01
Executive overview
Key findings
125,351,550 m³: drinking water produced in 2025; 174,012,068 m³ made available to customers after water bought and sold (actual)
1.15: Infrastructure Leakage Index in 2025, against a 2025 target of 1.07 and a target of 0.80 by end-2030
€162.165 million: investment in distribution and supply mains in 2025, up from €141.475 million in 2024 (actual)
5.9: net debt to EBITDA in 2025, down from 8.63 in 2023, against a fixed upper limit of 9 (actual)
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Buyer relevance
Who the report is for
Water sector suppliers and contractors in Flanders
See which source, storage and network programs are under construction or planned, from Kluizen basin 1 to the Kluizen–Merendree link, and their status as of November 2026.
Lenders and investors in Flemish water
Follow how net debt to EBITDA fell from 8.63 in 2023 to 5.9 in 2025 against an upper limit of 9 while the €350 million European Investment Bank loan was fully signed.
Policy makers and regulators
Compare the 2025–2030 tariff plan, the 2026 regulatory values and the move to the Vlaamse Nutsregulator with the system's investment and leakage needs.
Peer utilities and consultants
Benchmark leakage, renewal and customer service results, including an index of 1.15 and a 1.28% replacement rate in 2025.
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Decision scope
Questions answered
How much of De Watergroep's supply comes from other suppliers?
Net purchases over sales were 48,660,518 m³ in 2025, about 28% of the 174,012,068 m³ made available (calculated).
Is leakage on track for 2030?
The Infrastructure Leakage Index was 1.15 in 2025 against a 2025 target of 1.07; reaching 0.80 by end-2030 needs a further fall of 0.35.
Who runs De Watergroep's operations now?
Waterunie Operator, owned 50% by De Watergroep and 50% by Farys, has run operations since January 1, 2026; an asset merger is planned for 2032.
How is the investment program funded?
The 2025 investment cash outflow of €233 million was mostly funded with €162 million of new long-term loans, alongside a €350 million European Investment Bank loan of which €150 million was drawn by end-2025.
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Inside the report
Inside the complete report
Executive Overview
1. Water Resource Profile
2. Governance and Institutional Framework
3. Infrastructure and Service Delivery
Strategic Outlook and Opportunities
Source Register
05
Public preview
What to watch next
1. Water Resource Profile
A public confirmation that De Gavers is in service; refilling of Kluizen basin 1 in winter 2026–2027; the environmental permit and construction of the remaining 12 km of the Kluizen–Merendree link; a decision to build a full plant at De Ganzepoot.
2. Governance and Institutional Framework
The Vlaamse Nutsregulator's 2027 tariff ruling and the outcome of the Flemish budget discussion on a further €40–60 per household; reporting on Waterunie Operator's integration; steps toward the 2032 asset merger; how De Watergroep's investment portfolio responds to the Strategisch Plan Waterbevoorrading 2026–2032.
3. Infrastructure and Service Delivery
The 2026 Infrastructure Leakage Index against the 0.80 path; whether the 400-sensor framework completes by summer 2027; the award of the joint digital meter framework (bids were due April 7, 2026); the 2026 replacement rate; expiry of the 1,2,4-triazole derogation (end-2026).
Strategic Outlook and Opportunities
The 2027 tariff decision and any bill change from the Flemish budget; 2026 results against the debt-ratio upper limit of 9; further drawdowns on the European Investment Bank loan; permit filings by the renewable consortium; the investment portfolio De Watergroep sets under the 2026–2032 supply plan.
Network renewal, leakage and leakage action plan tables from Section 3, Infrastructure and Service Delivery.
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Included
What you receive
The complete PDF report: 12 pages, 6 sections, 12 tables and a register of 23 sources.
This edition
November 2026, First edition.
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Evidence & method
Evidence and method
The report draws on De Watergroep's annual reports and audited accounts for 2018 to 2025, its 2026 news releases and tariff notices, and the tariff values published by the WaterRegulator. It also uses decisions of the Belgian Competition Authority and the Flemish Government, and the European Investment Bank's project page.
Sources
23 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); 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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Water Systems Overview: De Watergroep
- Format
- Length
- 12 pages
- Edition
- November 2026, First edition
- Price
- USD 499
11
Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Water Utility Intelligence Report
- Edition
- November 2026, First edition
- Format
- Length
- 12 pages
- Reference
- OFW_EXT_WATER_SYSTEMS_OVERVIEW_DE_WATERGROEP_38ce2f8e418e
- Evidence current to
- 14 November 2026
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