The bubbles are carbon dioxide gas. In ethanol fermentation,
that is fermentation of wine, beer or other hardy spirits, the
equation works as such:
C6H12O6 → 2 C2H5OH + 2 CO2
or
Glucose → 2 Ethanol + 2 Carbon dioxide
Another possibility is the production of hydrogen gas in butyric
acid fermentation. That would be the fermentation of cheese.