The Cube Stages: 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.
The Cube Stages
Largest movements
- Tangible fixed assets +€149,189
up €149,189 (+38.4%), from €388,839 to €538,028
of which Leasing and similar rights: +€147,967
- Receivables within one year +€34,933
up €34,933 (+116%), from €30,093 to €65,026
of which Trade receivables: +€18,477
- Cash -€25,561
down €25,561 (-62.4%), from €40,956 to €15,395
mainly Investment in fixed assets (net) (-€201,553) and Receivables within one year (-€34,933)
- Deferred charges and accrued income -€9,414
down €9,414 (-89.0%), from €10,575 to €1,160
- Debts after one year +€73,564
up €73,564 (+32.1%), from €229,175 to €302,739
- Other debts +€61,273
up €61,273 (+127%), from €48,090 to €109,363
- Current portion of long-term debt +€27,848
up €27,848 (+36.9%), from €75,417 to €103,265
- Tax, wage and social debts -€15,145
down €15,145 (-98.1%), from €15,445 to €300
- Depreciation +€18,363
up €18,363 (+54.0%), from €34,002 to €52,364
- Financial charges +€7,539
up €7,539 (+72.5%), from €10,395 to €17,934
- Write-downs +€4,524
new in 2025: €4,524
- Other operating charges -€3,684
down €3,684 (-88.9%), from €4,145 to €462
- Gross operating margin -€2,240
down €2,240 (-2.8%), from €78,773 to €76,533
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 | €470,462 | €619,609 | +€149,146 | +31.7% |
| Fixed assets | 21/28 | €388,839 | €538,028 | +€149,189 | +38.4% |
| Tangible fixed assets | 22/27 | €388,839 | €538,028 | +€149,189 | +38.4% |
| Plant, machinery and equipment | 23 | - | €8,326 | +€8,326 | |
| Furniture and vehicles | 24 | €22,319 | €15,519 | -€6,800 | -30.5% |
| Leasing and similar rights | 25 | €363,519 | €511,487 | +€147,967 | +40.7% |
| Other tangible fixed assets | 26 | €3,001 | €2,696 | -€305 | -10.2% |
| Current assets | 29/58 | €81,623 | €81,581 | -€42 | -0.1% |
| Amounts receivable within one year | 40/41 | €30,093 | €65,026 | +€34,933 | +116% |
| Trade receivables | 40 | €25,932 | €44,410 | +€18,477 | +71.3% |
| Other amounts receivable | 41 | €4,161 | €20,616 | +€16,455 | +396% |
| Cash at bank and in hand | 54/58 | €40,956 | €15,395 | -€25,561 | -62.4% |
| Deferred charges and accrued income | 490/1 | €10,575 | €1,160 | -€9,414 | -89.0% |
| Total equity and liabilities | 10/49 | €470,462 | €619,609 | +€149,146 | +31.7% |
| Equity | 10/15 | €77,316 | €78,265 | +€949 | +1.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €74,816 | €75,765 | +€949 | +1.3% |
| Distributable reserves | 133 | €74,816 | €75,765 | +€949 | +1.3% |
| Amounts payable | 17/49 | €393,146 | €541,343 | +€148,197 | +37.7% |
| Amounts payable after more than one year | 17 | €229,175 | €302,739 | +€73,564 | +32.1% |
| Financial debts | 170/4 | €229,175 | €302,739 | +€73,564 | +32.1% |
| Amounts payable within one year | 42/48 | €163,971 | €238,605 | +€74,634 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €75,417 | €103,265 | +€27,848 | +36.9% |
| Trade debts | 44 | €25,019 | €25,676 | +€657 | +2.6% |
| Suppliers | 440/4 | €25,019 | €25,676 | +€657 | +2.6% |
| Taxes, remuneration and social security | 45 | €15,445 | €300 | -€15,145 | -98.1% |
| Taxes | 450/3 | €15,445 | €300 | -€15,145 | -98.1% |
| Other amounts payable | 47/48 | €48,090 | €109,363 | +€61,273 | +127% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,002 | €52,364 | +€18,363 | +54.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,524 | +€4,524 | |
| Other operating charges | 640/8 | €4,145 | €462 | -€3,684 | -88.9% |
| Gross operating margin | 9900 | €78,773 | €76,533 | -€2,240 | -2.8% |
| Operating profit (loss) | 9901 | €40,626 | €19,183 | -€21,443 | -52.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €10,395 | €17,934 | +€7,539 | +72.5% |
| Recurring financial charges | 65 | €10,395 | €17,934 | +€7,539 | +72.5% |
| Profit (loss) for the period before taxes | 9903 | €30,231 | €1,249 | -€28,982 | -95.9% |
| Income taxes | 67/77 | €209 | €300 | +€91 | +43.7% |
| Profit (loss) for the period | 9904 | €30,023 | €949 | -€29,074 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,023 | €949 | -€29,074 | -96.8% |
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.