ACTIVE

Power Systems Research

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Financial year 2025 · closed on 31/12/2025

Net result

99,8 k €

+301.0% YoY

Gross margin

540,4 k €

+37.5% YoY

Equity

897,7 k €

+12.5% YoY

Workforce

3,8 ETP

+5.6% YoY

What does Power Systems Research do?

Power Systems Research is a Public limited company incorporated in 1993. Its registered office is in Ixelles. It employs on average 3,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0451.567.365

Incorporation

24/12/1993

Legal form

Public limited company

Registered office

Avenue Louise 500
1050 Ixelles · BruxellesSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

3,8 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2008		2007		2006
Income statement
Gross margin	540,4 k €	+37.5%	393 k €	+29.0%	304,7 k €	+84.1%	165,5 k €	-85.6%	1,1 M €	+159%	443,7 k €	-30.9%	642,4 k €	+356%	141 k €	-66.3%	418 k €	-19.6%	520,2 k €	-4.1%	542,3 k €	-2.1%	553,9 k €	-43.8%	985,4 k €	+308%	241,6 k €	-15.9%	287,3 k €	-25.0%	383,1 k €	+81.1%	211,6 k €
EBITDA	121,9 k €	+1958%	5,9 k €	+107%	-85,7 k €	+56.4%	-196,5 k €	-125%	771,6 k €	+538%	121 k €	-7.1%	130,2 k €	+172%	-181,8 k €	-1726%	-10 k €	-274%	5,7 k €	-86.9%	43,7 k €	+219%	-36,7 k €	-109%	400,9 k €	+2062%	-20,4 k €	-123%	90,1 k €	-62.4%	240 k €	+411%	47 k €
Operating result	120,9 k €	+2431%	4,8 k €	+105%	-87,5 k €	+55.8%	-198,1 k €	-126%	761,2 k €	+591%	110,2 k €	-19.8%	137,3 k €	+166%	-209,2 k €	-864%	-21,7 k €	-218%	-6,8 k €	-121%	31,8 k €	+167%	-47,5 k €	-112%	399,9 k €	+1951%	-21,6 k €	-125%	88,2 k €	-62.8%	237,2 k €	+431%	44,7 k €
Net result	99,8 k €	+301%	24,9 k €	+121%	-117,9 k €	+48.2%	-227,7 k €	-142%	543,5 k €	+413%	106 k €	-8.3%	115,6 k €	+142%	-273,9 k €	-2632%	10,8 k €	-64.8%	30,7 k €	+167%	11,5 k €	+121%	-53,8 k €	-122%	247,5 k €	+838%	-33,5 k €	-161%	54,6 k €	-76.5%	232,5 k €	+441%	43 k €
Balance sheet
Equity	897,7 k €	+12.5%	797,9 k €	+3.2%	773 k €	-13.2%	890,9 k €	-20.4%	1,1 M €	+144%	457,6 k €	+30.1%	351,6 k €	+48.9%	236,1 k €	-53.7%	509,9 k €	+2.2%	499,1 k €	+6.6%	468,4 k €	+2.5%	456,9 k €	-10.5%	510,6 k €	+94.1%	263,1 k €	+5.6%	249,1 k €	+28.1%	194,5 k €	+611%	-38 k €
Total assets	971,9 k €	-9.6%	1,1 M €	-1.6%	1,1 M €	-20.1%	1,4 M €	-17.3%	1,7 M €	+52.3%	1,1 M €	-17.8%	1,3 M €	+60.6%	821,3 k €	-35.7%	1,3 M €	-5.9%	1,4 M €	+11.3%	1,2 M €	+27.2%	959,5 k €	-24.7%	1,3 M €	-13.0%	1,5 M €	-4.5%	1,5 M €	+87.0%	820,6 k €	+32.6%	618,8 k €
Cash	420,4 k €	-40.5%	706,1 k €	-2.0%	720,7 k €	-23.8%	946,2 k €	+7.6%	879,5 k €	+27.6%	689 k €	+24.6%	552,9 k €	+132%	238,5 k €	-59.9%	595,4 k €	+6.8%	557,7 k €	+27.6%	437,2 k €	-40.4%	734 k €	+17.9%	622,6 k €	+172%	228,6 k €	-45.7%	421,2 k €	+24.5%	338,4 k €	+12.4%	301,2 k €
Debts	34,5 k €	-18.5%	42,4 k €	-5.9%	45,1 k €	-74.3%	175,3 k €	-24.8%	233,1 k €	-12.9%	267,8 k €	-58.4%	643,4 k €	+143%	264,7 k €	-48.3%	511,9 k €	-3.2%	528,6 k €	-29.3%	747,3 k €	+48.7%	502,7 k €	-23.9%	660,5 k €	-31.7%	967,4 k €	-7.2%	1 M €	+162%	397,1 k €	-8.9%	435,8 k €
Other
Workforce	3,8 ETP	+5.6%	3,6 ETP	+5.9%	3,4 ETP	0.0%	3,4 ETP		–		4,5 ETP	+18.4%	3,8 ETP	-24.0%	5,0 ETP	+19.0%	4,2 ETP	0.0%	4,2 ETP	+35.5%	3,1 ETP	-11.4%	3,5 ETP	+16.7%	3,0 ETP	+200%	1,0 ETP	+25.0%	0,8 ETP	+60.0%	0,5 ETP	0.0%	0,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 23 ended

