SPACEBEL
ActiveSummary
SPACEBEL has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.80M and a net result of €180k. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 32% of 179 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
58
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability60=
Solvency47▼-4
Growth48▼-31
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500k at 30 days acceptable
Liquidity tight (current ratio 1.19 against 1.25 in 2024; short-term debt: 76.5% and cash: 3% of total assets), and 77.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 63
Relative position
BE, all sectors
reference
Sector 63
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
22.2%
Return on assets
0.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-06-2026, 59 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
59 d early
2024
50 d early
2023
56 d early
2022
67 d early
2021
38 d early
2020
51 d early
2019
45 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€8.45M▼ 50.5%
2024 · €17.08M
2018: €7.69M
2019: €7.79M
2020: €5.24M
2021: €12.72M
2022: €7.28M
2023: €8.36M
2024: €17.08M
2018 → 2025
EBIT margin
1.7%▼ 1.2pp
2024 · 2.9%
2018: 4.3%
2019: 7.2%
2020: 12.3%
2021: 6.2%
2022: 9.5%
2023: 6.8%
2024: 2.9%
2018 → 2025
Net result
€180k▼ 66.0%
2024 · €528k
2018: €344k
2019: €724k
2020: €803k
2021: €788k
2022: €579k
2023: €575k
2024: €528k
2018 → 2025
Working capital
€5.68M▼ 12.1%
2024 · €6.46M
2018: €6.01M
2019: €6.43M
2020: €6.32M
2021: €6.82M
2022: €5.38M
2023: €5.56M
2024: €6.46M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€12.72M-€7.28M▼ 42.8%€8.36M▲ 14.8%€17.08M▲ 104%€8.45M▼ 50.5%
Equity€8.63M-€8.87M▲ 2.7%€8.99M▲ 1.4%€9.07M▲ 0.9%€8.80M▼ 3.0%
Operating result€786k-€691k▼ 12.2%€571k▼ 17.3%€497k▼ 13.0%€146k▼ 70.6%
Net result€788k-€579k▼ 26.4%€575k▼ 0.8%€528k▼ 8.1%€180k▼ 66.0%
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 71% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €39.62M
Fixed assets
€3.62M ▲ 5.8%
Current assets
€36.00M ▲ 12.5%
Equity and liabilities €39.62M
Equity
€8.80M ▼ 3.0%
Provisions
€84k ▼ 54.9%
Debt
€30.73M ▲ 17.4%
Debt's share of the balance-sheet total rises from 73.9% to 77.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€498k▼
2024 · €857k
Cash flow
€532k▼
2024 · €888k
Current ratio
1.19▼
2024 · 1.25
Quick ratio
0.34▼
2024 · 0.43
Debt to equity
3.49▲
2024 · 2.89
ROE
2.0%▼
2024 · 5.8%
ROA
0.5%▼
2024 · 1.5%
Interest coverage
5.93▼
2024 · 11.93
Debt ≤ 1 year
€30.32M▲
2024 · €25.55M
Debt > 1 year
€264k▼
2024 · €464k
Income taxes
€8k▼
2024 · €160k
Staff costs
€6.27M▲
2024 · €5.87M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 89 lines
Balance sheet
Code20242025
Assets
Total assets20/58€35.43M€39.62M▲
Fixed assets21/28€3.42M€3.62M▲
Intangible fixed assets21€138k€118k▼
Tangible fixed assets22/27€1.95M€1.92M▼
Land and buildings22€1.11M€1.15M▲
Plant, machinery and equipment23€205k€238k▲
Furniture and vehicles24€58k€39k▼
Other tangible fixed assets26€569k€485k▼
Financial fixed assets28€1.34M€1.58M▲
Affiliated companies280/1€412k€412k=
Participating interests280€412k€412k=
Other financial fixed assets284/8€926k€1.17M▲
Shares284€892k€1.14M▲
Amounts receivable and cash guarantees285/8€35k€33k▼
Current assets29/58€32.01M€36.00M▲
Stocks and contracts in progress3€21.07M€25.58M▲
Contracts in progress37€21.07M€25.58M▲
Amounts receivable within one year40/41€4.70M€3.36M▼
Trade receivables40€4.31M€2.80M▼
Other amounts receivable41€388k€554k▲
Current investments50/53€5.84M€5.68M▼
Other investments51/53€5.84M€5.68M▼
Cash at bank and in hand54/58€244k€1.18M▲
Deferred charges and accrued income490/1€159k€203k▲
Equity and liabilities
Total equity and liabilities10/49€35.43M€39.62M▲
Equity10/15€9.07M€8.80M▼
Contributions10/11€6.00M€6.00M=
Capital10€6.00M€6.00M=
Issued capital100€6.00M€6.00M=
Uncalled capital101-€0
Reserves13€399k€408k▲
Non-distributable reserves130/1€399k€408k▲
Legal reserve130€399k€408k▲
Profit (loss) carried forward14€2.67M€2.39M▼
Provisions and deferred taxes16€186k€84k▼
Provisions for liabilities and charges160/5€186k€84k▼
Pensions and similar obligations160€23k€27k▲
Other liabilities and charges164/5€163k€57k▼
Amounts payable17/49€26.18M€30.73M▲
Amounts payable after more than one year17€464k€264k▼
Financial debts170/4€464k€264k▼
Subordinated loans170€53k-
Credit institutions173€411k€264k▼
Amounts payable within one year42/48€25.55M€30.32M▲
Current portion of amounts payable after more than one year42€235k€200k▼
Trade debts44€1.47M€2.01M▲
Suppliers440/4€1.47M€2.01M▲
Advances received on contracts in progress46€21.33M€25.36M▲
Taxes, remuneration and social security45€1.10M€1.13M▲
Taxes450/3€151k€70k▼
Remuneration and social security454/9€953k€1.06M▲
Other amounts payable47/48€1.42M€1.62M▲
Accrued charges and deferred income492/3€158k€147k▼
Income statement
Code20242025
