ACTIVE

Association Intercommunale d'Etudes et d'Exploitation d'Electricité et de Gaz

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Financial year 2025 · Closed on 31/12/2025

Net result1,5 M €-31,9 %over 1 year

Revenue20,1 M €+15,9 %over 1 year

Equity49,6 M €+1,6 %over 1 year

Workforce45,8 ETP+13,6 %over 1 year

Identity

Source · BCE/KBO

Association Intercommunale d'Etudes et d'Exploitation d'Electricité et de Gaz is a Intermunicipal company incorporated in 1968. Its main activity is: Production of electricity. Its registered office is in Andenne. It employs on average 45,8 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0202.555.004
Incorporation: 01/01/1968
Legal form: Intermunicipal company
Registered office: Rue des Marais 11
5300 Andenne · WallonieSee on map
Contributed capital: 12 815 413,25 €
Latest accounts: 31/12/2025
Average workforce: 45,8 ETP

Activities (NACE)

35110Production of electricity· main 35110Production of electricity 35130Distribution of electricity 35140Trade of electricity 40110Production d'électricité 35220Distribution of gaseous fuels through mains+5

Joint committees (4)

100
12702
200
340

Contacts

2 public details availableLog in to view

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 44 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	20,1 M €	+15.9%	17,3 M €	+3.6%	16,7 M €	-0.4%	16,8 M €	-17.1%	20,2 M €
EBITDA	5,3 M €	-6.5%	5,7 M €	+137%	2,4 M €	-40.7%	4 M €	-15.6%	4,8 M €
Operating result	2,7 M €	-18.7%	3,3 M €	+2692%	117,8 k €	-93.1%	1,7 M €	-29.3%	2,4 M €
Net result	1,5 M €	-31.9%	2,2 M €	+1114%	-218,6 k €	-126%	826,9 k €	-45.7%	1,5 M €
Balance sheet
Equity	49,6 M €	+1.6%	48,8 M €	+11.4%	43,8 M €	-2.3%	44,8 M €	+0.3%	44,7 M €
Total assets	74,1 M €	+1.7%	72,9 M €	+9.9%	66,3 M €	+1.7%	65,1 M €	-1.4%	66,1 M €
Cash	1,3 M €	+83.5%	723,1 k €	-41.2%	1,2 M €	-68.7%	3,9 M €	-20.7%	5 M €
Debts	24,2 M €	+2.8%	23,6 M €	+8.8%	21,7 M €	+15.3%	18,8 M €	-5.5%	19,9 M €
Other
Workforce	45,8 ETP	+13.6%	40,3 ETP	0.0%	40,3 ETP	0.0%	40,3 ETP	+1.8%	39,6 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

21 active · 129 ended

Active mandates

Director	Function	Other mandatescurrentendedstruck offbankruptcies
Alain Bouvy	Mandate
Arnaud Deflorenne	Mandate	00
Baudouin Sohier	Mandate	000
Bruno De Langhe	Mandate	00
Christophe Gilon	Mandate	0
Coralie Absil	Mandate
DGST & PARTNERS - REVISEUR D'ENTREPRISES-BEDRIJFSREVISOREN0458.736.952Represented by Pierre Sohet	Mandate	0
François Heurion	Mandate
Françoise Léonard	Mandate	00
Gaetan Dubois	Mandate	00
Guy Coeme	Mandate	00
Julie Dupont	Mandate
Marcel Deglim	Mandate	00
Marie Luce Seressia	Mandate
Martin Van Audenrode	Mandate	000
Philippe Mattart	Mandate
Philippe Rasquin	Mandate
Sandrine Cruspin	Mandate	00
Sébastien Remson	Mandate
Séverine Dhaenens	Mandate	000
Vincent Sampaoli	Mandate	00

Ended mandates

Director	Function	Mandate	Other mandatescurrentendedstruck offbankruptcies
BRANKAER Ph.0462.238.058Represented by Philippe BRANKAER	Registered auditor	since 17/06/2010	000
Agnès BIERNAUX	Director	15/06/2007 → 04/12/2012
Agnès BIERNAUX	Director	since 15/06/2007
Alain BOUVY	Mandate	since 15/06/2007

Other companies at this address

Rue des Marais 11 5300 Andenne

Company	CBE no.
AREWAL● Active	0627.818.345
Meuse@Campagnes● Active	0667.613.881

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	28/07/2026	23/07/2025	08/07/2024	26/06/2023	07/07/2022	20/08/2021
General meeting	10/06/2026	11/06/2025	12/06/2024	07/06/2023	08/06/2022	09/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 44 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	10/06/2026	28/07/2026	French	PDF
Full model	31/12/2024	11/06/2025	23/07/2025	French	PDF
Full model	31/12/2023	12/06/2024	08/07/2024	French	PDF
Full model	31/12/2022	07/06/2023	26/06/2023	French	PDF
Full model	31/12/2021	08/06/2022	07/07/2022	French	PDF
Full model	31/12/2020	09/06/2021	20/08/2021	French	PDF
Full model	31/12/2019	10/06/2020	11/06/2020	French	PDF
Full model	31/12/2018	22/05/2019	28/05/2019	French	PDF
Full model	31/12/2017	12/06/2018	18/06/2018	French	PDF
Full model	31/12/2016	13/06/2017	21/06/2017	French	PDF
Full model	31/12/2015	09/06/2016	17/06/2016	French	PDF
Full model	31/12/2014	17/06/2015	19/06/2015	French	PDF
Full model	31/12/2013	17/06/2014	27/06/2014	French	PDF
Full model	31/12/2012	20/06/2013	05/08/2013	French	PDF
Full model	31/12/2011	14/06/2012	25/06/2012	French	PDF
Full model	31/12/2010	16/06/2011	18/08/2011	French	PDF
Full model	31/12/2009	17/06/2010	29/06/2010	French	PDF
Full model	31/12/2008	15/06/2009	29/06/2009	French	PDF
Full model	31/12/2007	19/06/2008	24/06/2008	French	PDF
Full model	31/12/2006	15/06/2007	27/06/2007	French	PDF
Full model	31/12/2005	16/06/2006	27/06/2006	French	PDF
Full model	31/12/2004	17/06/2005	30/06/2005	French	PDF
Full model	31/12/2003	18/06/2004	29/06/2004	French	PDF
Full model	31/12/2002	20/06/2003	30/06/2003	French	PDF

