IEM Power Systems: 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
IEM Power Systems
NACE 27.900, Manufacture of electrical equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€236,044
2024 · €1.3m-€1.5m
Equity
€1.3m
2024 · €1.6m-€283,712
Cash
€2.0m
2024 · €1.9m+€157,106
Balance sheet total
€6.3m
2024 · €9.3m-€3.0m
Largest movements
Assets
- Stocks and contracts -€3.4m
down €3.4m (-64.8%), from €5.3m to €1.9m
of which Contracts in progress: -€3.0m
- Receivables within one year +€321,997
up €321,997 (+113%), from €285,517 to €607,514
of which Trade receivables: +€291,617
- Cash +€157,106
up €157,106 (+8.3%), from €1.9m to €2.0m
mainly Stocks and contracts (+€3.4m) and Depreciation (+€226,106)
- Intangible fixed assets -€92,919
down €92,919 (-28.6%), from €325,126 to €232,206
Equity and liabilities
- Advances received -€2.7m
down €2.7m (-79.6%), from €3.4m to €701,194
- Profit (loss) carried forward -€236,044
down €236,044, from €0 to -€236,044
Income statement
- Gross operating margin -€1.5m
down €1.5m (-49.3%), from €3.1m to €1.6m
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
€1.3m
Gross operating margin
-€1.5m
Staff costs
-€13,300
Depreciation
-€14,316
Provisions
+€7,323
Other operating charges
-€4,334
Financial income
+€17,952
Financial charges
-€15,419
Taxes
+€198
Result 2025
-€236,044
raises the resultlowers the result
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
+€363,197
Investment
-€213,847
Financing
+€7,756
Cash 2024
€1.9m
From operations (derived)
+€363,197
Net result for the year
-€236,044
Depreciation
+€226,106
Stocks and contracts
+€3.4m
Receivables within one year
-€321,997
Smaller working-capital items
+€10,986
Trade debts
+€11,107
Advances received
-€2.7m
Other debts
-€23,646
Investment (derived)
-€213,847
Investment in fixed assets (net)
-€213,847
Financing
+€7,756
Debts after one year
+€54,033
Current portion of long-term debt
+€1,391
Contributions, distributions and other
-€47,668
Cash 2025
€2.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,250,620 | €6,292,085 | -€3.0m | -32.0% |
| Fixed assets | 21/28 | €1,788,767 | €1,776,509 | -€12,258 | -0.7% |
| Intangible fixed assets | 21 | €325,126 | €232,206 | -€92,919 | -28.6% |
| Tangible fixed assets | 22/27 | €1,463,641 | €1,544,302 | +€80,661 | +5.5% |
| Land and buildings | 22 | €1,211,960 | €1,174,638 | -€37,322 | -3.1% |
| Plant, machinery and equipment | 23 | €201,859 | €360,783 | +€158,924 | +78.7% |
| Furniture and vehicles | 24 | €14,723 | €8,881 | -€5,842 | -39.7% |
| Assets under construction and advance payments | 27 | €35,099 | €0 | -€35,099 | -100% |
| Current assets | 29/58 | €7,461,853 | €4,515,576 | -€2.9m | -39.5% |
| Stocks and contracts in progress | 3 | €5,289,196 | €1,863,815 | -€3.4m | -64.8% |
| Stocks | 30/36 | €1,577,563 | €1,107,220 | -€470,343 | -29.8% |
| Contracts in progress | 37 | €3,711,632 | €756,595 | -€3.0m | -79.6% |
| Amounts receivable within one year | 40/41 | €285,517 | €607,514 | +€321,997 | +113% |
| Trade receivables | 40 | €283,750 | €575,367 | +€291,617 | +103% |
| Other amounts receivable | 41 | €1,767 | €32,148 | +€30,380 | +1,719% |
| Cash at bank and in hand | 54/58 | €1,887,141 | €2,044,247 | +€157,106 | +8.3% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €9,250,620 | €6,292,085 | -€3.0m | -32.0% |
| Equity | 10/15 | €1,607,080 | €1,323,369 | -€283,712 | -17.7% |
| Contributions | 10/11 | €1,300,000 | €1,300,000 | = | 0.0% |
| Capital | 10 | €1,300,000 | €1,300,000 | = | 0.0% |
| Issued capital | 100 | €1,300,000 | €1,300,000 | = | 0.0% |
| Reserves | 13 | €84,990 | €84,990 | = | 0.0% |
| Non-distributable reserves | 130/1 | €84,990 | €84,990 | = | 0.0% |
| Legal reserve | 130 | €84,990 | €84,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€236,044 | -€236,044 | |
| Investment grants | 15 | €222,090 | €174,423 | -€47,668 | -21.5% |
| Provisions and deferred taxes | 16 | €14,607 | €17,708 | +€3,101 | +21.2% |
| Provisions for liabilities and charges | 160/5 | €14,607 | €17,708 | +€3,101 | +21.2% |
| Other liabilities and charges | 164/5 | €14,607 | €17,708 | +€3,101 | +21.2% |
| Amounts payable | 17/49 | €7,628,933 | €4,951,008 | -€2.7m | -35.1% |
| Amounts payable after more than one year | 17 | €3,551,397 | €3,605,430 | +€54,033 | +1.5% |
| Financial debts | 170/4 | €3,551,397 | €3,605,430 | +€54,033 | +1.5% |
| Amounts payable within one year | 42/48 | €4,077,536 | €1,345,578 | -€2.7m | -67.0% |
| Current portion of amounts payable after more than one year | 42 | €32,367 | €33,757 | +€1,391 | +4.3% |
| Trade debts | 44 | €262,425 | €273,532 | +€11,107 | +4.2% |
| Suppliers | 440/4 | €262,425 | €273,532 | +€11,107 | +4.2% |
| Advances received on contracts in progress | 46 | €3,429,889 | €701,194 | -€2.7m | -79.6% |
| Taxes, remuneration and social security | 45 | €226,926 | €234,811 | +€7,885 | +3.5% |
| Taxes | 450/3 | €19,370 | €17,330 | -€2,040 | -10.5% |
| Remuneration and social security | 454/9 | €207,555 | €217,480 | +€9,925 | +4.8% |
| Other amounts payable | 47/48 | €125,929 | €102,284 | -€23,646 | -18.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €5,920 | €0 | -€5,920 | -100% |
| Remuneration, social security and pensions | 62 | €1,477,563 | €1,490,863 | +€13,300 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,789 | €226,106 | +€14,316 | +6.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,424 | €3,101 | -€7,323 | -70.3% |
| Other operating charges | 640/8 | €15,216 | €19,550 | +€4,334 | +28.5% |
| Gross operating margin | 9900 | €3,070,488 | €1,556,481 | -€1.5m | -49.3% |
| Operating profit (loss) | 9901 | €1,355,496 | -€183,138 | -€1.5m | |
| Financial income | 75/76B | €50,340 | €68,291 | +€17,952 | +35.7% |
| Recurring financial income | 75 | €50,340 | €68,291 | +€17,952 | +35.7% |
| Financial charges | 65/66B | €103,929 | €119,347 | +€15,419 | +14.8% |
| Recurring financial charges | 65 | €103,929 | €119,347 | +€15,419 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €1,301,906 | -€234,194 | -€1.5m | |
| Income taxes | 67/77 | €2,048 | €1,850 | -€198 | -9.7% |
| Profit (loss) for the period | 9904 | €1,299,858 | -€236,044 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,299,858 | -€236,044 | -€1.5m |
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 1 November 2026 via checked.be.