CUBE STUDIO ARCHITECTURE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 6 filings
Turnover
≈ €360,000
Estimated: probably between €280,000 and €470,000
Total assets
€451,167▼ 40.0%
2024 · €752,072
Net result
€82,259▲ 237%
2024 · €24,439
Working capital
€240,938▼ 60.4%
2024 · €608,875
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€122,990
▲ 85.6%
2025
20202025
Net result
€82,259
▲ 237%
2025
highest quarter of the sector
20202025
Equity
€258,101
▲ 46.8%
2025
highest quarter of the sector
20202025
Total assets
€451,167
▼ 40.0%
2025
highest quarter of the sector
20202025
Debt
€193,065
▼ 66.5%
2025
20202025
Working capital
€240,938
▼ 60.4%
2025
highest quarter of the sector
20202025
Solvency
57.2%
▲ 33.8pp
2025
middle half of the sector
20202025
Current ratio
2.37
▼ 4.27
2025
middle half of the sector
20202025
Return on assets (ROA)
18.2%
▲ 15.0pp
2025
middle half of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€69,074-€35,760▼ 48.2%€97,361▲ 172%€19,988▼ 79.5%€66,267▲ 232%€122,990▲ 85.6%
Net result€52,227above the sector's middle half-€24,749within the sector's middle half▼ 52.6%€70,135above the sector's middle half▲ 183%€4,292within the sector's middle half▼ 93.9%€24,439within the sector's middle half▲ 469%€82,259above the sector's middle half▲ 237%
Equity€52,228within the sector's middle half-€76,977within the sector's middle half▲ 47.4%€147,112within the sector's middle half▲ 91.1%€151,403within the sector's middle half▲ 2.9%€175,843above the sector's middle half▲ 16.1%€258,101above the sector's middle half▲ 46.8%
Total assets€120,330within the sector's middle half-€773,740above the sector's middle half▲ 543%€726,982above the sector's middle half▼ 6.0%€748,825above the sector's middle half▲ 3.0%€752,072above the sector's middle half▲ 0.4%€451,167above the sector's middle half▼ 40.0%
Debt€68,102-€696,763▲ 923%€579,870▼ 16.8%€597,421▲ 3.0%€576,229▼ 3.5%€193,065▼ 66.5%
Working capital€44,825within the sector's middle half-€438,603above the sector's middle half▲ 878%€116,916above the sector's middle half▼ 73.3%€510,482above the sector's middle half▲ 337%€608,875above the sector's middle half▲ 19.3%€240,938above the sector's middle half▼ 60.4%
Solvency43.4%within the sector's middle half-9.9%below the sector's middle half▼ 33.5pp20.2%below the sector's middle half▲ 10.3pp20.2%below the sector's middle half=23.4%below the sector's middle half▲ 3.2pp57.2%within the sector's middle half▲ 33.8pp
Current ratio1.66within the sector's middle half-2.33within the sector's middle half▲ 0.671.20within the sector's middle half▼ 1.133.47within the sector's middle half▲ 2.276.64above the sector's middle half▲ 3.172.37within the sector's middle half▼ 4.27
Return on assets (ROA)43.4%above the sector's middle half-3.2%within the sector's middle half▼ 40.2pp9.6%within the sector's middle half▲ 6.4pp0.6%below the sector's middle half▼ 9.1pp3.2%within the sector's middle half▲ 2.7pp18.2%within the sector's middle half▲ 15.0pp
Staff (FTE)0.2below the sector's middle half-0.7▲ 250%1.8▲ 157%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 86% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €451,167
Fixed assets
€34,415 ▼ 2.3%
Current assets
€416,751 ▼ 41.9%
Equity and liabilities €451,167
Equity
€258,101 ▲ 46.8%
Debt
€193,065 ▼ 66.5%
