PROPULSION 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
PROPULSION SYSTEMS
NACE 46.649, Wholesale of other machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€775,448
2024 · -€1.2m+€439,942
Equity
€3.5m
2024 · €4.3m-€775,448
Cash
€180,401
2024 · €144,464+€35,938
Balance sheet total
€9.2m
2024 · €10.7m-€1.4m
Largest movements
Assets
- Stocks and contracts -€1.6m
down €1.6m (-23.0%), from €6.9m to €5.3m
- Receivables within one year +€688,552
up €688,552 (+201%), from €342,195 to €1.0m
of which Trade receivables: +€762,448
- Intangible fixed assets -€346,624
down €346,624 (-17.6%), from €2.0m to €1.6m
- Tangible fixed assets -€213,641
down €213,641 (-19.5%), from €1.1m to €883,097
of which Plant, machinery and equipment: -€110,398
Equity and liabilities
- Profit (loss) carried forward -€775,448
down €775,448 (-41.1%), from €1.9m to €1.1m
- Short-term financial debts -€751,942
down €751,942 (-39.9%), from €1.9m to €1.1m
- Current portion of long-term debt -€685,966
down €685,966 (-44.6%), from €1.5m to €853,361
- Trade debts +€575,078
up €575,078 (+86.9%), from €661,481 to €1.2m
- Debts after one year +€169,973
up €169,973 (+9.8%), from €1.7m to €1.9m
Income statement
- Turnover -€6.8m
no longer reported in 2025 (was €6.8m)
- Gross operating margin +€3.6m
new in 2025: €3.6m
- Goods and materials -€2.8m
no longer reported in 2025 (was €2.8m)
of which Purchases: -€2.0m
- Services and other goods -€2.1m
no longer reported in 2025 (was €2.1m)
- Financial income -€551,707
down €551,707 (-99.7%), from €553,620 to €1,914
of which Non-recurring financial income: -€550,726
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
-€1.2m
Turnover
-€6.8m
Other operating income
-€344,187
Goods and materials
+€2.8m
Services and other goods
+€2.1m
Staff costs
+€160,765
Depreciation
+€199,187
Write-downs
-€39,555
Provisions
-€169,210
Other operating charges
+€2,777
Other operating items
+€3.0m
Financial income
-€551,707
Financial charges
+€16,529
Taxes
+€1,058
Result 2025
-€775,448
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
+€2.3m
Investment
-€1.0m
Financing
-€1.3m
Cash 2024
€144,464
From operations (derived)
+€2.3m
Net result for the year
-€775,448
Depreciation
+€1.6m
Stocks and contracts
+€1.6m
Receivables within one year
-€688,552
Smaller working-capital items
-€1,552
Provisions
+€23,437
Trade debts
+€575,078
Tax, wage and social debts
+€57,297
Advances received
-€43,826
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€1.3m
Debts after one year
+€169,973
Current portion of long-term debt
-€685,966
Short-term financial debts
-€751,942
Cash 2025
€180,401
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,674,418 | €9,243,046 | -€1.4m | -13.4% |
| Fixed assets | 21/28 | €3,145,062 | €2,584,797 | -€560,265 | -17.8% |
| Intangible fixed assets | 21 | €1,967,325 | €1,620,700 | -€346,624 | -17.6% |
| Tangible fixed assets | 22/27 | €1,096,737 | €883,097 | -€213,641 | -19.5% |
| Plant, machinery and equipment | 23 | €249,620 | €139,221 | -€110,398 | -44.2% |
| Furniture and vehicles | 24 | €39,556 | €30,646 | -€8,910 | -22.5% |
| Other tangible fixed assets | 26 | €807,562 | €713,230 | -€94,333 | -11.7% |
| Financial fixed assets | 28 | €81,000 | €81,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €81,000 | - | -€81,000 | |
| Amounts receivable and cash guarantees | 285/8 | €81,000 | - | -€81,000 | |
| Current assets | 29/58 | €7,529,356 | €6,658,249 | -€871,107 | -11.6% |
| Stocks and contracts in progress | 3 | €6,935,294 | €5,338,121 | -€1.6m | -23.0% |
| Stocks | 30/36 | €6,935,294 | €5,338,121 | -€1.6m | -23.0% |
| Finished goods | 33 | €4,491,005 | - | -€4.5m | |
| Goods purchased for resale | 34 | €2,444,289 | - | -€2.4m | |
| Amounts receivable within one year | 40/41 | €342,195 | €1,030,747 | +€688,552 | +201% |
| Trade receivables | 40 | €268,299 | €1,030,747 | +€762,448 | +284% |
| Other amounts receivable | 41 | €73,896 | - | -€73,896 | |
| Cash at bank and in hand | 54/58 | €144,464 | €180,401 | +€35,938 | +24.9% |
| Deferred charges and accrued income | 490/1 | €107,403 | €108,980 | +€1,576 | +1.5% |
