TUBE engineering: 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.
TUBE engineering
Largest movements
- Cash +€382,573
up €382,573 (+398%), from €96,139 to €478,711
mainly Net result for the year (+€338,203) and Tax, wage and social debts (+€111,051)
- Receivables within one year +€119,985
up €119,985 (+152%), from €78,969 to €198,954
of which Trade receivables: +€100,482
- Current investments +€22,495
new in 2025: €22,495
- Tangible fixed assets +€10,347
up €10,347 (+17.9%), from €57,775 to €68,121
of which Other tangible fixed assets: +€10,000
- Reserves +€246,537
up €246,537 (+289%), from €85,411 to €331,948
- Tax, wage and social debts +€111,051
up €111,051 (+152%), from €72,831 to €183,881
of which Taxes: +€93,121
- Debts after one year +€78,283
new in 2025: €78,283
- Other debts +€70,439
up €70,439 (+270%), from €26,071 to €96,510
- Current portion of long-term debt +€21,717
new in 2025: €21,717
- Gross operating margin +€381,998
up €381,998 (+200%), from €191,360 to €573,358
- Staff costs +€74,537
up €74,537 (+152%), from €48,930 to €123,467
- Taxes +€43,740
up €43,740 (+104%), from €41,954 to €85,695
- Depreciation +€9,974
up €9,974 (+73.8%), from €13,508 to €23,482
- Financial charges +€6,372
up €6,372 (+569%), from €1,120 to €7,492
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 | €254,655 | €784,706 | +€530,051 | +208% |
| Formation expenses | 20 | €489 | - | -€489 | |
| Fixed assets | 21/28 | €61,855 | €71,744 | +€9,890 | +16.0% |
| Intangible fixed assets | 21 | €3,780 | €2,923 | -€857 | -22.7% |
| Tangible fixed assets | 22/27 | €57,775 | €68,121 | +€10,347 | +17.9% |
| Plant, machinery and equipment | 23 | €3,263 | €2,370 | -€893 | -27.4% |
| Furniture and vehicles | 24 | €49,175 | €50,415 | +€1,239 | +2.5% |
| Other tangible fixed assets | 26 | €5,337 | €15,337 | +€10,000 | +187% |
| Financial fixed assets | 28 | €300 | €700 | +€400 | +133% |
| Current assets | 29/58 | €192,311 | €712,962 | +€520,651 | +271% |
| Amounts receivable within one year | 40/41 | €78,969 | €198,954 | +€119,985 | +152% |
| Trade receivables | 40 | €78,911 | €179,393 | +€100,482 | +127% |
| Other amounts receivable | 41 | €58 | €19,560 | +€19,503 | +33,771% |
| Current investments | 50/53 | - | €22,495 | +€22,495 | |
| Cash at bank and in hand | 54/58 | €96,139 | €478,711 | +€382,573 | +398% |
| Deferred charges and accrued income | 490/1 | €17,204 | €12,802 | -€4,402 | -25.6% |
| Total equity and liabilities | 10/49 | €254,655 | €784,706 | +€530,051 | +208% |
| Equity | 10/15 | €135,411 | €381,948 | +€246,537 | +182% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €85,411 | €331,948 | +€246,537 | +289% |
| Distributable reserves | 133 | €85,411 | €331,948 | +€246,537 | +289% |
| Amounts payable | 17/49 | €119,245 | €402,759 | +€283,514 | +238% |
| Amounts payable after more than one year | 17 | - | €78,283 | +€78,283 | |
| Financial debts | 170/4 | - | €78,283 | +€78,283 | |
| Amounts payable within one year | 42/48 | €119,015 | €322,045 | +€203,030 | +171% |
| Current portion of amounts payable after more than one year | 42 | - | €21,717 | +€21,717 | |
| Trade debts | 44 | €20,113 | €19,937 | -€176 | -0.9% |
| Suppliers | 440/4 | €20,113 | €19,937 | -€176 | -0.9% |
| Taxes, remuneration and social security | 45 | €72,831 | €183,881 | +€111,051 | +152% |
| Taxes | 450/3 | €67,267 | €160,388 | +€93,121 | +138% |
| Remuneration and social security | 454/9 | €5,563 | €23,493 | +€17,930 | +322% |
| Other amounts payable | 47/48 | €26,071 | €96,510 | +€70,439 | +270% |
| Accrued charges and deferred income | 492/3 | €230 | €2,431 | +€2,201 | +957% |
| Remuneration, social security and pensions | 62 | €48,930 | €123,467 | +€74,537 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,508 | €23,482 | +€9,974 | +73.8% |
| Other operating charges | 640/8 | €437 | €564 | +€127 | +28.9% |
| Non-recurring operating charges | 66A | - | €187 | +€187 | |
| Gross operating margin | 9900 | €191,360 | €573,358 | +€381,998 | +200% |
| Operating profit (loss) | 9901 | €128,485 | €425,659 | +€297,173 | +231% |
| Financial income | 75/76B | €0 | €5,731 | +€5,731 | +6,367,678% |
| Recurring financial income | 75 | €0 | €5,731 | +€5,731 | +6,367,678% |
| Financial charges | 65/66B | €1,120 | €7,492 | +€6,372 | +569% |
| Recurring financial charges | 65 | €1,120 | €7,492 | +€6,372 | +569% |
| Profit (loss) for the period before taxes | 9903 | €127,365 | €423,897 | +€296,532 | +233% |
| Income taxes | 67/77 | €41,954 | €85,695 | +€43,740 | +104% |
| Profit (loss) for the period | 9904 | €85,411 | €338,203 | +€252,792 | +296% |
| Profit (loss) for the period to be appropriated | 9905 | €85,411 | €338,203 | +€252,792 | +296% |
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 17 October 2026 via checked.be.