KUBAR: 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.
KUBAR
Largest movements
- Receivables within one year -€13,884
down €13,884 (-34.2%), from €40,585 to €26,700
- Tangible fixed assets +€11,248
up €11,248 (+2.6%), from €440,481 to €451,729
of which Land and buildings: +€10,583
- Reserves +€43,404
up €43,404 (+36.2%), from €119,842 to €163,246
- Debts after one year -€38,680
down €38,680 (-23.2%), from €167,027 to €128,347
- Trade debts -€13,596
down €13,596 (-98.3%), from €13,826 to €230
- Other debts +€11,404
up €11,404 (+9.9%), from €115,710 to €127,113
- Financial charges -€2,377
down €2,377 (-16.3%), from €14,560 to €12,184
- Depreciation +€2,092
up €2,092 (+21.1%), from €9,925 to €12,017
- Other operating charges +€1,810
up €1,810 (+205.7%), from €880 to €2,690
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 | €490,966 | €493,331 | +€2,365 | +0.5% |
| Fixed assets | 21/28 | €440,481 | €451,729 | +€11,248 | +2.6% |
| Tangible fixed assets | 22/27 | €440,481 | €451,729 | +€11,248 | +2.6% |
| Land and buildings | 22 | €432,201 | €442,784 | +€10,583 | +2.4% |
| Plant, machinery and equipment | 23 | €8,280 | €7,261 | -€1,018 | -12.3% |
| Furniture and vehicles | 24 | - | €1,684 | +€1,684 | |
| Current assets | 29/58 | €50,485 | €41,602 | -€8,883 | -17.6% |
| Amounts receivable after more than one year | 29 | €450 | €900 | +€450 | +100.0% |
| Trade receivables | 290 | €450 | - | -€450 | |
| Other amounts receivable | 291 | - | €900 | +€900 | |
| Amounts receivable within one year | 40/41 | €40,585 | €26,700 | -€13,884 | -34.2% |
| Other amounts receivable | 41 | €40,585 | €26,700 | -€13,884 | -34.2% |
| Cash at bank and in hand | 54/58 | €9,450 | €14,002 | +€4,552 | +48.2% |
| Total equity and liabilities | 10/49 | €490,966 | €493,331 | +€2,365 | +0.5% |
| Equity | 10/15 | €121,842 | €165,246 | +€43,404 | +35.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €119,842 | €163,246 | +€43,404 | +36.2% |
| Distributable reserves | 133 | €119,842 | €163,246 | +€43,404 | +36.2% |
| Amounts payable | 17/49 | €369,124 | €328,085 | -€41,039 | -11.1% |
| Amounts payable after more than one year | 17 | €167,027 | €128,347 | -€38,680 | -23.2% |
| Financial debts | 170/4 | €167,027 | €128,347 | -€38,680 | -23.2% |
| Amounts payable within one year | 42/48 | €202,097 | €199,738 | -€2,359 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €60,736 | €60,736 | = | 0.0% |
| Trade debts | 44 | €13,826 | €230 | -€13,596 | -98.3% |
| Suppliers | 440/4 | €13,826 | €230 | -€13,596 | -98.3% |
| Taxes, remuneration and social security | 45 | €11,826 | €11,660 | -€166 | -1.4% |
| Taxes | 450/3 | €11,826 | €11,660 | -€166 | -1.4% |
| Other amounts payable | 47/48 | €115,710 | €127,113 | +€11,404 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,925 | €12,017 | +€2,092 | +21.1% |
| Other operating charges | 640/8 | €880 | €2,690 | +€1,810 | +205.7% |
| Gross operating margin | 9900 | €80,276 | €80,829 | +€553 | +0.7% |
| Operating profit (loss) | 9901 | €69,471 | €66,122 | -€3,349 | -4.8% |
| Financial charges | 65/66B | €14,560 | €12,184 | -€2,377 | -16.3% |
| Recurring financial charges | 65 | €14,560 | €12,184 | -€2,377 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €54,911 | €53,939 | -€972 | -1.8% |
| Income taxes | 67/77 | €10,218 | €10,535 | +€317 | +3.1% |
| Profit (loss) for the period | 9904 | €44,693 | €43,404 | -€1,289 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,693 | €43,404 | -€1,289 | -2.9% |
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 10 October 2026 via checked.be.