ACTIVE

Farys

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Financial year 2025 · closed on 31/12/2025

Net result

40,3 M €

+5.5% YoY

Revenue

576,9 M €

+14.0% YoY

Equity

2 Md €

+6.3% YoY

Workforce

974,0 ETP

+2.6% YoY

What does Farys do?

Farys is a Project leader organization, Flemish Region incorporated in 1923. Its main activity is: Water collection, treatment and supply. Its registered office is in Gent. It employs on average 974,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0200.068.636

Incorporation

16/02/1923

Legal form

Project leader organization, Flemish Region

Registered office

Stropstraat 1
9000 Gent · FlandreSee on map

Contributed capital

640 428 102,79 €

Latest accounts

31/12/2025

Average workforce

974,0 ETP

Activities (NACE)

36000Water collection, treatment and supply· main 36000Water collection, treatment and supply 41000Construction of buildings 93110Operation of sports facilities 93110Operation of sports facilities 93126Activities of sports clubs+3

Joint committees (1)

1934067-47 (RSZ-ONSS)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Revenue	576,9 M €	+14.0%	506,3 M €	+2.1%	496 M €	+9.2%	454 M €	+6.4%	426,7 M €	-2.7%	438,4 M €	+0.6%	435,7 M €	+4.0%	419 M €	+3.1%	406,3 M €	+5.9%	383,7 M €	+4.8%	366,3 M €	+4.7%	349,9 M €	+7.3%	326,1 M €	+2.6%	317,7 M €	+5.5%	301,1 M €	+13.8%	264,6 M €	+4.7%	252,8 M €
EBITDA	171 M €	+9.3%	156,4 M €	+7.2%	145,9 M €	+8.7%	134,3 M €	+2.8%	130,6 M €	+1.3%	128,9 M €	+2.0%	126,4 M €	+5.8%	119,5 M €	+7.8%	110,8 M €	+15.9%	95,6 M €	+7.4%	89 M €	-0.8%	89,7 M €	+26.9%	70,7 M €	+4.4%	67,7 M €	+14.7%	59 M €	+18.7%	49,8 M €	+9.6%	45,4 M €
Operating result	74,2 M €	+0.7%	73,7 M €	+20.4%	61,2 M €	+10.3%	55,5 M €	-2.5%	57 M €	-0.3%	57,1 M €	-1.4%	57,9 M €	+2.9%	56,3 M €	+12.7%	50 M €	+25.9%	39,7 M €	+27.2%	31,2 M €	-11.0%	35,1 M €	+27.9%	27,4 M €	+6.0%	25,8 M €	+3.9%	24,9 M €	+27.1%	19,6 M €	+19.3%	16,4 M €
Net result	40,3 M €	+5.5%	38,2 M €	+30.6%	29,2 M €	+1.9%	28,7 M €	-4.1%	29,9 M €	-5.5%	31,7 M €	+7.9%	29,3 M €	+4.0%	28,2 M €	+52.9%	18,5 M €	+51.1%	12,2 M €	-14.9%	14,3 M €	+28.7%	11,1 M €	+10.7%	10,1 M €	-35.6%	15,6 M €	+2.2%	15,3 M €	+6.4%	14,4 M €	+12.1%	12,8 M €
Balance sheet
Equity	2 Md €	+6.3%	1,9 Md €	+3.1%	1,9 Md €	+3.5%	1,8 Md €	+4.0%	1,7 Md €	+2.7%	1,7 Md €	+2.4%	1,6 Md €	+1.9%	1,6 Md €	+4.8%	1,5 Md €	+2.3%	1,5 Md €	+1.6%	1,5 Md €	+1.7%	1,5 Md €	+3.6%	1,4 Md €	+85.0%	761,9 M €	+3.0%	739,5 M €	+4.3%	709,1 M €	+4.0%	682 M €
Total assets	3,8 Md €	+4.3%	3,7 Md €	+3.1%	3,5 Md €	+5.2%	3,4 Md €	+5.7%	3,2 Md €	+1.1%	3,2 Md €	+2.8%	3,1 Md €	+4.1%	2,9 Md €	+6.9%	2,8 Md €	+4.5%	2,6 Md €	+1.6%	2,6 Md €	+3.9%	2,5 Md €	+5.4%	2,4 Md €	+49.8%	1,6 Md €	+11.5%	1,4 Md €	+9.6%	1,3 Md €	+7.0%	1,2 Md €
Cash	5,8 M €	-35.5%	9 M €	-44.2%	16,1 M €	+217%	5,1 M €	+12.8%	4,5 M €	-83.6%	27,5 M €	+827%	3 M €	+23.4%	2,4 M €	+66.8%	1,4 M €	-2.1%	1,5 M €	-46.7%	2,8 M €	-20.3%	3,5 M €	-87.4%	27,5 M €	+30.5%	21,1 M €	+379%	4,4 M €	+82.2%	2,4 M €	-0.4%	2,4 M €
Debts	1,7 Md €	+1.3%	1,7 Md €	+3.5%	1,7 Md €	+7.1%	1,5 Md €	+8.3%	1,4 Md €	-0.7%	1,4 Md €	+3.1%	1,4 Md €	+7.1%	1,3 Md €	+9.4%	1,2 Md €	+7.6%	1,1 Md €	+1.4%	1,1 Md €	+6.9%	1 Md €	+11.3%	914,2 M €	+21.1%	754,7 M €	+21.3%	622,1 M €	+25.6%	495,1 M €	+11.8%	442,9 M €
Other
Workforce	974,0 ETP	+2.6%	949,4 ETP	+1.4%	935,9 ETP	-2.7%	962,1 ETP	+4.1%	924,3 ETP	+4.7%	883,2 ETP	+1.2%	872,3 ETP	+4.8%	832,4 ETP	+5.6%	788,6 ETP	+5.3%	748,9 ETP	+1.4%	738,8 ETP	-0.8%	744,8 ETP	-0.4%	747,8 ETP	+1.2%	738,9 ETP	+5.3%	701,6 ETP	+4.4%	672,3 ETP	+1.6%	661,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 15 active · 186 ended

