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SPACE STUDIO

Active
Private limited companyfounded 2023active for 3 yearsHeldenlaan 19, 1160 Oudergem, BelgiumKBO/BCE: BE 0801.284.336

Financials · financial year 2025, micro format

2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00027400.

Annual accounts 2025 filed on 02-02-2026 PDF all 2 filings

Turnover
€316,510
EBIT margin
-3.2%
Net result
-€9,525▲ 6.8%
2024 · -€10,220
Working capital
€9,488
2024 · -€7,220
Multi-year overview
2024 to 2025, 2 financial years
Turnover
no figure
2025
20242025
Operating result
-€9,430
▲ 7.2% 2025
20242025
Net result
-€9,525
▲ 6.8% 2025
lowest quarter of the sector
20242025
EBIT margin
no figure
2025
20242025
Equity
-€16,745
▼ 132% 2025
lowest quarter of the sector
20242025
Total assets
€38,087
▲ 252% 2025
lowest quarter of the sector
20242025
Debt
€54,832
▲ 204% 2025
20242025
Working capital
€9,488
2025
middle half of the sector
20242025
Solvency
-44.0%
▲ 22.7pp 2025
lowest quarter of the sector
20242025
Current ratio
1.33
▲ 0.73 2025
middle half of the sector
20242025
Return on assets (ROA)
-25.0%
▲ 69.4pp 2025
lowest quarter of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20242025
Turnover€316,510-
Operating result-€10,166--€9,430▲ 7.2%
Net result-€10,220below the sector's middle half--€9,525below the sector's middle half▲ 6.8%
EBIT margin-3.2%-
Equity-€7,220below the sector's middle half--€16,745below the sector's middle half▼ 132%
Total assets€10,825below the sector's middle half-€38,087below the sector's middle half▲ 252%
Debt€18,045-€54,832▲ 204%
Working capital-€7,220below the sector's middle half-€9,488within the sector's middle half
Solvency-66.7%below the sector's middle half--44.0%below the sector's middle half▲ 22.7pp
Current ratio0.60below the sector's middle half-1.33within the sector's middle half▲ 0.73
Return on assets (ROA)-94.4%below the sector's middle half--25.0%below the sector's middle half▲ 69.4pp
above within below The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.

The operating result for 2025 is a loss of €9,430, smaller than the loss of €10,166 in 2024.

