Qube: 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.
Qube
Largest movements
- Receivables within one year -€38,571
down €38,571 (-40.4%), from €95,368 to €56,798
of which Trade receivables: -€24,703
- Cash +€15,904
up €15,904 (+53.9%), from €29,506 to €45,410
mainly Receivables within one year (+€38,571) and Depreciation (+€15,684)
- Tangible fixed assets -€15,684
down €15,684 (-34.1%), from €46,036 to €30,352
of which Plant, machinery and equipment: -€9,120
- Stocks and contracts +€13,976
up €13,976 (+42.3%), from €33,077 to €47,054
- Trade debts -€14,812
down €14,812 (-51.0%), from €29,048 to €14,235
- Debts after one year -€14,648
down €14,648 (-14.9%), from €98,409 to €83,762
- Tax, wage and social debts +€12,743
up €12,743 (+61.6%), from €20,702 to €33,445
of which Remuneration and social security: +€12,745
- Accrued charges and deferred income -€4,865
down €4,865 (-35.0%), from €13,900 to €9,035
- Profit (loss) carried forward -€2,375
down €2,375 (-8.9%), from -€26,586 to -€28,961
- Gross operating margin +€70,513
up €70,513 (+48.0%), from €146,985 to €217,498
- Staff costs +€54,358
up €54,358 (+36.9%), from €147,431 to €201,789
- Depreciation +€5,937
up €5,937 (+60.9%), from €9,747 to €15,684
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 | €206,120 | €182,771 | -€23,349 | -11.3% |
| Fixed assets | 21/28 | €46,036 | €30,352 | -€15,684 | -34.1% |
| Tangible fixed assets | 22/27 | €46,036 | €30,352 | -€15,684 | -34.1% |
| Plant, machinery and equipment | 23 | €20,409 | €11,289 | -€9,120 | -44.7% |
| Furniture and vehicles | 24 | €25,627 | €19,064 | -€6,563 | -25.6% |
| Current assets | 29/58 | €160,084 | €152,419 | -€7,665 | -4.8% |
| Stocks and contracts in progress | 3 | €33,077 | €47,054 | +€13,976 | +42.3% |
| Stocks | 30/36 | €33,077 | €47,054 | +€13,976 | +42.3% |
| Amounts receivable within one year | 40/41 | €95,368 | €56,798 | -€38,571 | -40.4% |
| Trade receivables | 40 | €72,328 | €47,626 | -€24,703 | -34.2% |
| Other amounts receivable | 41 | €23,040 | €9,172 | -€13,868 | -60.2% |
| Cash at bank and in hand | 54/58 | €29,506 | €45,410 | +€15,904 | +53.9% |
| Deferred charges and accrued income | 490/1 | €2,132 | €3,157 | +€1,025 | +48.1% |
| Total equity and liabilities | 10/49 | €206,120 | €182,771 | -€23,349 | -11.3% |
| Equity | 10/15 | €29,014 | €26,639 | -€2,375 | -8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,000 | €37,000 | = | 0.0% |
| Distributable reserves | 133 | €37,000 | €37,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,586 | -€28,961 | -€2,375 | -8.9% |
| Amounts payable | 17/49 | €177,106 | €156,132 | -€20,974 | -11.8% |
| Amounts payable after more than one year | 17 | €98,409 | €83,762 | -€14,648 | -14.9% |
| Financial debts | 170/4 | €98,409 | €83,762 | -€14,648 | -14.9% |
| Amounts payable within one year | 42/48 | €64,797 | €63,336 | -€1,461 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €14,040 | €14,648 | +€608 | +4.3% |
| Trade debts | 44 | €29,048 | €14,235 | -€14,812 | -51.0% |
| Suppliers | 440/4 | €29,048 | €14,235 | -€14,812 | -51.0% |
| Taxes, remuneration and social security | 45 | €20,702 | €33,445 | +€12,743 | +61.6% |
| Taxes | 450/3 | €2,581 | €2,579 | -€2 | -0.1% |
| Remuneration and social security | 454/9 | €18,121 | €30,866 | +€12,745 | +70.3% |
| Other amounts payable | 47/48 | €1,009 | €1,009 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,900 | €9,035 | -€4,865 | -35.0% |
| Non-recurring operating income | 76A | - | €2,700 | +€2,700 | |
| Remuneration, social security and pensions | 62 | €147,431 | €201,789 | +€54,358 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,747 | €15,684 | +€5,937 | +60.9% |
| Other operating charges | 640/8 | €505 | €578 | +€72 | +14.3% |
| Gross operating margin | 9900 | €146,985 | €217,498 | +€70,513 | +48.0% |
| Operating profit (loss) | 9901 | -€10,698 | -€552 | +€10,146 | +94.8% |
| Financial income | 75/76B | €2,789 | €1,870 | -€919 | -33.0% |
| Recurring financial income | 75 | €2,789 | €1,870 | -€919 | -33.0% |
| Financial charges | 65/66B | €3,769 | €3,528 | -€241 | -6.4% |
| Recurring financial charges | 65 | €3,769 | €3,528 | -€241 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,678 | -€2,210 | +€9,468 | +81.1% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€11,838 | -€2,375 | +€9,463 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,838 | -€2,375 | +€9,463 | +79.9% |
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 15 October 2026 via checked.be.