CHEN ZULIANG: what changed
CHEN ZULIANG
Largest movements
- Cash +€60,649
up €60,649 (+48.4%), from €125,389 to €186,038
mainly Other debts (+€74,948) and Deferred charges and accrued income (+€59,644)
- Deferred charges and accrued income -€59,644
no longer reported in 2025 (was €59,644)
- Tangible fixed assets +€23,670
up €23,670 (+87.7%), from €26,978 to €50,647
of which Plant, machinery and equipment: +€34,487
- Other debts +€74,948
up €74,948 (+11,186,201%), from €1 to €74,948
- Profit (loss) carried forward -€51,699
down €51,699 (-27.5%), from €188,301 to €136,602
- Debts after one year -€12,035
no longer reported in 2025 (was €12,035)
- Tax, wage and social debts +€8,969
up €8,969 (+52.7%), from €17,020 to €25,989
of which Remuneration and social security: +€10,795
- Trade debts +€3,943
up €3,943 (+16.9%), from €23,355 to €27,298
- Staff costs +€36,492
up €36,492 (+181%), from €20,167 to €56,659
- Taxes -€19,866
down €19,866 (-43.6%), from €45,563 to €25,697
- Gross operating margin +€11,005
up €11,005 (+7.2%), from €153,815 to €164,820
- Depreciation +€9,041
up €9,041 (+69.0%), from €13,095 to €22,136
- Other operating charges +€6,092
up €6,092 (+185%), from €3,285 to €9,377
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,512 | €276,873 | +€24,361 | +9.6% |
| Fixed assets | 21/28 | €51,278 | €74,947 | +€23,670 | +46.2% |
| Tangible fixed assets | 22/27 | €26,978 | €50,647 | +€23,670 | +87.7% |
| Plant, machinery and equipment | 23 | €4,809 | €39,297 | +€34,487 | +717% |
| Furniture and vehicles | 24 | €22,168 | €11,351 | -€10,818 | -48.8% |
| Financial fixed assets | 28 | €24,300 | €24,300 | = | 0.0% |
| Current assets | 29/58 | €201,234 | €201,926 | +€691 | +0.3% |
| Stocks and contracts in progress | 3 | €14,000 | €15,300 | +€1,300 | +9.3% |
| Stocks | 30/36 | €14,000 | €15,300 | +€1,300 | +9.3% |
| Amounts receivable within one year | 40/41 | €2,202 | €588 | -€1,613 | -73.3% |
| Trade receivables | 40 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 41 | €1,202 | €588 | -€613 | -51.0% |
| Cash at bank and in hand | 54/58 | €125,389 | €186,038 | +€60,649 | +48.4% |
| Deferred charges and accrued income | 490/1 | €59,644 | - | -€59,644 | |
| Total equity and liabilities | 10/49 | €252,512 | €276,873 | +€24,361 | +9.6% |
| Equity | 10/15 | €188,301 | €136,602 | -€51,699 | -27.5% |
| Profit (loss) carried forward | 14 | €188,301 | €136,602 | -€51,699 | -27.5% |
| Amounts payable | 17/49 | €64,211 | €140,271 | +€76,059 | +118% |
| Amounts payable after more than one year | 17 | €12,035 | - | -€12,035 | |
| Financial debts | 170/4 | €12,035 | - | -€12,035 | |
| Amounts payable within one year | 42/48 | €52,176 | €140,271 | +€88,095 | +169% |
| Current portion of amounts payable after more than one year | 42 | €11,800 | €12,035 | +€235 | +2.0% |
| Trade debts | 44 | €23,355 | €27,298 | +€3,943 | +16.9% |
| Suppliers | 440/4 | €23,355 | €27,298 | +€3,943 | +16.9% |
| Taxes, remuneration and social security | 45 | €17,020 | €25,989 | +€8,969 | +52.7% |
| Taxes | 450/3 | €17,020 | €15,194 | -€1,826 | -10.7% |
| Remuneration and social security | 454/9 | - | €10,795 | +€10,795 | |
| Other amounts payable | 47/48 | €1 | €74,948 | +€74,948 | +11,186,201% |
| Non-recurring operating income | 76A | €2,653 | - | -€2,653 | |
| Remuneration, social security and pensions | 62 | €20,167 | €56,659 | +€36,492 | +181% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,095 | €22,136 | +€9,041 | +69.0% |
| Other operating charges | 640/8 | €3,285 | €9,377 | +€6,092 | +185% |
| Gross operating margin | 9900 | €153,815 | €164,820 | +€11,005 | +7.2% |
| Operating profit (loss) | 9901 | €117,268 | €76,649 | -€40,619 | -34.6% |
| Financial charges | 65/66B | €2,568 | €2,651 | +€82 | +3.2% |
| Recurring financial charges | 65 | €2,568 | €2,651 | +€82 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €114,700 | €73,998 | -€40,702 | -35.5% |
| Income taxes | 67/77 | €45,563 | €25,697 | -€19,866 | -43.6% |
| Profit (loss) for the period | 9904 | €69,137 | €48,301 | -€20,836 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,137 | €48,301 | -€20,836 | -30.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.