olivLaw · European equity research
Fluxys Belgium FLUX.BR
Belgium · Euronext Brussels · ISIN BE0974265945 · Vertical: Listed companies from Belgium
At the close of 05 Nov 2026, Fluxys Belgium (FLUX.BR) stock was 20.80 EUR (−0.48% on the day), with market capitalisation 1.5 bn EUR, P/E 19.0 on diluted EPS of 1.09 EUR over the last 12 months, dividend yield 6.73%, beta 0.32, 52-week range 17.00–23.00 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.0
- neutral
- Bollinger (20, 2)
- 20.50 – 21.36
- in the lower half of the band · %B 0.35 · band width 4.1%
- SMA 50 / 200
- 21.59 / 20.60
- mixed trend
- MACD (12, 26, 9)
- -0.17 / -0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.9% | +0.4% | −2.3 pp | — |
| 3 months | +4.5% | −3.3% | +7.8 pp | — |
| 6 months | −5.9% | +4.0% | −9.8 pp | — |
| Year to date | +12.4% | +8.1% | +4.3 pp | — |
| 1 year | +21.6% | +10.7% | +10.9 pp | +7.2% |
| 3 years | −9.6% | +50.1% | −59.7 pp | −5.5% |
| 5 years | −32.9% | +43.6% | −76.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 12.7, median 14.8, max 16.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 82.9 m | 76.8 m |
| Net income YoY | unavailable | −7.4% |
| Diluted EPS | 1.18 | 1.09 |
| Diluted EPS YoY | unavailable | −7.4% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 785.7 m EUR
- Financial debt
- 986.3 m EUR
- Net debt
- 200.7 m EUR
- Equity
- 592.8 m EUR
- Total assets
- 3.2 bn EUR
- Debt / equity
- 1.66x
- Current ratio
- 2.78x
- ROE
- 12.8%
- ROA
- 2.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 133.9 m | 133.9 m | esef· 15 Apr 2026verified |
| Depreciation & amortisation | 177.5 m | 184.9 m | esef· 15 Apr 2026verified |
| EBITDA | 311.5 m ≈ | 318.8 m ≈ | esef· 15 Apr 2026derived |
| Interest expense | 72.0 m | 59.9 m | esef· 15 Apr 2026verified |
| Pre-tax income | 107.6 m | 101.2 m | esef· 15 Apr 2026verified |
| Income tax | 25.6 m | 26.3 m | esef· 15 Apr 2026verified |
| Net income | 82.9 m | 76.8 m | esef· 15 Apr 2026verified |
| Diluted EPS | 1.18 | 1.09 | esef· 15 Apr 2026verified |
| Dividend per share | 1.40 | 1.40 | esef· 15 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.1 bn | 785.7 m | esef· 15 Apr 2026verified |
| Receivables | 93.5 m | 117.4 m | esef· 15 Apr 2026verified |
| Inventories | 52.7 m | 89.3 m | esef· 15 Apr 2026verified |
| Current assets | 1.3 bn | 1.1 bn | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 1.8 bn | 1.9 bn | esef· 15 Apr 2026verified |
| Goodwill | 0 | 0 | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 29.4 m | 28.4 m | esef· 15 Apr 2026verified |
| Total assets | 3.3 bn | 3.2 bn | esef· 15 Apr 2026verified |
| Accounts payable | 109.0 m | 102.6 m | esef· 15 Apr 2026verified |
| Long-term debt | 1.0 bn | 986.3 m | esef· 15 Apr 2026verified |
| Current liabilities | 387.9 m | 399.1 m | esef· 15 Apr 2026verified |
| Equity | 603.8 m | 592.8 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 70.3 m | 70.3 m | esef· 15 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn EUR
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.11 – 25.97 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA10.11 – 20.50 (Mid 17.56)6 companies used · median multiple 4.5x · quartiles 2.9x – 5.1xCFEB.BR, DEME.BR, FOU.BR, JEN.BR, MIKO.BR, MOUR.BR
- Peers: P/E11.69 – 25.47 (Mid 15.97)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)19.04 – 25.97 (Mid 21.97)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.9% | 71 (vs peers) | 18% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 40 (vs peers) | 18% |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 19.0x | 46 (vs peers) | 18% |
| EV/EBITDA · Valuation | 5.2x | 44 (vs peers) | 18% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.7% | 96 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet43/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial71/100 · 1/3 factors with a value
- Returns· partial96/100 · 1/2 factors with a value
- Valuation45/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FLUXYS BELGIUM (FLUX.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 12.9%; net debt/EBITDA 0.6x.
The estimated value range is 11.69–25.47 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 17.56 EUR, the price of 20.80 EUR leaves a potential of -15.6% (value / price − 1) and a margin of safety of -18.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.9%
- Current ratio: 2.8x
- Shareholder yield (distributions): 6.7%
What contradicts it
- Interest coverage: 2.2x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for FLUX.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202515 Apr 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.