QUBE: 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.
QUBE
Largest movements
- Receivables within one year -€160,051
down €160,051 (-64.7%), from €247,408 to €87,357
- Tangible fixed assets -€24,571
down €24,571 (-7.9%), from €310,146 to €285,574
of which Furniture and vehicles: -€27,487
- Intangible fixed assets -€14,702
down €14,702 (-11.4%), from €128,665 to €113,963
- Cash -€10,924
down €10,924 (-12.2%), from €89,367 to €78,443
mainly Other debts (-€239,335) and Trade debts (-€168,343)
- Other debts -€239,335
down €239,335 (-85.9%), from €278,693 to €39,358
- Debts after one year +€211,649
new in 2025: €211,649
- Trade debts -€168,343
down €168,343 (-64.2%), from €262,182 to €93,840
- Current portion of long-term debt +€59,864
new in 2025: €59,864
- Tax, wage and social debts -€52,732
down €52,732 (-100.0%), from €52,749 to €17
- Financial charges +€8,652
up €8,652 (+46.6%), from €18,559 to €27,211
- Depreciation +€5,587
up €5,587 (+12.9%), from €43,209 to €48,796
- Gross operating margin +€4,031
up €4,031 (+7.8%), from €51,946 to €55,978
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 | €1,032,540 | €822,615 | -€209,925 | -20.3% |
| Fixed assets | 21/28 | €438,811 | €399,537 | -€39,273 | -8.9% |
| Intangible fixed assets | 21 | €128,665 | €113,963 | -€14,702 | -11.4% |
| Tangible fixed assets | 22/27 | €310,146 | €285,574 | -€24,571 | -7.9% |
| Plant, machinery and equipment | 23 | - | €2,916 | +€2,916 | |
| Furniture and vehicles | 24 | €310,146 | €282,658 | -€27,487 | -8.9% |
| Current assets | 29/58 | €593,729 | €423,078 | -€170,652 | -28.7% |
| Stocks and contracts in progress | 3 | €256,200 | €256,200 | = | 0.0% |
| Stocks | 30/36 | €256,200 | €256,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €247,408 | €87,357 | -€160,051 | -64.7% |
| Trade receivables | 40 | €247,408 | €87,357 | -€160,051 | -64.7% |
| Cash at bank and in hand | 54/58 | €89,367 | €78,443 | -€10,924 | -12.2% |
| Deferred charges and accrued income | 490/1 | €754 | €1,078 | +€324 | +42.9% |
| Total equity and liabilities | 10/49 | €1,032,540 | €822,615 | -€209,925 | -20.3% |
| Equity | 10/15 | €188,915 | €167,554 | -€21,361 | -11.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,085 | -€32,446 | -€21,361 | -192.7% |
| Amounts payable | 17/49 | €843,625 | €655,061 | -€188,564 | -22.4% |
| Amounts payable after more than one year | 17 | - | €211,649 | +€211,649 | |
| Financial debts | 170/4 | - | €211,649 | +€211,649 | |
| Amounts payable within one year | 42/48 | €843,625 | €443,079 | -€400,547 | -47.5% |
| Current portion of amounts payable after more than one year | 42 | - | €59,864 | +€59,864 | |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €262,182 | €93,840 | -€168,343 | -64.2% |
| Suppliers | 440/4 | €262,182 | €93,840 | -€168,343 | -64.2% |
| Taxes, remuneration and social security | 45 | €52,749 | €17 | -€52,732 | -100.0% |
| Taxes | 450/3 | €52,749 | €17 | -€52,732 | -100.0% |
| Other amounts payable | 47/48 | €278,693 | €39,358 | -€239,335 | -85.9% |
| Accrued charges and deferred income | 492/3 | - | €334 | +€334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,209 | €48,796 | +€5,587 | +12.9% |
| Other operating charges | 640/8 | €1,264 | €1,332 | +€67 | +5.3% |
| Gross operating margin | 9900 | €51,946 | €55,978 | +€4,031 | +7.8% |
| Operating profit (loss) | 9901 | €7,473 | €5,850 | -€1,623 | -21.7% |
| Financial charges | 65/66B | €18,559 | €27,211 | +€8,652 | +46.6% |
| Recurring financial charges | 65 | €18,559 | €27,211 | +€8,652 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,085 | -€21,361 | -€10,276 | -92.7% |
| Profit (loss) for the period | 9904 | -€11,085 | -€21,361 | -€10,276 | -92.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,085 | -€21,361 | -€10,276 | -92.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.