2Valorise Amel: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
2Valorise Amel
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4.1m
2024 · -€3.7m-€399,925
Equity
€716,933
2024 · €335,949+€380,984
Cash
€293
2024 · €151,639-€151,347
Balance sheet total
€20.9m
2024 · €14.8m+€6.0m
Largest movements
Assets
- Tangible fixed assets +€4.1m
up €4.1m (+35.5%), from €11.4m to €15.5m
of which Plant, machinery and equipment: +€2.6m
- Receivables within one year +€3.7m
up €3.7m (+922%), from €398,569 to €4.1m
of which Trade receivables: +€3.5m
- Stocks and contracts -€1.5m
down €1.5m (-63.4%), from €2.4m to €892,406
Equity and liabilities
- Short-term financial debts +€5.4m
up €5.4m (+599%), from €900,000 to €6.3m
of which Credit institutions: +€5.5m
- Contributions +€4.5m
up €4.5m (+106%), from €4.2m to €8.7m
- Other debts -€4.5m
down €4.5m (-100%), from €4.5m to €0
- Profit (loss) carried forward -€4.1m
down €4.1m (-95.5%), from -€4.3m to -€8.4m
- Debts after one year +€3.6m
up €3.6m (+66.7%), from €5.4m to €9.0m
Income statement
- Other operating income +€5.8m
up €5.8m (+3,309%), from €175,378 to €6.0m
- Turnover -€3.6m
down €3.6m (-53.0%), from €6.8m to €3.2m
- Services and other goods +€920,147
up €920,147 (+16.0%), from €5.7m to €6.7m
- Goods and materials -€374,845
down €374,845 (-19.3%), from €1.9m to €1.6m
of which Purchases: -€631,300
- Staff costs -€150,968
down €150,968 (-9.3%), from €1.6m to €1.5m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
-€3.7m
Turnover
-€3.6m
Other operating income
+€5.8m
Goods and materials
+€374,845
Services and other goods
-€920,147
Staff costs
+€150,968
Depreciation
-€110,264
Write-downs
+€68,504
Other operating charges
-€785
Other operating items
-€2.0m
Financial income
-€3,400
Financial charges
-€129,393
Taxes
+€449
Result 2025
-€4.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€7.7m
Investment
-€5.9m
Financing
+€13.5m
Cash 2024
€151,639
From operations (derived)
-€7.7m
Net result for the year
-€4.1m
Depreciation
+€1.8m
Stocks and contracts
+€1.5m
Receivables within one year
-€3.7m
Deferred charges and accrued income
-€841
Trade debts
+€898,604
Tax, wage and social debts
-€132,732
Other debts
-€4.5m
Accrued charges and deferred income
+€406,776
Investment (derived)
-€5.9m
Investment in fixed assets (net)
-€5.9m
Financing
+€13.5m
Debts after one year
+€3.6m
Short-term financial debts
+€5.4m
Contributions, distributions and other
+€4.5m
Cash 2025
€293
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,845,475 | €20,887,308 | +€6.0m | +40.7% |
| Fixed assets | 21/28 | €11,824,554 | €15,889,757 | +€4.1m | +34.4% |
| Intangible fixed assets | 21 | €413,053 | €425,383 | +€12,330 | +3.0% |
| Tangible fixed assets | 22/27 | €11,406,600 | €15,459,474 | +€4.1m | +35.5% |
| Land and buildings | 22 | €498,960 | €462,615 | -€36,345 | -7.3% |
| Plant, machinery and equipment | 23 | €10,889,109 | €13,462,749 | +€2.6m | +23.6% |
| Furniture and vehicles | 24 | €18,531 | €12,896 | -€5,635 | -30.4% |
| Assets under construction and advance payments | 27 | €0 | €1,521,214 | +€1.5m | |
| Financial fixed assets | 28 | €4,900 | €4,900 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,900 | €4,900 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,900 | €4,900 | = | 0.0% |
| Current assets | 29/58 | €3,020,921 | €4,997,551 | +€2.0m | +65.4% |
| Stocks and contracts in progress | 3 | €2,439,007 | €892,406 | -€1.5m | -63.4% |
| Stocks | 30/36 | €2,439,007 | €892,406 | -€1.5m | -63.4% |
| Raw materials and consumables | 30/31 | €115,259 | €62,635 | -€52,624 | -45.7% |
| Finished goods | 33 | €1,227,859 | €0 | -€1.2m | -100% |
| Goods purchased for resale | 34 | €1,095,889 | €829,771 | -€266,119 | -24.3% |
| Amounts receivable within one year | 40/41 | €398,569 | €4,072,307 | +€3.7m | +922% |
| Trade receivables | 40 | €398,569 | €3,915,170 | +€3.5m | +882% |
| Other amounts receivable | 41 | €0 | €157,136 | +€157,136 | |
| Cash at bank and in hand | 54/58 | €151,639 | €293 | -€151,347 | -99.8% |
