QUBO: 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.
What changed
QUBO
NACE 41.001, General construction of residential buildings
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €1.6m+€429,976
Equity
€23.2m
2024 · €21.3m+€1.9m
Cash
€1.8m
2024 · €892,518+€931,834
Balance sheet total
€25.3m
2024 · €23.4m+€1.9m
Largest movements
Assets
- Stocks and contracts +€1.0m
up €1.0m (+25.4%), from €4.1m to €5.2m
of which Contracts in progress: +€1.1m
- Cash +€931,834
up €931,834 (+104.4%), from €892,518 to €1.8m
mainly Net result for the year (+€2.0m) and Depreciation (+€285,692)
Equity and liabilities
- Profit (loss) carried forward +€1.9m
up €1.9m (+19.5%), from €9.7m to €11.7m
Income statement
- Turnover -€732,494
down €732,494 (-5.1%), from €14.4m to €13.7m
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
€1.6m
Turnover
-€732,494
Other operating income
-€30,492
Goods and materials
-€65,836
Services and other goods
-€44,365
Staff costs
-€110,465
Depreciation
+€46,871
Other operating charges
-€109,047
Other operating items
+€1.6m
Financial income
+€5,563
Financial charges
+€240
Taxes
-€133,955
Deferred taxes and other
-€4,975
Result 2025
€2.0m
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
+€1.2m
Investment
-€202,193
Financing
-€102,128
Cash 2024
€892,518
From operations (derived)
+€1.2m
Net result for the year
+€2.0m
Depreciation
+€285,692
Stocks and contracts
-€1.0m
Receivables within one year
+€34,443
Deferred charges and accrued income
+€4,997
Provisions
-€5,394
Trade debts
-€247,851
Tax, wage and social debts
+€101,040
Advances received
+€160,971
Other debts
-€50,906
Investment (derived)
-€202,193
Investment in fixed assets (net)
-€202,193
Financing
-€102,128
Contributions, distributions and other
-€102,128
Cash 2025
€1.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,391,431 | €25,250,151 | +€1.9m | +7.9% |
| Fixed assets | 21/28 | €1,722,000 | €1,638,501 | -€83,499 | -4.8% |
| Tangible fixed assets | 22/27 | €1,547,652 | €1,478,648 | -€69,003 | -4.5% |
| Land and buildings | 22 | €925,519 | €1,026,216 | +€100,697 | +10.9% |
| Plant, machinery and equipment | 23 | €206,350 | €167,037 | -€39,314 | -19.1% |
| Furniture and vehicles | 24 | €415,782 | €285,396 | -€130,387 | -31.4% |
| Financial fixed assets | 28 | €174,348 | €159,853 | -€14,496 | -8.3% |
| Other financial fixed assets | 284/8 | €174,348 | €159,853 | -€14,496 | -8.3% |
| Shares | 284 | €17,105 | €17,105 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €157,243 | €142,748 | -€14,496 | -9.2% |
| Current assets | 29/58 | €21,669,431 | €23,611,650 | +€1.9m | +9.0% |
| Stocks and contracts in progress | 3 | €4,130,434 | €5,180,259 | +€1.0m | +25.4% |
| Stocks | 30/36 | €358,449 | €336,068 | -€22,381 | -6.2% |
| Raw materials and consumables | 30/31 | €358,449 | €336,068 | -€22,381 | -6.2% |
| Contracts in progress | 37 | €3,771,986 | €4,844,191 | +€1.1m | +28.4% |
| Amounts receivable within one year | 40/41 | €16,608,302 | €16,573,859 | -€34,443 | -0.2% |
| Trade receivables | 40 | €1,896,071 | €462,328 | -€1.4m | -75.6% |
| Other amounts receivable | 41 | €14,712,231 | €16,111,530 | +€1.4m | +9.5% |
| Cash at bank and in hand | 54/58 | €892,518 | €1,824,352 | +€931,834 | +104.4% |
| Deferred charges and accrued income | 490/1 | €38,177 | €33,180 | -€4,997 | -13.1% |
| Total equity and liabilities | 10/49 | €23,391,431 | €25,250,151 | +€1.9m | +7.9% |
| Equity | 10/15 | €21,298,359 | €23,199,219 | +€1.9m | +8.9% |
| Contributions | 10/11 | €297,472 | €297,472 | = | 0.0% |
