CUB MANAGEMENT: 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.
CUB MANAGEMENT
Largest movements
- Receivables after one year +€10.0m
new in 2024: €10.0m
- Cash -€9.4m
down €9.4m (-45.0%), from €20.8m to €11.5m
mainly Receivables after one year (-€10.0m) and Tax, wage and social debts (-€92,775)
- Reserves +€768,636
up €768,636 (+3.9%), from €19.5m to €20.2m
- Financial income -€12.9m
down €12.9m (-95.8%), from €13.5m to €571,032
of which Non-recurring financial income: -€13.5m
- Taxes -€1.2m
down €1.2m (-78.5%), from €1.5m to €332,824
- Gross operating margin -€406,576
down €406,576 (-41.0%), from €992,639 to €586,063
- Depreciation +€18,789
up €18,789 (+61.5%), from €30,574 to €49,363
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,278,604 | €21,949,881 | +€671,277 | +3.2% |
| Fixed assets | 21/28 | €331,752 | €286,387 | -€45,365 | -13.7% |
| Intangible fixed assets | 21 | €418 | €0 | -€418 | -100.0% |
| Tangible fixed assets | 22/27 | €331,333 | €286,387 | -€44,946 | -13.6% |
| Land and buildings | 22 | €148,736 | €148,736 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,691 | €2,081 | -€1,610 | -43.6% |
| Furniture and vehicles | 24 | €178,906 | €135,569 | -€43,337 | -24.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €20,946,852 | €21,663,494 | +€716,642 | +3.4% |
| Amounts receivable after more than one year | 29 | - | €10,000,000 | +€10.0m | |
| Other amounts receivable | 291 | - | €10,000,000 | +€10.0m | |
| Amounts receivable within one year | 40/41 | €129,692 | €203,759 | +€74,067 | +57.1% |
| Trade receivables | 40 | €129,323 | €66,992 | -€62,331 | -48.2% |
| Other amounts receivable | 41 | €368 | €136,767 | +€136,398 | +37028.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,808,211 | €11,453,480 | -€9.4m | -45.0% |
| Deferred charges and accrued income | 490/1 | €8,949 | €6,255 | -€2,694 | -30.1% |
| Total equity and liabilities | 10/49 | €21,278,604 | €21,949,881 | +€671,277 | +3.2% |
| Equity | 10/15 | €19,684,566 | €20,453,202 | +€768,636 | +3.9% |
| Contributions | 10/11 | €195,000 | €195,000 | = | 0.0% |
| Reserves | 13 | €19,477,419 | €20,246,055 | +€768,636 | +3.9% |
| Distributable reserves | 133 | €19,477,419 | €20,246,055 | +€768,636 | +3.9% |
| Profit (loss) carried forward | 14 | €12,147 | €12,147 | = | 0.0% |
| Amounts payable | 17/49 | €1,594,038 | €1,496,678 | -€97,359 | -6.1% |
| Amounts payable within one year | 42/48 | €1,594,038 | €1,496,678 | -€97,359 | -6.1% |
| Trade debts | 44 | €4,356 | €2,182 | -€2,174 | -49.9% |
| Suppliers | 440/4 | €4,356 | €2,182 | -€2,174 | -49.9% |
| Taxes, remuneration and social security | 45 | €1,587,256 | €1,494,481 | -€92,775 | -5.8% |
| Taxes | 450/3 | €1,587,256 | €1,494,481 | -€92,775 | -5.8% |
| Other amounts payable | 47/48 | €2,425 | €15 | -€2,411 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,574 | €49,363 | +€18,789 | +61.5% |
| Other operating charges | 640/8 | €3,771 | €5,186 | +€1,415 | +37.5% |
| Non-recurring operating charges | 66A | €2,563 | €721 | -€1,842 | -71.9% |
| Gross operating margin | 9900 | €992,639 | €586,063 | -€406,576 | -41.0% |
| Operating profit (loss) | 9901 | €955,731 | €530,793 | -€424,938 | -44.5% |
| Financial income | 75/76B | €13,517,492 | €571,032 | -€12.9m | -95.8% |
| Recurring financial income | 75 | €38,381 | €571,032 | +€532,651 | +1387.8% |
| Non-recurring financial income | 76B | €13,479,111 | €0 | -€13.5m | -100.0% |
| Financial charges | 65/66B | €869 | €365 | -€504 | -58.0% |
| Recurring financial charges | 65 | €869 | €365 | -€504 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €14,472,354 | €1,101,460 | -€13.4m | -92.4% |
| Income taxes | 67/77 | €1,546,308 | €332,824 | -€1.2m | -78.5% |
| Profit (loss) for the period | 9904 | €12,926,046 | €768,636 | -€12.2m | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,926,046 | €768,636 | -€12.2m | -94.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.