Investor Relations

Here you can find all necessary information regarding the financial policy and the financial results of Fluvius System Operator and the Fluvius Economic Group.

Contact Investor relations  

Do you have a question or a suggestion for Fluvius Investor Relations? Send an email to  [email protected]. We will be glad to help.

The person responsible for IR matters at Fluvius is 

Brusselsesteenweg 199, B-9090 Melle  
Telefoon: (+32) (0)9 263 4504


Press release


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You can find general information for investors in this document: 

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Company profile

Fluvius System Operator cv is the independent company that is responsible for   

  • building, managing and maintaining the distribution grids for electricity and natural gas in all 300 Flemish municipalities  
  • managing the public lighting in all 300 Flemish municipalities  
  • building, managing and maintaining the sewerage system in 85 Flemish municipalities  
  • managing the cable distribution network in 103 Flemish municipalities  
  • building district heating grids  
  • the duties of a social supplier of energy  
  • the promotion of the rartional use of energy and water  
  • and supporting Flemish local authorities in their drive towards more energy efficiency and obtaining the climate objectives.

Fluvius is carrying out these activities on behalf and for the account of 11 intermunicipal companies (‘intermunicipalities’): Fluvius Antwerpen, Fluvius Limburg, Fluvius West, Gaselwest, Imewo, Intergem, Iveg, Iveka, Iverlek, PBE, Riobra and Sibelgas. These 11 intermunicipal companies are at the same time Fluvius System Operator cvba’s shareholders. 

Graph with percentage share per shareholder

Our subsidiaries are Atrias (50%), De Stroomlijn (64%) and Synductis (33%).  
The Fluvius Economic Group consists of Fluvius System Operator cv, wit hits consolidated subsidiaries, and the 11 intermunicipalities.  

Fluvius economic group

Read more

Financial reporting

A. Fluvius Economic Group



B. Fluvius System Operator cv (consolidated)



Our financial calender

Rating and bonds


Moody's Creditreform Rating
Fluvius System Operator A3 (stable) A+ (stable)


Fluvius's current rating an Moody's is A3 (stable outlook).

The latest Credit Opinion published by Moody's is dated 25 july 2019. This document can be consulted here.

The press releases on the latest rating action (switch of the rating outlook from positive to stable) can be found here and here.

Fluvius's rating history at Moody's:

October 2011 - March 2014: A1 (negative)

March 2014 - December 2014: A1 (stable)

December 2014 - December 2016: A1 (negative)

December 2016 - June 2018: A3 (stable)

June 2018 - July 2019: A3 (positive)

July 2019 - ...: A3 (stable)


Creditreform Rating

The current rating at Creditform Rating is A+ (stable outlook).

The most recent rating report on Fluvius issued bij Creditreform can be consulted here:

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Our rating history at Creditreform Rating:

since January 2017: A+ (stable)

reaffirmed on 26 July 2019.


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Commercial Paper programme

As part of its short-term financing facilities Fluvius System Operator has set up a Commercial Paper (CP) programme for issuing treasury notes for a maximum amount of 500 million EUR.

Issuances of treasury notes under this programme are guaranteed by each of Fluvius’s shareholders on a several but not joint basis.

The dealers for this programme are Belfius Bank, BNP Paribas Fortis, KBC Bank and ING Bank (Belgian branch). Belfius Bank is the arranger of this programme.

The Information Memorandum on this CP programme can be accessed here.


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