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Executive overview
Key findings
3,398,870 customers: in the service area in 2025, through 1,552,455 drinking water connections in 167 municipalities (actual)
€974.0 million: statutory turnover in 2025, with a profit of €24.1 million after losses in 2022, 2023 and 2024 (actual)
5.9: net debt to EBITDA in 2025, against a fixed upper limit of 9 (actual)
1.15: Infrastructure Leakage Index in 2025, against a 2025 target of 1.07 and 0.80 by end-2030
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Buyer relevance
Who the report is for
Analysts and advisers new to Flemish water
Get De Watergroep's mandate, network, finances and regulation in one place, with series from FY 2019 to FY 2025.
Suppliers and contractors
Check the status of De Gavers, Kluizen basin 1, Bertem and the Meeuwen water tower as of November 2026 before approaching the utility.
Lenders and credit teams
Read the debt ratio path from 8.63 in 2023 to 5.9 in 2025 alongside the fully signed €350 million European Investment Bank loan.
Policy and regulatory staff
Compare the 2026 tariff values, the €252 average household drinking water bill and the move to the Vlaamse Nutsregulator.
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Decision scope
Questions answered
How large is De Watergroep?
It had 3,398,870 customers in its service area, 1,552,455 connections and a 34,926 km network in 2025.
Is it profitable?
It made a statutory profit of €24.1 million in 2025 after losses of €16.2 million, €20.4 million and €6.7 million in 2022 to 2024.
What does a household pay?
De Watergroep puts the 2026 average household drinking water bill at €252 including VAT, excluding sanitation charges.
Who runs its operations?
Waterunie Operator, owned 50% by De Watergroep and 50% by Farys, since January 1, 2026; its director-general has said the intention is a full merger with Farys by 2032.
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Inside the report
Inside the complete report
Executive Overview
1. Utility and Service Mandate
2. Water Resources and Supply
3. Infrastructure and Treatment
4. Networks and Assets
5. Wastewater and Resource Management
6. Financial Position
7. Investment and Major Projects
8. Tariffs and Customer Context
9. Energy and Sustainability
10. Governance and Regulation
11. Climate and Resilience
12. Forward Developments
Key Intelligence Summary
Source Register
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Public preview
What to watch next
6. Financial Position
2026 results and the debt ratio against 9.
7. Investment and Major Projects
Further drawdowns on the loan; 2026 investment by category.
8. Tariffs and Customer Context
The Vlaamse Nutsregulator's 2027 tariff decision and any further €40–60 per household considered in the Flemish budget talks (not decided).
3. Infrastructure and Treatment
Confirmation that De Gavers is in service; Kluizen refilling; expiry of the 1,2,4-triazole derogation (end-2026).
Financial Position and Investment and Major Projects, with series from FY 2019 to FY 2025.
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Included
What you receive
The complete PDF report: 12 pages, 15 sections, 16 tables and a register of 26 sources.
This edition
November 2026, First edition.
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Evidence & method
Evidence and method
The profile draws on De Watergroep's annual reports and audited accounts for 2018 to 2025 and its 2026 news releases and tariff notices. It also uses WaterRegulator tariff values, Belgian Competition Authority and Flemish Government decisions, and the European Investment Bank's project page.
Sources
26 sources, listed in the report's source register. Evidence current to 14 November 2026. Principal data periods: FY 2025 audited results (year ended December 31, 2025) with series from FY 2019; 2026 tariffs; project and institutional status as of November 14, 2026. All currency is euros (€)..
Evidence boundaries
This report uses authoritative source material available at the stated research cutoff. It distinguishes published facts, calculated values and analytical interpretation. No independent modelling is performed. Forward-looking analysis reflects published plans, documented trends and stated uncertainties. It does not constitute legal, financial, investment or engineering advice.
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Lead analyst
Robert C. Brears
Founder, Our Future Water Intelligence
Robert C. Brears is a water-security specialist and author whose work examines utility governance, infrastructure investment, climate resilience and long-term water-system change for executive and policy audiences.
- Decision-focused utility intelligence
- Published water-policy author
- Evidence-grounded system analysis
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Buyer FAQs
Before you purchase
Who can use the report?
Licensed for internal use within one purchasing organization. The PDF and its contents may be shared with colleagues within that organization. External redistribution, resale and public publication are prohibited without permission.
How is the report delivered?
The PDF is available to download immediately after confirmed payment, through our secure delivery system.
Can my organization buy wider access?
Institutional purchasing: For invoice enquiries, multi-organization licensing or broader access requirements, contact Our Future Water Intelligence.
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Utility Intelligence Profile: De Watergroep
- Format
- Length
- 12 pages
- Edition
- November 2026, First edition
- Price
- USD 99
11
Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Utility Intelligence Profile
- Edition
- November 2026, First edition
- Format
- Length
- 12 pages
- Reference
- OFW_EXT_DE_WATERGROEP_UTILITY_INTELLIGENCE_PROFILE_edf830ed0cd1
- Evidence current to
- 14 November 2026
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