Debt's share of the balance-sheet total falls from 76.6% to 42.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€126,032▲
2024 · €68,471
Cash flow
€85,301▲
2024 · €26,644
Debt to equity
0.75▼
2024 · 3.28
ROE
31.9%▲
2024 · 13.9%
Interest coverage
10.68▲
2024 · 2.17
Debt ≤ 1 year
€175,814▲
2024 · €107,963
Debt > 1 year
€17,252▼
2024 · €468,266
Income taxes
€28,984▲
2024 · €10,338
Staff costs
€52,414▼
2024 · €110,276
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 2 |
| full-time | 1 | 2 |
| in full-time equivalents | 1 | 2 |
| Average over the year, in full-time equivalents | 0.7 | 1.8 |
| On a permanent contract | 1 | 2 |
| Joined | 1 | 1 |
| Left | 5 | 0 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,326 | - | €3,532 | €5,496 | €29,724 |
| Financial fixed assets | - | €27,500 | - | - | €0 |
| Depreciation and write-downs of the year | €2,795 | €3,237 | €1,787 | €2,204 | €3,042 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,043 | €3,403 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €25,836 | €66,130 | €66,416 | €110,276 | €52,414 | ▼ 52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,115 | €2,795 | €3,237 | €1,787 | €2,204 | €3,042 | ▲ 38.0% |
| Other operating charges640/8 | - | €348 | €2,033 | €1,697 | €1,611 | €852 | ▼ 47.1% |
| Non-recurring operating charges66A | - | - | - | €378 | €563 | €1,197 | ▲ 113% |
| Gross operating margin9900 | €78,233 | €64,739 | €168,760 | €90,267 | €180,921 | €180,495 | ▼ 0.2% |
| Operating profit (loss)9901 | €69,074 | €35,760 | €97,361 | €19,988 | €66,267 | €122,990 | ▲ 85.6% |
| Financial income75/76B | - | - | - | €151 | €0 | €50 | ▲ 709× |
| Recurring financial income75 | - | - | - | €151 | €0 | €50 | ▲ 709× |
| Financial charges65/66B | - | €2,526 | €535 | €20,057 | €31,489 | €11,797 | ▼ 62.5% |
| Recurring financial charges65 | €93 | €2,526 | €535 | €20,057 | €31,489 | €11,797 | ▼ 62.5% |
| Profit (loss) for the period before taxes9903 | €68,981 | €33,234 | €96,825 | €82 | €34,778 | €111,242 | ▲ 220% |
| Income taxes67/77 | €16,754 | €8,485 | €26,691 | -€4,210 | €10,338 | €28,984 | ▲ 180% |
| Profit (loss) for the period9904 | €52,227 | €24,749 | €70,135 | €4,292 | €24,439 | €82,259 | ▲ 237% |
| Profit (loss) for the period to be appropriated9905 | €52,227 | €24,749 | €70,135 | €4,292 | €24,439 | €82,259 | ▲ 237% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €120,330 | €773,740 | €726,982 | €748,825 | €752,072 | €451,167 | ▼ 40.0% |
| Fixed assets21/28 | €7,403 | €5,934 | €30,196 | €31,941 | €35,234 | €34,415 | ▼ 2.3% |
| Intangible fixed assets21 | €4,178 | €2,578 | €978 | €0 | - | - | - |
| Tangible fixed assets22/27 | €3,225 | €3,356 | €1,719 | €4,441 | €7,734 | €34,415 | ▲ 345% |
| Furniture and vehicles24 | - | €3,356 | €1,719 | €4,441 | €7,734 | €32,778 | ▲ 324% |
| Other tangible fixed assets26 | - | - | - | - | - | €1,637 | - |
| Financial fixed assets28 | - | - | €27,500 | €27,500 | €27,500 | €0 | ▼ 100% |
| Current assets29/58 | €112,927 | €767,806 | €696,786 | €716,883 | €716,839 | €416,751 | ▼ 41.9% |
| Stocks and contracts in progress3 | €30,000 | €722,956 | €531,257 | €664,268 | €649,014 | €0 | ▼ 100% |
| Stocks30/36 | - | €722,956 | €531,257 | €664,268 | €649,014 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €32,628 | €35,955 | €19,269 | €40,938 | €25,208 | €81,400 | ▲ 223% |
| Trade receivables40 | - | €4,100 | €14,436 | €22,279 | €21,558 | €69,057 | ▲ 220% |
