Vivaqua: financial consolidation announced

Government agreement: what changes

The agreement of 12 February 2026 provides for the financial consolidation of Vivaqua with now-known modalities:

• 180M EUR recapitalisation — the Region takes a 49.99% stake in Vivaqua's capital
• Integration of Hydria (water recycling) into Vivaqua
• Savings targets: 18M EUR by 2029 (Vivaqua) + 32M EUR (Hydria)
• A deconsolidation fund will be created to remove Vivaqua's debt from the regional budget

The end of the caretaker period unblocks the multi-year investment plan and tariff decisions that had been pending since June 2024.

Tariff increase and regulator criticism (February 2026)

From 1 January 2026, water tariffs in Brussels increased by 12.5%, amounting to approximately EUR 1.70/month per person according to Vivaqua. The utility's debt stands at approximately EUR 1 billion.

The Brussels regulator BRUGEL published a critical analysis of Vivaqua's management:

• EUR 73M in unpaid bills — the amount of uncollected consumer receivables
• EUR 35M in rejected costs — expenses deemed unjustified by the regulator and excluded from the tariff calculation
• BRUGEL denounces poor management that contributes to tariff pressure on households

The tariff increase comes at a time when the new government has announced a EUR 180M recapitalisation and the creation of a deconsolidation fund to remove the debt from the regional budget.

Series of sewer collapses (February 2026)

In early February 2026, a series of sewer collapses highlighted the critical state of the network:

• Rue Rogier: collapse in mid-January, trams 25 and 62 interrupted for two weeks
• Avenue Churchill (Uccle): tram 7 interrupted on 5 February
• Avenue Plasky: subsidence on 15 January
• Tram lines 81 and 92 also affected

Vivaqua stated: "The sewer network is in poor condition." Of the 1,900 km of network, 220 km require urgent renovation, at an estimated cost of 70M EUR per year. 85% of Vivaqua's debt (over 1 billion EUR) stems from sewer renovation contracts.

Inherited context

Vivaqua is the Brussels intermunicipal utility responsible for the production and distribution of drinking water as well as wastewater collection. Its pipeline network, spanning over 4,200 km, is largely outdated — some pipes date back to the 19th century.

The operator had developed an ambitious multi-year investment plan to progressively renew the network, improve resilience against extreme weather events, and reduce water losses.

What was blocked (June 2024 — February 2026)

• Approval of the multi-year investment plan
• Tariff increases needed to fund the works
• Priority arbitrations between network renewal and new infrastructure
• Regional guarantees on Vivaqua's borrowings

Routine maintenance continued, but renewal investments were deferred, worsening the network's deterioration.

Issues to monitor

• Public health: an ageing network increases the risk of contamination
• Water losses: network leaks represent a significant waste of the resource
• Climate resilience: stormwater drainage infrastructure is undersized for the increasingly frequent episodes of heavy rainfall
• Tariffs: financial consolidation could entail tariff adjustments for consumers