Active mandates

Anthony Zirnhelt

Director · since 31 mars 2021

Active

Joseph Zirnhelt

Director · since 01 juin 2017

Active

Ended mandates

Dennis Huibregstse

Director · since 01 juin 2017 · until 01 juin 2023

Ended

Edward Hadingham

Managing director · since 01 juin 2017 · until 01 juin 2023

Ended

Joseph Zirnhelt

Director · since 01 juin 2017 · until 01 juin 2023

Ended

Edward Hadingham

Director · since 30 décembre 2013 · until 30 décembre 2019

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	14/07/2026	14/07/2025	06/08/2024	02/08/2023	09/08/2022	30/06/2021
General meeting	06/07/2026	11/07/2025	05/08/2024	28/04/2023	29/04/2022	30/04/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	06/07/2026	14/07/2026	French	PDF
Abridged model	31/12/2024	11/07/2025	14/07/2025	French	PDF
Abridged model	31/12/2023	05/08/2024	06/08/2024	French	PDF
Abridged model	31/12/2022	28/04/2023	02/08/2023	Dutch	PDF
Abridged model	31/12/2021	29/04/2022	09/08/2022	Dutch	PDF
Abridged model	31/12/2020	30/04/2021	30/06/2021	Dutch	PDF
Abridged model	31/12/2019	24/04/2020	17/06/2020	Dutch	PDF
Abridged model	31/12/2018	26/04/2019	05/06/2019	Dutch	PDF
Abridged model	31/12/2017	27/04/2018	30/05/2018	Dutch	PDF
Abridged model	31/12/2016	28/04/2017	29/06/2017	Dutch	PDF
Abridged model	31/12/2015	29/04/2016	29/06/2016	Dutch	PDF
Abridged model	31/12/2014	24/04/2015	02/07/2015	Dutch	PDF
Abridged model	31/12/2013	25/04/2014	16/06/2014	Dutch	PDF
Abridged model	31/12/2012	30/06/2013	25/07/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	28/09/2012	French	PDF
Abridged model	31/12/2010	30/06/2011	26/07/2012	French	PDF
Abridged model	31/12/2008	30/06/2009	28/08/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	28/07/2008	French	PDF
Abridged model	31/12/2006	30/06/2007	30/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 23 ended

Active mandates

Anthony Zirnhelt

Director · since 31 mars 2021

Active

Joseph Zirnhelt

Director · since 01 juin 2017

Active

Ended mandates

Dennis Huibregstse

Director · since 01 juin 2017 · until 01 juin 2023

Ended

Edward Hadingham

Managing director · since 01 juin 2017 · until 01 juin 2023

Ended

Joseph Zirnhelt

Director · since 01 juin 2017 · until 01 juin 2023

Ended

Edward Hadingham

Director · since 30 décembre 2013 · until 30 décembre 2019

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office25/01/2022
SIEGE SOCIAL
PDF
Mandates23/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates01/09/2020
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates26/03/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates03/02/2014
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - ANNEE COMPTABLE
PDF
Registered office15/03/2013
SIEGE SOCIAL
PDF
Mandates22/12/2010
DEMISSIONS, NOMINATIONS
PDF
Mandates18/04/2006
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 202599,8 k €↑
2024
Annual accounts 202424,9 k €↑
2023
Annual accounts 2023-117,9 k €↑
2022
Annual accounts 2022-227,7 k €↓
2021
Annual accounts 2021543,5 k €↑
2018
Annual accounts 2018106 k €↓
2017
Annual accounts 2017115,6 k €↑
2016
Annual accounts 2016-273,9 k €↓
2015
Annual accounts 201510,8 k €↓
2014
Annual accounts 201430,7 k €↑
2013
Annual accounts 201311,5 k €↑
2012
Annual accounts 2012-53,8 k €↓
2011
Annual accounts 2011247,5 k €↑
2010
Annual accounts 2010-33,5 k €↓
2008
Annual accounts 200854,6 k €↓
2007
Annual accounts 2007232,5 k €↑
2006
Annual accounts 200643 k €
24/12/1993
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Power Systems Research

Overview

What does Power Systems Research do?

Trend over 17 financial years

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