S-Pace: what changed
Two fiscal 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
S-Pace
NACE 74.140, Other specialised design activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€105,949
2024 · -€48,310-€57,639
Equity
€1.9m
2024 · €2.0m-€105,949
Cash
€18,870
2024 · €28,539-€9,669
Balance sheet total
€2.9m
2024 · €3.2m-€271,814
Largest movements
Assets
- Receivables within one year -€271,088
down €271,088 (-44.8%), from €605,367 to €334,278
of which Other amounts receivable: -€299,611
Equity and liabilities
- Trade debts -€174,283
down €174,283 (-36.6%), from €475,823 to €301,540
- Profit (loss) carried forward -€105,949
down €105,949 (-5.8%), from €1.8m to €1.7m
- Short-term financial debts +€51,094
up €51,094 (+11.0%), from €465,118 to €516,212
Income statement
- Gross operating margin -€130,948
down €130,948 (-17.3%), from €755,125 to €624,177
- Staff costs -€59,341
down €59,341 (-8.2%), from €721,803 to €662,462
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
-€48,310
Gross operating margin
-€130,948
Staff costs
+€59,341
Depreciation
+€7,160
Other operating charges
+€6,143
Financial income
-€78
Financial charges
-€439
Taxes
+€1,182
Result 2025
-€105,949
Cash bridge derived
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
-€17,360
Investment
-€26,695
Financing
+€34,386
Cash 2024
€28,539
From operations (derived)
-€17,360
Net result for the year
-€105,949
Depreciation
+€11,139
Receivables within one year
+€271,088
Deferred charges and accrued income
+€6,613
Trade debts
-€174,283
Tax, wage and social debts
-€25,911
Accrued charges and deferred income
-€58
Investment (derived)
-€26,695
Investment in fixed assets (net)
-€26,695
Financing
+€34,386
Debts after one year
-€22,633
Current portion of long-term debt
+€5,925
Short-term financial debts
+€51,094
Cash 2025
€18,870
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,210,126 | €2,938,312 | -€271,814 | -8.5% |
| Fixed assets | 21/28 | €2,297,524 | €2,313,080 | +€15,556 | +0.7% |
| Tangible fixed assets | 22/27 | €119,524 | €110,080 | -€9,444 | -7.9% |
| Land and buildings | 22 | €96,077 | €96,077 | = | 0.0% |
| Plant, machinery and equipment | 23 | €17,832 | €9,861 | -€7,970 | -44.7% |
| Furniture and vehicles | 24 | €5,615 | €4,142 | -€1,474 | -26.2% |
| Financial fixed assets | 28 | €2,178,000 | €2,203,000 | +€25,000 | +1.1% |
| Current assets | 29/58 | €912,602 | €625,232 | -€287,371 | -31.5% |
| Stocks and contracts in progress | 3 | €258,761 | €258,761 | = | 0.0% |
| Stocks | 30/36 | €258,761 | €258,761 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €605,367 | €334,278 | -€271,088 | -44.8% |
| Trade receivables | 40 | €178,523 | €207,046 | +€28,522 | +16.0% |
| Other amounts receivable | 41 | €426,843 | €127,233 | -€299,611 | -70.2% |
| Cash at bank and in hand | 54/58 | €28,539 | €18,870 | -€9,669 | -33.9% |
| Deferred charges and accrued income | 490/1 | €19,935 | €13,322 | -€6,613 | -33.2% |
| Total equity and liabilities | 10/49 | €3,210,126 | €2,938,312 | -€271,814 | -8.5% |
| Equity | 10/15 | €2,039,828 | €1,933,878 | -€105,949 | -5.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €905 | €905 | = | 0.0% |
| Non-distributable reserves | 130/1 | €905 | €905 | = | 0.0% |
| Legal reserve | 130 | €905 | €905 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,838,923 | €1,732,973 | -€105,949 | -5.8% |
| Amounts payable | 17/49 | €1,170,299 | €1,004,433 | -€165,865 | -14.2% |
| Amounts payable after more than one year | 17 | €73,054 | €50,421 | -€22,633 | -31.0% |
| Financial debts | 170/4 | €73,054 | €50,421 | -€22,633 | -31.0% |
| Amounts payable within one year | 42/48 | €1,097,175 | €954,000 | -€143,174 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €34,356 | €40,281 | +€5,925 | +17.2% |
| Financial debts | 43 | €465,118 | €516,212 | +€51,094 | +11.0% |
| Credit institutions | 430/8 | €465,118 | €516,212 | +€51,094 | +11.0% |
| Trade debts | 44 | €475,823 | €301,540 | -€174,283 | -36.6% |
| Suppliers | 440/4 | €475,823 | €301,540 | -€174,283 | -36.6% |
| Taxes, remuneration and social security | 45 | €121,878 | €95,967 | -€25,911 | -21.3% |
| Taxes | 450/3 | €36,673 | €21,144 | -€15,529 | -42.3% |
| Remuneration and social security | 454/9 | €85,205 | €74,823 | -€10,382 | -12.2% |
| Accrued charges and deferred income | 492/3 | €70 | €12 | -€58 | -82.4% |
| Remuneration, social security and pensions | 62 | €721,803 | €662,462 | -€59,341 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,299 | €11,139 | -€7,160 | -39.1% |
| Other operating charges | 640/8 | €23,527 | €17,385 | -€6,143 | -26.1% |
| Gross operating margin | 9900 | €755,125 | €624,177 | -€130,948 | -17.3% |
| Operating profit (loss) | 9901 | -€8,504 | -€66,809 | -€58,304 | -685.6% |
| Financial income | 75/76B | €81 | €3 | -€78 | -96.1% |
| Recurring financial income | 75 | €81 | €3 | -€78 | -96.1% |
| Financial charges | 65/66B | €38,182 | €38,621 | +€439 | +1.1% |
| Recurring financial charges | 65 | €38,182 | €38,621 | +€439 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | -€46,606 | -€105,427 | -€58,821 | -126.2% |
| Income taxes | 67/77 | €1,704 | €523 | -€1,182 | -69.3% |
| Profit (loss) for the period | 9904 | -€48,310 | -€105,949 | -€57,639 | -119.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,310 | -€105,949 | -€57,639 | -119.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.