Operating income70/76A€14.66M€15.31M▲
Turnover70€17.08M€8.45M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-4.47M€4.82M▲
Other operating income74€2.05M€2.04M▼
Operating charges60/66A€14.16M€15.17M▲
Goods for resale, raw materials and consumables60€3.21M€3.56M▲
Purchases600/8€3.21M€3.56M▲
Services and other goods61€5.23M€4.66M▼
Remuneration, social security and pensions62€5.87M€6.27M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€360k€352k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-718k€317k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€86k€-102k▼
Other operating charges640/8€121k€114k▼
Operating profit (loss)9901€497k€146k▼
Financial income75/76B€271k€228k▼
Recurring financial income75€271k€228k▼
Income from financial fixed assets750€100k€100k▲
Income from current assets751€136k€127k▼
Other financial income752/9€35k€486▼
Financial charges65/66B€79k€186k▲
Recurring financial charges65€79k€186k▲
Debt charges650€72k€84k▲
Other financial charges652/9€7k€102k▲
Profit (loss) for the period before taxes9903€688k€188k▼
Income taxes67/77€160k€8k▼
Taxes670/3€160k€12k▼
Tax adjustments and reversals of tax provisions77-€3k
Profit (loss) for the period9904€528k€180k▼
Profit (loss) for the period to be appropriated9905€528k€180k▼
Appropriation of the result
Profit (loss) to be appropriated9906€3.15M€2.85M▼
Profit (loss) brought forward from the previous period14P€2.62M€2.67M▲
Transfer to equity691/2€26k€9k▼
To the legal reserve6920€26k€9k▼
Profit to be distributed694/7€450k€450k=
Return on contributions (dividend)694€450k€450k=
Social balance
Average headcount (FTE)908752.556.3▲
The notes to these accounts (71 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €180k ▼66%
Net result drops to €180k, the lowest in the series.
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
05-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
25-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €803k ▲10.9%
Net result €803k, the highest in the series.
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
16-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
50 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Liège · 2 establishment units since 1988
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue des Chasseurs-Ardennais 64031 LiègeGround area
6,637 m²
Building footprint
2,254 m²
Volume, LiDAR
20,700 m³
2 parcels, Flanders, Wallonia · tallest building 17.1 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
SPACEBEL SA
since 19882.040.785.176
Ildefonse Vandammestraat 7, 1560 Hoeilaart
since 19902.040.785.077
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23033C0080/00H016 | Flanders | 3,343 m² | 1 · 1,079 m² | 17.1 m · 4 fl. |
| 62002C0005/00E003 | Wallonia | 3,295 m² | 1 · 1,175 m² | 9.7 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 4 entries · 269,097 EUR awarded · 213,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 0 EUR | 71,000 EUR |
| 2024 | 1 | 0 EUR | 71,000 EUR |
| 2023 | 1 | 269,097 EUR | 71,000 EUR |
Schemes
Ontwikkelingsproject
European Union, budget
2021 to 2023 · 8 entries · 3,026,425 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2023 | 6 | 2,447,144 EUR |
| 2021 | 2 | 579,280 EUR |
Projects
IMPLEMENTATION OF THE `PRODUCT AND SERVICE INDEPENDENT REVIEW AND EVALUATION AND `TECHNICAL USER GROUP INTERFACE
ODINS EYE II - MULTINATIONAL DEVELOPMENT INITIATIVE FOR A SPACE-BASED MISSILE EARLY-WARNING ARCHITECTURE II
MINEYE - MINEYE - EARTH OBSERVATION TECHNIQUES FOR MINE LIFE CYCLE MONITORING
USING ML-BASED DATA FUSION APPROACH
EDIDP-SSAEW-EW-2020-049 — ODIN'S EYE
European research
10 projects · 2 as coordinator · 4,352,337 EUR EU contributionProgrammes
Seventh Framework Programme
Horizon 2020
Horizon Europe
Projects
GENeric European Sustainable Information Space for Environment
Nurturing Africa Digital Revolution for Agriculture
Modelling crisis management for improved action and preparedness
MINEYE - EARTH OBSERVATION TECHNIQUES FOR MINE LIFE CYCLE MONITORING USING ML-BASED DATA FUSION APPROACH
Integrated Risk Management for Africa
Show 5 more projects
Odour MoNitoring and Information System based on CItizEN and Technology Innovative Sensors
Data-Driven Bioeconomy
European Group of Enterprises for a Network of Information Using Space
geoland2 - towards an operational GMES Land Monitoring Core Service
GEOSS INSPIRE and GMES an Action in Support
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Of 2,725 companies in sector 63100 we hold annual accounts for 1,271. 174 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded29-09-1988
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
63100Computing infrastructure, data processing, hosting and related activities
Sources
Crossroads Bank for EnterprisesNational Bank · 37 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.