View all 44 filings

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

21 active · 129 ended

Active mandates

Director	Function	Other mandatescurrentendedstruck offbankruptcies
Alain Bouvy	Mandate
Arnaud Deflorenne	Mandate	00
Baudouin Sohier	Mandate	000
Bruno De Langhe	Mandate	00
Christophe Gilon	Mandate	0
Coralie Absil	Mandate
DGST & PARTNERS - REVISEUR D'ENTREPRISES-BEDRIJFSREVISOREN0458.736.952Represented by Pierre Sohet	Mandate	0
François Heurion	Mandate
Françoise Léonard	Mandate	00
Gaetan Dubois	Mandate	00
Guy Coeme	Mandate	00
Julie Dupont	Mandate
Marcel Deglim	Mandate	00
Marie Luce Seressia	Mandate
Martin Van Audenrode	Mandate	000
Philippe Mattart	Mandate
Philippe Rasquin	Mandate
Sandrine Cruspin	Mandate	00
Sébastien Remson	Mandate
Séverine Dhaenens	Mandate	000
Vincent Sampaoli	Mandate	00

Ended mandates

Director	Function	Mandate	Other mandatescurrentendedstruck offbankruptcies
BRANKAER Ph.0462.238.058Represented by Philippe BRANKAER	Registered auditor	since 17/06/2010	000
Agnès BIERNAUX	Director	15/06/2007 → 04/12/2012
Agnès BIERNAUX	Director	since 15/06/2007
Alain BOUVY	Mandate	since 15/06/2007

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Restructuring27/05/2026
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Capital / shares21/05/2026
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates17/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates28/01/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates10/12/2025
DEMISSIONS, NOMINATIONS
PDF
Restructuring27/10/2025
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates24/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates09/07/2025
DEMISSIONS, NOMINATIONS
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

01/01/2026
augmentation_capital
2025
Annual accounts 20251,5 M €↓
07/05/2025
nominationMarcel DEGLIM · administrateur
07/05/2025
nominationMartin VAN AUDENRODE · administrateur
07/05/2025
nominationAlain BOUWY · administrateur
07/05/2025
nominationSandrine CRUSPIN · administrateur
07/05/2025
nominationPhilippe RASQUIN · administrateur
07/05/2025
nominationVincent SAMPAOLI · administrateur
07/05/2025
nominationMarie-Luce SERESSIA · administrateur
07/05/2025
nominationChristophe GILON · administrateur
07/05/2025
nominationSéverine DHAENENS · administrateur
07/05/2025
nominationBruno DE LANGHE · administrateur
07/05/2025
nominationGaëtan DUBOIS · administrateur
07/05/2025
nominationPhilippe MATTART · administrateur
07/05/2025
nominationFrançoise LÉONARD · administrateur
07/05/2025
nominationSébastien REMSON · administrateur
07/05/2025
nominationArnaud DEFLORENNE · administrateur
07/05/2025
nominationGuy COEME · administrateur
2024
Annual accounts 20242,2 M €↑
2023
Annual accounts 2023-218,6 k €↓
2022
Annual accounts 2022826,9 k €↓
2022
Name changeAIEG
2021
Annual accounts 20211,5 M €↑
28/05/2021
apport
2019
Annual accounts 20191,5 M €↑
2018
Annual accounts 20181,4 M €↓
2017
Annual accounts 20174,9 M €↑
2016
Annual accounts 2016971,1 k €↑
2015
Annual accounts 2015747 k €↓
2014
Annual accounts 20143,8 M €↓
2013
Annual accounts 20134,8 M €↑
2012
Annual accounts 20122,5 M €↑
2011
Annual accounts 20112,3 M €↓
2010
Annual accounts 20106 M €↑
2009
Annual accounts 20092,6 M €↑
2008
Annual accounts 20082,6 M €↑
2007
Annual accounts 20072,5 M €↓
2006
Annual accounts 20064,7 M €
01/01/1968
IncorporationIntermunicipal company

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Association Intercommunale d'Etudes et d'Exploitation d'Electricité et de GazCurrent	CBE, tracked since 27/09/2026	CBE
AIEG	accounts 2022 → 2025	Accounts 2025 · 2026-00350846
Association Intercommunale d'étude et d'exploitation d'électricité et de Gaz	accounts 2021	Accounts 2021 · 2022-20157460

Annual accounts date a value by the financial year it appears in. The CBE dates a change to the day, but its history has only been kept since 27/09/2026.

Association Intercommunale d'Etudes et d'Exploitation d'Electricité et de Gaz

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline

Company names