Qube: what changed
What changed
Qube
NACE 66.220, Insurance agents and brokers
filed annual accounts (NBB)
Net result for the year
€15,915
2025 · €35,876-€19,961
Equity
€1.0m
2025 · €2.7m-€1.7m
Cash
€266,039
2025 · €37,301+€228,738
Balance sheet total
€2.4m
2025 · €2.9m-€516,574
Largest movements
Assets
- Current investments -€799,795
down €799,795 (-66.2%), from €1.2m to €408,705
- Cash +€228,738
up €228,738 (+613%), from €37,301 to €266,039
mainly Other debts (+€1.2m) and Current investments (+€799,795)
- Receivables within one year +€37,882
up €37,882 (+12.3%), from €307,941 to €345,823
of which Trade receivables: +€46,005
Equity and liabilities
- Reserves -€1.7m
down €1.7m (-62.0%), from €2.7m to €1.0m
- Other debts +€1.2m
up €1.2m (+22,335%), from €5,197 to €1.2m
Income statement
- Financial income -€17,036
down €17,036 (-75.0%), from €22,730 to €5,694
of which Financial income: -€17,036
- Gross operating margin +€14,520
up €14,520 (+32.3%), from €44,997 to €59,517
- Depreciation +€11,758
up €11,758 (+912%), from €1,290 to €13,048
- Taxes +€6,621
up €6,621 (+45.1%), from €14,686 to €21,307
- Financial charges -€5,771
down €5,771 (-38.6%), from €14,951 to €9,180
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€35,876
Gross operating margin
+€14,520
Depreciation
-€11,758
Other operating charges
-€4,836
Financial income
-€17,036
Financial charges
+€5,771
Taxes
-€6,621
Result 2026
€15,915
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.2m
Investment
+€768,045
Financing
-€1.7m
Cash 2025
€37,301
From operations (derived)
+€1.2m
Net result for the year
+€15,915
Depreciation
+€13,048
Receivables within one year
-€37,882
Smaller working-capital items
-€1,887
Trade debts
+€22,460
Tax, wage and social debts
+€8,927
Other debts
+€1.2m
Investment (derived)
+€768,045
Investment in fixed assets (net)
-€31,750
Current investments
+€799,795
Financing
-€1.7m
Debts after one year
-€7,238
Current portion of long-term debt
+€224
Contributions, distributions and other
-€1.7m
Cash 2026
€266,039
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,939,834 | €2,423,260 | -€516,574 | -17.6% |
| Fixed assets | 21/28 | €1,379,633 | €1,398,335 | +€18,702 | +1.4% |
| Tangible fixed assets | 22/27 | €544,633 | €563,335 | +€18,702 | +3.4% |
| Furniture and vehicles | 24 | €8,272 | €6,338 | -€1,934 | -23.4% |
| Other tangible fixed assets | 26 | €499,683 | €556,996 | +€57,313 | +11.5% |
| Assets under construction and advance payments | 27 | €36,678 | €0 | -€36,678 | -100% |
| Financial fixed assets | 28 | €835,000 | €835,000 | = | 0.0% |
| Current assets | 29/58 | €1,560,201 | €1,024,925 | -€535,276 | -34.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €307,941 | €345,823 | +€37,882 | +12.3% |
| Trade receivables | 40 | €21,347 | €67,352 | +€46,005 | +216% |
| Other amounts receivable | 41 | €286,593 | €278,470 | -€8,123 | -2.8% |
| Current investments | 50/53 | €1,208,500 | €408,705 | -€799,795 | -66.2% |
| Cash at bank and in hand | 54/58 | €37,301 | €266,039 | +€228,738 | +613% |
| Deferred charges and accrued income | 490/1 | €6,459 | €4,359 | -€2,100 | -32.5% |
| Total equity and liabilities | 10/49 | €2,939,834 | €2,423,260 | -€516,574 | -17.6% |
| Equity | 10/15 | €2,744,024 | €1,046,429 | -€1.7m | -61.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,737,824 | €1,040,229 | -€1.7m | -62.0% |
| Distributable reserves | 133 | €2,737,824 | €1,040,229 | -€1.7m | -62.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €195,810 | €1,376,831 | +€1.2m | +603% |
| Amounts payable after more than one year | 17 | €160,186 | €152,949 | -€7,238 | -4.5% |
| Financial debts | 170/4 | €160,186 | €152,949 | -€7,238 | -4.5% |
| Amounts payable within one year | 42/48 | €18,835 | €1,211,081 | +€1.2m | +6,330% |
| Current portion of amounts payable after more than one year | 42 | €7,014 | €7,238 | +€224 | +3.2% |
| Trade debts | 44 | €6,625 | €29,085 | +€22,460 | +339% |
| Suppliers | 440/4 | €6,625 | €29,085 | +€22,460 | +339% |
| Taxes, remuneration and social security | 45 | €0 | €8,927 | +€8,927 | |
| Taxes | 450/3 | €0 | €8,927 | +€8,927 | |
| Other amounts payable | 47/48 | €5,197 | €1,165,831 | +€1.2m | +22,335% |
| Accrued charges and deferred income | 492/3 | €16,789 | €12,801 | -€3,987 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,290 | €13,048 | +€11,758 | +912% |
| Other operating charges | 640/8 | €926 | €5,762 | +€4,836 | +523% |
| Gross operating margin | 9900 | €44,997 | €59,517 | +€14,520 | +32.3% |
| Operating profit (loss) | 9901 | €42,782 | €40,707 | -€2,075 | -4.8% |
| Financial income | 75/76B | €22,730 | €5,694 | -€17,036 | -75.0% |
| Recurring financial income | 75 | €22,730 | €5,694 | -€17,036 | -75.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,951 | €9,180 | -€5,771 | -38.6% |
| Recurring financial charges | 65 | €14,951 | €9,180 | -€5,771 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €50,562 | €37,222 | -€13,340 | -26.4% |
| Income taxes | 67/77 | €14,686 | €21,307 | +€6,621 | +45.1% |
| Profit (loss) for the period | 9904 | €35,876 | €15,915 | -€19,961 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,876 | €15,915 | -€19,961 | -55.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.