T-Cube: 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.
T-Cube
Largest movements
- Financial fixed assets +€684,400
up €684,400 (+342%), from €200,000 to €884,400
- Tangible fixed assets -€166,848
down €166,848 (-17.3%), from €965,531 to €798,683
of which Land and buildings: -€160,718
- Cash +€162,291
up €162,291 (+322%), from €50,466 to €212,757
mainly Debts after one year (+€441,077) and Net result for the year (+€145,147)
- Debts after one year +€441,077
up €441,077 (+47.6%), from €926,654 to €1.4m
- Current portion of long-term debt +€93,003
up €93,003 (+111%), from €83,562 to €176,565
- Other debts +€83,200
up €83,200 (+180%), from €46,173 to €129,373
- Reserves +€72,707
up €72,707 (+47.1%), from €154,289 to €226,996
of which Distributable reserves: +€72,707
- Gross operating margin +€154,304
up €154,304 (+82.6%), from €186,796 to €341,099
- Taxes +€41,474
up €41,474 (+152%), from €27,284 to €68,759
- Financial charges +€11,601
up €11,601 (+38.5%), from €30,113 to €41,714
- Depreciation +€6,877
up €6,877 (+19.2%), from €35,792 to €42,669
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 | €1,295,523 | €1,983,585 | +€688,063 | +53.1% |
| Fixed assets | 21/28 | €1,165,531 | €1,683,083 | +€517,552 | +44.4% |
| Tangible fixed assets | 22/27 | €965,531 | €798,683 | -€166,848 | -17.3% |
| Land and buildings | 22 | €957,283 | €796,566 | -€160,718 | -16.8% |
| Plant, machinery and equipment | 23 | €7,662 | €1,904 | -€5,759 | -75.2% |
| Furniture and vehicles | 24 | €586 | €214 | -€372 | -63.5% |
| Financial fixed assets | 28 | €200,000 | €884,400 | +€684,400 | +342% |
| Current assets | 29/58 | €129,991 | €300,502 | +€170,511 | +131% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,701 | €12,216 | +€8,515 | +230% |
| Trade receivables | 40 | €850 | €1,020 | +€170 | +20.0% |
| Other amounts receivable | 41 | €2,851 | €11,197 | +€8,345 | +293% |
| Cash at bank and in hand | 54/58 | €50,466 | €212,757 | +€162,291 | +322% |
| Deferred charges and accrued income | 490/1 | €824 | €528 | -€295 | -35.9% |
| Total equity and liabilities | 10/49 | €1,295,523 | €1,983,585 | +€688,063 | +53.1% |
| Equity | 10/15 | €160,489 | €233,196 | +€72,707 | +45.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €154,289 | €226,996 | +€72,707 | +47.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €152,429 | €225,136 | +€72,707 | +47.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,135,033 | €1,750,389 | +€615,356 | +54.2% |
| Amounts payable after more than one year | 17 | €926,654 | €1,367,731 | +€441,077 | +47.6% |
| Financial debts | 170/4 | €926,654 | €1,367,731 | +€441,077 | +47.6% |
| Amounts payable within one year | 42/48 | €208,379 | €382,658 | +€174,279 | +83.6% |
| Current portion of amounts payable after more than one year | 42 | €83,562 | €176,565 | +€93,003 | +111% |
| Trade debts | 44 | €2,008 | €4,041 | +€2,033 | +101% |
| Suppliers | 440/4 | €2,008 | €4,041 | +€2,033 | +101% |
| Advances received on contracts in progress | 46 | €1,029 | €1,029 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €75,608 | €71,650 | -€3,958 | -5.2% |
| Taxes | 450/3 | €67,354 | €63,043 | -€4,311 | -6.4% |
| Remuneration and social security | 454/9 | €8,254 | €8,607 | +€353 | +4.3% |
| Other amounts payable | 47/48 | €46,173 | €129,373 | +€83,200 | +180% |
| Non-recurring operating income | 76A | - | €95,734 | +€95,734 | |
| Remuneration, social security and pensions | 62 | €40,982 | €41,803 | +€821 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,792 | €42,669 | +€6,877 | +19.2% |
| Other operating charges | 640/8 | €2,195 | €3,187 | +€992 | +45.2% |
| Gross operating margin | 9900 | €186,796 | €341,099 | +€154,304 | +82.6% |
| Operating profit (loss) | 9901 | €107,827 | €253,440 | +€145,613 | +135% |
| Financial income | 75/76B | €2,414 | €2,179 | -€235 | -9.7% |
| Recurring financial income | 75 | €2,414 | €2,179 | -€235 | -9.7% |
| Financial charges | 65/66B | €30,113 | €41,714 | +€11,601 | +38.5% |
| Recurring financial charges | 65 | €30,113 | €41,714 | +€11,601 | +38.5% |
| Profit (loss) for the period before taxes | 9903 | €80,128 | €213,906 | +€133,777 | +167% |
| Income taxes | 67/77 | €27,284 | €68,759 | +€41,474 | +152% |
| Profit (loss) for the period | 9904 | €52,844 | €145,147 | +€92,303 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €52,844 | €145,147 | +€92,303 | +175% |
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 22 October 2026 via checked.be.