Kubel: 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.
Kubel
Largest movements
- Financial fixed assets -€1.6m
down €1.6m (-100%), from €1.6m to €0
- Profit (loss) carried forward -€1.6m
down €1.6m, from €1.2m to -€387,058
- Financial charges +€1.6m
up €1.6m (+35,264%), from €4,643 to €1.6m
of which Non-recurring financial charges: +€1.6m
- Financial income -€12,796
down €12,796 (-13.0%), from €98,376 to €85,581
- Purchases and services -€8,669
no longer reported in 2025 (was €8,669)
- Taxes -€3,882
down €3,882 (-17.0%), from €22,882 to €19,000
- Gross operating margin +€254
up €254 (+2.9%), from -€8,669 to -€8,414
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 | €1,581,077 | €849 | -€1.6m | -99.9% |
| Fixed assets | 21/28 | €1,580,434 | €0 | -€1.6m | -100% |
| Financial fixed assets | 28 | €1,580,434 | €0 | -€1.6m | -100% |
| Current assets | 29/58 | €642 | €849 | +€207 | +32.2% |
| Cash at bank and in hand | 54/58 | €642 | €849 | +€207 | +32.2% |
| Total equity and liabilities | 10/49 | €1,581,077 | €849 | -€1.6m | -99.9% |
| Equity | 10/15 | €1,540,410 | -€44,408 | -€1.6m | |
| Contributions | 10/11 | €311,500 | €311,500 | = | 0.0% |
| Capital | 10 | €311,500 | €311,500 | = | 0.0% |
| Issued capital | 100 | €311,500 | €311,500 | = | 0.0% |
| Reserves | 13 | €31,150 | €31,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,150 | €31,150 | = | 0.0% |
| Legal reserve | 130 | €31,150 | €31,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,197,760 | -€387,058 | -€1.6m | |
| Amounts payable | 17/49 | €40,667 | €45,257 | +€4,590 | +11.3% |
| Amounts payable within one year | 42/48 | €40,667 | €45,257 | +€4,590 | +11.3% |
| Trade debts | 44 | €17,785 | €26,257 | +€8,472 | +47.6% |
| Suppliers | 440/4 | €17,785 | €26,257 | +€8,472 | +47.6% |
| Taxes, remuneration and social security | 45 | €22,882 | €19,000 | -€3,882 | -17.0% |
| Taxes | 450/3 | €22,882 | €19,000 | -€3,882 | -17.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €8,669 | - | -€8,669 | |
| Other operating charges | 640/8 | €1,094 | €1,157 | +€63 | +5.8% |
| Gross operating margin | 9900 | -€8,669 | -€8,414 | +€254 | +2.9% |
| Operating profit (loss) | 9901 | -€9,762 | -€9,571 | +€191 | +2.0% |
| Financial income | 75/76B | €98,376 | €85,581 | -€12,796 | -13.0% |
| Recurring financial income | 75 | €98,376 | €85,581 | -€12,796 | -13.0% |
| Financial charges | 65/66B | €4,643 | €1,641,827 | +€1.6m | +35,264% |
| Recurring financial charges | 65 | €4,643 | €4,812 | +€169 | +3.6% |
| Non-recurring financial charges | 66B | - | €1,637,015 | +€1.6m | |
| Profit (loss) for the period before taxes | 9903 | €83,972 | -€1,565,817 | -€1.6m | |
| Income taxes | 67/77 | €22,882 | €19,000 | -€3,882 | -17.0% |
| Profit (loss) for the period | 9904 | €61,089 | -€1,584,817 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €61,089 | -€1,584,817 | -€1.6m |
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 18 October 2026 via checked.be.