| Other amounts receivable41 | - | €31,855 | €4,833 | €18,660 | €3,649 | €12,343 | ▲ 238% |
| Cash at bank and in hand54/58 | €50,299 | €7,932 | €144,169 | €9,720 | €35,375 | €326,535 | ▲ 823% |
| Deferred charges and accrued income490/1 | - | €963 | €2,091 | €1,957 | €7,242 | €8,817 | ▲ 21.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €120,330 | €773,740 | €726,982 | €748,825 | €752,072 | €451,167 | ▼ 40.0% |
| Equity10/15 | €52,228 | €76,977 | €147,112 | €151,403 | €175,843 | €258,101 | ▲ 46.8% |
| Contributions10/11 | €1 | €1 | €1 | €1 | €1 | €1 | = |
| Capital10 | - | €1 | - | - | - | - | - |
| Issued capital100 | - | €1 | - | - | - | - | - |
| Profit (loss) carried forward14 | €52,227 | €76,976 | €147,111 | €151,402 | €175,842 | €258,100 | ▲ 46.8% |
| Amounts payable17/49 | €68,102 | €696,763 | €579,870 | €597,421 | €576,229 | €193,065 | ▼ 66.5% |
| Amounts payable after more than one year17 | - | €367,560 | - | €389,760 | €468,266 | €17,252 | ▼ 96.3% |
| Financial debts170/4 | - | €367,560 | - | €389,760 | €468,266 | €17,252 | ▼ 96.3% |
| Amounts payable within one year42/48 | €68,102 | €329,203 | €579,870 | €206,402 | €107,963 | €175,814 | ▲ 62.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,228 | €6,738 | ▲ 28.9% |
| Financial debts43 | - | €127,104 | €376,584 | €29,457 | €0 | - | - |
| Credit institutions430/8 | - | €127,104 | €376,584 | €29,457 | €0 | - | - |
| Trade debts44 | €10,189 | €143,691 | €21,362 | €32,596 | €37,411 | €40,778 | ▲ 9.0% |
| Suppliers440/4 | - | €143,691 | €21,362 | €32,596 | €37,411 | €40,778 | ▲ 9.0% |
| Advances received on contracts in progress46 | - | - | €5,445 | €0 | - | €99,174 | - |
| Taxes, remuneration and social security45 | - | €28,384 | €47,419 | €21,485 | €27,544 | €23,983 | ▼ 12.9% |
| Taxes450/3 | - | €24,381 | €28,916 | €9,834 | €11,672 | €16,094 | ▲ 37.9% |
| Remuneration and social security454/9 | - | €4,003 | €18,503 | €11,651 | €15,871 | €7,889 | ▼ 50.3% |
| Other amounts payable47/48 | - | €30,024 | €129,060 | €122,864 | €37,781 | €5,142 | ▼ 86.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,260 | €0 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,227 | €24,749 | €70,135 | €4,292 | €24,439 | €82,259 | ▲ 237% |
| + Depreciation and write-downs630 | €3,115 | €2,795 | €3,237 | €1,787 | €2,204 | €3,042 | ▲ 38.0% |
| Operating cash flow (approximation) | €55,342 | €27,544 | €73,372 | €6,079 | €26,644 | €85,301 | ▲ 220% |
| Investment in fixed assets (approximation) | - | -€1,326 | -€27,499 | -€3,532 | -€5,496 | -€2,224 | ▲ 59.5% |
| Change in cash | - | -€42,367 | €136,237 | -€134,450 | €25,656 | €291,159 | ▲ 11× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,782 companies had the same profile as CUBE STUDIO ARCHITECTURE has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of CUBE STUDIO ARCHITECTURE itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,782 companies, not a prediction for CUBE STUDIO ARCHITECTURE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00300360 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00541898 | |
| 31-12-2023 | micro format | 16-12-2024 | 2024-00617784 | |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00477844 | |
| 31-12-2021 | micro format | 26-09-2022 | 2022-20434990 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-22100051 |