SpaceX: 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.
SpaceX
Largest movements
- Tangible fixed assets -€100,303
down €100,303 (-3.1%), from €3.3m to €3.2m
of which Land and buildings: -€84,480
- Other debts -€722,964
down €722,964 (-47.4%), from €1.5m to €801,973
- Debts after one year +€707,784
new in 2025: €707,784
- Revaluation surpluses -€142,897
down €142,897 (-6.5%), from €2.2m to €2.1m
- Reserves +€142,897
new in 2025: €142,897
- Profit (loss) carried forward -€54,876
down €54,876 (-11.6%), from -€475,029 to -€529,905
- Gross operating margin -€55,700
down €55,700 (-69.6%), from €80,005 to €24,306
- Financial income +€49,545
new in 2025: €49,545
- Financial charges -€49,545
no longer reported in 2025 (was €49,545)
- Other operating charges +€1,078
up €1,078 (+52.3%), from €2,062 to €3,140
- Depreciation +€953
up €953 (+0.8%), from €124,549 to €125,502
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 | €3,350,168 | €3,238,345 | -€111,824 | -3.3% |
| Fixed assets | 21/28 | €3,296,628 | €3,196,324 | -€100,303 | -3.0% |
| Tangible fixed assets | 22/27 | €3,287,028 | €3,186,724 | -€100,303 | -3.1% |
| Land and buildings | 22 | €3,165,973 | €3,081,493 | -€84,480 | -2.7% |
| Furniture and vehicles | 24 | €121,055 | €105,232 | -€15,823 | -13.1% |
| Financial fixed assets | 28 | €9,600 | €9,600 | = | 0.0% |
| Current assets | 29/58 | €53,540 | €42,020 | -€11,520 | -21.5% |
| Amounts receivable within one year | 40/41 | €53,470 | €41,819 | -€11,652 | -21.8% |
| Other amounts receivable | 41 | €53,470 | €41,819 | -€11,652 | -21.8% |
| Cash at bank and in hand | 54/58 | €70 | €5 | -€65 | -92.7% |
| Deferred charges and accrued income | 490/1 | - | €196 | +€196 | |
| Total equity and liabilities | 10/49 | €3,350,168 | €3,238,345 | -€111,824 | -3.3% |
| Equity | 10/15 | €1,770,875 | €1,715,999 | -€54,876 | -3.1% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,214,904 | €2,072,007 | -€142,897 | -6.5% |
| Reserves | 13 | - | €142,897 | +€142,897 | |
| Distributable reserves | 133 | - | €142,897 | +€142,897 | |
| Profit (loss) carried forward | 14 | -€475,029 | -€529,905 | -€54,876 | -11.6% |
| Amounts payable | 17/49 | €1,579,293 | €1,522,346 | -€56,947 | -3.6% |
| Amounts payable after more than one year | 17 | - | €707,784 | +€707,784 | |
| Financial debts | 170/4 | - | €707,784 | +€707,784 | |
| Amounts payable within one year | 42/48 | €1,529,749 | €814,562 | -€715,186 | -46.8% |
| Financial debts | 43 | - | €23 | +€23 | |
| Credit institutions | 430/8 | - | €23 | +€23 | |
| Trade debts | 44 | - | €7,670 | +€7,670 | |
| Suppliers | 440/4 | - | €7,670 | +€7,670 | |
| Taxes, remuneration and social security | 45 | €4,812 | €4,896 | +€85 | +1.8% |
| Taxes | 450/3 | €4,812 | €4,896 | +€85 | +1.8% |
| Other amounts payable | 47/48 | €1,524,937 | €801,973 | -€722,964 | -47.4% |
| Accrued charges and deferred income | 492/3 | €49,545 | - | -€49,545 | |
| Non-recurring operating income | 76A | €2,791 | - | -€2,791 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,549 | €125,502 | +€953 | +0.8% |
| Other operating charges | 640/8 | €2,062 | €3,140 | +€1,078 | +52.3% |
| Gross operating margin | 9900 | €80,005 | €24,306 | -€55,700 | -69.6% |
| Operating profit (loss) | 9901 | -€46,606 | -€104,336 | -€57,730 | -123.9% |
| Financial income | 75/76B | - | €49,545 | +€49,545 | |
| Recurring financial income | 75 | - | €49,545 | +€49,545 | |
| Financial charges | 65/66B | €49,545 | - | -€49,545 | |
| Recurring financial charges | 65 | €49,545 | - | -€49,545 | |
| Profit (loss) for the period before taxes | 9903 | -€96,151 | -€54,791 | +€41,359 | +43.0% |
| Income taxes | 67/77 | €422 | €85 | -€337 | -79.9% |
| Profit (loss) for the period | 9904 | -€96,573 | -€54,876 | +€41,696 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,573 | -€54,876 | +€41,696 | +43.2% |
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 8 October 2026 via checked.be.