Active mandates

Ann BRUSSEEL

Director · since 28 mars 2025

Active

Christophe PEETERS

Vice-chairman of the board of directors · since 28 mars 2025

Active

Greet RIEBBELS

Director · since 28 mars 2025

Active

Jan FOULON

Director · since 28 mars 2025

Active

Jan VERMEULEN

Chairman of the board of directors · since 28 mars 2025

Active

Marie-Mausanne LEGRAND

Director · since 28 mars 2025

Active

Minou ESQUENET

Director · since 28 mars 2025

Active

Pablo ANNYS

Director · since 28 mars 2025

Active

Sofie D'HONDT

Director · since 28 mars 2025

Active

Yoeri VASTERSAVENDTS

Director · since 28 mars 2025

Active

Frank DE VIS

Director · since 17 juin 2022

Active

Goedele UYTTERSPROT

Director · since 17 juin 2022

Active

Eddy DEKNOPPER

Director · since 22 mars 2019

Active

Frank DE MULDER

Director · since 22 décembre 2017

Active

Philippe VERLEYEN

Director · since 22 décembre 2017

Active

Ended mandates

C. PEETERS

Vice-chairman of the board of directors · since 28 mars 2025

Ended

J. FOULON

Director · since 28 mars 2025

Ended

Philip PIERINS

Director · since 11 décembre 2020 · until 28 mars 2025

Ended

Philip PIERINS

Director · since 11 décembre 2020

Ended

At this address

Other companies at this address

Company	CBE no.
Creat● Active	0554.887.312
FARYS btw-eenheid● Active	0630.730.325
Farys Solar● Active	0886.870.604
Waterunie● Active	0783.979.239
Waterunie Operator● Active	1028.765.073

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	23/06/2026	08/07/2025	02/07/2024	04/07/2023	28/06/2022	28/06/2021
General meeting	19/06/2026	20/06/2025	21/06/2024	16/06/2023	17/06/2022	18/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

95 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/06/2026	23/06/2026	French	PDF
Full model	31/12/2025	19/06/2026	23/06/2026	Dutch	PDF
Full model	31/12/2024	20/06/2025	08/07/2025	French	PDF
Full model	31/12/2024	20/06/2025	08/07/2025	Dutch	PDF
Consolidated accounts	31/12/2024	20/06/2025	08/07/2025	Dutch	PDF
Consolidated accounts	31/12/2024	20/06/2025	08/07/2025	French	PDF
Full model	31/12/2023	21/06/2024	02/07/2024	Dutch	PDF
Full model	31/12/2023	21/06/2024	02/07/2024	French	PDF
Consolidated accounts	31/12/2023	21/06/2024	04/07/2024	Dutch	PDF
Consolidated accounts	31/12/2023	21/06/2024	02/07/2024	French	PDF
Full model	31/12/2022	16/06/2023	04/07/2023	Dutch	PDF
Full model	31/12/2022	16/06/2023	04/07/2023	French	PDF
Consolidated accounts	31/12/2022	16/06/2023	04/07/2023	Dutch	PDF
Consolidated accounts	31/12/2022	—	04/07/2023	French	PDF
Full model	31/12/2021	17/06/2022	28/06/2022	French	PDF
Full model	31/12/2021	17/06/2022	28/06/2022	Dutch	PDF
Consolidated accounts	31/12/2021	17/06/2022	28/06/2022	Dutch	PDF
Consolidated accounts	31/12/2021	17/06/2022	28/06/2022	French	PDF
Full model	31/12/2020	18/06/2021	28/06/2021	French	PDF
Full model	31/12/2020	18/06/2021	28/06/2021	Dutch	PDF
Consolidated accounts	31/12/2020	18/06/2021	21/06/2021	French	PDF
Consolidated accounts	31/12/2020	18/06/2021	21/06/2021	Dutch	PDF
Full model	31/12/2019	19/06/2020	19/06/2020	French	PDF
Full model	31/12/2019	19/06/2020	19/06/2020	Dutch	PDF

