KUBRO: 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.
What changed
KUBRO
NACE 01.461, Pig breeding farms
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€95,274
2024 · €246,757-€151,483
Equity
€715,233
2024 · €619,959+€95,274
Cash
€9,382
2024 · €3,021+€6,362
Balance sheet total
€2.2m
2024 · €2.3m-€91,018
Largest movements
Assets
- Tangible fixed assets -€120,020
down €120,020 (-7.6%), from €1.6m to €1.5m
of which Land and buildings: -€144,626
Equity and liabilities
- Debts after one year -€163,233
down €163,233 (-13.7%), from €1.2m to €1.0m
- Reserves +€95,274
up €95,274 (+19.0%), from €501,959 to €597,233
Income statement
- Gross operating margin -€134,950
down €134,950 (-24.2%), from €556,546 to €421,596
- Financial charges +€15,501
up €15,501 (+26.0%), from €59,690 to €75,191
- Taxes -€6,335
down €6,335 (-14.3%), from €44,211 to €37,876
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
€246,757
Gross operating margin
-€134,950
Staff costs
-€1,589
Depreciation
-€2,223
Other operating charges
-€3,818
Financial income
+€264
Financial charges
-€15,501
Taxes
+€6,335
Result 2025
€95,274
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.
From operations
+€206,734
Investment
-€37,139
Financing
-€163,233
Cash 2024
€3,021
From operations (derived)
+€206,734
Net result for the year
+€95,274
Depreciation
+€157,159
Stocks and contracts
-€5,450
Receivables within one year
-€17,113
Smaller working-capital items
-€440
Trade debts
-€14,390
Tax, wage and social debts
-€7,159
Other debts
-€1,146
Investment (derived)
-€37,139
Investment in fixed assets (net)
-€37,139
Financing
-€163,233
Debts after one year
-€163,233
Cash 2025
€9,382
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,259,340 | €2,168,323 | -€91,018 | -4.0% |
| Fixed assets | 21/28 | €1,579,596 | €1,459,576 | -€120,020 | -7.6% |
| Intangible fixed assets | 21 | €3,600 | €3,600 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,575,996 | €1,455,976 | -€120,020 | -7.6% |
| Land and buildings | 22 | €1,527,669 | €1,383,044 | -€144,626 | -9.5% |
| Plant, machinery and equipment | 23 | €48,326 | €68,460 | +€20,134 | +41.7% |
| Furniture and vehicles | 24 | - | €4,472 | +€4,472 | |
| Current assets | 29/58 | €679,745 | €708,747 | +€29,002 | +4.3% |
| Stocks and contracts in progress | 3 | €303,269 | €308,719 | +€5,450 | +1.8% |
| Stocks | 30/36 | €303,269 | €308,719 | +€5,450 | +1.8% |
| Amounts receivable within one year | 40/41 | €367,731 | €384,845 | +€17,113 | +4.7% |
| Trade receivables | 40 | €56,098 | €71,909 | +€15,811 | +28.2% |
| Other amounts receivable | 41 | €311,634 | €312,936 | +€1,302 | +0.4% |
| Cash at bank and in hand | 54/58 | €3,021 | €9,382 | +€6,362 | +210.6% |
| Deferred charges and accrued income | 490/1 | €5,724 | €5,801 | +€77 | +1.3% |
| Total equity and liabilities | 10/49 | €2,259,340 | €2,168,323 | -€91,018 | -4.0% |
| Equity | 10/15 | €619,959 | €715,233 | +€95,274 | +15.4% |
| Contributions | 10/11 | €118,000 | €118,000 | = | 0.0% |
| Reserves | 13 | €501,959 | €597,233 | +€95,274 | +19.0% |
| Distributable reserves | 133 | €501,959 | €597,233 | +€95,274 | +19.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,639,381 | €1,453,090 | -€186,291 | -11.4% |
| Amounts payable after more than one year | 17 | €1,192,316 | €1,029,082 | -€163,233 | -13.7% |
| Financial debts | 170/4 | €1,192,316 | €1,029,082 | -€163,233 | -13.7% |
| Amounts payable within one year | 42/48 | €446,702 | €424,008 | -€22,695 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €172,384 | €172,384 | = | 0.0% |
| Trade debts | 44 | €251,191 | €236,802 | -€14,390 | -5.7% |
| Suppliers | 440/4 | €251,191 | €236,802 | -€14,390 | -5.7% |
| Taxes, remuneration and social security | 45 | €21,981 | €14,822 | -€7,159 | -32.6% |
| Taxes | 450/3 | €14,811 | €9,988 | -€4,823 | -32.6% |
| Remuneration and social security | 454/9 | €7,170 | €4,834 | -€2,336 | -32.6% |
| Other amounts payable | 47/48 | €1,146 | €0 | -€1,146 | -100.0% |
| Accrued charges and deferred income | 492/3 | €363 | €0 | -€363 | -100.0% |
| Remuneration, social security and pensions | 62 | €46,503 | €48,092 | +€1,589 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,936 | €157,159 | +€2,223 | +1.4% |
| Other operating charges | 640/8 | €9,874 | €13,692 | +€3,818 | +38.7% |
| Gross operating margin | 9900 | €556,546 | €421,596 | -€134,950 | -24.2% |
| Operating profit (loss) | 9901 | €345,234 | €202,653 | -€142,580 | -41.3% |
| Financial income | 75/76B | €5,424 | €5,688 | +€264 | +4.9% |
| Recurring financial income | 75 | €5,424 | €5,688 | +€264 | +4.9% |
| Financial charges | 65/66B | €59,690 | €75,191 | +€15,501 | +26.0% |
| Recurring financial charges | 65 | €59,690 | €75,191 | +€15,501 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €290,968 | €133,150 | -€157,818 | -54.2% |
| Income taxes | 67/77 | €44,211 | €37,876 | -€6,335 | -14.3% |
| Profit (loss) for the period | 9904 | €246,757 | €95,274 | -€151,483 | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €246,757 | €95,274 | -€151,483 | -61.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.