| Deferred charges and accrued income | 490/1 | €31,705 | €32,546 | +€841 | +2.7% |
| Total equity and liabilities | 10/49 | €14,845,475 | €20,887,308 | +€6.0m | +40.7% |
| Equity | 10/15 | €335,949 | €716,933 | +€380,984 | +113% |
| Contributions | 10/11 | €4,228,050 | €8,728,050 | +€4.5m | +106% |
| Capital | 10 | €4,228,050 | €8,728,050 | +€4.5m | +106% |
| Issued capital | 100 | €4,228,050 | €8,728,050 | +€4.5m | +106% |
| Reserves | 13 | €422,805 | €422,805 | = | 0.0% |
| Non-distributable reserves | 130/1 | €422,805 | €422,805 | = | 0.0% |
| Legal reserve | 130 | €422,805 | €422,805 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,314,906 | -€8,433,922 | -€4.1m | -95.5% |
| Amounts payable | 17/49 | €14,509,525 | €20,170,374 | +€5.7m | +39.0% |
| Amounts payable after more than one year | 17 | €5,400,000 | €9,000,000 | +€3.6m | +66.7% |
| Other amounts payable | 178/9 | €5,400,000 | €9,000,000 | +€3.6m | +66.7% |
| Amounts payable within one year | 42/48 | €8,903,381 | €10,557,453 | +€1.7m | +18.6% |
| Financial debts | 43 | €900,000 | €6,288,201 | +€5.4m | +599% |
| Credit institutions | 430/8 | €0 | €5,538,201 | +€5.5m | |
| Other loans | 439 | €900,000 | €750,000 | -€150,000 | -16.7% |
| Trade debts | 44 | €1,517,804 | €2,416,408 | +€898,604 | +59.2% |
| Suppliers | 440/4 | €1,517,804 | €2,416,408 | +€898,604 | +59.2% |
| Taxes, remuneration and social security | 45 | €1,985,576 | €1,852,844 | -€132,732 | -6.7% |
| Taxes | 450/3 | €1,755,276 | €1,674,559 | -€80,717 | -4.6% |
| Remuneration and social security | 454/9 | €230,301 | €178,285 | -€52,015 | -22.6% |
| Other amounts payable | 47/48 | €4,500,000 | €0 | -€4.5m | -100% |
| Accrued charges and deferred income | 492/3 | €206,145 | €612,921 | +€406,776 | +197% |
| Operating income | 70/76A | €7,787,570 | €7,956,869 | +€169,299 | +2.2% |
| Turnover | 70 | €6,824,549 | €3,205,686 | -€3.6m | -53.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €784,642 | -€1,227,859 | -€2.0m | |
| Other operating income | 74 | €175,378 | €5,979,042 | +€5.8m | +3,309% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Operating charges | 60/66A | €11,166,268 | €11,603,148 | +€436,880 | +3.9% |
| Goods for resale, raw materials and consumables | 60 | €1,945,458 | €1,570,613 | -€374,845 | -19.3% |
| Purchases | 600/8 | €1,922,636 | €1,291,336 | -€631,300 | -32.8% |
| Change in stocks: decrease (increase) | 609 | €22,822 | €279,277 | +€256,456 | +1,124% |
| Services and other goods | 61 | €5,734,356 | €6,654,503 | +€920,147 | +16.0% |
| Remuneration, social security and pensions | 62 | €1,628,657 | €1,477,689 | -€150,968 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,718,628 | €1,828,892 | +€110,264 | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €107,969 | €39,465 | -€68,504 | -63.4% |
| Other operating charges | 640/8 | €31,201 | €31,986 | +€785 | +2.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€3,378,698 | -€3,646,279 | -€267,581 | -7.9% |
| Financial income | 75/76B | €3,400 | €0 | -€3,400 | -100.0% |
| Recurring financial income | 75 | €3,400 | €0 | -€3,400 | -100.0% |
| Income from current assets | 751 | €3,363 | €0 | -€3,363 | -100% |
| Other financial income | 752/9 | €37 | €0 | -€37 | -99.9% |
| Financial charges | 65/66B | €342,882 | €472,275 | +€129,393 | +37.7% |
| Recurring financial charges | 65 | €342,882 | €472,275 | +€129,393 | +37.7% |
| Debt charges | 650 | €332,802 | €396,928 | +€64,126 | +19.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€0 | €0 | +€0 | |
| Other financial charges | 652/9 | €10,080 | €75,347 | +€65,267 | +647% |
| Profit (loss) for the period before taxes | 9903 | -€3,718,180 | -€4,118,554 | -€400,374 | -10.8% |
| Income taxes | 67/77 | €911 | €462 | -€449 | -49.3% |
| Taxes | 670/3 | €911 | €462 | -€449 | -49.3% |
| Profit (loss) for the period | 9904 | -€3,719,091 | -€4,119,016 | -€399,925 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,719,091 | -€4,119,016 | -€399,925 | -10.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.