Credit profile

As at 31 December 2022 Aquafin was responsible for the management of 325 waste water treatment plants (WWTP), 7,085 km of pipes and 2,025 supra-municipal pumping stations and storage settlement tanks.


Agency: Moody's

Last update: October 2022

Long term rating: Aa3 - stable outlook

Short term rating: P-1

Company passport


Legal structure

Aquafin is 100% owned by the Flemish Region. Its direct holding company is the Flemish Participation Agency NV.

Aquaplus is a subsidiary of Aquafin that focuses on industrial waste water treatment.

Corporate figures (BE GAAP) at 31 December 2022

In thousands of euros

Operating income 666,584
Profit for appropriation 5,054
Total assets 3,863,417
Capital and reserves 327,999
Short term financing 113,705
Long term financing 2,235,996


Employees Aquafin 1,173
Employees VMM 40
Total 1,213

Projects in portfolio for the Flemish Region as at 31 December 2022

  Number Value (millions of euros)
Delivered (1) 3,677 4,570.17
Tendered and awarded (2) 325 568.88
In design phase (3) 1,067 1,354.07
Total in progress (2 + 3) 1,392 1,922.96


Glenn Van Olmen

Glenn Van Olmen

Manager Finance & Procurement

Sofie De Clercq

Sofie De Clercq

Manager Finance