KUB: 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.
What changed
KUB
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€677,267
2024 · €128,934-€806,200
Equity
€20,286
2024 · €697,553-€677,267
Cash
€26,832
2024 · €96,350-€69,519
Balance sheet total
€7.1m
2024 · €7.9m-€800,617
Largest movements
Assets
- Receivables within one year -€511,873
down €511,873 (-24.6%), from €2.1m to €1.6m
of which Trade receivables: -€290,988
- Stocks and contracts -€228,341
down €228,341 (-4.2%), from €5.4m to €5.2m
Equity and liabilities
- Debts after one year +€2.4m
up €2.4m (+72.2%), from €3.3m to €5.7m
of which Financial debts: +€1.6m
- Accrued charges and deferred income -€1.4m
down €1.4m (-56.6%), from €2.5m to €1.1m
- Trade debts -€947,527
down €947,527 (-89.7%), from €1.1m to €108,318
- Profit (loss) carried forward -€677,267
down €677,267 (-153%), from -€441,224 to -€1.1m
- Tax, wage and social debts -€89,091
down €89,091 (-64.5%), from €138,113 to €49,022
of which Taxes: -€97,386
Income statement
- Gross operating margin -€830,838
down €830,838, from €470,075 to -€360,763
- Financial income -€95,531
down €95,531 (-72.0%), from €132,611 to €37,080
of which Financial income: -€96,151
- Financial charges -€91,276
down €91,276 (-36.7%), from €248,944 to €157,668
- Other operating charges -€54,992
down €54,992 (-76.6%), from €71,828 to €16,836
- Taxes -€15,000
down €15,000 (-97.6%), from €15,374 to €374
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.
Result 2024
€128,934
Gross operating margin
-€830,838
Staff costs
-€13,255
Depreciation
+€1,834
Other operating charges
+€54,992
Other operating items
-€29,678
Financial income
-€95,531
Financial charges
+€91,276
Taxes
+€15,000
Result 2025
-€677,267
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.3m
Investment
-€68,197
Financing
+€2.3m
Cash 2024
€96,350
From operations (derived)
-€2.3m
Net result for the year
-€677,267
Depreciation
+€49,796
Stocks and contracts
+€228,341
Receivables within one year
+€511,873
Deferred charges and accrued income
+€9,285
Trade debts
-€947,527
Tax, wage and social debts
-€89,091
Other debts
-€9,613
Accrued charges and deferred income
-€1.4m
Investment (derived)
-€68,197
Investment in fixed assets (net)
-€68,197
Financing
+€2.3m
Debts after one year
+€2.4m
Current portion of long-term debt
+€15,785
Short-term financial debts
-€81,848
Cash 2025
€26,832
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,904,809 | €7,104,192 | -€800,617 | -10.1% |
| Fixed assets | 21/28 | €262,989 | €281,390 | +€18,401 | +7.0% |
| Tangible fixed assets | 22/27 | €200,239 | €218,640 | +€18,401 | +9.2% |
| Land and buildings | 22 | €142,764 | €129,710 | -€13,054 | -9.1% |
| Plant, machinery and equipment | 23 | €14,224 | €13,785 | -€439 | -3.1% |
| Furniture and vehicles | 24 | €43,251 | €19,197 | -€24,054 | -55.6% |
| Leasing and similar rights | 25 | - | €55,948 | +€55,948 | |
| Financial fixed assets | 28 | €62,750 | €62,750 | = | 0.0% |
| Current assets | 29/58 | €7,641,819 | €6,822,802 | -€819,017 | -10.7% |
| Stocks and contracts in progress | 3 | €5,438,540 | €5,210,199 | -€228,341 | -4.2% |
| Stocks | 30/36 | €5,438,540 | €5,210,199 | -€228,341 | -4.2% |
| Amounts receivable within one year | 40/41 | €2,083,216 | €1,571,343 | -€511,873 | -24.6% |
