PROBA2 is an ESA microsatellite (not larger than a domestic washing machine) that will be launched in 2007 into a dawn - dusk Sun-synchronous orbit. Its primary goal is technology demonstration; however, it will also carry scientific instruments. SWAP (Sun Watcher using Active Pixel sensor and image processing) and LYRA (Large-Yield RAdiometer) are the two major components of the scientific payload. They are developed by international consortia led by the Royal Observatory of Belgium. SWAP telescope will obtain images of the solar corona in the extreme ultraviolet (UV) using a novel Active Pixel Sensor (APS) detector. LYRA is based on a new ''solar blind'' diamond detector and will monitor the solar irradiance in four UV bandpasses. SWAP and LYRA data will be of use for solar physics, aeronomy and space weather studies. The main characteristics of SWAP and LYRA instruments are presented. The participation of students and young scientists in the SWAP and LYRA data analysis is greatly encouraged through the open data policy.