Key figures and ratios
2025 value · change against 2024
EBITDA
-€9,430
Cash flow
-€9,525
Interest coverage
-99.26
Debt ≤ 1 year
€28,599▲
2024 · €18,045
Debt > 1 year
€0
Staff costs
€0
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 94 lines
Balance sheet Code20242025
Assets
Total assets20/58€10,825€38,087▲
Formation expenses20-€0
Fixed assets21/28-€0
Intangible fixed assets21-€0
Tangible fixed assets22/27-€0
Land and buildings22-€0
Plant, machinery and equipment23-€0
Furniture and vehicles24-€0
Leasing and similar rights25-€0
Other tangible fixed assets26-€0
Assets under construction and advance payments27-€0
Financial fixed assets28-€0
Current assets29/58€10,825€38,087▲
Amounts receivable after more than one year29-€0
Trade receivables290-€0
Other amounts receivable291-€0
Stocks and contracts in progress3-€0
Stocks30/36-€0
Contracts in progress37-€0
Amounts receivable within one year40/41€2,897€1,527▼
Trade receivables40-€658
Other amounts receivable41€2,897€869▼
Current investments50/53-€36,560
Cash at bank and in hand54/58€7,928-
Equity and liabilities
Total equity and liabilities10/49€10,825€38,087▲
Equity10/15-€7,220-€16,745▼
Contributions10/11€3,000€3,000=
Capital10-€3,000
Issued capital100-€3,000
Uncalled capital101-€0
Contributions outside capital11-€0
Share premium1100/10-€0
Other1109/19-€0
Revaluation surpluses12-€0
Reserves13-€0
Non-distributable reserves130/1-€0
Legal reserve130-€0
Reserves not available under the articles1311-€0
Own shares acquired1312-€0
Financial assistance1313-€0
Other1319-€0
Tax-exempt reserves132-€0
Distributable reserves133-€0
Profit (loss) carried forward14-€10,220-€19,745▼
Investment grants15-€0
Advance to shareholders on the distribution of net assets19-€0
Provisions and deferred taxes16-€0
Provisions for liabilities and charges160/5-€0
Pensions and similar obligations160-€0
Taxes161-€0
Major repairs and maintenance162-€0
Environmental obligations163-€0
Other liabilities and charges164/5-€0
Deferred taxes168-€0
Amounts payable17/49€18,045€54,832▲
Amounts payable after more than one year17-€0
Financial debts170/4-€0
Trade debts175-€0
Advances received on contracts in progress176-€0
Other amounts payable178/9-€0
Amounts payable within one year42/48€18,045€28,599▲
Current portion of amounts payable after more than one year42-€0
Financial debts43-€0
Credit institutions430/8-€0
Other loans439-€0
Trade debts44€7,806€11,226▲
Suppliers440/4€7,806€11,226▲
Bills of exchange payable441-€0
Advances received on contracts in progress46-€0
Taxes, remuneration and social security45-€1,500
Taxes450/3-€0
Remuneration and social security454/9-€1,500
Other amounts payable47/48€10,239€15,873▲
Accrued charges and deferred income492/3-€26,233
Income statement Code20242025
Turnover70€316,510-
Goods, raw materials, services and sundry goods60/61€269,142-
Remuneration, social security and pensions62-€0
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€0
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0
Other operating charges640/8€163€1,495▲
Non-recurring operating charges66A-€0
Gross operating margin9900-€10,003-€7,935▲
Operating profit (loss)9901-€10,166-€9,430▲
Financial income75/76B-€0
Recurring financial income75-€0
Non-recurring financial income76B-€0
Financial charges65/66B€54€95▲
Recurring financial charges65€54€95▲
Profit (loss) for the period before taxes9903-€10,220-€9,525▲
Profit (loss) for the period9904-€10,220-€9,525▲
Profit (loss) for the period to be appropriated9905-€10,220-€9,525▲
Appropriation of the result
Profit (loss) to be appropriated9906-€10,220-€19,745▼
Profit (loss) brought forward from the previous period14P--€10,220

The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 02-02-2026.