| Trade receivables | 40 | €384,251 | €93,263 | -€290,988 | -75.7% |
| Other amounts receivable | 41 | €1,698,965 | €1,478,080 | -€220,885 | -13.0% |
| Cash at bank and in hand | 54/58 | €96,350 | €26,832 | -€69,519 | -72.2% |
| Deferred charges and accrued income | 490/1 | €23,712 | €14,427 | -€9,285 | -39.2% |
| Total equity and liabilities | 10/49 | €7,904,809 | €7,104,192 | -€800,617 | -10.1% |
| Equity | 10/15 | €697,553 | €20,286 | -€677,267 | -97.1% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €958,777 | €958,777 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,000 | - | -€18,000 | |
| Reserves not available under the articles | 1311 | €18,000 | - | -€18,000 | |
| Distributable reserves | 133 | €940,777 | €958,777 | +€18,000 | +1.9% |
| Profit (loss) carried forward | 14 | -€441,224 | -€1,118,491 | -€677,267 | -153% |
| Amounts payable | 17/49 | €7,207,256 | €7,083,906 | -€123,350 | -1.7% |
| Amounts payable after more than one year | 17 | €3,309,858 | €5,700,405 | +€2.4m | +72.2% |
| Financial debts | 170/4 | €3,214,858 | €4,787,115 | +€1.6m | +48.9% |
| Other amounts payable | 178/9 | €95,000 | €913,291 | +€818,291 | +861% |
| Amounts payable within one year | 42/48 | €1,422,935 | €310,642 | -€1.1m | -78.2% |
| Current portion of amounts payable after more than one year | 42 | €18,934 | €34,719 | +€15,785 | +83.4% |
| Financial debts | 43 | €81,848 | - | -€81,848 | |
| Credit institutions | 430/8 | €81,848 | - | -€81,848 | |
| Trade debts | 44 | €1,055,845 | €108,318 | -€947,527 | -89.7% |
| Suppliers | 440/4 | €1,055,845 | €108,318 | -€947,527 | -89.7% |
| Taxes, remuneration and social security | 45 | €138,113 | €49,022 | -€89,091 | -64.5% |
| Taxes | 450/3 | €125,875 | €28,489 | -€97,386 | -77.4% |
| Remuneration and social security | 454/9 | €12,238 | €20,533 | +€8,295 | +67.8% |
| Other amounts payable | 47/48 | €128,195 | €118,582 | -€9,613 | -7.5% |
| Accrued charges and deferred income | 492/3 | €2,474,462 | €1,072,859 | -€1.4m | -56.6% |
| Remuneration, social security and pensions | 62 | €85,977 | €99,232 | +€13,255 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,630 | €49,796 | -€1,834 | -3.6% |
| Other operating charges | 640/8 | €71,828 | €16,836 | -€54,992 | -76.6% |
| Non-recurring operating charges | 66A | - | €29,678 | +€29,678 | |
| Gross operating margin | 9900 | €470,075 | -€360,763 | -€830,838 | |
| Operating profit (loss) | 9901 | €260,640 | -€556,306 | -€816,946 | |
| Financial income | 75/76B | €132,611 | €37,080 | -€95,531 | -72.0% |
| Recurring financial income | 75 | €132,611 | €36,460 | -€96,151 | -72.5% |
| Non-recurring financial income | 76B | - | €620 | +€620 | |
| Financial charges | 65/66B | €248,944 | €157,668 | -€91,276 | -36.7% |
| Recurring financial charges | 65 | €248,944 | €157,668 | -€91,276 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €144,308 | -€676,893 | -€821,200 | |
| Income taxes | 67/77 | €15,374 | €374 | -€15,000 | -97.6% |
| Profit (loss) for the period | 9904 | €128,934 | -€677,267 | -€806,200 | |
| Transfer from tax-exempt reserves | 789 | €64,467 | - | -€64,467 | |
| Transfer to tax-exempt reserves | 689 | €64,467 | - | -€64,467 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,934 | -€677,267 | -€806,200 |
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 31 October 2026 via checked.be.