CUBEX: what changed
Two financial 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.
CUBEX
Largest movements
- Tangible fixed assets +€104,501
up €104,501 (+5,251%), from €1,990 to €106,491
of which Land and buildings: +€79,141
- Cash +€27,272
up €27,272 (+102%), from €26,740 to €54,012
mainly Contributions, distributions and other (+€200,000) and Debts after one year (+€100,731)
- Receivables within one year +€16,567
up €16,567 (+50.2%), from €32,997 to €49,564
of which Trade receivables: +€13,383
- Intangible fixed assets +€13,392
new in 2025: €13,392
- Stocks and contracts +€5,442
up €5,442 (+88.3%), from €6,164 to €11,606
- Contributions +€200,000
up €200,000 (+800%), from €25,000 to €225,000
- Profit (loss) carried forward -€176,755
down €176,755 (-2,103%), from -€8,405 to -€185,160
- Debts after one year +€100,731
up €100,731 (+132,541%), from €76 to €100,807
of which Financial debts: +€100,807
- Current portion of long-term debt +€28,522
new in 2025: €28,522
- Trade debts +€19,484
up €19,484 (+96.1%), from €20,273 to €39,757
- Gross operating margin -€189,525
down €189,525, from €31,033 to -€158,492
- Write-downs -€13,812
new in 2025: -€13,812
- Other operating charges +€13,741
up €13,741 (+2,373%), from €579 to €14,320
- Financial charges +€10,373
up €10,373 (+6,443%), from €161 to €10,534
- Depreciation +€6,320
up €6,320 (+362%), from €1,744 to €8,064
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.
Derived cash bridge
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 | €67,982 | €237,934 | +€169,952 | +250% |
| Fixed assets | 21/28 | €1,990 | €121,883 | +€119,893 | +6,025% |
| Intangible fixed assets | 21 | - | €13,392 | +€13,392 | |
| Tangible fixed assets | 22/27 | €1,990 | €106,491 | +€104,501 | +5,251% |
| Land and buildings | 22 | - | €79,141 | +€79,141 | |
| Furniture and vehicles | 24 | €1,585 | €4,373 | +€2,788 | +176% |
| Other tangible fixed assets | 26 | €405 | €22,977 | +€22,572 | +5,573% |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €65,992 | €116,051 | +€50,059 | +75.9% |
| Stocks and contracts in progress | 3 | €6,164 | €11,606 | +€5,442 | +88.3% |
| Stocks | 30/36 | €6,164 | €11,606 | +€5,442 | +88.3% |
| Amounts receivable within one year | 40/41 | €32,997 | €49,564 | +€16,567 | +50.2% |
| Trade receivables | 40 | €16,672 | €30,055 | +€13,383 | +80.3% |
| Other amounts receivable | 41 | €16,325 | €19,509 | +€3,184 | +19.5% |
| Cash at bank and in hand | 54/58 | €26,740 | €54,012 | +€27,272 | +102% |
| Deferred charges and accrued income | 490/1 | €91 | €869 | +€778 | +855% |
| Total equity and liabilities | 10/49 | €67,982 | €237,934 | +€169,952 | +250% |
| Equity | 10/15 | €45,595 | €68,840 | +€23,245 | +51.0% |
| Contributions | 10/11 | €25,000 | €225,000 | +€200,000 | +800% |
| Reserves | 13 | €29,000 | €29,000 | = | 0.0% |
| Distributable reserves | 133 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,405 | -€185,160 | -€176,755 | -2,103% |
| Amounts payable | 17/49 | €22,387 | €169,094 | +€146,707 | +655% |
| Amounts payable after more than one year | 17 | €76 | €100,807 | +€100,731 | +132,541% |
| Financial debts | 170/4 | - | €100,807 | +€100,807 | |
| Other amounts payable | 178/9 | €76 | - | -€76 | |
| Amounts payable within one year | 42/48 | €22,311 | €68,287 | +€45,976 | +206% |
| Current portion of amounts payable after more than one year | 42 | - | €28,522 | +€28,522 | |
| Trade debts | 44 | €20,273 | €39,757 | +€19,484 | +96.1% |
| Suppliers | 440/4 | €20,273 | €39,757 | +€19,484 | +96.1% |
| Taxes, remuneration and social security | 45 | €2,038 | €8 | -€2,030 | -99.6% |
| Taxes | 450/3 | €2,038 | €8 | -€2,030 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,744 | €8,064 | +€6,320 | +362% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€13,812 | -€13,812 | |
| Other operating charges | 640/8 | €579 | €14,320 | +€13,741 | +2,373% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €31,033 | -€158,492 | -€189,525 | |
| Operating profit (loss) | 9901 | €28,710 | -€167,127 | -€195,837 | |
| Financial income | 75/76B | - | €906 | +€906 | |
| Recurring financial income | 75 | - | €906 | +€906 | |
| Financial charges | 65/66B | €161 | €10,534 | +€10,373 | +6,443% |
| Recurring financial charges | 65 | €161 | €10,534 | +€10,373 | +6,443% |
| Profit (loss) for the period before taxes | 9903 | €28,549 | -€176,755 | -€205,304 | |
| Profit (loss) for the period | 9904 | €28,549 | -€176,755 | -€205,304 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,549 | -€176,755 | -€205,304 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.