Power Systems Research: 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.
Power Systems Research
Largest movements
- Cash -€285,685
down €285,685 (-40.5%), from €706,073 to €420,388
mainly Accrued charges and deferred income (-€194,869) and Receivables within one year (-€181,034)
- Receivables within one year +€181,034
up €181,034 (+50.4%), from €359,124 to €540,157
of which Trade receivables: +€206,009
- Accrued charges and deferred income -€194,869
down €194,869 (-83.1%), from €234,505 to €39,637
- Reserves +€99,794
up €99,794 (+13.6%), from €735,928 to €835,722
of which Distributable reserves: +€99,794
- Gross operating margin +€147,399
up €147,399 (+37.5%), from €392,961 to €540,360
- Financial income -€31,767
down €31,767 (-98.7%), from €32,199 to €432
- Staff costs +€12,476
up €12,476 (+3.3%), from €376,007 to €388,483
- Financial charges +€9,419
up €9,419 (+79.8%), from €11,804 to €21,223
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,074,821 | €971,895 | -€102,925 | -9.6% |
| Fixed assets | 21/28 | €8,734 | €8,868 | +€134 | +1.5% |
| Tangible fixed assets | 22/27 | €1,487 | €1,621 | +€134 | +9.0% |
| Plant, machinery and equipment | 23 | €1,487 | €1,621 | +€134 | +9.0% |
| Financial fixed assets | 28 | €7,247 | €7,247 | = | 0.0% |
| Current assets | 29/58 | €1,066,087 | €963,027 | -€103,059 | -9.7% |
| Amounts receivable within one year | 40/41 | €359,124 | €540,157 | +€181,034 | +50.4% |
| Trade receivables | 40 | €333,354 | €539,363 | +€206,009 | +61.8% |
| Other amounts receivable | 41 | €25,770 | €794 | -€24,976 | -96.9% |
| Cash at bank and in hand | 54/58 | €706,073 | €420,388 | -€285,685 | -40.5% |
| Deferred charges and accrued income | 490/1 | €890 | €2,482 | +€1,592 | +179% |
| Total equity and liabilities | 10/49 | €1,074,821 | €971,895 | -€102,925 | -9.6% |
| Equity | 10/15 | €797,928 | €897,722 | +€99,794 | +12.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €735,928 | €835,722 | +€99,794 | +13.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €729,728 | €829,522 | +€99,794 | +13.7% |
| Amounts payable | 17/49 | €276,892 | €74,173 | -€202,719 | -73.2% |
| Amounts payable within one year | 42/48 | €42,387 | €34,536 | -€7,851 | -18.5% |
| Trade debts | 44 | €40,310 | €34,245 | -€6,065 | -15.0% |
| Suppliers | 440/4 | €40,310 | €34,245 | -€6,065 | -15.0% |
| Taxes, remuneration and social security | 45 | €2,077 | €291 | -€1,786 | -86.0% |
| Taxes | 450/3 | €282 | €291 | +€9 | +3.3% |
| Remuneration and social security | 454/9 | €1,796 | €0 | -€1,796 | -100% |
| Accrued charges and deferred income | 492/3 | €234,505 | €39,637 | -€194,869 | -83.1% |
| Remuneration, social security and pensions | 62 | €376,007 | €388,483 | +€12,476 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,148 | €999 | -€148 | -12.9% |
| Other operating charges | 640/8 | €11,031 | €11,802 | +€771 | +7.0% |
| Non-recurring operating charges | 66A | - | €18,200 | +€18,200 | |
| Gross operating margin | 9900 | €392,961 | €540,360 | +€147,399 | +37.5% |
| Operating profit (loss) | 9901 | €4,776 | €120,875 | +€116,100 | +2,431% |
| Financial income | 75/76B | €32,199 | €432 | -€31,767 | -98.7% |
| Recurring financial income | 75 | €32,199 | €432 | -€31,767 | -98.7% |
| Financial charges | 65/66B | €11,804 | €21,223 | +€9,419 | +79.8% |
| Recurring financial charges | 65 | €11,804 | €21,223 | +€9,419 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | €25,171 | €100,085 | +€74,914 | +298% |
| Income taxes | 67/77 | €282 | €291 | +€9 | +3.3% |
| Profit (loss) for the period | 9904 | €24,889 | €99,794 | +€74,905 | +301% |
| Profit (loss) for the period to be appropriated | 9905 | €24,889 | €99,794 | +€74,905 | +301% |
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 26 October 2026 via checked.be.