SEA & SPACE EXPLORATION: 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.
SEA & SPACE EXPLORATION
Largest movements
- Current investments +€80,000
new in 2025: €80,000
- Cash -€24,954
down €24,954 (-21.0%), from €118,864 to €93,910
mainly Contributions, distributions and other (-€81,200) and Current investments (-€80,000)
- Tangible fixed assets -€3,625
down €3,625 (-76.5%), from €4,737 to €1,112
- Deferred charges and accrued income +€3,051
up €3,051 (+493%), from €619 to €3,669
- Other debts +€76,700
up €76,700 (+1,704%), from €4,500 to €81,200
- Reserves -€26,160
down €26,160 (-14.8%), from €176,190 to €150,030
- Trade debts +€3,224
up €3,224 (+1,178%), from €274 to €3,498
- Gross operating margin -€14,991
down €14,991 (-14.8%), from €101,430 to €86,438
- Taxes -€4,138
down €4,138 (-13.1%), from €31,638 to €27,499
- Financial income +€1,213
up €1,213 (+2,100%), from €58 to €1,271
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €187,416 | €241,158 | +€53,742 | +28.7% |
| Fixed assets | 21/28 | €51,645 | €48,020 | -€3,625 | -7.0% |
| Tangible fixed assets | 22/27 | €4,737 | €1,112 | -€3,625 | -76.5% |
| Furniture and vehicles | 24 | €4,737 | €1,112 | -€3,625 | -76.5% |
| Financial fixed assets | 28 | €46,908 | €46,908 | = | 0.0% |
| Current assets | 29/58 | €135,771 | €193,138 | +€57,367 | +42.3% |
| Amounts receivable within one year | 40/41 | €16,288 | €15,559 | -€730 | -4.5% |
| Trade receivables | 40 | €10,800 | €10,800 | = | 0.0% |
| Other amounts receivable | 41 | €5,488 | €4,759 | -€730 | -13.3% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €118,864 | €93,910 | -€24,954 | -21.0% |
| Deferred charges and accrued income | 490/1 | €619 | €3,669 | +€3,051 | +493% |
| Total equity and liabilities | 10/49 | €187,416 | €241,158 | +€53,742 | +28.7% |
| Equity | 10/15 | €182,514 | €156,354 | -€26,160 | -14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €176,190 | €150,030 | -€26,160 | -14.8% |
| Distributable reserves | 133 | €176,190 | €150,030 | -€26,160 | -14.8% |
| Profit (loss) carried forward | 14 | €123 | €124 | +€1 | +0.6% |
| Amounts payable | 17/49 | €4,902 | €84,804 | +€79,902 | +1,630% |
| Amounts payable within one year | 42/48 | €4,774 | €84,698 | +€79,925 | +1,674% |
| Trade debts | 44 | €274 | €3,498 | +€3,224 | +1,178% |
| Suppliers | 440/4 | €274 | €3,498 | +€3,224 | +1,178% |
| Other amounts payable | 47/48 | €4,500 | €81,200 | +€76,700 | +1,704% |
| Accrued charges and deferred income | 492/3 | €129 | €106 | -€23 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,625 | €3,625 | = | 0.0% |
| Other operating charges | 640/8 | €945 | €873 | -€72 | -7.6% |
| Gross operating margin | 9900 | €101,430 | €86,438 | -€14,991 | -14.8% |
| Operating profit (loss) | 9901 | €96,859 | €81,940 | -€14,919 | -15.4% |
| Financial income | 75/76B | €58 | €1,271 | +€1,213 | +2,100% |
| Recurring financial income | 75 | €58 | €1,271 | +€1,213 | +2,100% |
| Financial charges | 65/66B | €611 | €671 | +€60 | +9.8% |
| Recurring financial charges | 65 | €611 | €671 | +€60 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €96,306 | €82,540 | -€13,766 | -14.3% |
| Income taxes | 67/77 | €31,638 | €27,499 | -€4,138 | -13.1% |
| Profit (loss) for the period | 9904 | €64,668 | €55,041 | -€9,628 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,668 | €55,041 | -€9,628 | -14.9% |
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 23 October 2026 via checked.be.