| Total equity and liabilities | 10/49 | €10,674,418 | €9,243,046 | -€1.4m | -13.4% |
| Equity | 10/15 | €4,295,285 | €3,519,837 | -€775,448 | -18.1% |
| Contributions | 10/11 | €27,180 | €27,180 | = | 0.0% |
| Reserves | 13 | €2,383,650 | €2,383,650 | = | 0.0% |
| Distributable reserves | 133 | €2,383,650 | €2,383,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,884,455 | €1,109,007 | -€775,448 | -41.1% |
| Provisions and deferred taxes | 16 | €225,977 | €249,415 | +€23,437 | +10.4% |
| Provisions for liabilities and charges | 160/5 | €225,977 | €249,415 | +€23,437 | +10.4% |
| Other liabilities and charges | 164/5 | €225,977 | €249,415 | +€23,437 | +10.4% |
| Amounts payable | 17/49 | €6,153,156 | €5,473,794 | -€679,362 | -11.0% |
| Amounts payable after more than one year | 17 | €1,738,877 | €1,908,849 | +€169,973 | +9.8% |
| Financial debts | 170/4 | €1,738,877 | €1,908,849 | +€169,973 | +9.8% |
| Credit institutions | 173 | €1,738,877 | - | -€1.7m | |
| Amounts payable within one year | 42/48 | €4,413,203 | €3,563,845 | -€849,359 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €1,539,326 | €853,361 | -€685,966 | -44.6% |
| Financial debts | 43 | €1,882,458 | €1,130,515 | -€751,942 | -39.9% |
| Credit institutions | 430/8 | €1,882,458 | €1,130,515 | -€751,942 | -39.9% |
| Trade debts | 44 | €661,481 | €1,236,559 | +€575,078 | +86.9% |
| Suppliers | 440/4 | €661,481 | €1,236,559 | +€575,078 | +86.9% |
| Advances received on contracts in progress | 46 | €43,826 | - | -€43,826 | |
| Taxes, remuneration and social security | 45 | €286,112 | €343,409 | +€57,297 | +20.0% |
| Taxes | 450/3 | €8,341 | €46,715 | +€38,374 | +460% |
| Remuneration and social security | 454/9 | €277,771 | €296,694 | +€18,923 | +6.8% |
| Accrued charges and deferred income | 492/3 | €1,076 | €1,101 | +€24 | +2.3% |
| Operating income | 70/76A | €7,790,773 | - | -€7.8m | |
| Turnover | 70 | €6,807,229 | - | -€6.8m | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€431,207 | - | +€431,207 | |
| Own construction capitalised | 72 | €1,070,564 | - | -€1.1m | |
| Other operating income | 74 | €344,187 | - | -€344,187 | |
| Operating charges | 60/66A | €9,301,243 | - | -€9.3m | |
| Goods for resale, raw materials and consumables | 60 | €2,841,012 | - | -€2.8m | |
| Purchases | 600/8 | €2,041,449 | - | -€2.0m | |
| Change in stocks: decrease (increase) | 609 | €799,563 | - | -€799,563 | |
| Services and other goods | 61 | €2,122,526 | - | -€2.1m | |
| Remuneration, social security and pensions | 62 | €2,737,529 | €2,576,764 | -€160,765 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,786,639 | €1,587,451 | -€199,187 | -11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€44,719 | -€5,164 | +€39,555 | +88.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€145,773 | €23,437 | +€169,210 | |
| Other operating charges | 640/8 | €4,028 | €1,252 | -€2,777 | -68.9% |
| Non-recurring operating charges | 66A | - | €2,066 | +€2,066 | |
| Gross operating margin | 9900 | - | €3,649,398 | +€3.6m | |
| Operating profit (loss) | 9901 | -€1,510,470 | -€536,408 | +€974,061 | +64.5% |
| Financial income | 75/76B | €553,620 | €1,914 | -€551,707 | -99.7% |
| Recurring financial income | 75 | €1,027 | €46 | -€981 | -95.6% |
| Income from current assets | 751 | €859 | - | -€859 | |
| Other financial income | 752/9 | €168 | - | -€168 | |
| Non-recurring financial income | 76B | €552,594 | €1,868 | -€550,726 | -99.7% |
| Financial charges | 65/66B | €254,696 | €238,167 | -€16,529 | -6.5% |
| Recurring financial charges | 65 | €254,696 | €238,167 | -€16,529 | -6.5% |
| Debt charges | 650 | €241,605 | - | -€241,605 | |
| Other financial charges | 652/9 | €13,091 | - | -€13,091 | |
| Profit (loss) for the period before taxes | 9903 | -€1,211,545 | -€772,661 | +€438,884 | +36.2% |
| Income taxes | 67/77 | €3,845 | €2,787 | -€1,058 | -27.5% |
| Taxes | 670/3 | €3,845 | - | -€3,845 | |
| Profit (loss) for the period | 9904 | -€1,215,390 | -€775,448 | +€439,942 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,215,390 | -€775,448 | +€439,942 | +36.2% |
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 14 October 2026 via checked.be.