CUBES: 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.
CUBES
Largest movements
- Tangible fixed assets +€869,887
up €869,887 (+57.2%), from €1.5m to €2.4m
of which Land and buildings: +€895,159
- Receivables within one year +€204,659
up €204,659 (+117.7%), from €173,816 to €378,475
of which Other amounts receivable: +€193,719
- Debts after one year +€1.0m
up €1.0m (+68.6%), from €1.5m to €2.5m
- Other debts +€43,640
up €43,640 (+14.9%), from €293,114 to €336,754
- Depreciation +€89,964
up €89,964 (+60.0%), from €149,981 to €239,945
- Financial charges +€50,791
up €50,791 (+175.2%), from €28,991 to €79,782
- Gross operating margin +€28,516
up €28,516 (+10.7%), from €267,081 to €295,597
- Taxes -€27,453
down €27,453 (-92.9%), from €29,560 to €2,107
- Financial income +€10,058
up €10,058 (+70.0%), from €14,365 to €24,422
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 | €2,106,472 | €3,190,921 | +€1.1m | +51.5% |
| Fixed assets | 21/28 | €1,521,679 | €2,391,566 | +€869,887 | +57.2% |
| Tangible fixed assets | 22/27 | €1,521,679 | €2,391,566 | +€869,887 | +57.2% |
| Land and buildings | 22 | €1,414,735 | €2,309,895 | +€895,159 | +63.3% |
| Furniture and vehicles | 24 | €106,944 | €81,671 | -€25,273 | -23.6% |
| Current assets | 29/58 | €584,793 | €799,355 | +€214,562 | +36.7% |
| Amounts receivable after more than one year | 29 | €365,970 | €352,896 | -€13,074 | -3.6% |
| Other amounts receivable | 291 | €365,970 | €352,896 | -€13,074 | -3.6% |
| Amounts receivable within one year | 40/41 | €173,816 | €378,475 | +€204,659 | +117.7% |
| Trade receivables | 40 | €23,541 | €34,480 | +€10,940 | +46.5% |
| Other amounts receivable | 41 | €150,275 | €343,995 | +€193,719 | +128.9% |
| Cash at bank and in hand | 54/58 | €44,300 | €65,381 | +€21,081 | +47.6% |
| Deferred charges and accrued income | 490/1 | €708 | €2,604 | +€1,896 | +267.9% |
| Total equity and liabilities | 10/49 | €2,106,472 | €3,190,921 | +€1.1m | +51.5% |
| Equity | 10/15 | €281,987 | €277,855 | -€4,132 | -1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,814 | €161,814 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €159,954 | €159,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,773 | €103,641 | -€4,132 | -3.8% |
| Amounts payable | 17/49 | €1,824,485 | €2,913,066 | +€1.1m | +59.7% |
| Amounts payable after more than one year | 17 | €1,491,417 | €2,513,952 | +€1.0m | +68.6% |
| Financial debts | 170/4 | €1,491,417 | €2,513,952 | +€1.0m | +68.6% |
| Amounts payable within one year | 42/48 | €332,344 | €398,368 | +€66,024 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €14,654 | €14,030 | -€624 | -4.3% |
| Financial debts | 43 | €6,773 | €15,083 | +€8,310 | +122.7% |
| Credit institutions | 430/8 | €6,773 | €15,083 | +€8,310 | +122.7% |
| Trade debts | 44 | €4,149 | €32,036 | +€27,887 | +672.2% |
| Suppliers | 440/4 | €4,149 | €32,036 | +€27,887 | +672.2% |
| Taxes, remuneration and social security | 45 | €13,655 | €464 | -€13,191 | -96.6% |
| Taxes | 450/3 | €13,655 | €464 | -€13,191 | -96.6% |
| Other amounts payable | 47/48 | €293,114 | €336,754 | +€43,640 | +14.9% |
| Accrued charges and deferred income | 492/3 | €724 | €747 | +€22 | +3.1% |
| Remuneration, social security and pensions | 62 | -€165 | - | +€165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,981 | €239,945 | +€89,964 | +60.0% |
| Other operating charges | 640/8 | €2,619 | €2,318 | -€301 | -11.5% |
| Gross operating margin | 9900 | €267,081 | €295,597 | +€28,516 | +10.7% |
| Operating profit (loss) | 9901 | €114,647 | €53,334 | -€61,312 | -53.5% |
| Financial income | 75/76B | €14,365 | €24,422 | +€10,058 | +70.0% |
| Recurring financial income | 75 | €14,365 | €24,422 | +€10,058 | +70.0% |
| Financial charges | 65/66B | €28,991 | €79,782 | +€50,791 | +175.2% |
| Recurring financial charges | 65 | €28,991 | €79,782 | +€50,791 | +175.2% |
| Profit (loss) for the period before taxes | 9903 | €100,020 | -€2,026 | -€102,046 | |
| Income taxes | 67/77 | €29,560 | €2,107 | -€27,453 | -92.9% |
| Profit (loss) for the period | 9904 | €70,461 | -€4,132 | -€74,593 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,461 | -€4,132 | -€74,593 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.