| Capital | 10 | €297,472 | €297,472 | = | 0.0% |
| Issued capital | 100 | €297,472 | €297,472 | = | 0.0% |
| Reserves | 13 | €11,251,614 | €11,249,560 | -€2,054 | 0.0% |
| Non-distributable reserves | 130/1 | €29,747 | €29,747 | = | 0.0% |
| Legal reserve | 130 | €29,747 | €29,747 | = | 0.0% |
| Tax-exempt reserves | 132 | €152,054 | €150,000 | -€2,054 | -1.4% |
| Distributable reserves | 133 | €11,069,813 | €11,069,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,747,146 | €11,652,187 | +€1.9m | +19.5% |
| Investment grants | 15 | €2,128 | - | -€2,128 | |
| Provisions and deferred taxes | 16 | €5,394 | - | -€5,394 | |
| Deferred taxes | 168 | €5,394 | - | -€5,394 | |
| Amounts payable | 17/49 | €2,087,678 | €2,050,933 | -€36,746 | -1.8% |
| Amounts payable within one year | 42/48 | €2,087,678 | €2,050,933 | -€36,746 | -1.8% |
| Trade debts | 44 | €491,572 | €243,721 | -€247,851 | -50.4% |
| Suppliers | 440/4 | €491,572 | €243,721 | -€247,851 | -50.4% |
| Advances received on contracts in progress | 46 | €593,303 | €754,275 | +€160,971 | +27.1% |
| Taxes, remuneration and social security | 45 | €568,897 | €669,937 | +€101,040 | +17.8% |
| Taxes | 450/3 | €285,831 | €333,638 | +€47,807 | +16.7% |
| Remuneration and social security | 454/9 | €283,065 | €336,299 | +€53,234 | +18.8% |
| Other amounts payable | 47/48 | €433,906 | €383,000 | -€50,906 | -11.7% |
| Operating income | 70/76A | €14,092,170 | €14,938,115 | +€845,945 | +6.0% |
| Turnover | 70 | €14,422,624 | €13,690,130 | -€732,494 | -5.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€536,725 | €1,072,206 | +€1.6m | |
| Other operating income | 74 | €206,272 | €175,779 | -€30,492 | -14.8% |
| Operating charges | 60/66A | €12,055,814 | €12,338,655 | +€282,842 | +2.3% |
| Goods for resale, raw materials and consumables | 60 | €7,821,782 | €7,887,618 | +€65,836 | +0.8% |
| Purchases | 600/8 | €7,807,916 | €7,865,237 | +€57,321 | +0.7% |
| Change in stocks: decrease (increase) | 609 | €13,866 | €22,381 | +€8,515 | +61.4% |
| Services and other goods | 61 | €1,349,108 | €1,393,473 | +€44,365 | +3.3% |
| Remuneration, social security and pensions | 62 | €2,502,785 | €2,613,250 | +€110,465 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332,563 | €285,692 | -€46,871 | -14.1% |
| Other operating charges | 640/8 | €49,575 | €158,622 | +€109,047 | +220.0% |
| Operating profit (loss) | 9901 | €2,036,356 | €2,599,459 | +€563,103 | +27.7% |
| Financial income | 75/76B | €88,288 | €93,851 | +€5,563 | +6.3% |
| Recurring financial income | 75 | €88,288 | €93,851 | +€5,563 | +6.3% |
| Other financial income | 752/9 | €88,288 | €93,851 | +€5,563 | +6.3% |
| Financial charges | 65/66B | €2,248 | €2,008 | -€240 | -10.7% |
| Recurring financial charges | 65 | €2,248 | €2,008 | -€240 | -10.7% |
| Debt charges | 650 | €2,248 | €2,008 | -€240 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €2,122,396 | €2,691,302 | +€568,906 | +26.8% |
| Transfer from deferred taxes | 780 | €9,660 | €4,685 | -€4,975 | -51.5% |
| Income taxes | 67/77 | €559,045 | €693,000 | +€133,955 | +24.0% |
| Taxes | 670/3 | €560,000 | €693,000 | +€133,000 | +23.8% |
| Tax adjustments and reversals of tax provisions | 77 | €955 | - | -€955 | |
| Profit (loss) for the period | 9904 | €1,573,011 | €2,002,987 | +€429,976 | +27.3% |
| Transfer from tax-exempt reserves | 789 | €28,979 | €2,054 | -€26,925 | -92.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,601,990 | €2,005,041 | +€403,051 | +25.2% |
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 11 October 2026 via checked.be.