SPACEBEL: 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.
What changed
SPACEBEL
NACE 63.100, Computing infrastructure, data processing, hosting and related activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€179,589
2024 · €528,227-€348,638
Equity
€8.8m
2024 · €9.1m-€270,411
Cash
€1.2m
2024 · €244,275+€934,929
Balance sheet total
€39.6m
2024 · €35.4m+€4.2m
Largest movements
Assets
- Stocks and contracts +€4.5m
up €4.5m (+21.4%), from €21.1m to €25.6m
- Receivables within one year -€1.3m
down €1.3m (-28.5%), from €4.7m to €3.4m
of which Trade receivables: -€1.5m
- Cash +€934,929
up €934,929 (+382.7%), from €244,275 to €1.2m
mainly Advances received (+€4.0m) and Receivables within one year (+€1.3m)
Equity and liabilities
- Advances received +€4.0m
up €4.0m (+18.9%), from €21.3m to €25.4m
- Trade debts +€546,356
up €546,356 (+37.3%), from €1.5m to €2.0m
Income statement
- Turnover -€8.6m
down €8.6m (-50.5%), from €17.1m to €8.4m
- Write-downs +€1.0m
up €1.0m, from -€717,725 to €316,642
- Services and other goods -€564,043
down €564,043 (-10.8%), from €5.2m to €4.7m
- Staff costs +€398,733
up €398,733 (+6.8%), from €5.9m to €6.3m
- Goods and materials +€341,929
up €341,929 (+10.6%), from €3.2m to €3.6m
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
€528,227
Turnover
-€8.6m
Other operating income
-€4,862
Goods and materials
-€341,929
Services and other goods
+€564,043
Staff costs
-€398,733
Depreciation
+€7,669
Write-downs
-€1.0m
Provisions
+€188,162
Other operating charges
+€7,573
Other operating items
+€9.3m
Financial income
-€42,931
Financial charges
-€106,535
Taxes
+€151,828
Result 2025
€179,589
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
+€2.0m
Investment
-€392,859
Financing
-€685,169
Cash 2024
€244,275
From operations (derived)
+€2.0m
Net result for the year
+€179,589
Depreciation
+€351,931
Stocks and contracts
-€4.5m
Receivables within one year
+€1.3m
Deferred charges and accrued income
-€43,883
Provisions
-€102,027
Trade debts
+€546,356
Tax, wage and social debts
+€28,470
Advances received
+€4.0m
Other debts
+€196,909
Accrued charges and deferred income
-€10,883
Investment (derived)
-€392,859
Investment in fixed assets (net)
-€549,909
Current investments
+€157,050
Financing
-€685,169
Debts after one year
-€199,575
Current portion of long-term debt
-€35,593
Contributions, distributions and other
-€450,000
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,432,724 | €39,616,824 | +€4.2m | +11.8% |
| Fixed assets | 21/28 | €3,420,973 | €3,618,952 | +€197,978 | +5.8% |
| Intangible fixed assets | 21 | €137,753 | €118,262 | -€19,491 | -14.1% |
| Tangible fixed assets | 22/27 | €1,945,152 | €1,917,297 | -€27,856 | -1.4% |
| Land and buildings | 22 | €1,113,295 | €1,154,260 | +€40,965 | +3.7% |
| Plant, machinery and equipment | 23 | €204,692 | €238,466 | +€33,773 | +16.5% |
| Furniture and vehicles | 24 | €57,781 | €39,417 | -€18,364 | -31.8% |
| Other tangible fixed assets | 26 | €569,384 | €485,154 | -€84,230 | -14.8% |
| Financial fixed assets | 28 | €1,338,068 | €1,583,393 | +€245,325 | +18.3% |
| Affiliated companies | 280/1 | €411,900 | €411,900 | = | 0.0% |
| Participating interests | 280 | €411,900 | €411,900 | = | 0.0% |
| Other financial fixed assets | 284/8 | €926,168 | €1,171,493 | +€245,325 | +26.5% |
| Shares | 284 | €891,638 | €1,138,273 | +€246,635 | +27.7% |
| Amounts receivable and cash guarantees | 285/8 | €34,530 | €33,220 | -€1,310 | -3.8% |
| Current assets | 29/58 | €32,011,750 | €35,997,873 | +€4.0m | +12.5% |
| Stocks and contracts in progress | 3 | €21,074,925 | €25,578,564 | +€4.5m | +21.4% |
| Contracts in progress | 37 | €21,074,925 | €25,578,564 | +€4.5m | +21.4% |
| Amounts receivable within one year | 40/41 | €4,695,419 | €3,356,140 | -€1.3m | -28.5% |
| Trade receivables | 40 | €4,306,942 | €2,802,309 | -€1.5m | -34.9% |
| Other amounts receivable | 41 | €388,476 | €553,831 | +€165,355 | +42.6% |
| Current investments | 50/53 | €5,837,909 | €5,680,859 | -€157,050 | -2.7% |
| Other investments | 51/53 | €5,837,909 | €5,680,859 | -€157,050 | -2.7% |
| Cash at bank and in hand | 54/58 | €244,275 | €1,179,205 | +€934,929 | +382.7% |
| Deferred charges and accrued income | 490/1 | €159,223 | €203,106 | +€43,883 | +27.6% |
| Total equity and liabilities | 10/49 | €35,432,724 | €39,616,824 | +€4.2m | +11.8% |
| Equity | 10/15 | €9,070,619 | €8,800,208 | -€270,411 | -3.0% |
| Contributions | 10/11 | €6,000,100 | €6,000,100 | = | 0.0% |
| Capital | 10 | €6,000,100 | €6,000,100 | = | 0.0% |
| Issued capital | 100 | €6,000,100 | €6,000,100 | = | 0.0% |
| Uncalled capital | 101 | - | €0 | = | |
| Reserves | 13 | €398,613 | €407,593 | +€8,979 | +2.3% |
| Non-distributable reserves | 130/1 | €398,613 | €407,593 | +€8,979 | +2.3% |
| Legal reserve | 130 | €398,613 | €407,593 | +€8,979 | +2.3% |
| Profit (loss) carried forward | 14 | €2,671,905 | €2,392,515 | -€279,390 | -10.5% |
| Provisions and deferred taxes | 16 | €185,754 | €83,727 | -€102,027 | -54.9% |
| Provisions for liabilities and charges | 160/5 | €185,754 | €83,727 | -€102,027 | -54.9% |
| Pensions and similar obligations | 160 | €22,671 | €26,589 | +€3,918 | +17.3% |
| Other liabilities and charges | 164/5 | €163,083 | €57,138 | -€105,945 | -65.0% |
| Amounts payable | 17/49 | €26,176,351 | €30,732,889 | +€4.6m | +17.4% |
| Amounts payable after more than one year | 17 | €463,847 | €264,272 | -€199,575 | -43.0% |
| Financial debts | 170/4 | €463,847 | €264,272 | -€199,575 | -43.0% |
| Subordinated loans | 170 | €52,500 | - | -€52,500 | |
| Credit institutions | 173 | €411,347 | €264,272 | -€147,075 | -35.8% |
| Amounts payable within one year | 42/48 | €25,554,455 | €30,321,450 | +€4.8m | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €235,169 | €199,575 | -€35,593 | -15.1% |
| Trade debts | 44 | €1,466,192 | €2,012,548 | +€546,356 | +37.3% |
| Suppliers | 440/4 | €1,466,192 | €2,012,548 | +€546,356 | +37.3% |
| Advances received on contracts in progress | 46 | €21,325,231 | €25,356,085 | +€4.0m | +18.9% |
| Taxes, remuneration and social security | 45 | €1,103,999 | €1,132,469 | +€28,470 | +2.6% |
| Taxes | 450/3 | €150,942 | €69,792 | -€81,150 | -53.8% |
| Remuneration and social security | 454/9 | €953,057 | €1,062,677 | +€109,619 | +11.5% |
| Other amounts payable | 47/48 | €1,423,864 | €1,620,773 | +€196,909 | +13.8% |
| Accrued charges and deferred income | 492/3 | €158,050 | €147,167 | -€10,883 | -6.9% |
| Operating income | 70/76A | €14,656,228 | €15,312,809 | +€656,581 | +4.5% |
| Turnover | 70 | €17,081,429 | €8,449,834 | -€8.6m | -50.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€4,472,758 | €4,820,281 | +€9.3m | |
| Other operating income | 74 | €2,047,557 | €2,042,694 | -€4,862 | -0.2% |
| Operating charges | 60/66A | €14,159,248 | €15,166,830 | +€1.0m | +7.1% |
| Goods for resale, raw materials and consumables | 60 | €3,213,570 | €3,555,500 | +€341,929 | +10.6% |
| Purchases | 600/8 | €3,213,570 | €3,555,500 | +€341,929 | +10.6% |
| Services and other goods | 61 | €5,227,348 | €4,663,305 | -€564,043 | -10.8% |
| Remuneration, social security and pensions | 62 | €5,869,208 | €6,267,941 | +€398,733 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €359,600 | €351,931 | -€7,669 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€717,725 | €316,642 | +€1.0m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €86,135 | -€102,027 | -€188,162 | |
| Other operating charges | 640/8 | €121,111 | €113,538 | -€7,573 | -6.3% |
| Operating profit (loss) | 9901 | €496,979 | €145,979 | -€351,000 | -70.6% |
| Financial income | 75/76B | €270,568 | €227,637 | -€42,931 | -15.9% |
| Recurring financial income | 75 | €270,568 | €227,637 | -€42,931 | -15.9% |
| Income from financial fixed assets | 750 | €100,000 | €100,197 | +€197 | +0.2% |
| Income from current assets | 751 | €135,619 | €126,953 | -€8,666 | -6.4% |
| Other financial income | 752/9 | €34,949 | €486 | -€34,463 | -98.6% |
| Financial charges | 65/66B | €79,115 | €185,649 | +€106,535 | +134.7% |
| Recurring financial charges | 65 | €79,115 | €185,649 | +€106,535 | +134.7% |
| Debt charges | 650 | €71,813 | €83,945 | +€12,132 | +16.9% |
| Other financial charges | 652/9 | €7,302 | €101,704 | +€94,403 | +1292.9% |
| Profit (loss) for the period before taxes | 9903 | €688,433 | €187,967 | -€500,466 | -72.7% |
| Income taxes | 67/77 | €160,206 | €8,378 | -€151,828 | -94.8% |
| Taxes | 670/3 | €160,206 | €11,555 | -€148,651 | -92.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,178 | +€3,178 | |
| Profit (loss) for the period | 9904 | €528,227 | €179,589 | -€348,638 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €528,227 | €179,589 | -€348,638 | -66.0% |
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 9 October 2026 via checked.be.