	410.2	2025
6	Entreprises Hydrogaz 4460 Grâce-Hollogne	€58.5m	€84.6m	€25.9m	228.6	2025
7	Etwal - Platteau Infra 7180 Seneffe	€41.3m	€65.3m	€18.0m	430.4	2025
8	Argea 1180 Uccle	€34.9m	€72.9m	€10.7m	348.7	2025
9	Tegec 4432 Ans	€20.5m	€40.7m	€6.15m	177.6	2025
10	Audacia Marine Contractors 2910 Essen	€19.5m	€51.0m	€11.4m	—	2025
11	Smet GWT Europe 2480 Dessel	€19.2m	€39.1m	€5.58m	152.3	2025
12	RGI 2030 Antwerp	€18.3m	€1.57m	€5.16m	6.0	2025
13	Lorelay Marine Contractors 2910 Essen	€18.0m	€13.8m	€12.6m	—	2025
14	Pantarein Water 2800 Mechelen	€17.0m	€17.3m	€5.30m	43.9	2025
15	Solitaire Marine Contractors 2910 Essen	€16.9m	—	€12.0m	—	2025
16	Canalco 2280 Grobbendonk	€16.9m	€29.1m	€6.70m	98.7	2025
17	Marine Survey Contractors 2910 Essen	€16.6m	—	€14.0m	—	2025
18	Ondernemingen Jansen 2330 Merksplas	€14.8m	€15.2m	€6.44m	49.8	2025
19	MNF-Tech 9160 Lokeren	€12.0m	€22.2m	€3.66m	110.9	2025
20	Calamity Jane Marine Contractors 2910 Essen	€10.9m	—	€10.2m	—	2025

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

Where are they based?

East Flanders130
Antwerp87
Brussels-Capital59
Limburg49
Flemish Brabant35
Liège22
Hainaut21
West Flanders17
Walloon Brabant12
Namur11
Luxembourg2

Municipalities with the most

Frequently asked questions

How many Construction of utility projects for fluids companies are there in Belgium?

445 Belgian companies whose main activity falls under NACE code 4221 (Construction of utility projects for fluids) have filed annual accounts with the National Bank.

What is the median solvency in Construction of utility projects for fluids?

For financial year 2024, median solvency (equity over total assets) is 37.7%. The middle half of companies lies between 19.2% and 60.0% (343 companies).

What is the largest company in Construction of utility projects for fluids?

By total assets, it is Pioneering Spirit Marine Contractors (€643.0m, financial year 2025).

Where are Construction of utility projects for fluids companies based?

The municipalities with the most: Lokeren (19), Zele (16), Brussels (11).

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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 11 Nov 2026.