ACTIVE

KS RESEARCH

Financial year 2025 · Closed on 31/12/2025

Gross margin10,1 k €-51,9 %over 1 year

Equity163,1 k €0,0 %over 1 year

Workforce0,0 ETP

Identity

Source · BCE/KBO

KS RESEARCH is a Public limited company incorporated in 2002. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Herve.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0477.758.751
Incorporation: 18/06/2002
Legal form: Public limited company
Registered office: Cour Lemaire 16
4651 Herve · WallonieSee on map
Contributed capital: 62 500,00 €
Latest accounts: 31/12/2025
Average workforce: 0,0 ETP

Activities (NACE)

72109Research and experimental development on natural sciences and engineering· main 72190Other research and experimental development on natural sciences and engineering 73100Advertising 71121Engineering activities and related technical consultancy 71121Engineering activities and related technical consultancy 74203Photographic activities

Signals

Solid equityLow riskGood liquidityPositive EBITDA

Financials

Source · NBB, 19 filings

Trend over 18 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	10,1 k €	-51.9%	21 k €	-32.0%	30,9 k €	-7.0%	33,3 k €	+28.3%	25,9 k €
EBITDA	9,5 k €	-41.1%	16,1 k €	-24.2%	21,2 k €	+1.5%	20,9 k €	+13.5%	18,4 k €
Operating result	300 €	+22.0%	246 €	0.0%	246 €	0.0%	246 €	+121%	-1,1 k €
Net result	–		–		–		–		–
Balance sheet
Equity	163,1 k €	0.0%	163,1 k €	0.0%	163,1 k €	0.0%	163,1 k €	0.0%	163,1 k €
Total assets	169,6 k €	+3.4%	164,1 k €	-0.5%	164,8 k €	+0.2%	164,5 k €	-5.4%	173,9 k €
Cash	5,8 k €	-25.2%	7,8 k €	+303%	1,9 k €	-79.5%	9,4 k €	+13.8%	8,3 k €
Debts	6,5 k €	+552%	998,8 €	-42.6%	1,7 k €	+21.2%	1,4 k €	-86.8%	10,9 k €
Other
Workforce	0,0 ETP		–		–		–		–

Valuation

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 39 ended

Active mandates

Jean-Marc Eloy

Managing director · since 23 mai 2023 · until 22 mai 2029

Active

Douglas Kristensen

Director · since 24 avril 2020 · until 26 mai 2026

Active

Matthew Clayton Such

Director · since 04 février 2014 · until 27 mai 2031

Active

Ended mandates

Jean-Marc Eloy

Managing director · since 23 mai 2023 · until 29 mai 2029

Ended

Jean-Marc ELOY

Mandate · since 01 juillet 2020

Ended

Douglas Hans KRISTENSEN

Director · since 24 avril 2020 · until 26 mai 2026

Ended

Matthew Clayton Such

Director · since 28 mai 2019 · until 27 mai 2025

Ended

Other companies at this address

Cour Lemaire 16 4651 Herve

Company	CBE no.
IEM Power Systems● Active	0544.995.092

Full financial information

Source · NBB

	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	12/06/2026	03/06/2025	19/06/2024	02/06/2023	25/05/2022	20/07/2021
General meeting	26/05/2026	27/05/2025	28/05/2024	23/05/2023	24/05/2022	30/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 19 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	26/05/2026	12/06/2026	French	PDF
Abridged model	31/12/2024	27/05/2025	03/06/2025	French	PDF
Abridged model	31/12/2023	28/05/2024	19/06/2024	French	PDF
Abridged model	31/12/2022	23/05/2023	02/06/2023	French	PDF
Abridged model	31/12/2021	24/05/2022	25/05/2022	French	PDF
Abridged model	31/12/2020	30/06/2021	20/07/2021	French	PDF
Abridged model	31/12/2019	26/05/2020	04/06/2020	French	PDF
Abridged model	31/12/2018	28/05/2019	13/06/2019	French	PDF
Abridged model	31/12/2017	22/05/2018	29/05/2018	French	PDF
Full model	31/12/2016	23/05/2017	16/06/2017	French	PDF
Full model	30/06/2015	15/10/2015	12/11/2015	French	PDF
Abridged model	31/12/2013	22/04/2014	18/07/2014	French	PDF
Abridged model	31/12/2012	23/08/2013	26/08/2013	French	PDF
Abridged model	31/12/2011	25/06/2012	18/08/2012	French	PDF
Abridged model	31/12/2010	15/06/2011	20/07/2011	French	PDF
Abridged model	31/12/2009	18/05/2010	02/08/2010	French	PDF
Abridged model	31/12/2008	13/07/2009	13/08/2009	French	PDF
Abridged model	31/12/2007	13/05/2008	31/07/2008	French	PDF
Abridged model	31/12/2006	24/04/2007	29/05/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 39 ended

Active mandates

Jean-Marc Eloy

Managing director · since 23 mai 2023 · until 22 mai 2029

Active

Douglas Kristensen

Director · since 24 avril 2020 · until 26 mai 2026

Active

Matthew Clayton Such

Director · since 04 février 2014 · until 27 mai 2031

Active

Ended mandates

Jean-Marc Eloy

Managing director · since 23 mai 2023 · until 29 mai 2029

Ended

Jean-Marc ELOY

Mandate · since 01 juillet 2020

Ended

Douglas Hans KRISTENSEN

Director · since 24 avril 2020 · until 26 mai 2026

Ended

Matthew Clayton Such

Director · since 28 mai 2019 · until 27 mai 2025

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates30/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates19/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates13/07/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates13/07/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates26/06/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates24/04/2018
DEMISSIONS, NOMINATIONS
PDF
Other14/07/2016
ANNEE COMPTABLE
PDF
Other22/12/2014
ANNEE COMPTABLE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF

Similar companies

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

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Timeline

2025
Annual accounts 2025
2024
Annual accounts 2024
2023
Annual accounts 2023
2022
Annual accounts 2022
2021
Annual accounts 2021
2020
Annual accounts 2020
2019
Annual accounts 201927,3 k €↑
2018
Annual accounts 201826,6 k €↑
2017
Annual accounts 20175,7 k €↑
2015
Annual accounts 20153,5 k €↑
2013
Annual accounts 2013-67,7 k €↓
2012
Annual accounts 201210,2 k €↓
2011
Annual accounts 201111,3 k €↑
2010
Annual accounts 201010,5 k €↓
2009
Annual accounts 200915,2 k €↓
2008
Annual accounts 200835 k €↓
2007
Annual accounts 200797,8 k €↑
2006
Annual accounts 200636,1 k €
18/06/2002
IncorporationPublic limited company

KS RESEARCH

Overview

Identity

Financials

Valuation

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

Timeline