Line20242025Change
Turnover70€316,510--
Goods, raw materials, services and sundry goods60/61€269,142--
Remuneration, social security and pensions62-€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€0-
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0-
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0-
Other operating charges640/8€163€1,495▲ 817%
Non-recurring operating charges66A-€0-
Gross operating margin9900-€10,003-€7,935▲ 20.7%
Operating profit (loss)9901-€10,166-€9,430▲ 7.2%
Financial income75/76B-€0-
Recurring financial income75-€0-
Non-recurring financial income76B-€0-
Financial charges65/66B€54€95▲ 75.9%
Recurring financial charges65€54€95▲ 75.9%
Profit (loss) for the period before taxes9903-€10,220-€9,525▲ 6.8%
Profit (loss) for the period9904-€10,220-€9,525▲ 6.8%
Profit (loss) for the period to be appropriated9905-€10,220-€9,525▲ 6.8%
Line20242025Change
Assets
Total assets20/58€10,825€38,087▲ 252%
Formation expenses20-€0-
Fixed assets21/28-€0-
Intangible fixed assets21-€0-
Tangible fixed assets22/27-€0-
Land and buildings22-€0-
Plant, machinery and equipment23-€0-
Furniture and vehicles24-€0-
Leasing and similar rights25-€0-
Other tangible fixed assets26-€0-
Assets under construction and advance payments27-€0-
Financial fixed assets28-€0-
Current assets29/58€10,825€38,087▲ 252%
Amounts receivable after more than one year29-€0-
Trade receivables290-€0-
Other amounts receivable291-€0-
Stocks and contracts in progress3-€0-
Stocks30/36-€0-
Contracts in progress37-€0-
Amounts receivable within one year40/41€2,897€1,527▼ 47.3%
Trade receivables40-€658-
Other amounts receivable41€2,897€869▼ 70.0%
Current investments50/53-€36,560-
Cash at bank and in hand54/58€7,928--
Equity and liabilities
Total equity and liabilities10/49€10,825€38,087▲ 252%
Equity10/15-€7,220-€16,745▼ 132%
Contributions10/11€3,000€3,000=
Capital10-€3,000-
Issued capital100-€3,000-
Uncalled capital101-€0-
Contributions outside capital11-€0-
Share premium1100/10-€0-
Other1109/19-€0-
Revaluation surpluses12-€0-
Reserves13-€0-
Non-distributable reserves130/1-€0-
Legal reserve130-€0-
Reserves not available under the articles1311-€0-
Own shares acquired1312-€0-
Financial assistance1313-€0-
Other1319-€0-
Tax-exempt reserves132-€0-
Distributable reserves133-€0-
Profit (loss) carried forward14-€10,220-€19,745▼ 93.2%
Investment grants15-€0-
Advance to shareholders on the distribution of net assets19-€0-
Provisions and deferred taxes16-€0-
Provisions for liabilities and charges160/5-€0-
Pensions and similar obligations160-€0-
Taxes161-€0-
Major repairs and maintenance162-€0-
Environmental obligations163-€0-
Other liabilities and charges164/5-€0-
Deferred taxes168-€0-
Amounts payable17/49€18,045€54,832▲ 204%
Amounts payable after more than one year17-€0-
Financial debts170/4-€0-
Trade debts175-€0-
Advances received on contracts in progress176-€0-
Other amounts payable178/9-€0-
Amounts payable within one year42/48€18,045€28,599▲ 58.5%
Current portion of amounts payable after more than one year42-€0-
Financial debts43-€0-
Credit institutions430/8-€0-
Other loans439-€0-
Trade debts44€7,806€11,226▲ 43.8%
Suppliers440/4€7,806€11,226▲ 43.8%
Bills of exchange payable441-€0-
Advances received on contracts in progress46-€0-
Taxes, remuneration and social security45-€1,500-
Taxes450/3-€0-
Remuneration and social security454/9-€1,500-
Other amounts payable47/48€10,239€15,873▲ 55.0%
Accrued charges and deferred income492/3-€26,233-
Line20242025Change
Profit (loss) for the period9904-€10,220-€9,525▲ 6.8%
+ Depreciation and write-downs630-€0-
Operating cash flow (approximation)-€10,220-€9,525▲ 6.8%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Historical observation

In July 2024, 7,639 companies had the same profile as SPACE STUDIO has now. Two years later, 84.8% were still going and 8.8% had gone bankrupt.

  • Micro
  • 2 to 5 years old
  • negative equity
  • a loss of 10% of the balance sheet or more
84.8% was still going
5.6% stopped otherwise
8.8% went bankrupt

Another 0.7% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of SPACE STUDIO itself: 4.2% within 12 months.

Test of the method

The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group Expected Actual
1 0.2% 0.2%
2 0.3% 0.5%
3 0.5% 0.6%
4 0.7% 0.8%
5 0.9% 0.9%
6 1.3% 1.5%
7 1.6% 1.8%
8 1.8% 1.8%
9 3.0% 3.1%
10 5.6% 6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 7,639 companies, not a prediction for SPACE STUDIO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Filings with the National Bank (2)
Financial year Type Filed Reference Document
30-06-2025 micro format 02-02-2026 2026-00027400 PDF
30-06-2024 micro format 04-02-2025 2025-00026734 PDF

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