View all 95 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 15 active · 186 ended

Active mandates

Ann BRUSSEEL

Director · since 28 mars 2025

Active

Christophe PEETERS

Vice-chairman of the board of directors · since 28 mars 2025

Active

Greet RIEBBELS

Director · since 28 mars 2025

Active

Jan FOULON

Director · since 28 mars 2025

Active

Jan VERMEULEN

Chairman of the board of directors · since 28 mars 2025

Active

Marie-Mausanne LEGRAND

Director · since 28 mars 2025

Active

Minou ESQUENET

Director · since 28 mars 2025

Active

Pablo ANNYS

Director · since 28 mars 2025

Active

Sofie D'HONDT

Director · since 28 mars 2025

Active

Yoeri VASTERSAVENDTS

Director · since 28 mars 2025

Active

Frank DE VIS

Director · since 17 juin 2022

Active

Goedele UYTTERSPROT

Director · since 17 juin 2022

Active

Eddy DEKNOPPER

Director · since 22 mars 2019

Active

Frank DE MULDER

Director · since 22 décembre 2017

Active

Philippe VERLEYEN

Director · since 22 décembre 2017

Active

Ended mandates

C. PEETERS

Vice-chairman of the board of directors · since 28 mars 2025

Ended

J. FOULON

Director · since 28 mars 2025

Ended

Philip PIERINS

Director · since 11 décembre 2020 · until 28 mars 2025

Ended

Philip PIERINS

Director · since 11 décembre 2020

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring31/10/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates01/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other19/06/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Restructuring13/06/2024
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring13/06/2024
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates10/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/08/2023
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202540,3 M €↑
15/10/2025
apport
20/06/2025
nominationBart MEGANCK — commissaris
28/03/2025
reconductionEddy DEKNOPPER — bestuurder
28/03/2025
reconductionFrank DE VIS — bestuurder
28/03/2025
reconductionFrank DE MULDER — bestuurder
28/03/2025
reconductionGoedele UYTTERSPROT — bestuurder
28/03/2025
reconductionJan FOULON — bestuurder
28/03/2025
reconductionChristophe PEETERS — bestuurder
28/03/2025
reconductionPhilippe VERLEYEN — bestuurder
28/03/2025
nominationMichèle ESQUENET — bestuurder
28/03/2025
nominationJan VERMEULEN — bestuurder
28/03/2025
nominationAnn BRUSSEEL — bestuurder
28/03/2025
nominationMarie-Mausanne LEGRAND — bestuurder
28/03/2025
nominationPablo ANNYS — bestuurder
28/03/2025
nominationSofie D'HONDT — bestuurder
28/03/2025
nominationJoeri VASTERSAVENDTS — bestuurder
28/03/2025
nominationGreta RIEBBELS — bestuurder
28/03/2025
nominationChristophe PEETERS — ondervoorzitter van de Raad van Bestuur
28/03/2025
nominationPascale AERTS — secretaris van de Raad van Bestuur
2024
Annual accounts 202438,2 M €↑
01/01/2024
apport
2023
Annual accounts 202329,2 M €↑
2022
Annual accounts 202228,7 M €↓
17/06/2022
nominationGoedele Uyttersprot — bestuurder
17/06/2022
nominationFrank De Vis — bestuurder
17/06/2022
reconductionFIGURAD Bedrijfsrevisoren BVBA — commissaris
2022
Name changeFarys
2021
Annual accounts 202129,9 M €↓
2021
Name changeTMVW
2020
Annual accounts 202031,7 M €↑
2019
Annual accounts 201929,3 M €↑
2018
Annual accounts 201828,2 M €↑
2017
Annual accounts 201718,5 M €↑
2016
Annual accounts 201612,2 M €↓
2015
Annual accounts 201514,3 M €↑
2014
Annual accounts 201411,1 M €↑
2013
Annual accounts 201310,1 M €↓
2012
Annual accounts 201215,6 M €↑
2011
Annual accounts 201115,3 M €↑
2010
Annual accounts 201014,4 M €↑
2009
Annual accounts 200912,8 M €
16/02/1923
IncorporationProject leader organization, Flemish Region

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Farys

Overview

What does Farys do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline