SPACEPAL: 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.
SPACEPAL
Largest movements
- Intangible fixed assets -€27,039
down €27,039 (-32.3%), from €83,755 to €56,716
- Receivables within one year -€3,234
down €3,234 (-3.3%), from €97,765 to €94,531
of which Trade receivables: -€3,330
- Profit (loss) carried forward -€33,696
down €33,696 (-9.7%), from -€346,660 to -€380,356
- Trade debts +€3,017
up €3,017 (+1.4%), from €219,245 to €222,262
- Depreciation -€11,149
down €11,149 (-29.2%), from €38,188 to €27,039
- Gross operating margin -€1,945
down €1,945 (-55.8%), from -€3,485 to -€5,430
- Other operating charges +€64
up €64 (+12.7%), from €505 to €570
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €194,358 | €164,061 | -€30,298 | -15.6% |
| Fixed assets | 21/28 | €83,755 | €56,716 | -€27,039 | -32.3% |
| Intangible fixed assets | 21 | €83,755 | €56,716 | -€27,039 | -32.3% |
| Current assets | 29/58 | €110,603 | €107,345 | -€3,259 | -2.9% |
| Amounts receivable within one year | 40/41 | €97,765 | €94,531 | -€3,234 | -3.3% |
| Trade receivables | 40 | €93,870 | €90,541 | -€3,330 | -3.5% |
| Other amounts receivable | 41 | €3,895 | €3,991 | +€95 | +2.4% |
| Cash at bank and in hand | 54/58 | €4,676 | €6,508 | +€1,831 | +39.2% |
| Deferred charges and accrued income | 490/1 | €8,162 | €6,306 | -€1,855 | -22.7% |
| Total equity and liabilities | 10/49 | €194,358 | €164,061 | -€30,298 | -15.6% |
| Equity | 10/15 | -€188,052 | -€221,748 | -€33,696 | -17.9% |
| Contributions | 10/11 | €158,608 | €158,608 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€346,660 | -€380,356 | -€33,696 | -9.7% |
| Amounts payable | 17/49 | €382,411 | €385,809 | +€3,398 | +0.9% |
| Amounts payable within one year | 42/48 | €380,192 | €383,168 | +€2,977 | +0.8% |
| Trade debts | 44 | €219,245 | €222,262 | +€3,017 | +1.4% |
| Suppliers | 440/4 | €219,245 | €222,262 | +€3,017 | +1.4% |
| Taxes, remuneration and social security | 45 | €1,163 | €1,132 | -€31 | -2.7% |
| Taxes | 450/3 | €1,163 | €1,132 | -€31 | -2.7% |
| Other amounts payable | 47/48 | €159,784 | €159,775 | -€9 | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,219 | €2,640 | +€421 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,188 | €27,039 | -€11,149 | -29.2% |
| Other operating charges | 640/8 | €505 | €570 | +€64 | +12.7% |
| Gross operating margin | 9900 | -€3,485 | -€5,430 | -€1,945 | -55.8% |
| Operating profit (loss) | 9901 | -€42,179 | -€33,038 | +€9,140 | +21.7% |
| Financial charges | 65/66B | €687 | €657 | -€30 | -4.4% |
| Recurring financial charges | 65 | €687 | €657 | -€30 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | -€42,866 | -€33,696 | +€9,170 | +21.4% |
| Profit (loss) for the period | 9904 | -€42,866 | -€33,696 | +€9,170 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,866 | -€33,696 | +€9,170 | +21.4% |
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 5 October 2026 via checked.be.